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Last week, the SPX index was up 2.7%, driven by robust tech earnings and mixed economic indicators. Key events this week include earnings reports from major companies like Apple, Amazon, and McDonald's, as well as the release of April's nonfarm payrolls and a Federal Reserve meeting, where interest rates are anticipated to remain steady. The broader cryptocurrency market is mixed, with Bitcoin rising by 0.05% and Ether dropping by 0.07%, in the past 24 hours.
Today’s outperformer is HNT, which jumped 16.7% after Helium Foundation announced voting results show mixed outcomes with plans for HNT Re-Vote.
Helium Network (HNT), launched in July 2019, is a blockchain-based network that connects IoT devices using over 25,000 Hotspots, which serve as network nodes using LoRaWAN protocol. It aims to create a more efficient, privacy-focused IoT ecosystem addressing privacy issues prevalent in popular IoT platforms like Google and Amazon. The Helium Foundation reported that the HNT proposal failed due to low voter turnout, while the IOT and MOBILE proposals passed with over 91% approval. A re-vote for the HNT proposal is planned. Additionally, HIP 112 failed with 42.52% approval, and HIP 117 passed, adding MNTD as a hotspot vendor for the MOBILE subNetwork with 93.88% approval.
Stacks, a leading Bitcoin Layer 2 network, is preparing for the Nakamoto upgrade, its most significant hard fork to date, which aims to transform it into a true Layer 2 solution. This upgrade will decrease block times from 10 minutes to between five and ten seconds, enhancing transaction finality by decoupling from Bitcoin’s block time and improving resistance to reorganizations. The upgrade, supported by Trust Machines, also signifies a shift in using Bitcoin beyond its traditional roles, potentially expanding its utility in DeFi applications. Stacks, not compatible with Ethereum's EVM, plans to integrate with other networks like Near Protocol, Solana, and Aptos. The hard fork is scheduled for early June.
Date | GBTC (in millions) | Non-GBTC (in millions) | Total (in millions) |
22 Apr 2024 | -35.0 | 97.2 | 62.2 |
23 Apr 2024 | -66.9 | 98.5 | 31.6 |
24 Apr 2024 | -130.4 | 9.8 | -120.6 |
25 Apr 2024 | -139.4 | -78.2 | -217.6 |
26 Apr 2024 | -82.4 | -1.2 | -83.6 |
Total | -454.1 | 68.5 | -385.6 |
The ETF market, particularly GBTC, FBTC, and other funds, recorded significant outflows, totaling $217.6 million on April 25th, continuing into April 26th with $83.6 million in outflows.
Following a significant depeg event in its ezETH token, Renzo, a major liquid restaking protocol, has revised the terms for its upcoming REZ airdrop. The changes, made in response to community feedback and the ezETH depeg incident, include moving the claim date forward, increasing token allocation for Season 1 ezPoints holders from 5% to 7%, and expanding eligibility to 99% of points holders. The adjustments come after ezETH lost over 70% of its value, exacerbated by miscommunications about the airdrop and lack of immediate redemption options, which forced holders to sell on secondary markets. Renzo plans to enable ezETH redemptions after completing ongoing code audits in about four weeks.