Web3🌕Monday Highlights: Meme Coins, Bitcoin Volatility, FTX Bankruptcy, and Telegram's Toncoin Payments!

Welcome to a brand new week in the ever-evolving realm of Web3! As we embark on this Monday, let's delve into the latest updates shaping the digital landscape. Join us as we navigate through the dynamic currents of Web3, highlighting key advancements such as Telegram's integration of Toncoin payments and FTX's ambitious aims for bankruptcy recovery. Stay tuned as we unravel the intricacies and innovations driving the future of decentralized technologies.

1. Degen Chain Sees Surge in Meme Coins as Layer 3 Activity Peaks

Degen Chain, a new layer-3 blockchain, sees a 500% surge in DEGEN token value since its release, attracting significant transactional volume despite lacking stablecoin support. The network, built on Base, records nearly $100 million in transactions within four days, with over 7,500 contracts and 2,300 tokens. While Degen Swap and Degen Pepe dominate, many tokens serve as speculative bets. The chain, designed for DEGEN token use, aims to facilitate various experiments in payments, gaming, and community rewards. It operates atop layer-2 protocols, offering faster and cheaper transactions for specific tasks, ranging from payments to gaming.

Meme Coins on Degen Chain Flourish as New Layer 3 Racks up Millions in Volumes

Degen Chain was released last week as a specialized network that sits atop Base, which itself is an Ethereum layer 2.

CoinDeskShaurya Malwa

2. Bitcoin's Volatility Surpasses Ether Ahead of Halving

Bitcoin's volatility surpasses Ethereum's due to ETF inflows and halving anticipation. Bitcoin's 30-day volatility reached nearly 60%, outpacing Ether by 10 points. ETF activity focuses on Bitcoin, dampening Ether sentiment. Halving event stirs market excitement; previous rallies occurred post-halving. Positioning hints at a potential post-halving pullback. Bitcoin's options market reflects halving anticipation. Steep contango indicates elevated volatility pre-halving.

Bitcoin Becomes More Volatile Than Ether as Halving Approaches

Bitcoin’s annualized 30-day historical or realized volatility rose to nearly 60% late last week, surpassing ether’s 30-day realized volatility by nearly 10 percentage points.

YahooOmkar Godbole

3. FTX Bankruptcy Aims to Fully Compensate Claimants by 2024

FTX's bankruptcy estate aims for full user repayment by year-end, but Chapter 11 plan raises concerns over fairness amid crypto price surge since bankruptcy. Users have until May 15 to submit claims, with an expected extension to June 2024. FTX's approach receives criticism from creditors, who contest the proposed repayment based on November 11, 2022, rates, considering the substantial increase in crypto prices. Attorney Andy Dietderich maintains adherence to US bankruptcy law, leaving little room for negotiation.

FTX Bankruptcy Estate Seeks to Begin Making Claimaints Whole by the End of 2024

The FTX bankruptcy estate has set a goal to begin distributing reimbursements by the end of this year. Click to discover more.

DailyCoinInsha Zia

4. Telegram Introduces Toncoin Payments for Ad Purchases

Telegram now enables users to purchase in-platform ads with Toncoin, sharing 50% of revenue with channel owners. Users can promote channels with minimal Toncoin payments, selecting specific channels for ads. Channel owners can withdraw rewards without fees, facilitated by Telegram’s Fragment exchange. The choice of TON Blockchain is due to its low fees and high transaction speeds, capable of processing 100,000 transactions per second. Telegram CEO Pavel Durov anticipates the monetization will benefit content creators, driving Toncoin's value up by 2.32% to $5.24.

Telegram enables Toncoin payments for in-platform ad purchases

Telegram users can withdraw their ad revenues without fees or choose to reinvest them in promoting their public channels, the platform said.

The Block[email protected]

As we conclude our exploration of today's Web3 updates, it's evident that the digital landscape continues to evolve at a rapid pace. From the vibrant ecosystem of meme coins to the complexities of cryptocurrency volatility, each development underscores the dynamism of decentralized technologies. As we bid farewell to this chapter, let's remain vigilant and curious, ready to embrace the unfolding innovations and opportunities that lie ahead. Remember to stay tuned for future updates and continue engaging with the ever-expanding world of Web3. Thank you for joining us on this journey, and until next time, keep exploring, learning, and evolving in the exciting realm of decentralized technologies.

WEB3 AI ML