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Bitcoin’s On-Chain Activity & Price Suppression Hint at Bull Run Potential

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Predicting the future of digital assets like Bitcoin is often challenging. However, crypto analysts have been keeping a close eye on recent on-chain activity to gauge the health of the market, and their observations are pointing towards a potential resumption of the Bitcoin bull run.

Analyst Ali recently shared insights into Bitcoin’s on-chain activity. He noted that a bull run in cryptocurrency is typically characterized by increased on-chain activity. 

This phenomenon indicates that the network fundamentals are strengthening, and there’s a surge in usage. Interestingly, despite Bitcoin’s relatively stagnant price, its on-chain activity is expanding. The much-awaited Bitcoin bull run may be on the horizon.

Santiment, a reputable crypto analytics firm, also weighed in on the situation through a tweet. They highlighted that Bitcoin’s on-chain activity had reached levels that have not been seen since April. Utility, a key indicator of a cryptocurrency’s health and adoption, is notably higher. 

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Additionally, they noted a significant decrease in dormant BTC wallets, with the third-largest day of such activity in three months occurring recently. The $27,000 price level for Bitcoin is proving to be a pivotal point of interest among market participants.

Bitcoin Price Suppression At $27.5K

Meanwhile, Material Indicators provided further insight into the market’s current dynamics. According to their tweet, in the last 8 hours, whenever BTC’s price approached the $27,500 mark, there was a notable increase in ask liquidity and market sell orders. 

It resulted in downward pressure on the price. While this behavior might suggest that entities attempt to suppress the price, it doesn’t necessarily mean that the $27,500 level is impenetrable.

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Analysts believe that this price suppression activity is in anticipation of an announcement by Federal Reserve Chairman Jerome Powell regarding interest rate hikes scheduled for Wednesday. 

The cryptocurrency community has been discussing and anticipating this event for several days, and market participants seem to be taking preventive measures. This cautious stance is especially relevant for those who entered the market near its recent highs.

Related Reading | USDC Coin: Bridging Worlds – Now Soaring Across Polkadot Skies

Crypto Chronicles: Mark Cuban’s Epic Wallet Recovery!

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In the fast-paced world of cryptocurrencies, even the most seasoned investors can fall victim to cybercrime. Mark Cuban, the well-known American entrepreneur, investor, and owner of the NBA’s Dallas Mavericks, recently experienced this firsthand when his crypto wallet, bearing the address 0x29…dAAc, was compromised after remaining idle for 160 days. The theft amounted to a staggering sum of 175k USDC, 4.34k USDC, 4.86k USDT, 7.02k RARI, 12.36k MATIC, 338.21 stETH, 5.29 ETH, 8.247 WETH, 697.48k RARE, 16.67k BIT, 5.92 GOHM, and 10k AUDIO.

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Source: Arkham Intelligence

However, what makes this incident truly remarkable is not the theft itself but Mark Cuban’s swift and successful response. Despite the substantial losses, Cuban’s determination to reclaim his assets stood out as a testament to the resilience required in the crypto space.

Cuban’s journey to recovery began when he managed to regain control of a significant portion of his stolen assets. In a remarkable turn of events, he was able to recover 3.049 million USDC from the stolen wallet. This achievement not only demonstrated Cuban’s tenacity but also highlighted the unique nature of blockchain technology.

The recovery process was facilitated by the transparency and immutability inherent in blockchain ledgers. Unlike traditional financial systems, where tracing stolen funds can be an arduous task, blockchain transactions are recorded permanently and publicly. This allowed Cuban to track the movement of his stolen funds and take action swiftly.

Once the stolen funds were identified, Cuban made a strategic decision to transfer the recovered 3.049 million USDC to Coinbase, a reputable cryptocurrency exchange. Coinbase’s robust security measures provided an additional layer of protection for Cuban’s assets, ensuring that they were not susceptible to further theft.

Crypto Security: A Vital Imperative for Investors

Cuban’s actions serve as an important lesson for all cryptocurrency investors. While the decentralized and relatively anonymous nature of digital assets can attract malicious actors, it also empowers individuals to take control of their financial destiny. Mark Cuban’s proactive response and eventual recovery of a significant portion of his stolen assets underscore the importance of vigilance and security in the digital asset world.

Furthermore, Cuban’s experience highlights the need for increased awareness and education around cryptocurrency security. As the crypto market continues to grow, so does the sophistication of cybercriminals. Investors must stay informed about best practices for securing their assets and be prepared to act decisively in the event of a security breach.

In conclusion, Mark Cuban’s stolen crypto address is a story of resilience, recovery, and the unique attributes of blockchain technology. While the initial theft was a setback, Cuban’s ability to regain a substantial portion of his assets showcases the potential for individuals to protect their crypto investments. This incident serves as a stark reminder that in the crypto world, security is paramount, and swift action can make all the difference.

95.69% Cardano (ADA) Holders In Loss But Analysts Predict Bright Future

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In an analysis of on-chain data provided by IntoTheBlock, it has been revealed that a substantial 95.69% of ADA (Cardano) holders find themselves in a precarious position, grappling with losses as the cryptocurrency experiences a downturn. This challenging period has raised concerns within the Cardano community.

As of the latest data reported by CoinMarketCap, Cardano is currently trading at $0.247524. The cryptocurrency has witnessed a 15% decrease in its 24-hour trading volume, which now stands at $115,965,801. Over the past day, Cardano’s value has declined by 0.94%, and its weekly chart shows a nearly 4% drop in price.

In the CoinMarketCap rankings, Cardano currently holds the #7 spot, boasting a market capitalization of $8 billion. The circulating supply of ADA coins stands at 35,098,185,063, while the maximum supply is capped at 45,000,000,000 ADA coins. 

However, these figures shed light on the ongoing dynamics within the Cardano ecosystem as it navigates the challenges presented by the broader cryptocurrency market.

Bullish Analysts See Bright Future for Cardano (ADA)

Despite Cardano (ADA) experiencing a market-wide downturn, prominent crypto analyst Hashoshi remains bullish on the project. In a recent interview, Hashoshi praised Cardano’s problem-solving capabilities, highlighting its potential for growth with the development of use cases and increased liquidity.

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While Cardano’s recent price performance has raised concerns, Hashoshi expressed confidence in the project’s future. He emphasized Cardano’s leading position in the crypto space and its unique problem-solving approach, which has garnered support from certain crypto communities.

Hashoshi acknowledged both the good and bad decisions made by the Cardano project but believes in its recovery potential, particularly in addressing design challenges better than other major projects like Algorand and Solana. He suggested that ADA’s price could surge if network conditions improve and Cardano successfully deploys its smart contract capabilities.

Despite the delayed smart contract launch affecting adoption, Hashoshi believes that Cardano’s design is well-suited for future growth and could outpace other projects in the crypto space. Increased use cases and liquidity could propel ADA to new highs, with its future price rally dependent on utility rather than speculation.

Other analysts, like Dan Gambar­dello, founder of Crypto Capital Venture, also hold a bullish view on Cardano’s long-term growth potential. Drawing compa­risons between Cardano and Amazon, Gamba­rdello highlights ADA’s enhanced smart contract capabilities, staking utility, and scala­bility as factors that contr­ibute to its promising future.

Gamba­rdello considers the current price of ADA an attra­ctive opportunity for inves­tors. He draws similarities between the long-term success of Cardano and Amazon in their respe­ctive industries.

Related Reading | Qredo Integrates USDC: Revolutionizes Gas Fees 

Shiba Inu Surges To 6th Place Among American Crypto Favorites

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Shiba Inu, the popular dog-themed cryptocurrency, has surged to become the sixth most favored digital asset among American investors. While Bitcoin [58%] and Ethereum [37%], the top two cryptocurrencies by market capitalization, occupy the leading positions, SHIB has achieved a remarkable feat by outperforming major cryptocurrencies like Tether [USDT], Cardano’s ADA, and Solana [SOL].

Dogecoin [26%], famously endorsed by Elon Musk and recognized as the first meme coin globally, secured the third spot. Closely trailing behind were Binance [22%] and dollar-backed stablecoin USDC [18%], which were placed fourth and fifth, respectively.

In a recent survey jointly undertaken by ConsenSys and YouGov, SHIB claimed the sixth spot with the support of 17% of respondents. It edged out Tether, UST, and Solana, which ranked seventh with 16%, and Cardano, which secured the eighth position with 13%. The survey, titled “A Global Survey on Crypto and Web3,” involved 1018 American residents aged 18 to 65 and revealed that the majority of Americans have yet to explore cryptocurrency investments.

Approximately 43% of respondents expressed interest in entering the emerging crypto industry, while 18% remained undecided about investing. Shiba Inu’s prominent member and marketing specialist, Lucie, expressed pride in the token’s accomplishments, stating, “I’m immensely proud to witness Shiba Inu steadily and surely establishing itself at the pinnacle.”

Shiba Inu’s Charm Resonates In India

In the other parts of the word, notably in the Indian cryptocurrency landscape, Shiba Inu has emerged as a crowd favorite, dominating trading activity on the WazirX exchange throughout August. This meme-inspired coin shared the spotlight with XRP, associated with Ripple, and garnered significant attention from investors across the nation.

WazirX recently shared a list of the top five traded coins, featuring SHIB and XRP alongside the well-known names of Bitcoin [BTC], Ethereum [ETH], and Tether’s USDT, TronWeekly reported.

Shiba Inu, the meme coin that has been generating buzz, is now displaying signs of increased volatility, hinting at a potential reversal in trends. At the time of writing this article, SHIB was trading at $0.000007614, with an impressive 25% surge in 24-hour trading volume to $111 million. These fluctuations underscore that Shiba Inu is once again captivating the crypto community’s attention.

Solana’s Visa Voyage: Navigating An 8% Weekly Dip Despite Integration Success

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Solana’s native coin, SOL, experienced a notable shift in its price following a successful partnership announcement with Vis on September 5th. Initially, SOL witnessed a promising surge of approximately 7%. 

However, this gain turned out to be short-lived, as SOL subsequently tumbled by almost 8% over the course of the past week and experienced a 1.93% decrease within a 24-hour timeframe.

As of the latest price analysis, SOL is currently trading at $19.40, accompanied by a 24-hour trading volume of $295,237,830, reflecting a 24% decrease in trading activity. 

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CoinMarketcap

SOL maintains its position as the 9th-ranked cryptocurrency on CoinMarketCap with a market capitalization of $7 billion. Technical indicators suggest a bearish sentiment, while the Fear & Greed Index registers a 41 score, indicating a prevailing sense of fear among investors.

Over the last 30 days, SOL has displayed 12 out of 30 (40%) green days and exhibited price volatility of 8.48%. Coincodex’s data also shows a predominantly bearish sentiment among market analysts, with 25 technical analysis indicators signaling bearish trends and only 3 indicating bullish signals.

Solana Foundation Launches Hyperdrive Hackathon

Nevertheless, there is a glimmer of hope on the horizon for SOL as the Solana Foundation has unveiled an upcoming hackathon called “Hyperdrive.” This hackathon aims to incentivize the development of new tools and applications on the Solana network and is set to offer prizes and seed funding totaling up to $1 million. 

The Hyperdrive competition is open to virtually anyone interested and commenced on the day of the announcement, running until October 15th. Matty Taylor, Head of Growth at the Foundation, expressed the organization’s commitment to the network’s growth and expansion, stating:

Hyperdrive will help accelerate this by allowing anyone with an internet connection to compete as they launch their new startups on Solana.

The Solana Foundation has a track record of hosting successful hackathons, with over 50,000 participants, the launch of over 3,000 projects, and total venture funding raised by winners amounting to $600 million.

The top prize for the Hyperdrive hackathon includes $50,000 in USDC and tickets to Solana’s Breakpoint 2024 conference, marking an enticing opportunity for developers and startups to get involved in the Solana ecosystem and potentially shape its future.

Related Reading | Breaking: Solana Joins Forces with Visa to Revolutionize Stablecoin Settlements

Bitcoin’s Bounty: Dominating Digital Capital Flow

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In recent weeks, digital asset markets have experienced a resurgence of volatility, with significant price swings in assets like Bitcoin and Ethereum. To gauge aggregate market demand, we examine the relative flow of funds between Bitcoin, Ethereum, and Stablecoins.

The Aggregate Realized Value metric, which combines the realized cap of Bitcoin (BTC) and Ethereum (ETH) with the supply of leading stablecoins, reveals that the market started experiencing capital outflows in early August. Approximately $55 billion exited the digital asset space through August, indicating a shift in investor sentiment.

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Source: Glassnode

Within the Ethereum ecosystem, we observe mixed reactions across indices for DeFi, GameFi, and Staking sectors. DeFi and GameFi tokens have underperformed compared to major assets like Bitcoin and Ethereum, while Liquid Staking tokens fared somewhat better. Despite the recent downturn, the price action was less severe than previous market corrections.

Declining Risk Appetite in Bitcoin and ETH Derivatives Markets

Derivatives markets for BTC and ETH have matured significantly, but recent trends indicate a decline in risk appetite. Average daily trade volumes in Ethereum futures and options have fallen to half of the levels seen in previous years, suggesting liquidity is draining from the space. Open interest for both options and futures has remained relatively stable, with ETH options markets surpassing futures in terms of size.

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Source: Glassnode

Since the introduction of concentrated liquidity in Uniswap V3, these pools have gained attention as potential indicators of market sentiment. Liquidity providers (LPs) effectively express their views on volatility and price levels by selecting liquidity ranges.

Observing the activity in the USDC/ETH 0.05% pool, we notice fluctuations in mints and burns, particularly in response to significant market events. LPs adjust their positions based on short-term volatility, indicating their role as market motivators.

Furthermore, examining the distribution of liquidity across price ranges in the Uniswap pool reveals that LPs are supplying a majority of liquidity above the current price tick. This aligns with the positive outlook for ETH, suggesting an expectation of market upside.

Comparing this to option strike prices for contracts expiring at the end of September, a similar positive sentiment emerges, with call and put options reflecting price levels similar to the Uniswap liquidity pool distribution.

The digital asset market has seen a resurgence of volatility, with capital outflows from spot markets and declining liquidity in derivatives markets. Investors seem cautious, opting for safer assets higher up the risk curve.

The analysis of Uniswap liquidity pools reveals that LPs are responsive to market events and provide insights into volatility and price expectations. These pools could serve as valuable sources of information for gauging market sentiment and positioning.

In conclusion, the dynamics of digital asset markets are multifaceted, with capital flow, risk appetite, and liquidity pools all playing critical roles in shaping investor sentiment and market behavior. Understanding these factors is crucial for navigating the evolving landscape of digital assets.

Coinbase’s Base Layer-2 Network Experiences Temporary Outage

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Coinbase’s Ethereum Layer-2 network, Base, experienced a temporary outage recently, shedding light on the complexities and challenges inherent in the world of blockchain technology. Lasting half an hour, with an additional 30 minutes for resolution, the incident was described as a “Base chain stall” by the development team. Despite this setback, it’s important to note that no user funds were at risk during this outage, providing a crucial reassurance to the community.

The root cause of the disruption was attributed to internal infrastructure issues, necessitating a refresh. Although the problem was swiftly identified and resolved, it took some time for Base to fully recover. While “widespread recovery” was achieved relatively quickly, a lingering issue with remote procedure calls (RPCs) prolonged the issuance of an all-clear report.

This incident served as a reminder of the fundamental distinction between Ethereum Layer-2 solutions like Base and the Ethereum mainnet. Matt Willemsen, the head of research at Collective Shift, highlighted the crucial point that Ethereum Layer-2 solutions, while promising, should not be seen as identical to the battle-tested Ethereum mainnet. It’s essential for users to understand the nuances and differences between these platforms, particularly when it comes to trust assumptions.

Base’s Remarkable Growth in Coinbase’s Ecosystem

Base, created by cryptocurrency exchange giant Coinbase, is a relatively new addition to the Ethereum Layer-2 ecosystem. Despite its youth, it has experienced remarkable growth, even surpassing Ethereum’s daily transaction volumes at times. DeFi Llama data reports that Base has generated approximately $6 million in protocol fees, largely driven by its appeal to the meme coin community.

In recent developments, Base has expanded its offerings by natively supporting USDC and integrating with platforms like Ledger Live and PancakeSwap. Furthermore, it has forged partnerships with well-established entities like Chainlink and Aragon, as well as various consumer brands. These moves indicate Coinbase’s commitment to establishing Base as a significant player in the Layer-2 ecosystem.

While the outage incident may raise concerns, it’s important to remember that even the most established blockchain solutions have experienced technical hiccups. Solana, for instance, has had its share of challenges, elevating blockchain outages to meme status. In the rapidly evolving world of blockchain technology, occasional disruptions are par for the course as the ecosystem continues to mature.

In conclusion, Coinbase’s Base Layer-2 network, while relatively young, has shown substantial promise and growth. The recent outage serves as a reminder of the importance of understanding the distinctions between different blockchain solutions. As the cryptocurrency landscape evolves, Coinbase’s commitment to improving and strengthening Base should provide users with confidence in its long-term viability.

Breaking: Solana Joins Forces with Visa to Revolutionize Stablecoin Settlements

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Solana has entered into a partnership with Visa, a global payments leader. Solana’s lightning-fast blockchain technology will now play a pivotal role in Visa’s ambitious expansion of its stablecoin settlement pilot program, propelling cross-border payments into a new era of speed and efficiency.

Visa’s Bold Move to Leverage Solana for Faster Settlements

According to a press release, at the forefront of modernizing cross-border money movement, Visa is embracing Solana’s high-performance blockchain alongside merchant acquirers WorldPay and Nuvei. Together, they’re set to redefine the landscape of stablecoin settlement payments, focusing on USDC.

Visa has already conducted live pilots with issuers and acquirers, swiftly moving millions of USDC across the Solana and Ethereum blockchain networks to settle fiat-denominated payments. This advancement promises nearly instantaneous payment authorizations for Visa cardholders worldwide.

Behind the scenes, Visa’s treasury and settlement systems have quietly facilitated the daily clearing, settlement, and movement of billions in transactions. This complex dance involves coordination among nearly 15,000 financial institutions across over 25 currencies.

Cuy Sheffield, Head of Crypto at Visa, shared the significance of this collaboration, stating:

By leveraging stablecoins like USDC and global blockchain networks like Solana and Ethereum, we’re helping to improve the speed of cross-border settlement and providing a modern option for our clients to easily send or receive funds from Visa’s treasury.

The partnership between Visa and Crypto.com has been a pioneering example of stablecoin settlement, eliminating cumbersome currency conversion processes and costly international wire transfers. Crypto.com successfully utilized USDC to fulfill settlement obligations for Visa card transactions in Australia.

Jeremy Allaire, Co-founder and CEO of Circle, the company behind USDC, expressed excitement about the expanding pilot, describing how it opens up new possibilities for payments, commerce, and financial applications.

As per the press statement, Worldpay and Nuvei, global acquirers serving a diverse range of merchants, are set to benefit greatly from Visa’s stablecoin settlement capabilities. They can now receive settlement payouts in USDC, offering their merchants an attractive alternative to traditional fiat currencies.

Visa’s decision to add Solana as a supported blockchain for USDC settlement payments is a game-changer. With 400 millisecond block times and impressive transaction speeds, its high performance positions Visa as one of the first major payment companies to utilize Solana for live settlement payments at scale.

Related Reading | Grayscale Ruling Triggers Bitcoin Volatility While SEC’s ETF Delay Adds Uncertainty

Grayscale Ruling Triggers Bitcoin Volatility While SEC’s ETF Delay Adds Uncertainty

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The Grayscale ruling set off a frenzy of Bitcoin (BTC) trading in a rollercoaster week for the crypto market. However, the subsequent decision by the SEC to delay several ETF approvals until October left traders on edge. Kaiko’s latest Data Debrief delves into the repercussions of these events.

Bitcoin’s Trading Volumes Fail To See Significant Boost

Markets initially celebrated as a court ruling favored Grayscale in its dispute with the SEC, briefly causing Bitcoin to spike to $28,000. This rally was marked by a surge in trading volumes, particularly on major exchanges like Binance and Coinbase. 

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Binance’s BTC-USDT pair saw a remarkable over $50 million increase in cumulative volume delta (CVD), while Coinbase’s surge was more gradual, peaking at about $35 million.

However, the mood shifted when the SEC postponed its ETF decisions, triggering a selling frenzy. Binance and Coinbase reported sharp declines in their Bitcoin trading instruments, with BTC-USDT and BTC-TUSD on Binance approaching -$100 million, and Coinbase also turning negative.

Despite the dramatic price swings, the Grayscale ruling failed to boost BTC’s overall trading volumes significantly. In fact, August 29 ranked just 504 out of 973 days since the start of 2021 in terms of Bitcoin volume. BTC’s open interest in native units experienced only a modest 8% decrease between August 29 and 31, far less than the 22% plunge during the August 16-17 selloff.

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Meanwhile, Kaiko introduced a novel methodology for measuring stablecoin depegs, providing insights into the stability of USDC, BUSD, USDT, DAI, and TUSD since the beginning of 2023.

Aave’s GHO stablecoin struggled to maintain its $1 peg, prompting Aave governance to increase the borrowing rate to 2.5% to stabilize its value.

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XRP, which surged after a U.S. court declared it not a security, experienced heavy selling on Korean exchange Upbit and OKX. Although XRP’s average trade volume was four times higher than other top altcoins, it couldn’t hold onto its gains.

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Binance tightened restrictions for Russian users due to potential investigations by the U.S. DOJ related to sanctions circumvention. This move led to a significant decline in the platform’s RUB and UAH trade volumes.

AI-affiliated tokens saw a modest increase in weekly trade volume in August, with the controversial launch of Worldcoin resulting in a more than 50% drop in its value. Meanwhile, Fetch.ai and Ocean gained traction with a decentralized data exchange system.

Despite the exchange’s collapse, FTX’s exchange token FTT continued to trade on centralized exchanges, primarily Binance and Huobi. Its use cases remain unclear, but it maintains a notable presence in the market.

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Related Reading | Stellar’s Surprise Surge: Will Short Squeezes Propel XLM Higher?

Shiba Inu’s Shibarium Network Gears Up for 1 Million Transactions Milestone

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Shiba Inu’s lead developer, Shytoshi Kusama, has recently announced a significant milestone for the Shiba Inu ecosystem. In a blog post, Kusama revealed that the Shibarium Layer 2 (L2) network is gearing up to celebrate a whopping 1 million transactions. The network has positioned itself as one of the fastest and most cost-effective solutions in the blockchain space, earning admiration even as it keeps gas prices low.

The blog post highlights an important update­ regarding the availability of the hoste­d version of Blockscout Explorer on Shibariumscan. This strategic de­cision allows the Shibarium protocol team to focus on network de­velopment and upgrades, while­ the Blockscout team ensure­s seamless operation of the explorer and maintains a fully indexe­d chain.

Kusama urged use­rs to utilize the explore­r for conducting independent re­search (DYOR) and verifying new as we­ll as existing contracts deployed on the­ network. The upcoming promotion of projects developed on Shibarium relies heavily on contract verification, underscoring its significance­.

Kusama also provided a ve­rified contract address for WBONE and made an announce­ment regarding the mapping of additional toke­ns to the bridge. These tokens specifically include USDT, USDC, DAI, WBTC, and XFUND. This strate­gic move is anticipated to bolster liquidity and improve accessibility within the Shibarium ecosyste­m.

Working To Bring More Tokens To Shibarium

In a significant development, Shiba Inu is actively collaborating with several third-party bridges to expand token bridging capabilities on the network. Furthermore, the team plans to renounce the Bone contract in the coming week and introduce more validators to strengthen the network’s security and decentralization.

Kusama conveyed a powerful message about its open nature, inviting everyone to contribute and develop on the platform. The Shiba team envisions a future where they focus on innovation and building technologies atop Shibarium, empowering the community to lead self-sovereign lives. They passionately encourage developers to build on Shibarium, hoping the next groundbreaking innovation will emerge from this thriving ecosystem.

The Shiba Inu community and the­ L2 network are set to e­mbark on an exciting journey in the world of blockchain te­chnology with 1 million transactions on the horizon. Their commitment to growth and innovation furthe­r propels their path.

Related Reading | XRP’s Surging Utility: 4.8B Transactions & 2.03B Circulation Spark Frenzy