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OKX launches its Layer-2 blockchain, leveraging Polygon’s technology, to enhance digital transaction efficiency. Leading crypto exchange OKX has introduced its own exclusive Layer-2 blockchain , the X1 chain , leveraging technology from Polygon. This move places OKX in a growing league of exchanges actively developing secondary networks to enhance the efficiency and cost-effectiveness of digital asset transactions. Hot Off The Press We're thrilled to introduce #X1, our new Ethereum L2 network built on Polygon's CDK. Our landmark collab. with @0xPolygonLabs empowers next gen. devs. with increased security, scalability & low transaction costs to BUIDL the future of Web3. pic.twitter.com/Wkz11vu2be — OKX (@okx) November 14, 2023 This strategic step by OKX follows the trend set by major players like Coinbase, which launched its Base blockchain in August, quickly attracting developer and user interest. Bloomberg reports that Kraken, another major exchange, i...

No matter how new you are to cryptocurrency, you must be familiar with Ethereum (ETH) and Bitcoin (BTC). These two leading cryptocurrencies are so popular since their market share accounts for 60% of the market. However, over time more tokens have been flooding the market. This has set investors on the loose as they look for the next big thing. Therefore, in this article, we shall be looking at a new token in its presale stage called FIREPIN Token (FRPN) , to see if it has what it takes to level up with crypto giants Solana (SOL) and Polygon (MATIC). Solana (SOL) Solana (SOL) was released in 2017, earning the moniker "Ethereum killer" due to its lightning-fast performance. Solana (SOL) can compete with Ethereum (ETH) due to its incredible transaction speed and reduced gas prices. The network is working hard to incorporate Solana Pay, which will allow platform users to make payments. Solana (SOL) is currently approaching Ethereum (ETH) stature in the NFT world. ...

Despite the downturn in the NFT industry, Reddit continues to attract new holders of digital collectibles issues on blockchain. Social media platform Reddit continues exploring digital collectibles despite a significant downturn in the non-fungible tokens (NFT) industry. According to an official announcement on r/CollectibleAvatars, Reddit will drop its latest series of collectible avatars on July 26. According to social media reports, the new drop will be launched at 3:00 pm Eastern Time. Titled “Retro Reimagined,” Reddit’s new collectibles drop will be the fourth generation of collectible avatars launched since the platform debuted the project in July 2022. Just like all previous generations, the latest drop will be issued on the Polygon blockchain and will be available for decentralized trading and third-party sales. Reddit’s Gen 4 CollectibleAvatars’ teaser. Source: Reddit The new drop of Reddit’s collectible avatars brings fresh designs from new and existing creators, including r...

Bullish crypto traders are struggling to clear the overhead barrier in Bitcoin and select altcoins, indicating that bears have not given up yet. Bitcoin continues to trade near $31,000, making it an important resistance level to watch out for in the short term. Some analysts believe the current consolidation could result in an upside breakout in Bitcoin. The institutional investors also seem to be positive about the prospects of a further rally in Bitcoin (BTC). CoinShares head of research James Butterfill said in a recent report that 98% of all the digital asset inflows of $334 million went into Bitcoin-related products. Daily cryptocurrency market performance. Source: Coin360 Although the short-term price action on Bitcoin and select altcoins looks positive, market participants should stay cautious due to the uncertainty regarding macroeconomic issues. The crypto markets are likely to be influenced by the United States inflation figures and the Federal Reserve’s monetary action over...

Today's CPI report highlighted a slight decline in inflation, a development which could put a strong price floor beneath Bitcoin and select altcoins. The March consumer price index climbed marginally by 0.1%, below economists' expectation of a 0.2% increase and February’s advance of 0.4%. Although inflation is showing signs of slowing, the year-on-year CPI increased by 5%, well above the Federal Reserve’s 2% target.  The FedWatch Tool shows a 67% probability of a 25 basis point rate hike in the Fed’s May meeting but by the end of the year, the majority of the market participants have come to expect rates to be lower than the current level. Daily cryptocurrency market performance. Source: Coin360 An expansive monetary policy is usually positive for risky assets. In addition, crypto traders will focus on Bitcoin’s (BTC) halving which is set to occur next year. That is also likely to be a positive for cryptocurrency prices. While the near-term picture is uncertain, the long-term...

Bitcoin and select altcoins are close to breaking out of their overhead resistance levels, indicating that bulls remain in control of the crypto market. Bitcoin (BTC) is up about 71% in Q1 2023, which is the first positive quarter after four consecutive quarters of negative returns in 2023, according to data from Coinglass. This shows that the sentiment has turned positive and the bulls are trying to put a bottom in Bitcoin. When the undercurrent is bullish, negative news results in shallow corrections. That is what happened after the United States Commodity Futures Trading Commission slapped a lawsuit against Binance and its CEO Changpeng Zhao for trading violations. This news pulled the markets marginally lower but did not start a strong down move. Daily cryptocurrency market performance. Source: Coin360 Another thing that happens in a bullish environment is that cryptocurrencies move up without any specific catalyst. That happened on March 29 when Bitcoin and several major altcoin...

Leading layer-2 networks on Ethereum have seen a surge in daily active users and fees recently. Ethereum layer-2 networks have gone through an explosive growth phase over the past couple of months a trend that is set to continue in 2023. According to recent data, the leading layer-2 network s have seen an increase in daily active users which has translated into a growth in fees for the respective ecosystems. According to analytics provider Token Terminal, Polygon leads the pack with 313,457 daily active users as of Jan. 17. Additionally, the metric spiked to over 600,000 daily active users earlier in January. It marks a 30% increase in activity since the beginning of October 2022 which has resulted in nearly $55,000 worth of daily fees for Polygon. Optimism has seen even faster growth with a 190% gain in daily active users over the past three months. This resulted in daily network fees of $119,475, a gain of almost 140% since the beginning of the year. Arbitrum One currently has 41...