Blockchain

The Ethereum price has been trading more than 50% below its all-time high of $4,800 for the better part of a year now with no sign of returning to its previous all-time high. However, this slow trend may not continue for much longer as a crypto analyst has identified a pattern that could trigger a rally to its previous highs.

Ethereum Stuck Inside A Bullish Triangle

In an analysis that was posted on TradingView, crypto analyst FieryTrading identified a unique pattern that the Ethereum price has been trading in for almost two years. This pattern is a bullish triangle pattern and it has persisted for more than one and a half years.

Looking at the chart, the Ethereum price has not deviated from this bullish triangle and has not had any success breaking out of it. The triangle began toward mid-2022 when the Terra Network collapse triggered a crypto market-wide crash. Then even with multiple major recoveries since then, the altcoin’s price remains inside this triangle.

The lower end of this bullish triangle is at $887 which is the cycle low, and the upper end has been tracked at just above $2,100. Given this range, it suggests that for Ethereum to break out of this bullish triangle, it would have to clear the $2,200 resistance.

What Happens If ETH Breaks Out Of This Pattern?

As the crypto analyst highlights, a breakout of this pattern would lead to a massive rally. The top of this breakout rally could eventually see the Ethereum price return to its 2021 all-time high levels, reaching above $4,800.

“In my eyes, a break out from this pattern might result in big gains for ETH, since it will burst through an area full of short-trade stop-losses which will be forced to buy back their positions,” FieryTrading said. A move to $4,800 would translate to a 130% increase from its current price levels.

However, the crypto analyst explains that this could be more of a long-term performance, so it is possible that the cryptocurrency will not complete this move until at least the year 2024. But it paints a good, bullish picture for the altcoin going forward.

On its own this year, the Ethereum price has performed quite well, especially over the last 30 days. Data from CoinMarketCap shows that ETH’s price has risen 16.53% in one month to break above the $2,000 resistance which has now turned into support.

Ethereum remains the second-largest cryptocurrency with a market cap of approximately $250 billion.

In the non-fungible tokens (NFTs) sector, scammers are constantly devising new methods to exploit unsuspecting collectors. The latest incident involves fraudsters posing as journalists from Forbes magazine, specifically targeting Bored Ape Yacht Club (BAYC) NFT holders. 

One BAYC owner, “Crumz,” recently shared his encounter with these scammers, detailing the elaborate scheme designed to steal his digital assets.

BAYC Collector’s Close Encounter With Scammers

According to Crumz, the scam began when he received a direct message on X (formerly Twitter) from someone claiming to be a Forbes editor named Robert Lafranco. 

Intrigued by the prospect of being featured in an article about BAYC, Crumz proceeded cautiously, conducting a cursory online search that seemingly confirmed the person’s identity. Unbeknownst to him, the scammers had meticulously crafted a “facade of credibility.”

The supposed Forbes journalist informed Crumz of their interest in gathering firsthand accounts from BAYC owners regarding their experiences within the club. Despite initial surprise at being approached, Crumz agreed to participate in a scheduled Zoom call. 

Crumz further stated that the scammers failed to show up for the initial call, citing a fabricated family emergency as the reason for their absence. They rescheduled the meeting for a later date.

When the rescheduled call finally took place, Crumz noticed several red flags. The individuals on the call refused to activate their cameras, claiming technical difficulties. 

Another person claiming to be Steven Ehrlich, Forbes’ research director, joined the conversation. Crumz shared his BAYC journey, recounting the early days and highlighting the club’s unique features.

During the call, Crumz alleges that the scammers exhibited further suspicious behavior. They lacked a premium Zoom account and insisted on using multiple call links. 

Additionally, they requested permission to record the screen using a separate recording bot. Although Crumz initially thought nothing of it, alarm bells rang when they asked him to find a banana and say something that resembled his Bored Ape character.

Unable to produce a banana on the spot, Crumz excused himself momentarily, muting his screen. During this momentary lapse, the scammers attempted to take control of his computer, prompting him to intervene when they navigated to the website delegate.cash. 

Ultimately, all of Crumz’s valuable NFTs were securely stored in cold storage, safeguarding them from potential theft. He promptly shut down his computer to ensure his safety, hoping to sever any remote access the scammers may have gained. Crumz concluded:

Hopefully I’m safe now. Don’t think they can still control my computer when I turn it back on. Please be safe out there, it could’ve been a dreadful day today

Decline In Sales And Market Engagement

BAYC has recently witnessed a notable decline in various key metrics. The latest NFT data reveals a decrease in the number of sales, sales volume, and primary sales.

According to the latest figures, the number of sales has seen a significant drop of 33.59%, with 87 sales reported at present compared to 131 sales recorded the previous day. 

This decrease in sales has also resulted in a decline in sales in USD, with a decrease of 38.02%. The current sales volume is $2 million, compared to $3 million on Sunday.

In terms of sales volume, primary sales have experienced a 100% decrease, with no current sales reported. In contrast, primary sales generated $12,000 in USD the previous day. Secondary sales volume has also declined 37.76%, with the current figure at $2 million, compared to $3 million from the previous day.

Featured image from Shutterstock, chart from TradingView.com 

TRON (TRX), a blockchain-based digital platform, has surpassed Bitcoin (BTC) as the platform of choice for financial transfers by groups such as Hamas and Hezbollah, which are designated terrorist organizations by the US, UK, and other countries.

According to a Reuters report, this development has opened a new front in Israel’s battle against the funding of alleged Iranian-backed militant groups.

Tron Wallets Targeted In Israeli Seizures

According to the report, a comprehensive analysis of crypto seizures announced by Israeli security services since 2021 highlights a significant increase in targeting TRON wallets and a decrease in seizures related to Bitcoin wallets.

The National Bureau for Counter Terror Financing (NBCTF) of Israel, responsible for seizure operations, froze a total of 143 TRON wallets between July 2021 and October 2023, believing them to be associated with “designated terrorist organizations” or involved in “severe terror crimes.” 

Notably, 87 of these seizures occurred this year, including 39 wallets linked to Lebanon’s Hezbollah and 26 wallets associated with Palestinian Islamic Jihad, a Hamas ally.

In response to heightened scrutiny of Hamas’ financing, Israel intensified its investigation efforts. It discovered that 56 TRON wallets were connected to Hamas, with 46 traced back to a Gaza-based money exchange company called Dubai Co. For Exchange. 

Following the recent Hamas attacks on Israel, the largest crypto account seizure to date was announced, freezing approximately 600 accounts associated with Dubai Co. 

Per the report, several individuals whose funds were frozen in this seizure claimed to have been using TRON for legitimate business or personal financial purposes and denied any affiliation with Hamas or Islamic Jihad. 

However, Israel designates Dubai Co. as a terrorist group due to its alleged aid to Hamas, particularly in transferring substantial funds on an annual basis.

Key Blockchain For Tether Transactions

When contacted by Reuters, a spokesperson for TRON, Hayward Wong, emphasized that all technologies have the potential for misuse, citing the example of US dollars being employed for money laundering. 

Wong further stated that TRON lacks control over how its technology is utilized and asserted that it is not linked to the groups identified by Israel.

The report also sheds light on the dominance of the cryptocurrency Tether (USDT) within the TRON network. Tether stated that it routinely traces and freezes tokens used for illicit purposes, working in collaboration with law enforcement agencies.

According to Reuters, TRON has become the primary blockchain for Tether transactions, hosting a remarkable $48 billion worth of the tokens. Average daily transactions on Tron jumped to 9.1 million from April to June, a remarkable increase of over 70% compared to last year.

However, as reported by our sister website Bitcoinist, Tron has faced its share of controversies. The founder of Tron, Justin Sun, sued the US Securities and Exchange Commission (SEC) in March on allegations of artificially inflating trading volumes and selling unregistered Tron tokens.

It is important to note that crypto transactions related to terrorist groups have been decreasing since 2021 as seen in the chart below. Unlike traditional payment methods, Bitcoin and cryptocurrencies provide authorities with a backdoor, a transparent path that has allowed them to put a halt to illegal money flows.

The unfolding developments in this matter are yet to be fully determined, and it remains uncertain whether there will be additional lawsuits and enforcement actions against crypto companies and exchanges implicated in these allegations.

Featured image from Shutterstock, chart from TradingView.com

Crypto Pundit, Dushyant Shahrawat has suggested that the decline in the global financial technology companies may result in a delay in the highly anticipated Ripple IPO. 

FinTech Challenges May Push Back Ripple IPO Timeline

An XRP community member, Crypto Eri has shared details about Ripple IPO’s timeline in a post on X (formerly Twitter). The X post briefly shed light on a recent interview on NASDAQ Trade Talks, between global markets Reporter, Jill Malandrino and investment banker at Rosenblatt Securities, Dushyant Shahrawat.

When asked about his views on the current state of the financial technology industry, Shahrawat emphasized the declining performance of some major fintech companies. He mentioned companies like Block which had experienced major declines this year and saw its shares dropping more than 80% from its all-time high.

Shahrawat has stated that the underperformance of these fintech companies could result in a delay for cryptocurrencies scheduled to go public. He mentioned prominent names like Circle and Ripple, which had declared its intentions to initiate an IPO by 2024. 

“You can walk the hallways here, you’ve got Circle, Ripple, all the private fintech companies, unicorns, that were waiting in the wings to go public. That time frame (to IPO) got pushed back a little bit, quite a bit,” Shahrawat stated in the interview. 

Despite financial specialists predicting an early 2024 launch for the Ripple IPO, Shahrawat has hinted that a minor delay might be in store, at least until the bearish trend in the fintech sector shows signs of recovery. 

IPO Delay Amidst Regulatory Actions

A blockchain researcher and XRP community member, Collin Brown has also highlighted reasons contributing to Ripple’s IPO delay. Brown has disclosed that the present market conditions and the intensified regulatory scrutiny on Binance are the driving forces behind the postponement of Ripple’s IPO. 

“The Ripple IPO is being delayed due to market circumstances, as well as the need for the SEC and BlackRock to crack down on Binance. Now that the path is clear, they will likely prepare for another correction. This will allow Wall Street giants to buy Bitcoin and XRP at lower prices,” Brown said. 

The researcher has also stated that the price of XRP could be pushed toward $50 soon. This prediction is based on the potential approval of Bitcoin ETFs by the United States Securities and Exchange Commission (SEC). 

“Former NYSE President believes a Bitcoin ETF will attract a flood of money into the industry. Easier access to BTC will likely drive adoption and investment. Once the bitcoin ETF is approved, the XRP ETF will follow suit, pushing the price to $50 per XRP,” Brown said.

An analyst has explained how $47,360 could be the next target for Bitcoin if the cryptocurrency can clear the $38,500 resistance wall.

Bitcoin URPD Suggests $47,360 Holds Next Major Resistance After $38,500

In a new post on X, analyst Ali talked about what the levels ahead of BTC are looking like right now in terms of the on-chain resistance. The indicator of interest here is the “UTXO Realized Price Distribution” (URPD), which tells us about the amount of coins (or more precisely, the UTXOs) that were last acquired at the various levels that the cryptocurrency has visited in its history.

Generally, the levels that host the cost basis of a significant number of investors can be important levels for Bitcoin, due to how investor psychology tends to work.

To any holder, their acquisition price is naturally a level that’s important, so whenever the price retests that point, they may become more prone to make some sort of move. How they may react to the retest may depend on what their profitability status was prior to the retest.

An investor who was in profits before might want to take a further gamble and buy more, as they may think that the price would go up again in the near term. On the other hand, a holder who was in losses might just want to exit at their acquisition price, just so they can at least avoid going into losses again in the future.

Such buying or selling that arises out of these retests can provide support or resistance to the asset’s price. As mentioned before, though, only levels with a large number of investors are really of any relevance to BTC, as just a few users making these buy or sell moves won’t tick the price meaningfully.

The below chart shows the data for the Bitcoin URPD, to see where the major centers of holder cost basis lie.

As displayed in the above graph, the $37,000 level holds the cost basis of a large number of UTXOs, suggesting that the mark should prove to be a strong support wall for the cryptocurrency.

This is certainly an optimistic sign for the rally, as it means that BTC might be able to hold itself above this level without too much effort and work at building an upward move.

The next level that might pose any major resistance could be $38,500, but if Bitcoin can successfully clear this wall, the levels ahead are relatively thin with investors.

From the chart, it’s visible that above $47,000 is where the next resistance boundary lies. So Ali thinks that if a break above $38,500 happens, BTC could advance toward this level.

BTC Price

Bitcoin has slumped back toward the $37,000 level, but if the on-chain data explained earlier is anything to refer to, the asset should find support here.

Global financial firm Circle has announced a strategic partnership with the Japanese financial services SBI Holdings, Inc., to promote the adoption of Circle’s USDC stablecoin and web3 services in Japan.

Circle Joins SBI Holdings In A Memorandum Of Understanding

According to the announcement, both parties have signed a Memorandum of Understanding (MOU) toward promoting UDSC‘s adoption in the country. Due to this, both parties are also committed to accurately abiding by stablecoin-related regulations and communication with authorities.

The announcement read:

The companies have signed an MOU underpinning the work ahead, which includes SBI Group and Circle initially working towards the circulation of USDC and expanding the use of stablecoins in Japan. SBI Group and Circle have also committed to properly complying with stablecoin-related regulations, including communication with authorities.

Circle’s partnership with SBI Holdings comes amid the Japanese government’s goal of encouraging the expansion of the Web3 business and enacting new stablecoin rules. In June, Japan’s updated Payment Services Act was published, emphasizing stablecoin regulation. 

The Revised Payment Service Act focuses on stablecoin issuance and circulation in Japan as it moves toward a Web3 economy.

As a global leader in the digital asset economy, the Japanese government revised the Payment Services Act (the Revised Payment Services Act), on June 3, 2023, to establish regulations for stablecoins. The regulation is expected to stimulate the issuance and circulation of stablecoins in Japan and advance Japan’s transition towards a Web3 economy.

Furthermore, it creates “collateralized” stablecoins that are backed by legal tender. This way, Circle’s USDC goes a step further because it is backed 100% by highly liquid cash and cash-equivalent assets and is always convertible 1 to 1 for US dollars.

The announcement also highlighted a banking relationship between Circle and SBI Shinsei Bank. This is because the SBI Shinsei bank will provide banking services to the firm. As a result of this, USDC and liquidity become accessible for users and businesses in Japan.

Furthermore, SBI Group will embrace Circle’s Web3 Services solutions into its digital asset portfolio strategy. These include Programmable Wallet, smart contract management tools, and blockchain infrastructure.

The Company’s CEO On The Partnership

Circle’s Chief Executive Officer (CEO) Jeremy Allaire has expressed his pleasure in the recent collaboration with SBI Holdings. The CEO has taken to X (formerly Twitter) to share his optimism on the partnership.

According to him, the partnership exhibits a shared vision for digital currency’s future. The partnership also marks a significant milestone for Circle, as it plans to expand in Japan and Asia Pacific.

Allaire stated:

Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a significant milestone in Circle’s expansion plans in Japan and the Asia Pacific. We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan.

So far, SBI Holdings is requesting registration as an electronic payment instruments service, as this is subject to approval by the authorities.

Renowned finance author Robert Kiyosaki has never been shy about his support for Bitcoin and he continues to push for more adoption of the asset. Kiyosaki who wrote the infamous ‘Rich Dad Poor Dad’ book is back once again with a piece of advice, and a warning, for investors regarding Bitcoin.

Buy Bitcoin Now, Says Kiyosaki

In normal fashion, Kiyosaki took to Twitter to sound the warning about rising prices due to inflation. This tweet was made back on November 23 where the author lamented the reality of individuals who are having to live paycheck to paycheck and are unable to hedge their wealth against inflation by buying Bitcoin, alongside Gold and Silver.

Then in a November 26 post, Kiyosaki once again reiterated the importance of owning Bitcoin. As the finance author explained, it will be good news when the price of Gold reaches a new high. However, those who will suffer are workers and savers.

Instead of just saving straight in dollars, the best-selling author advises that individuals put their money into assets such as Gold, Silver, and Bitcoin. Kiyosaki refers to the monetary system as a “FAKE money system”, advising people to get out before it’s too late.

Great News Gold reaches new high. Bad News: Workers and savers are losers. Bad News: been saying the same for 25- years. Don’t be a loser. Get out of FAKE money system. Get into gold, silver, Bitcoin now…. Before it’s too late.

— Robert Kiyosaki (@theRealKiyosaki) November 26, 2023

This is on brand for Kiyosaki whose message over the years has not changed. Instead of saving in dollars that are expected to keep depreciating, the author lobbies for better ways to store wealth, with Bitcoin always leading the charge.

BTC Price Will Soar To 6-Digits

Kiyosaki’s bullishness on Bitcoin and why he advises investors to utilize this asset shines through in his predictions for the future price. In October, Kiyosaki predicted that the price of Bitcoin would reach as high as $135,000 a piece especially as the price of Gold began to trend higher.

This prediction pads up his earlier forecast from August 2023 where the author said the BTC price could reach 7-digits. He said the asset, which he refers to as ‘God’s money’, could cross the $1 million mark, and at the same time, the price of Gold could cross $75,000 while Silver will rally to $60,000.

Bitcoin, Gold, and Silver are not the only assets that Kiyosaki is bullish on, however, as tech giant Apple has caught his attention. This comes after Apple CEO Tim Cook sold his shares of the company. As the price fell, Kiyosaki put forward that Apple shares may be a good buy if the price were to drop below $150. However, Apple stock failed to breach this mark and has since risen back above $189 per share.

In a bold move, Cosmos co-founder Jae Kwon has called for a significant shift in the blockchain’s direction following the controversial passing of NWV #848. This proposal was approved by the community’s voting mechanism, earning around 40% of the votes, and it was aimed at changing the blockchain’s native token inflation rate.

Kwon, expressing his dissent, is now advocating for a coordinated “split” in the Cosmos ecosystem, a proposal that could reshape the blockchain’s future. This development comes in response to what Kwon perceives as “deviating from the network’s core principles.”

“AtomOne” Split, Cosmos Co-Founder Urges Community Engagement

Kwon’s proposal, termed “AtomOne,” is not just a divergence but an exodus from the current state of Cosmos, encouraging community members who voted ‘No’ to join this new venture. The plan is still in its infancy and laid out in a GitHub repository, where Kwon invites community ideas and participation in shaping this new direction.

He emphasizes a collaborative approach, urging the community to discuss and contribute to the formation of AtomOne.

The essence of AtomOne lies in integrating $ATOM with $ATMO/$ATOM1, aiming to prevent a “complete collapse of ATOM by mass selling.” Kwon suggests that instead of abandoning ATOM altogether, there should be a way for it to coexist with the new fork.

Cosmos Community Faces a Crossroads: Exodus And Innovation

Kwon’s vision for AtomOne involves forking the current “cosmoshub4” but with its development path and teams, aiming for a more decentralized structure than the current Gaia. This new entity is open to all who opposed the recent vote, signaling a departure from the traditional paths of blockchain governance.

Kwon highlights the power of the minority in blockchain ecosystems and the ability to self-organize and create antifragile structures.

His message is clear: those who do not align with sound logic are destined to fail, and the future belongs to those who dare to exodus and build a better civilization. Kwon assures that this move isn’t about abandoning the original Cosmos hub but saving it and redefining its role.

People are completely confused about the nature of blockchains what power the NO/NWV voters have altogether inside and outside the hub. The reality is that we exist, our principles and goals are aligned because they come from logic and we are about to demonstrate antifragility. The reality is that you cannot take control of a chain even with over 50% consensus, even 67%, because the minority can always self-organize even without your help. And the reality is that those who don’t make decisions based on sound logic always end up failing in the end.

As the community gears up for this potential split, Kwon’s call for a departure to AtomOne reflects a pivotal moment in Cosmos’ history and a testament to blockchain governance’s dynamic and evolving nature. A conversation that will continue for “generations.”

As a result of the split proposal, ATOM has seen a spike in volatility, recording an 11% loss over the past few days. However, speculation is that the split will involve an airdrop poised to attract positive attention for the token.

Cover image from Unsplash, chart from Tradingview

In the last month, Dogecoin (DOGE) has observed a notable upswing in transactions surpassing the $100,000 mark, coinciding with a substantial surge in the price of this meme-based cryptocurrency.

The abrupt increase in both transaction volume and price suggests a heightened level of interest in Dogecoin, particularly from major financial entities recognized as “whales” and institutional investors.

Billy Markus, an IT engineer, co-created the prominent meme-based cryptocurrency alongside Jackson Palmer in 2013. Originally conceived as a satirical imitation of Bitcoin, Markus has recently offered his perspective on the significant surge in daily DOGE transactions, which surpassed 1 million earlier this week.

Dogecoin Transactions Grow

The increase in transactions on the Dogecoin blockchain has been formally ascribed to an upsurge in trading of meme coins and an escalation in activity associated with Doginals, as verified by Markus, known as Shibetoshi Nakamoto on X.

In response to a community member’s concern over the abrupt surge, Markus provided clarification that the upswing in blockchain transactions is causally connected to the heightened trading activity of meme coins and the active participation of Doginals inside the Dogecoin ecosystem.

Dogecoin transactions are going parabolic

Does anyone know why? pic.twitter.com/qBRQGiLhOp

— (@itsALLrisky) November 24, 2023

#Dogecoin | There’s a notable surge in $DOGE transactions exceeding $100,000 in the past month, consistently hitting new highs.

This uptick suggests increased interest in #DOGE from institutional players and whales, potentially gearing up for a significant price spike. pic.twitter.com/UpxVkfu9hW

— Ali (@ali_charts) November 23, 2023

Meanwhile, the data presented by Blockchair substantiates the record achieved by DOGE. Markus suggested that the primary rationale behind this phenomenon is the active utilization of the Dogecoin blockchain for the purpose of transferring Ordinals and low-value cryptocurrencies.

The Doginals experiment was initially introduced in the month of May. During that period, the developers expressed their intention for it to function as a faithful replication of Bitcoin Ordinals. The experiment yielded successful results, which is of notable interest. Users possessed the capability to engrave both images and textual content onto the Dogecoin blockchain.

Doginals refer to the constituent components of Dogecoin, wherein every element represents a distinct entity known as a “Shibe” within the underlying Dogecoin network. These components are further distinguished by the inclusion of additional data, such as textual information or visual imagery.

Overview Of The Doginals DRC20 Standard

The recently introduced Doginals DRC20 standard enables Dogecoin nodes to encode data onto individual Shibe entities, resulting in the creation of a Doginal. The term “Shibe” has a parallelism with the Bitcoin counterparts “Satoshi” or “Sat”.

In contrast to Doginals, DRC-20 tokens possess the capability to be exchanged in a manner consistent with conventional cryptocurrencies. The aforementioned S-coins were the subject of Markus’ discourse in his online publication.

The initial development of enabling non-fungible tokens (NFTs) and tokens through the ERC-21 and ERC-20 standards by Ethereum was a significant milestone in the blockchain industry.

This innovative capability has since been embraced by other blockchain networks, such as Solana.

At the time of writing, DOGE was trading at $0.080, up 2.8% in the last day, and gained 0.2% in the last seven days, data from Coingecko shows.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Pexels

Blast is the latest Layer 2 network to burst into the scene in the last week and has taken the decentralized finance (DeFi) world by storm already. This network which seemingly came out of nowhere has backing from Paradigm, and as its popularity has risen, it has surpassed Base and Cardano’s Total Value Locked (TVL) in less than a week after launch.

Blast TVL Crosses $565 Million

The Blast network was officially announced on November 21 and it quickly garnered support from crypto investors. In the first day, the network saw over $81 million in crypto locked. And in two days, the figure had quickly grown above $123 million.

Despite some of the FUD (Fear, Uncertainty, and Doubt) that has followed the launch of the network, investors have continued to bridge their assorted into it. By Sunday, November 26, the total value locked on the Blast network had officially crossed $544 million, according to data from DeFi tracker DeFiLlama.

This figure puts the network’s TVL ahead of older competitors such as Coinbase’s Base. While Blast’s TVL sits at $544 million, the Base TVL is at $338.26 million. This means that Blast’s TVL is currently 60% higher than that of Base.

In the same vein, the Blast TVL is also way ahead of that of Cardano. Presently, the Cardano TVL sits at around $330.07 million, just a little lower than Base, and around 61% lower than that of Blast.

New L2 Draws Criticism From DeFi Investors

Amid the rapid growth that Blast has enjoyed, it has also drawn criticism from DeFi investors. The concerns have ranged from security to how the network is being run. One of the most pertinent criticisms has stemmed from the fact that all of the crypto being bridged to the network will be locked until next year.

The network revealed that investors will not be able to access their locked funds until February 2024. In addition, Blast promises users yield on their Ethereum (ETH) and stablecoins being bridged to the network, but with no readily discernible way of how this yield will be earned.

Some members of the crypto community have, however, figured out that the funds were being deposited into the Lido DAO protocol. Apparently, Blast is currently earning around $1.5 million a month by depositing the bridged funds into Lido. This has further raised concerns about the growing dominance of Lido, which is headed toward 33.3% and could pose a risk for the Ethereum network.

Nevertheless, Blast continues to dominate conversations around DeFi on social media. There is now a total of 266,130 ETH locked on the network, with the expectations of an airdrop happening in 2024.