Lido Finance integrates stETH into BNB Chain, marking its first cross-chain move.
The integration uses Axelar and Wormhole to bridge $23 billion in TVL to BNB.
Lido remains a leading DeFi protocol with $25.94 billion TVL and one million validators.
In a landmark decision, the Lido Finance community has voted to integrate its stETH (Staked Ethereum) into the BNB Chain. This move, finalized on August 9 through an on-chain vote by the Lido decentralized autonomous organization (DAO), marks the first time Lido has connected to a layer-1 blockchain outside of the Ethereum ecosystem.
The approved integration will utilize Axelar and Wormhole as the canonical solutions to bridge stETH to the BNB Chain.
Lido seeking to expand its utility within DeFi
This significant development allows Lido’s total value locked (TVL) to interact with one of the top five chains by TVL, expanding its reach and utility in the decentralized finance (DeFi) sector.
Lido Finance remains a dominant player in the Ethereum staking market, holding a substantial 28.2% share of net ETH deposits.
Despite a slight dip earlier in the year, Lido’s position as a leading staking platform is reinforced by its extensive validator network, which reached one million in April 2024. This growth underscores the platform’s vital role in the DeFi ecosystem and its impact on staking services.
The DeFi landscape has seen significant contributions from liquid staking protocols like Lido. Unlike traditional staking, which locks funds for a set period, liquid staking enables users to earn yields while retaining the flexibility to move or trade their staked assets.
For Lido, this process involves depositing ETH to receive stETH, a token that accrues interest and can be redeemed at an approximate 1:1 ratio with the underlying asset.
According to DefiLlama data, Lido’s liquid staking protocol commands a remarkable $26.227 billion of the total $83.782 billion in the DeFi ecosystem, solidifying its position as the largest DeFi protocol. This integration into the BNB Chain is expected to further enhance Lido’s influence and operational scope within the DeFi space.
“As one of the world’s largest and most active bond issuers, we are actively driving digitalisation initiatives in the issuing and settlement process,” Gaetano Panno, head of transaction management at KfW, said in a statement. “The utilization of new technologies as part of the ECB trials enables us to technically process a ‘delivery vs. payment’ transaction and thus supports our digital learning journey.”
As Ethereum (ETH) edges closer to the $3,000 mark, its ripple effect is likely to boost coins within its ecosystem, including Shiba Inu (SHIB), Toncoin (TON), and Pepe (PEPE). As the pendulum swings in Ethereum (ETH)’s favour, the related projects are smartly positioned to reap the benefits – and possibly even outperform the cryptocurrency itself.
Ethereum (ETH) is driving the charge, and these coins are poised to soar as a result. Anyone looking to ride the wave of the crypto market’s potential surge would be wise to take a closer look and examine both ETH- and non-ETH-based coins that seem ready to skyrocket.
Ethereum (ETH): Eyes on $3,000 as Staking Activity Surges
Ethereum (ETH) is available between $2,523.26 and $2,707.82, indicating a consolidation phase that might lead to a breakout. The network is seeing boosted staking activity and lower gas fees, which is boosting overall confidence.
The 10-day moving average at $2,581.2 suggests strong momentum. With an RSI of 34.9, ETH is approaching oversold levels, hinting at a potential rebound. If ETH can surpass the $2,707.82 resistance, it could rally towards $4,000. Positive market sentiment and technical indicators suggest that Ethereum is positioned for a significant move upward, making it a key asset to watch.
Minotaurus (MTAUR): Crypto Project of Tomorrow
With Ethereum (ETH) moves, smarter market players focus more on underrated market niches, including gaming. Providing a new spin on the hyper-casual gaming genre, Minotaurus (MTAUR) distinguishes itself with its captivating maze-running gameplay right away. As a minotaur, players must find their way through an endless maze. There is a 74% offer for tokens, but only at this specific stage.
Why Choose Minotaurus (MTAUR)?
Potential for Growth. With the casual gaming business increasing at a rate of roughly 9% per year, according to Statista, Minotaurus (MTAUR) has a great chance of becoming a big player in the space.
Incentives and Utility. Make use of several features, such as mini-games, speed enhancements, minotaur customization, and referral/vesting incentives.
Strong Future. With tokens selling quickly at the presale price of $0.0000524 apiece, the project’s clear roadmap shows a positive trajectory, pointing to a strong future.
Shiba Inu (SHIB) has recently turned up its burn rate, removing over 38 billion SHIB tokens from circulation, raising questions about its price potential. Currently available between $0.0000133 and $0.00001444, Shiba Inu (SHIB) price action is subdued but bolstered by bullish sentiment from these burns.
With an RSI of 36.34, nearing oversold levels, and a 10-day moving average at $0.00001372, Shiba Inu (SHIB) is at a pivotal point. If it can surpass the resistance at $0.00001973, a rise towards its all-time high of $0.00008616 may be achievable, making the coin’s aggressive burn a potential catalyst for significant upside.
Toncoin (TON): Liquidity Surge Following Binance Listing
Toncoin (TON) is experiencing a resurgence, available between $6.08 and $6.67 following its recent Binance listing.
With high liquidity and a 10-day moving average of $6.015, Toncoin (TON) is showing a stable upward trend, while an RSI of 43.787 suggests room for growth. Breaking through the $7.828 resistance is key for Toncoin (TON) to continue rising. If successful, Toncoin (TON) could aim for its previous all-time high of $8.25 and potentially climb higher. The Binance listing has sparked renewed confidence, positioning Toncoin for a potential surge in value.
Pepe (PEPE): Can the Meme Coin Make a Comeback?
Pepe (PEPE) is trading between $0.000007681 and $0.000008753, reflecting its volatile nature as a new meme coin. The 10-day moving average at $0.000008014 indicates some stability, and with an RSI of 38.49, Pepe (PEPE) is approaching oversold territory, suggesting a potential rebound.
To gain momentum, Pepe (PEPE) needs to break the resistance at $0.000013589, which could push it towards its historical peak of $0.00001717. Despite the inherent volatility in the meme coin market, current conditions might set up Pepe (PEPE) for a possible resurgence if market sentiment shifts positively.
Conclusion
As ETH nears $3,000, its impact could elevate coins like SHIB, TON, and PEPE. However, MTAUR stands out as a prime opportunity. It’s blending the growing casual gaming market with innovative gameplay and significant presale price cuts like no other. With its 74% presale offer and strong incentives, MTAUR seems poised to potentially outperform these well-known coins and capitalize on this specific crypto market’s upward trend since the hype is real.
Pepe Unchained (PEPU), one of the most talked-about new meme coin projects, has just passed $8 million in its presale phase. But this isn’t just another quick cash grab. The team is on a mission to build a powerful new Layer-2 solution – with speeds and fees that could give Ethereum a run for its […]
The family of Tigran Gambaryan, the Binance executive detained in Nigeria, reported that he is being denied proper access to his legal team, and his health is rapidly declining, according to an Aug. 12 statement shared with CryptoSlate.
Gambaryan, who traveled to Abuja for a meeting with Nigerian officials in February, has been in custody since Feb. 26, when the authorities confiscated his American passport. Since then, he has not seen his family—his wife and two young children.
The situation worsened when the Abuja court began its summer recess on July 16, with the next hearing set for Oct. 11. The family stated that Tigran’s legal team had been denied access to him since July 26 in violation of the Nigerian constitution.
Worsening health
The family stated that Gambaryan’s health situation was deteriorating at the Kuje prison.
CryptoSlate previously reported that Gambaryan’s health was declining after he made his last court appearance in a wheelchair. At the time, the Judge issued a bench warrant for the arrest of Abuja prison doctor Abraham Ehizojie for failing to produce the medical report and directed that Gambaryan be admitted to a hospital for proper treatment.
However, the family statement revealed that this order has yet to be implemented as the prison authorities continue to withhold his medical records.
According to the family, Gambaryan is suffering from a herniated disc that requires complex and risky surgery. He has also experienced multiple throat infections, pneumonia, and malaria while in custody, leading to the need for additional surgery to remove his tonsils.
The family continued that he is currently on blood thinners to prevent clots.
Yuki Gambaryan, Tigran’s wife, appealed to the Nigerian government to release him to receive the urgent medical care he needed. She warned that his worsening condition could result in permanent damage and impair his ability to walk.
She also highlighted the emotional impact Gambaryan’s detention has on the family. She said:
“Life is becoming harder and harder every day for all of us because of Tigran’s absence.”
Bybit extended its DMCC partnership, transitioning to an advisory role from August 2024.
Bybit and DMCC to co-organize a global hackathon and a flagship conference.
Over 20 startups were supported by Bybit in Dubai’s dynamic crypto ecosystem last year.
Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the extension of its strategic partnership with the Dubai Multi Commodities Centre (DMCC). The collaboration has already seen significant achievements over the past year and its extension marks a new phase as Bybit transitions from a key ecosystem partner to an advisory role.
We are excited to announce the renewal of @dmcccrypto‘s partnership with @Bybit_Official, a key ecosystem partner accelerating the development and mass adoption of the #crypto and #Web3 industries. This partnership will see major events and educational initiatives bringing… pic.twitter.com/AjCJ6DTWY7
The extended partnership will run from August 2024 to July 2025 and aims to further strengthen Dubai’s position as a global hub for cryptocurrency and Web3 innovation.
Bybit will be DMCC’s ecosystem and advisory partner
In its new capacity as a DMCC Ecosystem and Advisory Partner, Bybit will provide strategic guidance to the DMCC Crypto Center and its members.
Acknowledging the new advisory role, Chief Operating Officer at Bybit, Helen Liu, said that the company is honoured to be the first organization appointed to this advisory role by DMCC and that they are excited to leverage their expertise to drive innovation and support the growth of the industry in Dubai.
This shift underscores Bybit’s commitment to fostering the growth and development of the region’s crypto industry.
By leveraging its deep industry expertise, Bybit aims to shape the future of Dubai’s burgeoning Web3 sector.
To enhance Dubai’s standing as a leading global crypto hub, Bybit and DMCC have planned two major industry events this year.
A global hackathon will be organized to nurture innovation by supporting developers in building Web3 projects. Additionally, a flagship conference will bring together industry experts and key opinion leaders, positioning Dubai as a centre for thought leadership in the crypto space.
Over the past year, Bybit has played a crucial role in Dubai’s crypto ecosystem, actively supporting and advising over 20 startups.
Their initiatives included a $100,000 prize pool hackathon, a masterclass for aspiring entrepreneurs, and a high-profile side event at Token 2049. These efforts have helped numerous startups establish a foothold in Dubai’s dynamic crypto landscape.
El Salvador has announced a $1.6 billion investment in its Bitcoin City garnering new momentum across crypto spaces. Turkish company, Yilport Holdings will invest $1.6 billion in two ports at Acajutla and La Union, the home of the proposed Bitcoin City. Dubbed a Bitcoin city infrastructure investment by crypto enthusiasts, the port development will drive investment to the metropolis.
El Salvador Discloses $1.6 Billion Investment
Turkish firm Yilport Holdings will invest over $1.6 billion in El Salvador for the improvement of two ports in locations that include the proposed Bitcoin City. According to the country’s announcement on X (formerly Twitter), it is the largest private investment rolled out in the country.
President Nayib Bukele shared a video on X explaining the move to citizens. “The company Yilport Holding Inc. will allocate more than $1.615 billion to the Pacific Port Union. Here we will modernize the port of Acajutla and activate, finally, the port of La Unión.”
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David Pokima
David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
On August 12, 2024, ethereum (ETH) was priced at $2,683, fluctuating within a 24-hour range of $2,523 to $2,720. With a market capitalization of $321 billion and a trading volume of $17.58 billion, ether continues to exhibit significant market activity. However, technical indicators suggest ongoing challenges in breaking through key resistance levels, hinting at a […]