DeFi

Ethereum Hits Milestone with 120 Million Ether Supply

Thursday. August 15 at 8:00 PM

1 min. read

The decentralized open-source blockchain platform Ethereum has achieved a significant milestone with the total supply of Ether reaching 120 million. Staking and restaking of Ether have seen a surge in adoption, strengthening its proof-of-stake consensus mechanism. Ultrasound.money data shows an increase in ETH supply to around 120.28 million, with 77,091 ETH issued in the last 30 days. The annual inflation rate for ETH total supply is 0.583%. Despite 19,438 ETH being burned, resulting in a net supply increase of 57,653 ETH, the supply growth rate stands at 0.58% annually. Ethereum's shift to PoS has enhanced network security and participation rewards, but the current staked ETH worth over half a trillion dollars is contributing to further issuance. The rise in restaking, as seen on platforms like EigenLayer, Symbiotic, and Karak, could indirectly impact Ethereum's inflationary supply.

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Formation of Rujira Alliance in DeFi Space

Tuesday. September 10 at 9:00 PM

Decentralized finance (DeFi) network Kujira and its ecosystem projects are merging to create the Rujira Alliance. This alliance aims to develop a new application layer for the cross-chain liquidity protocol THORChain. The founder, John-Paul Thorbjornsen, envisions the alliance as a significant DeFi player that could rival Solana in the future. The new project will have a combined treasury and focus on various DeFi verticals like order books, NFTs, lending, and more. THORChain's unique approach to handling value extraction ensures a better user experience. The merger with Fusion, Unstake, and Wink will introduce a new token, RUJI, without affecting the functionality of the existing Kujira token. Despite facing liquidity issues in the past, the alliance is set to bring innovation to the DeFi space. THORChain's native token, RUNE, also saw a positive response to the announcement, showcasing potential growth in the future.

DeFi

Rocket Pool (RPL) Price Surges Amid Market News and Binance Listing

Tuesday. September 10 at 4:00 PM

Rocket Pool (RPL) experienced a significant price increase in response to recent market developments related to the decentralized Ethereum (ETH) liquid staking protocol. This protocol allows ETH holders to stake their holdings and earn rewards, with the staked Rocket Pool ETH token rETH enabling users to stake with as little as 0.1 ETH. The price of RPL soared to $12.58 following the announcement of its listing on Binance, where perpetual futures contracts for Rocket Pool are now available. Binance's launch of the USD-Margined RPL perpetual contract provides traders with additional trading options, including leverage of up to 75x. The price of RPL had previously struggled to surpass $10, but recent gains have seen it retesting a key downtrend line. Despite facing a descending channel since late August, Rocket Pool's price has shown resilience after dropping from its mid-June highs of $32.

DeFi

Sonic Labs Introduces Wallet Credit Scores Without KYC Requirements

Tuesday. September 10 at 11:30 AM

Sonic Labs, led by CTO Andre Cronje, plans to implement credit scores for digital wallets on the Sonic blockchain without the need for KYC verification. This move aims to tap into the $11 trillion unsecured lending market. Cronje highlighted the significance of integrating credit scores into blockchain technology, enabling traditional loan products to enter the DeFi space. Sonic Labs has successfully addressed technological challenges to make credit scores viable within blockchain systems. The lab has processed a massive amount of data, developing a scoring model for blockchain addresses that does not rely on KYC or personal information. This innovation positions Sonic as the first to offer direct on-chain access to wallet scores, potentially unlocking a significant market. Additionally, Sonic's testnet achieved transaction finality in just 720 milliseconds, surpassing other blockchain networks in speed.

DeFi

Innovative Crypto Credit Card Launch by Ether.fi

Monday. September 9 at 11:30 PM

Ether.fi is set to introduce a unique 'crypto-native' credit card that will utilize the Scroll Ethereum layer-2 scaling network for transaction settlements. The Visa card, named Ether.fi Cash, allows users to make cryptocurrency payments wherever Visa is accepted. The card, available in Pepe, Wojak, Chad, and Whale tiers, is non-custodial, ensuring that crypto assets remain in users' wallets. Cardholders can borrow against various crypto collaterals, including eETH and Liquid vault LP tokens. Notably, the card can be paid off using native yields. By combining DeFi features with a credit card, Scroll aims to empower users to maximize their crypto holdings. The growing trend of crypto-friendly payment cards, supported by instant USD Coin conversions, is reshaping the financial landscape. While the crypto credit card market is projected to reach $152 billion by 2030, DeFi-powered credit cards remain scarce. Ether.fi, launched in 2023, has quickly gained popularity for its innovative restaking pools, attracting over $5.5 billion in total value locked.

DeFi