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The Protocol: Trump Makes More Pro-Crypto Appointments

Published

4 месяца ago

23 декабря, 2024

Welcome to The Protocol, CoinDesk’s weekly wrap-up of the most important stories in cryptocurrency tech development.

In this week’s issue of the Protocol newsletter:

Trump’s crypto team

Aptos’ leadership shake-up

TikTok meets tokens

Kraken scales up

This article is featured in the latest issue of The Protocol, our weekly newsletter exploring the tech behind crypto, one block at a time. Sign up here to get it in your inbox every Wednesday.

Network News

TRUMP CRYPTO APPOINTMENTS: President-elect Donald Trump continues to make high-profile appointments embracing cryptocurrency and emerging technologies in his second term. 1) Stephen Miran, tapped as Chair of the Council of Economic Advisers, is a pro-crypto advocate who aims to integrate blockchain and decentralized finance into the U.S. economy. 2) Bo Hines, a former college football player, will head the newly formed Crypto Council. Hines is tasked with balancing innovation and consumer protection as he builds a regulatory framework for digital assets. 3) David Sacks, a veteran of Silicon Valley and vocal blockchain supporter, is stepping in as AI and Crypto Czar. Sacks plans to merge blockchain with AI while bolstering U.S. dominance in both sectors. These appointments signal a clear shift from Trump’s earlier skepticism of digital assets. The big question now is how these moves translate into meaningful policy amid regulatory gridlock and political friction.

APTOS LEADERSHIP SHIFT: Aptos Labs CEO and co-founder Mo Shaikh has stepped down, with co-founder Avery Ching taking over as CEO. Shaikh, who will remain a strategic adviser, highlighted the company’s achievements, including raising $400 million in venture funding and building a thriving ecosystem supported by partners like BlackRock, Google, Mastercard, and PayPal. Known for its layer-1 blockchain leveraging the Move programming language from Facebook’s Diem project, Aptos Labs is expanding into finance and AI applications with the help of advisers like former Grayscale CEO Michael Sonnenshein and OpenAI’s Kevin Weil. The leadership transition underscores the company’s ongoing focus on scalability, security, and innovation in blockchain technology.

SONIC TO AIRDROP TIKTOK: Sonic, a Layer 2 solution on the Solana blockchain, has announced plans to airdrop its native token, SONIC, to TikTok users. This initiative aims to introduce TikTok’s vast user base to decentralized finance (DeFi) by integrating blockchain technology with social media platforms. The airdrop is part of Sonic’s strategy to enhance user engagement and promote the adoption of Layer 2 solutions for improved scalability and reduced transaction costs on the Solana network. By targeting TikTok users, Sonic seeks to bridge the gap between mainstream social media audiences and the DeFi ecosystem, fostering broader participation in decentralized financial services.

ALSO:

MicroStrategy added 5,262 BTC to its holdings as its stock secures a spot on the Nasdaq 100, reinforcing its long-standing Bitcoin strategy.

Nokia enters the crypto world with a patented technology for encrypting digital assets, signaling its move into blockchain innovation.

Ripple’s legal chief urges Congress to focus on regulating crypto practices rather than stifling innovation by targeting the technology itself.

Feature: Kraken’s Ink Layer-2 Goes Live

Kraken, the seventh-largest crypto exchange, said its layer-2 rollup network, built on top of the Ethereum blockchain, has gone live.

The network, called Ink, is based on the OP stack, a customizable framework that lets developers build their own rollups using Optimism’s technology. The team had originally planned for Ink to go live in early 2025, so the launch of its main network is ahead of schedule.

Kraken agreed to receive 25 million OP tokens (worth about $58 million) as part of a deal to build on the OP Stack. Optimism has acknowledged that handing out developer grants for participants building on the stack is part of its strategy, which in turn contributes back to the wider “Superchain” ecosystem.Kraken competitor Coinbase said in August 2023 that it would build a layer-2 network with OP Stack.

The product, called Base, is now the second-largest rollup network according to L2beat. At the time, Optimism said the Base team would receive up to 118 million OP tokens and, in return, would contribute the higher of 2.5% of its sequencer revenue or 15% of its profits to the Optimism Collective.

Read the full story by Margaux Nijkerk here

Money Center

Fundraising

Avalon Labs has secured $10 million in a Series A funding round to expand its Bitcoin-backed stablecoin, aiming to enhance liquidity and stability in the cryptocurrency market. The investment reflects growing interest in Bitcoin-collateralized financial products as a bridge between traditional finance and digital assets.

Deals & Grants

Tether has announced a $75 million deal to acquire a stake in Rumble, a video-sharing platform. The investment aims to support decentralized media and aligns with Tether’s commitment to fostering open communication technologies.

Data & Tokens

Bonk (BONK) surged 30%, leading a rebound among dog-themed meme tokens, with Shiba Inu (SHIB) and Dogecoin (DOGE) also experiencing gains. Additionally, the Commodity Futures Trading Commission (CFTC) classified Floki (FLOKI) as a utility token, potentially influencing its regulatory status.

Data Corner: 60M USDC Outflows Hit Hyper Liquid

Hyper Liquid, a cryptocurrency exchange focused on perpetual contracts, has reported a record outflow of $60 million in USDC amid speculation that North Korea is investigating the platform. The sudden exodus of funds raises questions about the exchange’s liquidity and the stability of its operations. This highlights the growing tension of crypto markets with geopolitical issues, as regulatory scrutiny and potential misuse of platforms by state actors come into focus. The incident underscores the vulnerabilities in crypto markets, particularly for exchanges dealing with high-risk financial products like perpetual contracts. Hyper Liquid’s situation may prompt further scrutiny of similar platforms, emphasizing the need for stronger safeguards in the face of increasing global regulatory pressure.

Get the full scoop by Omkar Godbole here

Calendar

Jan 9-12, 2025: CES, Las Vegas

Jan. 15-19: World Economic Forum, Davos, Switzerland

January 21-25: WAGMI conference, Miami.

Jan. 24-25: Adopting Bitcoin, Cape Town, South Africa.

Jan. 30-31: PLAN B Forum, San Salvador, El Salvador.

Feb. 1-6: Satoshi Roundtable, Dubai

Feb. 19-20, 2025: ConsensusHK, Hong Kong.

Feb. 23-24: NFT Paris

Feb 23-March 2: ETHDenver

March 18-19: Digital Asset Summit, London

May 14-16: Consensus, Toronto.

May 27-29: Bitcoin 2025, Las Vegas.

Uncategorized

AVAX Surges 10.7% as Bullish Breakout Signals Strong Momentum

Published

2 часа ago

22 апреля, 2025

admin

Avalanche’s AVAX token has broken out of its multi-week correction phase, demonstrating remarkable strength despite ongoing geopolitical tensions affecting cryptocurrency markets.

The broader market gauge, CoinDesk 20 Index (DLCS), has demonstrated exceptional bullish momentum, surging from 1403.33 to 1461.17 in the last 48 hours, representing a 4.12% gain, while the overall range spans 95.56 points (6.97%) from the low of 1365.61 to the high of 1461.17.

The recent price action of AVAX shows accelerated momentum with the formation of a bull flag pattern and decisive breakout above $20.40, coinciding with significant institutional developments in the ecosystem, according to CoinDesk Research’s technical analysis data.

Technical Analysis Highlights

AVAX demonstrated remarkable strength, surging from 18.87 to 20.89, representing a 10.7% gain.
Price action reveals a clear bullish trend with higher lows forming a strong support trendline around 19.50.
After consolidating between 19.30-19.70 on April 20, AVAX experienced a significant breakout on April 21, with volume increasing substantially as the price pushed above 20.00.
The most recent 48 hours show accelerated momentum with the formation of a bull flag pattern and a decisive breakout above 20.40, suggesting further upside potential.
Key resistance at 20.90 now becomes the level to watch, with Fibonacci extension targets pointing to 21.50 as the next significant objective.
In the last 100 minutes, AVAX surged from 20.61 to 21.04, representing a 2.1% gain.
After consolidating between 20.50-20.60 during the 13:20-13:40 timeframe, price formed a solid base before initiating a powerful upward move.
The decisive breakout occurred at 14:40 with extraordinary volume (146,387 units), creating a strong support level at 20.80.
Multiple high-volume candles followed between 14:44-14:48, pushing the price through the critical 21.00 psychological barrier with the highest volume spike (142,112 units) at 14:47.
This breakout completes the bullish pattern established in the previous 48 hours, with Fibonacci extension targets now suggesting 21.50 as the next significant objective.

Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.

External References:

«Avalanche (AVAX), Toncoin (TON) and Kaspa (KAS): Can They Recover?« — CryptoDaily, published April 2025.
«Avalanche (AVAX), Polkadot (DOT) Rebound on the Horizon? Harmonic Pattern Signals Bullish Move» — Bitzo, published April 2025. — Bitzo, published April 2025. — Bitzo, published April 2025.
«Avalanche Price Prediction« — Cryptopolitan, published April 2025.
«Avalanche Card Unveiled: Will It Spark Bullish Momentum for AVAX?« — Coinpedia, published April 2025.

Uncategorized

Janover Buys Another $11.5M in SOL, Gets Renamed Amid Crypto Treasury Strategy Play

Published

2 часа ago

22 апреля, 2025

admin

Janover (JNVR), the real estate-focused fintech company with a Solana (SOL) treasury strategy, has been renamed to DeFi Development Corp and purchased another $11.5 million worth of SOL tokens, the firm said on Tuesday.

The move brings the company’s total SOL holdings to 251,842, including staking rewards, the company said. That’s valued at around $36.5 million, with SOL currently trading around $145.

JNVR shares were down 2.5% today at $38.3, well below last week’s peak just shy of $80. However, the stock is still up over 800% since adopting the crypto treasury strategy. SOL advanced nearly 5% over the past 24 hours, with the broader crypto market climbing higher.

The purchase was part of the Boca Raton, Florida-based company’s new crypto bet to position itself as the first U.S.-listed company with a treasury strategy centered on Solana and its native token SOL.

As part of the strategy, the firm seeks to accumulate SOL and operate one or more validators to secure the blockchain. The pivot happened after a team of former executives of crypto exchange Kraken bought a majority stake in the firm earlier this month.

The purchase was made using funds from a $42 million financing round the company completed earlier this year. Based on the latest figures, each share of the company represents 0.17 SOL, up 62% from its last crypto purchase, according to the press release.

The firm will also change its ticker to DFSV on the Nasdaq exchange at a future date to reflect its new name.

Last week, the company announced a strategic partnership with Kraken with plans to delegate part of the exchange’s SOL holdings to stake to validators operated by DeFi Development Corp. The firm also teamed up with BitGo to acquire locked tokens via over-the-counter markets.

Uncategorized

Arch Labs Raises $13M in Funding for Bitcoin-Based Smart Contracts

Published

2 часа ago

22 апреля, 2025

admin

Bitcoin decentralized finance (DeFi) developer Arch Labs raised $13 million in funding toward building «ArchVM,» which the developers say will provide smart-contract functionality on the original blockchain.

The funding round, which valued the company at $200 million, was led by Pantera Capital, according to an announcement on Tuesday.

Arch’s plans to enable decentralized applications and protocols natively on Bitcoin.

ArchVM will handle off-chain computations to enable «Turing-complete smart contracts at the Bitcoin base layer» and provide Solana-like transaction speeds, Arch Labs said in the announcement.

The goal of introducing smart contracts to Bitcoin began to gather steam in October with the release of the BitVM computing language.

Numerous projects are now using BitVM as the basis for bringing smart contracts to Bitvcoin via layer-2 networks or bridges. Arch’s aim is to avoid the need to bridge assets to layer-2s, which could present additional risks.