PancakeSwap has partnered with BetFury to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025.

Daily Top Performer — Phala Network (PHA)

The S&P 500 rose 1.1%, marking its third straight gain and the start of the Santa Claus rally. Growth and megacap tech stocks led, driven by optimism in AI and long-term tech trends, despite elevated Treasury yields. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.18%, with Bitcoin and Ether rising by 4.52% and 1.90%, respectively in the past 24 hours.

Today's top performer is PHA, which surged 63.4% after the announcement of Phala Network's 2024 achievements and 2025 roadmap, featuring decentralized GPU AI advancements and strategic partnerships.

The Phala Network (PHA), founded in 2018, is a decentralized cloud computing platform that uses excess computing power from everyday devices. It operates with Gatekeeper and Miner nodes, offering secure and scalable cloud services. Phala also launched Khala (PHA) on the Kusama network in 2021. 

 include co-building a decentralized GPU network, enhancing AI model training, and partnerships with projects like SentientAGI and MorpheusAIs. The Phala Treasury allocated 37% to infrastructure, 20% to community, and 43% to marketing. Social media efforts generated millions of impressions and engagements, while the network participated in six events and established 15 partnerships. Phala 2.0, launching in 2025, will integrate GPU TEE technology and Ethereum Layer 2 scalability for AI and Web3 applications.

Check Out the Latest Prices, Charts, and Data of 

 to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025. Participants can earn rewards by trading BFG tokens on the PancakeSwap Web interface or Telegram Swap-Bot. The competition includes daily lucky draws with $10,000 USDT, a leaderboard with $30,000 in BFG tokens for top traders, and $10,000 USDT for traders using the Telegram Swap-Bot. To qualify, participants must meet specific trading volume requirements, with rewards distributed in USDT and BFG tokens.

Yesterday, Bitcoin Spot ETF flows remained unchanged for GBTC, while non-GBTC ETFs experienced outflows of $149.7 million, bringing total outflows to $149.7 million.

: Astherus lets you farm while qualifying for Lista DAO Season 2, while Superform involves depositing ETH on Base via Moonwell WETH Morpho vault. Mitosis allows Linea airdrop qualification by holding funds, and Symbiotic rewards large token deposits on Ethereum mainnet. Mind Network offers bigger airdrop allocations for farming vFHE by depositing eETH. Solayer requires depositing and delegating SOL or derivatives to rank higher, and Drift's second airdrop involves liquid staking SOL to earn and lend dSOL.

Beginner

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PancakeSwap and BetFury Launch $50,000 Trading Competition with BFG Token Rewards

In this tutorial, we’ll explore how you can complete a series of tasks in Orochi Network for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Orochi Network tasks for Bybit Web3 Airdrop Arcade. 

Task 2: Quote Orochi Network's Post and Tag 3 Friends

: Navigate to Orochi Network’s pinned post on X.

: Quote the tweet with your thoughts, and tag 3 friends.

 button at the top right corner of the page.

: The Orochi ID window will pop up. You may choose to sign up for an Orochi ID using your Google account, GitHub or email address.

: Congratulations! You’ve successfully created your Orochi ID. 

Task 4: Join the Contribute to Earn Program

: Connect your Wallet, Google account and Discord to be eligible.

: Once you’ve successfully connected all accounts, you’ll have completed this task.

 all of the four tasks above for your chance to 

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How to Complete Orochi Network Tasks for Bybit Web3 Airdrop Arcade

MegaETH is an EVM-compatible blockchain with real-time Web 2.0–level performance. Learn more about MegaETH.

 has long been a formidable challenge for the blockchain industry. Most established chains maintain decentralization and security, but struggle with limited scalability while high-performance 

 (L1) blockchains often compromise decentralization to achieve high throughput. 

What if we could push throughput to unprecedented levels without compromising security or decentralization? 

Enter MegaETH — a project backed by industry leaders such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and Dragonfly Capital. With the first real-time 

 (EVM)–compatible chain —i.e., one that can process transactions as soon as they arrive, and then publish the resulting state changes — MegaETH aims to redefine blockchain performance. In this article, we delve into the scaling limitations of current blockchains and examine how MegaETH aims to solve them. Let's dive in!

The blockchain trilemma has posed a significant challenge for 

 developers for years. As Ethereum co-founder Vitalik Buterin explains, distributed ledger networks can only achieve two out of three critical qualities (security, decentralization and scalability) by using simple techniques. 

As a result, most high-performance chains, such as Solana, Avalanche and BNB Chain, often compromise on decentralization or security to achieve scalability.

To address the scalability challenges of L1 networks, developers have introduced 

 (L2) solutions, which operate on top of blockchains such as Ethereum. These L2 chains achieve 

 (TPS) while leveraging the security and decentralization of their underlying L1s. However, according to MegaETH, both high-performance L1 and L2 networks fall short of meeting the demands of Web 2.0–scale applications, particularly in terms of 

As shown in the table above, the blockchain with the highest scalability, opBNB, achieves a gas rate of 100 MGas/s, equivalent to 650 Uniswap swaps or 3,700 

 transfers per second. In comparison, modern databases can 

 over 1 million TPC-C TPS. While Arbitrum One, the fastest chain listed, offers a block time of 0.25 seconds, this remains insufficient for applications requiring rapid feedback or high update rates. 

These limitations in both scalability and speed make current high-performance L1s and L2s ill-suited for Web 2.0 applications with significant computational demands.

 is an EVM-compatible blockchain with real-time Web 2.0–level performance. With the goal of bridging the gap between distributed ledger networks and traditional cloud computing servers, the project aims to push the performance of Ethereum-based L2s to hardware limits. As the first real-time blockchain, MegaETH can stream transactions at 100,000 TPS with transaction fees under $0.01, and provide millisecond-level responsiveness without sacrificing security or decentralization.

MegaLabs, the organization behind MegaETH, was founded in early 2023 by Shuyao Kong and Yilong Li. Holding an MBA from Harvard Business School, Kong has a background in business development within the blockchain industry. Prior to co-founding MegaLabs, she was the global head of business development at ConsenSys, where she continues to serve as an advisor.

As the Chief Executive Officer (CEO) of MegaLabs, Li has a PhD in computer science from Stanford University. An experienced software developer, he previously worked at Runtime Verification Inc., a firm specializing in software analysis tools and the application of formal methods to improve computing systems.

Together, Kong and Li founded MegaLabs in early 2023 to leverage their business development and computer science expertise to build MegaETH as the first real-time blockchain.

 $20 million of funding in a single seed round at a 9-figure valuation. The round was led by Dragonfly Capital, with other notable venture capitalists including Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holdings, Tangent Ventures and Credibly Neutral. In addition to VCs, MegaETH is backed by high-profile angel investors, such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and EigenLayer creator Sreeram Kannan.

 on crypto trader Cobie’s decentralized fundraising platform, Echo. The round was fully funded within minutes and oversubscribed, showing significant investor demand.

MegaETH achieves over 100,000 TPS with less than 1 ms latency and block time, as well as transaction fees under $0.01, via two core features: a heterogenous blockchain architecture and a hyper-optimized EVM execution environment.

MegaETH's heterogeneous blockchain architecture enables network nodes with different hardware configurations to specialize in specific tasks to boost performance.

There are three types of nodes: sequencers, full nodes and provers. With cutting-edge hardware, a small set of sequencers conduct performance-critical tasks such as transaction execution. Simultaneously, a massively decentralized network of full nodes performs security-critical duties such as block validation. Provers have the lowest hardware requirements, and focus on providing L2 proofs to full nodes.

Hyper-Optimized EVM Execution Environment

MegaETH provides a hyper-optimized EVM execution environment to push latency, throughput and resource efficiency to hardware limits. Consequently, the real-time blockchain can process large volumes of transactions as soon as they arrive, and publish the resulting state changes in a few milliseconds.

To enable real-time EVM execution, MegaETH co-designed a low-latency, streaming-based block-building algorithm with a concurrency control protocol supporting transaction prioritization.

MegaETH's real-time blockchain scales without sacrificing decentralization and security through the following key components and features.

 is an extension of the MegaETH core team. It consists of a group of 10x builders hand-picked by MegaETH developers. According to the project, MegaMafia participants have "an internal compass guiding them toward crypto's world domination."

MegaETH defines three common qualities for MegaMafia members:

MegaETH is setting a new standard for blockchain scalability, addressing long-standing limitations without compromising decentralization or security. By combining innovative architectural decisions with technologies like real-time EVM execution, in-memory computing and smart contract JIT compilation, this real-time L1 chain delivers unmatched performance tailored for Web 2.0–scale applications.

Supported by high-profile investors, such as Vitalik Buterin and Joseph Lubin, MegaETH is poised to bridge the gap between blockchain and traditional computing, unlocking new possibilities for decentralized applications. The project is on track to launch its testnet in early 2025, with the mainnet rollout soon thereafter.

Advanced

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MegaETH: A Real-Time Blockchain for Web 2.0–Scale DApps

Grayscale has launched the Horizen Trust, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it.

Daily Top Performer — Convex Finance (CVX)

The S&P 500 rose 0.73%, driven by big tech and communication services, as investors anticipate a "Santa Claus Rally" to close the year. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.61%, with Bitcoin dropping by 2.58% and Ether rising by 4.32%, respectively in the past 24 hours.

Today's top performer is CVX, which surged 28.1% following Frax's consideration of BlackRock's BUIDL token as backing for the rebranded frxUSD stablecoin.

Convex Finance (CVX), launched in May 2021, is a DeFi protocol that boosts yields for Curve protocol users on Ethereum. It allows for staking to earn CRV and CVX tokens and provides voting rights on token allocations. Securitize has 

 adding BlackRock's BUIDL token as backing for Frax's rebranded Frax USD (frxUSD) stablecoin, which will feature a new mint-redeem system. Early feedback from Frax DAO members is positive. Competing proposals from Superstate also suggest backing frxUSD with their tokenized funds. The final backing structure is still undecided.

, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it. The fund's shares track the market price of ZEN, net of fees. While the shares have been traded at both a premium and discount, the fund aims to provide a simpler way for investors to gain exposure to ZEN. Grayscale is also expanding its offerings, with plans for a Solana spot ETF.

Yesterday, BTC Spot ETFs recorded total outflows of $258.2 million, including $38.4 million from GBTC and $219.8 million from non-GBTC funds.

, distributing $SONIC tokens to those who participate. Over 2 million users have joined through an easy onboarding process, requiring no wallet setup or gas fees. To qualify for the airdrop, users must log in via TikTok, access SonicX, and wait for the $SONIC claim banner. SonicX, part of the Sonic SVM app layer, uses TikTok ads and creator partnerships to promote its gaming and blockchain education hub. The project aims to expand its TikTok Chain with new games and future token rewards.

Grayscale Introduces Horizen Trust for ZEN Investment Access

Bybit Learn

Trading

Interested in trading leveraged tokens? Here's why even if you're certain of a market's direction, you should re-evaluate HODLing leveraged tokens.

Leveraged tokens offer a way to build up larger positions in the cryptocurrency space. Essentially, they’re tokens that are designed to provide amplified returns on investment. As such, they can be attractive for investors looking to generate quick profits.

However, there’s also the potential for losses if things go wrong. So, what should you do when you come across leveraged tokens? In this blog post, we’ll explore what leveraged tokens are, how they work and which trading strategies might suit this product.

 are a class of derivative instruments that magnify the returns (or losses) on an underlying asset via a leveraged position. They allow investors and traders to amplify their returns in the crypto market without requiring a high amount of collateral.

Here’s an example of how they work: If a trader buys BTC3L (long BTC with a 3x leverage), then any profit due to the price action of BTC is multiplied three times. However, if the price of BTC drops from the trade’s original position, the losses are also multiplied three times. 

For instance, suppose this trader buys $10,000 worth of BTC3L. If the price of BTC jumps by 10%, the trader with the BTC3L token gains a 30% return. This means that the trader would gain $3,000, as opposed to $1,000, in the BTC market. 

Leveraged tokens are a basket of perpetual futures, which are essentially contract positions without an expiration date. This means that traders can purchase a leveraged token and hold their positions for as long as they wish. Although anyone can buy leveraged tokens, they’re best utilized by experienced traders who can manage risks appropriately.

Another feature of leveraged tokens in cryptocurrency is that, depending on the token, you can profit from the gains or declines in the price of an underlying asset. For example, buying SOL3S (shorting SOL with 3x leverage) allows you to generate leveraged gains when the price of SOL goes down. On the other hand, buying SOL3L (long SOL with 3x leverage) allows you to make leveraged gains when SOL’s price increases. In that case, holders of the SOL3L token would make gains, while SOL3S holders would field losses.

Why Do Leveraged Tokens Need Rebalancing?

One of the fundamental features of leveraged tokens is that they minimize the risk of liquidation, which is when positions are automatically closed out. Rebalancing helps them to maintain constant leverage on underlying assets.

All leveraged tokens target a specific leverage value (or range of values) that determines their exposure. Depending on the token, this may range from 2x to 4x. As price action occurs, due to market fluctuations, the exact leverage that a token has on an asset will change.

If the price of the underlying asset appreciates for a 3x leveraged token, its leverage may decrease to less than 3x, such as 2.8x or 2.5x. To maintain the target leverage of 3x, the exchange will rebalance by investing the profits on the asset into buying more positions in the market. 

On the other hand, if the price of an underlying asset decreases, the leverage of a token increases, for example from 3x to 4x. This in turn, increases the possibility of liquidation: A 25% loss on BTC would wipe out holders of BTC3L if their leverage remains at 4x (since their losses would be amplified by a factor of 4). To ensure this doesn’t happen, the leveraged token will be rebalanced by having some of its positions sold off.

To make this clearer, let’s illustrate with an example. 

If a 3x leveraged token has a net asset value (NAV) of $200 million, the value of its exposure in the underlying asset at the start of a trading day would be $600 million (or 3 × $200 million). If prices increase by 5%, the value of the exposure (and thus the leveraged token) will increase to $630 million. Likewise, the NAV will increase by $30 million to $230 million. When comparing the value of the leveraged token’s exposure with the NAV, it’s clear that they’re now unbalanced.

To return the leverage to its original value, the token would need to purchase an additional $60 million of exposure, taking the exposure to $690 million. This additional exposure will allow the asset’s owners to compound their profit as the leveraged token appreciates. 

On some exchanges, rebalancing typically occurs at a specific time every day. With exchanges such as Bybit, rebalancing occurs when the leverage falls outside a target value. For example, with LTC2L on Bybit, rebalancing occurs when the leverage falls outside a range of 2x to 4x, or hits any of these threshold values.

Rebalancing may also occur if the market fluctuation is so extreme as to wipe out traders’ investments. An adverse price change of 33% can negate a 3x leveraged token’s NAV. Before something like this occurs, at a specific percentage change, the leveraged token can undergo intraday rebalancing to reduce the risk of liquidation. 

As opposed to traditional holdings, such as spot trading, leveraged tokens offer unique advantages to traders who understand how they work. Some of these benefits include:

Below are some of the risks of trading leveraged tokens:

Should You Hold Leveraged Tokens Long-Term?

Leveraged tokens offer investors an opportunity to quickly multiply their gains by amplifying the effects of price action. For less experienced investors, this might seem like a good way to quickly make a buck. However, it’s important to note that the high 

 of leveraged tokens makes it very difficult to hold them for the long term. Cryptocurrencies are volatile enough, and the extra risk of amplified price action makes holding leveraged tokens risky. 

A leveraged token is better utilized for short-term investments: You buy it in the hopes that the underlying cryptocurrency will rise or fall in price soon. Once the anticipated price action occurs, you can then take out your investment. 

Holding a leveraged token long after an expected price has occurred can lead to elimination of your profits. For example, if you buy $2,000 worth of SOL3L, and the price of SOL moves up 10% in one day, you would gain $600 via a leveraged position, taking your portfolio to $2,600. 

If, however, you fail to take profits and the market moves down 10% the next day, your SOL3L portfolio would lose $780 (or $260 × 3), falling to a value of $1,820. Thus, in the end, you would take a loss of $180. 

Leveraged tokens also incur significant management fees, so it isn’t feasible to keep them for a long time. On our end, leveraged tokens have a daily management fee of 0.005%. Over the course of a year, this adds up to over 10% of your investment. 

Leveraged tokens aren’t long-term investments; therefore, it’s important to go into such a trade with a suitable short-term trading strategy. Leveraged tokens yield traders the best gains in a 

, which makes them best suited for short periods when the market is in a constant (often intraday) trend.

Since leveraged tokens are rebalanced often to maintain constant leverage, it can be difficult to predict their long-term performance. People new to trading leveraged tokens may be surprised to see that, after a while, they perform quite differently from their underlying assets. 

Again, a leveraged token strategy is most effective with short-term trades that take advantage of intraday, one-sided price action. 

Work with momentum and price action, not against it.

 Your leveraged token strategy should help you identify the market's trend, and should include both an entry and exit strategy that help you maximize return.

 is one of these strategies, helping you take advantage of smaller changes in price action to protect against loss and boost your profits. You’ll need to rely on your 

 to determine when to enter and exit the market. The better the quality of your analysis, the more you’ll be able to maximize your profits. 

As with other cryptocurrency assets, leveraged tokens are extremely volatile. Be sure to follow the basic rules of trading to minimize your financial risk while trading the market. 

Bybit allows traders to take advantage of real-time price action to make winning trades. Bybit Leveraged Tokens are derivative products, with no margin required, that provide leveraged exposure to the crypto asset.

Trading Bybit Leveraged Tokens incurs the following fees, depending on what you do with your leveraged token:

Trading fees are charged when a trader buys or sells leveraged tokens in the Spot market. The rate is the same as typical Spot market fees: 0.1%. 

Subscription fees are incurred when a trader decides to buy a leveraged token. The subscription fee rate is 0.05%. 

A redemption fee is charged when a trader chooses to redeem their leveraged token. Redemption fees are set at 0.05%. 

A management fee is charged daily by the exchange at 12AM UTC. Its value depends upon the size of a trader’s position in the market and the net asset value. 

A funding fee is charged for Bybit Leveraged Tokens based on the funding rate of the underlying asset. Note that this fee is charged on the NAV of your tokens; your leveraged positions aren’t affected. 

To find out more about trading fees on Bybit, see 

Trading Leveraged Tokens on Bybit: The Process 

Here’s the step-by-step process for trading leveraged tokens on Bybit:

Leveraged tokens can be traded by anyone, just as with any other cryptocurrency derivative product. However, ideally they’re intended for experienced traders, who can harness trending markets and technical analysis to gain profits while minimizing their risk. Finally, the best way to maximize the benefits of leveraged tokens is to keep holdings for shorter-term trades.

Trading Leveraged Tokens: Should You HODL or Scalp Them?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards