Crypto Currency

Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

Stacks, the largest Bitcoin layer-2 network, is on the verge of a transformative upgrade known as Nakamoto. As the Nakamoto upgrade approaches, Stacks’ native token, STX, currently trading at $1.80, is up 68% from its August lows. Scheduled to begin this week, the Nakamoto upgrade promises to be a pivotal event for the platform, heralding

Published 2 years ago in
Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

Stacks (STX) prepares for Nakamoto upgrade: here’s what to expect

Stacks, the largest Bitcoin layer-2 network, is on the verge of a transformative upgrade known as Nakamoto. As the Nakamoto upgrade approaches, Stacks’ native token, STX, currently trading at $1.80, is up 68% from its August lows.

Scheduled to begin this week, the Nakamoto upgrade promises to be a pivotal event for the platform, heralding significant changes in transaction efficiency and expanding use cases.

Stacks Nakamoto upgrade

The Stacks Nakamoto upgrade is set to drastically reduce average transaction times from 10 minutes to mere seconds.

Such a leap in efficiency opens the door to a range of new applications, including the creation and utilization of liquid stacking tokens. These tokens can now be seamlessly integrated into Decentralized Finance (DeFi) platforms, allowing users to deposit, borrow, and leverage liquidity with greater ease.

In addition to improved transaction speeds, the Nakamoto upgrade will introduce sBTC, a new asset pegged 1:1 to Bitcoin.

Unlike wrapped Bitcoin (wBTC), which relies on a central custodian, sBTC aims to provide a decentralized alternative. This enhancement promises increased censorship resistance, cost efficiency, and robust security features.

By simplifying Bitcoin’s use in DeFi, non-fungible tokens (NFTs), and gaming, sBTC is expected to differentiate itself from existing solutions and attract more creators to the ecosystem.

The anticipated upgrade is not only poised to revolutionize transaction processes but also to bolster the DeFi and NFT sectors within the Stacks network.

As developers roll out the Nakamoto upgrade, the Stacks is likely to see increased adoption and innovation, positioning it as a significant player in the evolving landscape of Bitcoin layer-2 solutions.

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Crypto Currency

Binance Marks Africa Month With Push for Digital Inclusion Across Continent

Binance, the world’s largest cryptocurrency exchange by trading volume, used Africa Month to deepen its engagement on the continent, positioning digital assets and blockchain technology as tools for economic inclusion and community development. The company said it ran a month-long campaign from April 25 to May 25 aimed at boosting participation in the digital economy…

Published 19 hours ago in
Binance Marks Africa Month With Push for Digital Inclusion Across Continent

Binance, the world’s largest cryptocurrency exchange by trading volume, used Africa Month to deepen its engagement on the continent, positioning digital assets and blockchain technology as tools for economic inclusion and community development. The company said it ran a month-long campaign from April 25 to May 25 aimed at boosting participation in the digital economy…
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France Dominates 70% Global Crypto Wrench Attacks Raising Investor Fears

Crypto Wrench Attacks, France crypto kidnappings, Bitcoin holder security risks, crypto KYC data leak, crypto crime news today, Ledger data breach impact, Bitcoin investor safety concerns, crypto surveillance and privacy risks, France cryptocurrency crime wave, crypto wallet security solutions…

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France Dominates 70% Global Crypto Wrench Attacks Raising Investor Fears

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Crypto Currency

Bitdeer Sells 100% Of Weekly Bitcoin Output As ETF Outflows and Market Weakness Push BTC Below $75K

Bitdeer, a Nasdaq-listed Bitcoin mining company, sent shockwaves throughout the cryptocurrency market when it confirmed that all weekly Bitcoin production was sold and that its own holdings amounted to zero. This decision comes as Bitcoin prices come under renewed pressure turning one of the larger players she mines to a cautious stance…

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Bitdeer Sells 100% Of Weekly Bitcoin Output As ETF Outflows and Market Weakness Push BTC Below $75K

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Crypto Currency

Ethena price: ENA dips despite 5-week peak in whale activity

Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000 The slight dip happened despite ENA notching a 5-week high in whale activity. Prices could fall further, but a rebound for BTC could boost ENA. Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin

Published 22 hours ago in
Ethena price: ENA dips despite 5-week peak in whale activity

Ethena Price Down

  • Ethena’s native token, ENA, saw its price decline as Bitcoin slid below $79,000
  • The slight dip happened despite ENA notching a 5-week high in whale activity.
  • Prices could fall further, but a rebound for BTC could boost ENA.

Ethena (ENA) price faced downward pressure today, dropping nearly 4% to intraday lows of $0.11 as Bitcoin grappled with renewed selling amid macroeconomic headwinds.

This decline unfolded even as on-chain metrics signaled robust interest from large holders.

Analysts say the move highlights a disconnect between whale behavior and short-term price action.

Ethena hits 5-week high in whale activity

On-chain data shows Ethena’s ecosystem has managed notable momentum.

For one, the network just hit its largest daily network growth in over three months.

The platform did not just see a surge in new wallet creations, but had ENA whale activity surging to a five-week peak, with this aligning with heightened interest bolstered by several bullish catalysts.

According to Santiment, one of the key drivers was Grayscale’s decision on May 7 to incorporate ENA into its DeFi Fund.

Ethena also recently saw a massive $310 million USDC transfer, a transaction that injected fresh liquidity and drew widespread attention.

Santiment has also highlighted that the spotlight on ENA increased further when LayerZero announced a temporary bridge suspension on May 9, keeping Ethena at the forefront of DeFi discussions.

Adding to the optimism, the Ethena Foundation recently affirmed that all conditions outlined by its Risk Committee for activating the “fee switch” have been satisfied.

This mechanism, designed to distribute protocol fees to stakers, awaits a governance vote from ENA holders in the coming days.

The whale positioning ahead of the pivotal vote helped ENA price pump to highs of $0.14 on May 10.

Why’s ENA price down?

Despite the positive catalysts, ENA’s price succumbed to broader market dynamics.

Both RSI and MACD on the 4-hour chart suggest prices could fall further.

Ethena ENA Chart
Ethena price chart by TradingView

On May 13, crypto sentiment soured following the release of U.S. Producer Price Index (PPI) data.

This came in hotter-than-expected and exacerbated fears of persistent inflation and delayed rate cuts.

US stocks slid, and Bitcoin, the crypto sector’s bellwether, tumbled below $79,000 during intraday trading.

Declines

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