Blockchain
Zenon Network announces Alphanet Big Bang – the launch of a new standard for decentralized networks with unique dual coin architecture
Zenon, the layer-1 protocol, announced the launch of Alphanet and pre-Alphanet events, achieving a significant milestone in developing the Network of Momentum Phase 0 (NoM), the first step in Zenon roadmap to a multi-billion userbase decentralized network.
NoM aims to supersede networks such as Ethereum or Solana by solving scalability, usage cost, fairness of the initial distribution, and decentralization.
Technology and Innovation:
With a radically new DLT that combines PoW and PoS, they introduced:
- An unprecedented dual ledger (Meta-DAG + Block-Lattice) architecture
- Three types of nodes (Pillars, Sentinels, Sentries)
- PoW-Links with potential Bitcoin interoperability
- Foundation for mass-scalable zApps controlled by smart contracts
- ZTS allowing anyone to create tokens without a single line of code
- Syrius wallet that redefines user experience with a state-of-the-art design
- Anti-spam mechanism through Plasma which confers feeless transactions
Project funding:
Zenon Network is a community initiative that started in the bear market of 2018.
It’s both rare and impressive that there wasn’t any coin sale or ICO, but an offering of locking BTC to generate ZNN, thus creating value by using BTC as collateral instead of creating a token out of thin air and establish a stable social consensus. Moreover, the locked funds were refunded, which led to tremendous community trust.
Coin Economics and Participation
NoM also introduces a dual-coin approach with ZNN and QSR as primary assets, each with its purpose. ZNN is used as collateral for the network consensus to ensure the validity of transactions and recording of the on-chain data, QSR is used as collateral for nodes (Pillars and Sentinels) and to generate Plasma to achieve higher throughput.
There are three ways to participate in the network as an infrastructure provider:
- By running a Pillar node (15,000 ZNN) – up to 80% APY
- By running a Sentinel node (5,000 ZNN) – up to 60% APY
- By delegating or staking ZNN (1 ZNN or more) – up to 24% APY
Zenon Pre-Alphanet Events
As the Zenon Alphanet Big Bang is only a few weeks away, there are multiple events open to anyone who wants to be an early pioneer of this revolutionary technology that solves the blockchain trilemma.
Public Incentivized Testnet (PIT) – represents a release candidate version of the Alphanet. Users will have the possibility to acquire Plasma Points ($PP), a new and unique ZTS token only available during the Incentivization Period that will be converted into QSR at Alphanet Launch.
wZNN Liquidity Program – Providing liquidity to the wZNN (wrapped ZNN) – wBNB PancakeSwap pair, the LPs (Liquidity Providers) will earn trading fees from the pool and $PP.
WarpDrive – is a 100.000.000 $PP incentivized hackathon that serves as the ignition of the Alphanet Accelerator.
Blockchain
Halving weakness sees $206 million exit crypto funds, Bitcoin miners pivot to AI
Leading up to Friday’s Bitcoin (BTC) halving, investors opted to remain on the sidelines rather than increase their exposure to cryptocurrencies. CoinShares’ latest report on digital asset fund flows reveals that crypto funds experienced $206 million in outflows last week, while trading volumes for Exchange-Traded Products (ETPs) dropped to $18 billion.
James Butterfill, head of research at CoinShares, noted, “These volumes represent a lower percentage of total Bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago.” He attributed this decline in investor appetite to expectations that the Federal Reserve would maintain interest rates at elevated levels for a longer duration.
In terms of regional flows, the United States led the outflows with $244 million exiting incumbent ETFs by the week ending April 19. Butterfill highlighted that newly issued ETFs still received inflows, albeit at lower levels compared to previous weeks. Germany and Sweden saw outflows of $8.3 million and $6.7 million, respectively, while Canada experienced inflows of $29.9 million. Switzerland, Brazil, and Australia also witnessed inflows of $7.8 million, $5.5 million, and $2.2 million, respectively.
Butterfill observed that although Bitcoin saw outflows of $192 million, there were minimal flows into short-Bitcoin positions. Ethereum (ETH) experienced outflows of $34 million for the sixth consecutive week. However, multi-asset funds saw improved sentiment, attracting $8.6 million in inflows. Additionally, Litecoin (LTC) and Chainlink (LINK) received inflows of $3.2 million and $1.7 million, respectively.
The report highlighted that blockchain equities sustained their 11th consecutive week of outflows, totaling $9 million, as investors remained concerned about the halving’s impact on mining companies.
In a separate analysis of the post-halving crypto mining industry, CoinShares analysts suggested that many miners might transition to serving the artificial intelligence (AI) sector, which has become more lucrative. They anticipated a shift towards AI in energy-secure locations, potentially leading to Bitcoin mining operations relocating to stranded energy sites.
The analysts projected a 10% decline in the Bitcoin network’s hash rate after the halving as miners deactivate unprofitable ASICs. However, they expected the hash rate to reach 700 exahash (EH/s) by 2025. As of the current data, the Bitcoin hash rate stands at 596.22 EH/s.
The report also noted that substantial cost increases are anticipated due to the halving, with electricity and production costs nearly doubling. Mitigation strategies include optimizing energy costs, enhancing mining efficiency, and securing favorable hardware procurement terms. Miners are actively managing financial liabilities, with some utilizing excess cash to significantly reduce debt.
Source: kitco.com
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Blockchain
NYSE gauges interest in 24/7 stock trading like crypto
According to reports, the New York Stock Exchange (NYSE) is exploring the possibility of introducing round-the-clock trading, a model akin to that of cryptocurrency markets. In a bid to gauge market sentiment, NYSE’s data analytics team has circulated a survey among market participants. The survey seeks feedback on whether there is support for 24/7 or extended weekday trading hours and, if so, what measures should be implemented to safeguard traders against overnight price fluctuations. As of now, NYSE, alongside Nasdaq and the Chicago Board Options Exchange, operates from Monday to Friday, spanning from 9:30 am to 4:00 pm Eastern Time.
In the United States, assets like cryptocurrencies, United States Treasurys, foreign exchange, and major stock index futures are already tradable 24/7. Certain brokerages, such as Robinhood and Interactive Brokers, provide access to U.S. stocks throughout the week via a “dark pool” trading venue, catering to international retail investors during their local trading hours.
However, recent reports indicated that Robinhood suspended its 24-hour trading services amidst heightened tensions between Israel and Iran, prompting concerns among investors regarding the sustainability of continuous trading.
Effectively managing liquidity in a 24/7 trading environment has proven challenging for trading platforms within the cryptocurrency industry.
According to cryptocurrency research firm Kaiko, there’s often a mismatch between the operating hours of traditional financial institutions and the needs of major crypto traders and market makers. Traders frequently find themselves losing sleep during periods of extreme market volatility.
While the results of NYSE’s survey haven’t been revealed, Tom Hearden, a senior trader at Skylands Capital, conducted his own poll among his 19,300 followers, asking if they would support NYSE transitioning to 24/7 trading hours. Interestingly, over 70% of the 1,459 respondents voted “No.”
NYSE’s survey coincides with the efforts of startup firm 24X National Exchange, which is seeking approval from the Securities and Exchange Commission (SEC) to launch the first exchange in the country operating round-the-clock.
The FT said, citing two persons familiar with the subject, that the SEC has “months” to study the proposed rule change, and other relevant issues, such who should shoulder expenses and the function of clearing houses, are already being considered by other stakeholders.
“How loud they will be playing in the middle of the night is unknown to me. However, the decision of whether something is commercially feasible or not actually shouldn’t be made by the SEC, James Angel, a Georgetown University finance professor, told FT.
“I support letting the market make the decision. We’re all better off if it succeeds, and the exchange’s stockholders lose out if it fails.
After the company withdrew an application in March 2023, alleging operational and technological concerns, it is the second attempt to receive SEC clearance.
Source: cointelegraph.com
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Blockchain
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