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

Trading

Explainers

Besides the last traded price and best bid and ask price, the Order Book on Bybit reveals important information about market depth.

Are you striving to become a successful trader? One essential tool that can elevate your trading game is mastering the 

. This comprehensive guide, “Order Book Explained,” will illuminate the intricacies of the order book, helping you gain valuable insights to make informed trading decisions and stay ahead of the curve.

The order book is a vital trading tool that provides real-time data on buy and sell orders, market depth, and price levels for a specific asset. It allows traders to visualize the 

 of an asset at various price points, offering a glimpse into market liquidity and potential price movements.

Market makers hold a significant position in the order book, filling the gaps between buy and sell orders and maintaining liquidity within the market. Analyzing the order book allows traders to gauge the asset’s liquidity and assess the intensity of buying and selling interest.

An order book is composed of buy and sell orders, their prices, and volumes, divided into bid and ask sections and constantly updated throughout the trading day. The bid section shows all available buy orders. A sell order, on the other hand, can be seen in the ask section along with other sell orders. Order size, an indicator of the quantity of an asset traders are willing to buy or sell at a specific price level, provides insight into market supply and demand dynamics.

The orders in an order book are structured by price level, displaying the list of buy orders (bids) and sell orders (offers) along with the quantity of shares to be bought or sold at each price level. Analyzing order size aids traders in making intelligent trading decisions and understanding the level of interest and activity at various price points.

Market makers, as crucial market participants, are indispensable in maintaining liquidity and order within the market by:

Market makers employ various strategies to place buy and sell orders, such as:

Their activity on a trading exchange contributes to market liquidity and depth, guaranteeing the availability of buyers and sellers for trading and enhancing market efficiency.

Market depth is a measure of the supply and demand of an asset at various price points, providing insights into market liquidity and potential price movements. A market depth chart visually represents the order book, displaying a cryptocurrency’s live supply and demand at different prices.

The bid-ask spread, the difference between the highest bid price and the lowest ask price, reflects the current market price. A market that is showing deep levels of buy and sell orders at various price points could be identified as a liquid one. This means that trades can be done quickly without affecting the market price significantly.

, order size, and market sentiment, can influence market depth. Higher trading volume is typically associated with increased market activity and liquidity, leading to a greater number of orders being placed at various price levels and a deeper market depth.

Order size in the order book can have a direct influence on the price impact of the order, with large orders causing a greater change in the market price due to the increased number of trades required to execute it. Market sentiment, on the other hand, can have a considerable influence on market depth, with optimistic investors increasing depth and pessimistic investors diminishing it.

Analyzing market depth charts can help traders identify buy and sell walls, gauge market sentiment, and predict potential price trends on the sell side. A buy wall is indicative of substantial buy orders at a given price, while a sell wall is observed when a considerable amount of sell orders are present at a given price level.

Understanding the key characteristics of a market depth chart in trading, such as:

Traders can analyze market depth charts to recognize potential trading signals.

Reviewing the order book equips traders to make intelligent decisions by pinpointing key price levels, evaluating buying and selling pressure, and comprehending market dynamics. One approach to recognizing key price levels in an order book is to observe levels of 

, where there is a notable amount of buying or selling activity, indicating potential market fluctuations.

To assess buying and selling pressure in an order book, traders can observe indications such as:

Price levels in the order book indicate the points at which buyers and sellers are willing to trade, providing insights into potential support and resistance levels. Support levels are those price levels where buyers are ready to purchase an asset, causing the price to rebound, while resistance levels are those price levels where sellers are ready to sell an asset, resulting in the price reversing or pausing.

Analyzing the price levels in the order book allows traders to pinpoint these support and resistance levels and use them to make intelligent trading decisions. The volume of orders at a specific price level can have an impact on its strength as a support or resistance, with a high volume of orders indicating strong buying or selling pressure at that level.

Assessing the balance between buy and sell orders can help traders gauge market sentiment and identify potential trading opportunities. Analyzing the aggregate volume of buy and sell orders at various price levels enables traders to determine the level of interest and demand in the market. By keeping an eye on market trends, they can make more informed decisions when placing their orders.

If there is a higher buying pressure compared to selling pressure, it indicates strong demand for the security and can result in upward price pressure. Conversely, if there is a higher selling pressure compared to buying pressure, it indicates an excess supply of the security and can cause downward price pressure. By analyzing the distribution of buy and sell orders in the order book, traders can gain insight into the market sentiment and make more informed trading decisions.

Order Types and Their Impact on the Order Book

Different order types, such as market and limit orders, can have varying impacts on the order book, influencing market depth and liquidity. Market orders are executed immediately at the best available price, consuming existing orders in the order book and potentially affecting market depth, while limit orders are placed at a specific price and only executed when the market reaches that price, contributing to market depth and liquidity.

Comprehending the effect of different order types on the order book aids traders in navigating the market more efficiently and making intelligent decisions regarding their trading strategies.

Market orders are executed immediately at the best available price, consuming existing orders in the order book and potentially affecting market depth. When a market order is placed, it is matched with the best available limit orders in the order book, resulting in the execution of the trade and potentially impacting the market price.

A sizable market order, especially relatively large market orders, can significantly impact market depth, as it can swiftly drain the available liquidity in the order book, causing the price to move in the direction of the order. This can temporarily reduce market depth as the order book adjusts to the new price level, making it crucial for traders to be aware of the potential effects of their market orders.

Limit orders, including sell limit orders, are placed at a specific price and only executed when the market reaches that price. This type of order contributes to market depth by introducing a new order at a particular price level, which is then included in the existing limit orders in the order book.

Limit orders, by introducing potential trading opportunities and smoothing the trading process, enhance liquidity in the market. Understanding the impact of limit orders on market depth and the order book can help traders make more informed decisions about their trading strategies and execution.

Practical Applications of Order Book Data in Trading

Traders can use order book data to identify support and resistance levels, gauge market sentiment, and automate trading strategies for more efficient execution. By analyzing historical limit order book data to identify patterns and trends, traders can develop automated trading algorithms that can be applied to future trading decisions.

Moreover, order book data can be used to train and validate machine learning models, such as LSTM neural networks, for algorithmic trading, capitalizing on the wealth of information in the order book to make more informed and data-driven trading decisions.

Identifying Support and Resistance Levels

Support and resistance levels can be identified by analyzing the concentration of buy and sell orders in the order book, providing potential entry and exit points for trades. By analyzing the order book’s price levels and volumes, potential price movements can be identified and informed trading decisions can be made.

Understanding volume profiles and leveraging the deeper layers of the order book can also assist in predicting support and resistance levels, helping traders identify potential trading opportunities and make better-informed decisions.

Order book data can be incorporated into 

, allowing traders to capitalize on market opportunities more efficiently. By monitoring the order book, traders can gain insights into market sentiment and liquidity levels, which can help them make informed trading decisions.

Automated systems can be programmed to execute trades based on predefined strategies that take into account the information from the order book, allowing traders to respond rapidly to market conditions and capitalize on profitable opportunities.

Order Book Limitations and Considerations

While the order book is a valuable tool for traders, it has limitations and considerations, such as the presence of dark pools and the impact of low-liquidity markets. Dark pools and hidden orders can reduce the reliability of the order book by concealing large trades from public view, potentially affecting price discovery.

In low-liquidity markets, the order book may not accurately represent market sentiment, and traders should exercise caution when executing trades based on order book data. Understanding the limitations and considerations of the order book can help traders make more informed decisions and minimize potential risks.

Dark pools, private exchanges where institutional investors can conduct trades without publicizing their orders, could potentially decrease the transparency of trading activity and influence the accuracy of the order book. Hidden orders, on the other hand, do not appear in the market data or order book, providing a degree of privacy for traders and potentially impacting the price discovery process.

Both dark pools and hidden orders can affect the representation of supply and demand in an order book, making it crucial for traders to be aware of their potential influence on market dynamics and the accuracy of the information provided.

Low-liquidity markets pose challenges for traders because:

When trading in low-liquidity markets, it is important for traders to be aware of the potential risks and exercise caution when executing trades based on order book data, as the limited depth and liquidity can result in less accurate price information and unpredictable market conditions.

In conclusion, mastering the order book is an essential skill for successful trading. It provides valuable insights into market depth, liquidity, and potential price movements, allowing traders to make more informed decisions. By understanding the different components of an order book, the role of market makers, and the impact of various order types, traders can capitalize on market opportunities and navigate the complexities of the financial markets. However, it is important to be aware of the limitations and considerations of order books, such as dark pools and low-liquidity markets, and exercise caution when executing trades based on this data. #TheCryptoArk #Bybit

Mastering the Order Book: A Comprehensive Guide to Order Book Explained

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards