Toncoin surpasses Cardano in market cap, EigenLayer goes live on Ethereum, and Monad secures $225M to challenge Solana.
Toncoin Overtakes Cardano as 9th-Largest Cryptocurrency

Toncoin Overtakes Cardano as 9th-Largest Cryptocurrency

Toncoin surpasses Cardano in market cap, EigenLayer goes live on Ethereum, and Monad secures $225M to challenge Solana.

Apr 11, 2024
| Issue

Welcome to another edition of Datawallet Daily. Here are the key stories that are shaping the crypto landscape over the last 24 hours:

Toncoin Overtakes Cardano as 9th-Largest Cryptocurrency

Toncoin (TON) recently surpassed Cardano (ADA) to become the ninth-largest cryptocurrency by market capitalization, achieving a $23 billion valuation. This development follows a significant 13% daily price increase, propelling TON’s value to $6.65. The coin’s surge is attributed to the TON Society developers’ initiative, which involves allocating $5 million in Toncoin to encourage identity verification via palm-scanning for Telegram users. 

Over the past month, TON has witnessed a 135% price surge, contrasted with ADA’s 15% decline. Furthermore, Toncoin launched a $115 million community incentive program aimed at increasing user adoption. Despite its recent performance, concerns remain regarding Toncoin’s token distribution, with over 60% owned by the top ten holders.

EigenLayer and EigenDA Go Live on Ethereum Mainnet

EigenLayer and EigenDA have officially launched on Ethereum’s mainnet, signaling a significant milestone for the “restaking” service and its data-availability counterpart, with $12 billion already deposited by users. EigenLayer allows Ethereum stakers to “restake” their ETH in a larger pool for additional interest, enhancing the security of auxiliary networks. EigenDA, developed by Eigen Labs, aims to support other blockchain protocols by facilitating transaction data storage. 

Despite the launch, the initial feature set is limited, with full deployment and additional functionalities like in-protocol payments and slashing expected to be introduced later. The launch underlines EigenLayer’s potential to reshape blockchain security and interoperability, backed by a $100 million investment from Andreessen Horowitz and a growing ecosystem of liquid restaking protocols.

Paradigm Leads $225M Round for Solana Rival Monad

Monad Labs has secured a $225 million funding round, led by Paradigm, to develop a layer-1 blockchain emphasizing high throughput and Ethereum compatibility, aiming for a mainnet launch by the end of 2024. This funding is one of the largest crypto venture rounds recently, matching Wormhole’s previous year’s funding, with participation from Electric Capital, Coinbase Capital, and others. 

Amid Solana’s challenges with transaction processing, Monad differentiates itself with a parallel execution Ethereum Virtual Machine (EVM), targeting speeds of 10,000 transactions per second compared to Ethereum’s 15 TPS. This approach addresses scalability and efficiency, positioning Monad as a potentially pivotal platform for consumer crypto applications.

Users Flock Back to in Anticipation of an Airdrop

Amid anticipation for its V2 launch and a potential $500 million airdrop, experienced a remarkable influx of $7.4 million in deposits in a single day, marking the year’s highest daily total. This social finance platform, blending social networking with financialization, is set to distribute an additional 10 million points in V2, with points currently valued above $5 on secondary markets. 

The surge in activity comes as prepares to introduce new features, including a decentralized exchange and tradable collectibles, aiming to enhance user experience. This strategic move has significantly increased user engagement, positioning for substantial growth as it gears up for its next development phase.

Other breaking news

For the latest updates on digital asset markets, follow us on X @Datawalletcom.