Vitalik Buterin Endorses Celo as it Shifts to Layer 2

Vitalik Buterin Endorses Celo as it Shifts to Ethereum Layer 2

Ethereum co-founder Vitalik Buterin praised Celo for surpassing Tron in daily active stablecoin addresses as it transitions to a Layer 2 network. Celo’s pivot from a standalone Layer 1 blockchain to Ethereum Layer 2 aims to improve scalability and interoperability. The transition, set to finalize with the Alfajores testnet upgrade, will further integrate Celo with Ethereum's ecosystem.

This transition has already attracted major stablecoin operators like Tether and Circle, driving $40 million in USDC and $209 million in USDT on the network. Celo's L2 shift is expected to unlock new capabilities for stablecoins and decentralized applications on its platform. Additionally, the CELO token has surged by 15.27% in the last 24 hours, reaching a market cap of $351 million.

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Binance Launches Pre-Market Spot Trading for New Tokens

Binance has introduced a pre-market spot trading service that allows users to trade actual tokens before their official listing. Unlike other exchanges that focus on derivatives, Binance is the first to offer real tokens for pre-market trading, providing users with early access. By comparison, competitor Bybit offers a similar pre-market trading service but primarily uses derivatives.

This service is limited to selected Binance Launchpool tokens, which are generated for users to trade ahead of their official spot market debut. While users can trade these tokens, restrictions apply until the tokens are fully listed. The service is unavailable in several regions, including the US, Canada, and Spain, among others.

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LayerZero Sees Return in Activity Amid Second Airdrop

Cross-chain messaging protocol LayerZero had a notable resurgence, with daily messages skyrocketing to 98,000 following its second airdrop announcement. This represents a 433% increase from recent lows, highlighting renewed interest in the protocol. LayerZero's strategy excludes wallets that have been inactive since the first airdrop, encouraging sustained engagement from users.

By rewarding active participants, LayerZero aims to attract a more committed user base and long-term ecosystem growth. The current 30-day claim window could maintain high activity as users vie for future distributions. Whether this resurgence translates to long-term adoption remains to be seen as post-airdrop engagement will be critical.

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Kamala Harris Now Advocates For Blockchain Leadership

US Vice President Kamala Harris stated her administration would focus on global leadership in blockchain, AI, and other emerging technologies. This is a shift for Harris, who had been quiet on crypto throughout her campaign trail. She emphasized her commitment to an "opportunity economy" during a speech to The Economic Club of Pittsburgh.

Her remarks represent a contrast to Republican rival Donald Trump, who has actively courted the crypto community, even visiting a Bitcoin-themed bar. Analysts believe both Harris and Trump could drive Bitcoin adoption. However, while BTC would likely increase in the long run independent of administration, altcoins cannot prosper in an anti-crypto office as we've seen in the last 2-3 years.

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Data of the Day

Chainlink's report predicts that the global tokenized asset market could surge to $10 trillion by 2030, driven by institutional adoption and regulatory advancements. The report cites studies from 21.co and BCG that suggest tokenized assets could provide liquidity for traditionally illiquid assets like real estate and private equity.

Tokenization not only improves access to these assets but also integrates more efficiently into financial institutions. Currently, stablecoins account for about 97% of the current tokenized market with USDT, USDC, and DAI being the top three representatives for years. Combined, USD-pegged stablecoins have a market cap of $179 billion, about 55.9x times smaller than the projected $10 trillion.

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More Breaking News

• PayPal now allows US merchants to buy, hold, sell, and transfer digital assets like Bitcoin and Ethereum directly from their business accounts.
• Hamster Kombat revealed its roadmap ahead of a token airdrop, including token buybacks, NFT integration, and a web app launch for Apple and Android devices.
• QCP Capital analysts predict further Chinese stimulus measures will boost risk assets, including cryptocurrencies, potentially catching many investors off guard.
• Banana Gun confirmed it will fully refund 11 users affected by a $3 million exploit caused by a potential vulnerability in the Telegram crypto trading bot.
• Curve Finance is considering removing TrueUSD (TUSD) as collateral for its crvUSD stablecoin after US regulators charged TUSD’s issuer with securities violations.

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