Major companies rush to Ethereum: 1 million validators in 2024, it promises! 📈💼
Welcome to the Daily Tribune of Friday, October 18, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, October 18, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn't miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially sunny 🌤️
24h crypto recap! ⏱
1 million Ethereum validators in 2024: Companies on the lookout 🚀
The Ethereum network crossed the impressive milestone of one million validators in June 2024, marking a growth of over 30% compared to the previous year. This increase is primarily driven by the growing interest of major financial institutions and technology companies, attracted by Ethereum's reliability for smart contracts and decentralized applications (dApps).
Technologies such as "liquid staking" and "restaking" have also contributed to making the validation process more accessible and profitable, while enhancing the security and decentralization of the network. The rise in the number of validators also supports Ethereum's transition to a proof-of-stake model, more environmentally friendly than the old proof-of-work system. This momentum is expected to continue, supported by the technological developments of Ethereum 2.0 and increasing institutional adoption.
AI and Memecoins: An unexpected alliance shaking up the market 🎉
The world of cryptocurrencies is currently shaken by a surprising trend: the combination of artificial intelligence and memecoins, particularly with the crypto GOAT that emerged on the Solana blockchain. This memecoin, self-proclaimed as the first to be created by an AI named Truth Terminal, caught the attention of investors by reaching a market capitalization of 346 million dollars at its peak, before stabilizing around 268 million dollars.
Truth Terminal plays a key role by generating memes spontaneously, making the project both intriguing and attractive to a wide audience. With 120 million dollars traded in 24 hours and about 20,000 current holders, GOAT seems to mark a new era where meme culture and technological innovation meet.
Monumental flop for Donald Trump's crypto 💥
The Trump family's crypto project, World Liberty Financial (WLF), faced a resounding failure right from its launch. While the goal was to sell 20 billion WLFI tokens, only 1.7% of that amount was achieved, with 344 million tokens sold in the first hours. The launch was marked by numerous technical problems: the dedicated website for sales suffered repeated outages, unable to handle a massive influx of 72 million visitors in one hour.
The team had to change hosts multiple times to restore service, but these interruptions discouraged many investors. Despite the notoriety of the Trump family and an aggressive promotional campaign, the results are well below expectations, and critics point to inadequate technical preparation and a marketing strategy relying too much on the Trump name rather than on solid development foundations. This failure highlights that in the cryptocurrency universe, popularity is not enough to ensure success without reliable infrastructure.
Ethereum ready to Explode: Vitalik Buterin's Vision for 100,000 Transactions per Second 🚀
Vitalik Buterin, co-founder of Ethereum, revealed his ambitious roadmap to revolutionize the processing capacity of transactions on Ethereum through "The Surge." Currently limited to about 15-30 transactions per second (TPS), Ethereum aims to reach over 100,000 TPS by integrating layer 2 scaling solutions. Technologies like SNARKs and Ethereum Improvement Proposals (EIPs), particularly EIP-4844 and EIP-1559, will be essential for reducing costs and improving data compression without compromising the security of the network.
This evolution would enhance layer 2 solutions, making them as robust and reliable as Ethereum's main chain, while inheriting the core principles of security and decentralization. If this goal is achieved, Ethereum could become the reference blockchain for large-scale transactions, paving the way for massive adoption.
Crypto of the day: Chainlink (LINK)
Chainlink is an innovative blockchain that stands out for its key role in "decentralized oracles." Its main innovation is to enable the connection between smart contracts and external data, such as financial market prices or climate information, via a secure and reliable network. This adds immense value to decentralized applications (dApps) by making them more functional and interconnected.
Its native crypto, LINK, is mainly used to compensate node operators who provide this data and to ensure the integrity of the transmitted information. LINK holders benefit from access to a robust and decentralized infrastructure while participating in securing the network. It can be used in various use cases related to the execution of complex smart contracts and reliable data services.
Recent performances
Current price: €10.79
Variation: +3.68% (over 1 day)
Market capitalization: €6.77 billion
Rank on CoinMarketCap: #15
Bitcoin jumps, altcoins stagnate: Analysis of the reasons behind this divergence ⚖️📊
Bitcoin has recently seen a notable increase of 4%, rising from $57,000 to $59,000 in a week, while altcoins have not followed this trend uniformly. This recovery of Bitcoin is attributed to renewed investor confidence and progress in the technology sector, particularly in the field of artificial intelligence.
However, most altcoins have shown variable performances, with some recording modest gains while others have stagnated or even dropped. These fluctuations are partly explained by macroeconomic factors and discussions around monetary policies in the United States, which continue to weigh on the cryptocurrency market.
Despite this divergence between Bitcoin and altcoins, the market remains attentive to regulatory and technological developments. Altcoins could benefit from new opportunities if economic conditions improve, but for now, Bitcoin dominates in terms of stability and growth. This contrast reflects the constant evolution of the crypto market, where the dynamic between Bitcoin and altcoins continues to be influenced by external events and innovations in blockchain.
🔗 Read the full analysis here.