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zkEVM Mainnet Start – Ethereum Layer 2 Scroll

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In the realm of content creation, three essential elements come into play: “perplexity,” “burstiness,” and “predictability.” “Perplexity” gauges the intricacy of the text, while “burstiness” evaluates the diversity of sentence structures. On the other hand, “predictability” measures the likelihood of anticipating the next sentence. Human authors often weave together intricate and diverse sentence structures, incorporating both lengthy and complex sentences alongside shorter ones. In contrast, AI-generated content typically tends to maintain a more uniform style. For the content you are about to craft, I encourage you to infuse it with a substantial degree of perplexity and burstiness while keeping predictability to a minimum. Furthermore, please ensure that the content is written exclusively in English.

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Blockchain data from Etherscan suggests that Scroll’s mainnet went live more than a week ago.

Scroll, an emerging player in the zero-knowledge Ethereum Virtual Machine (zkEVM) arena, dedicated to enhancing blockchain scalability, has officially confirmed the launch of its mainnet. The Scroll team made this announcement in a post dated October 17th, emphasizing that existing applications and developer toolkits on the Ethereum platform can seamlessly transition to this innovative scaling solution. “Everything operates straight out of the box,” affirms the Scroll team.

A zkEVM solution, such as Scroll’s, is poised to deliver reduced transaction costs and higher throughput for decentralized applications operating on the Ethereum network. Its operation involves the batching of thousands of off-chain transactions into a single unit, subsequently presenting a concise data summary as proof to the Ethereum mainnet.

Interestingly, blockchain data suggests that Scroll kept the existence of its live mainnet a secret since October 8th—the date marking the deployment of the first smart contract on the Scroll mainnet, as per Etherscan records. Scroll has disclosed that the mainnet’s launch followed an extensive 15-month testing phase and rigorous security audits conducted across three distinct testnets. “OpenZeppelin and Zellic have meticulously audited our bridge and rollup contracts,” proudly states Scroll. Furthermore, their zkEVM circuits have undergone comprehensive review by Trail of Bits, Zellic, and Kalos.

Throughout the three testnets, an impressive 450,000 smart contracts were deployed, facilitating more than 90 million transactions across 9 million blocks. Notably, the firm generated a remarkable 280,000 ZK-proofs.

Approximately a month ago, Scroll’s co-founder, Ye Zhang, disclosed to Cointelegraph that the platform would initially incorporate centralized features but has ambitious plans for gradual decentralization. Zhang explained, “We will initially feature a centralized sequencer and a central approver button.” However, he assures that there is a roadmap in place for the removal of this centralization. “We have a clear strategy to eliminate the single point of failure and incentivize the community to develop superior proving hardware.” Zhang also expressed the intention to present several proposals for community deliberation regarding Scroll’s future direction.

Founded in 2021 with a strong emphasis on community-driven principles, Scroll is not alone in its pursuit of zkEVM solutions aimed at enhancing Ethereum scalability. Competitors in this space include Polygon, zkSync, StarkWare, and Immutable. According to Jordi Baylina, the technical lead of Polygon Hermez zkEVM, this competition can only strengthen the Ethereum ecosystem, saying, “Diverse projects bring valuable experience and serve as a testing ground for various approaches and problem-solving methods.”

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions

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Binance Lists ChainGPT (CGPT): Unlocking a New Era for AI-Powered Blockchain Solutions – BitcoinWorld
































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$88K Critical for Bitcoin Momentum

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Bitcoin’s price trajectory is at a pivotal juncture, with $88,000 emerging as a key level for sustaining market momentum, according to on-chain analytics firm Glassnode. Using the UTXO Realized Price Distribution (URPD) metric, Glassnode emphasized the significance of the Short-Term Holder (STH) cost basis, noting minimal trading volume below this threshold.

The $88,000 level serves as a critical psychological and technical support, and a decisive loss could pave the way for further downside. This article explores the importance of this metric and what it could mean for Bitcoin’s future price movement.


Understanding Bitcoin’s STH Cost Basis

The Short-Term Holder (STH) cost basis represents the average price at which recently acquired Bitcoin has been purchased. This metric is essential for analyzing:

  • Price Momentum: Indicates the health of recent buyer confidence.
  • Support Levels: Highlights crucial price points where short-term investors are likely to defend positions.

At $88,000, the STH cost basis underscores its significance as a level where short-term traders might capitulate if breached, potentially triggering a larger sell-off.


The Role of the URPD Metric

Glassnode’s UTXO Realized Price Distribution (URPD) metric maps the distribution of Bitcoin trading volumes across different price levels. Key insights from the current analysis include:

1. Minimal Volume Below $88K

  • Glassnode’s data reveals limited trading activity beneath $88,000, suggesting weak historical support in this range.

2. Vulnerability to Downside Pressure

  • A breakdown below $88,000 could lead to accelerated selling, as short-term holders exit positions to minimize losses.

Why $88K Is Critical for Bitcoin

1. Psychological Benchmark

  • Round numbers like $88,000 hold psychological significance for traders, influencing decision-making and market sentiment.

2. Technical Relevance

  • The STH cost basis aligns closely with support and resistance levels derived from historical price action, making it a reliable marker.

3. Momentum Indicator

  • Holding above $88,000 would demonstrate resilience, while a breach could signal a shift in momentum toward bearish conditions.

Potential Scenarios Based on $88K Level

1. Holding Above $88K

  • Sustaining this level could reaffirm Bitcoin’s bullish momentum, encouraging accumulation by both short-term and long-term holders.
  • Positive macroeconomic news or institutional support could bolster price stability.

2. Breaching $88K

  • A decisive loss of $88,000 might lead to panic selling, increasing volatility and pushing Bitcoin toward lower support levels.
  • Traders may target $85,000 or lower as the next critical support zone.

Market Sentiment and Influences

1. Institutional Activity

  • Institutional investors closely monitor key levels like $88,000, adjusting strategies based on market strength or weakness.

2. Broader Economic Factors

  • Macroeconomic elements, including interest rate policies and inflation data, continue to impact risk assets like Bitcoin.

3. Short-Term Trader Behavior

  • As the primary holders at this cost basis, short-term traders play a pivotal role in determining Bitcoin’s near-term price movements.

How Traders Can Respond

1. Monitor Key Levels

  • Keep a close watch on Bitcoin’s behavior around $88,000, as this level is crucial for gauging momentum.

2. Set Stop Losses and Alerts

  • Traders should establish clear stop-loss levels to minimize risk in case of a breakdown.

3. Consider Accumulation Opportunities

  • If Bitcoin holds above $88,000, it could present a buying opportunity for those confident in a bullish continuation.

FAQs

1. Why is $88,000 significant for Bitcoin?
The $88,000 level represents the Short-Term Holder (STH) cost basis, a critical indicator of price momentum and market confidence.

2. What happens if Bitcoin drops below $88,000?
A loss of this level could trigger selling pressure, as short-term holders exit positions, potentially leading to further downside.

3. What is the URPD metric?
The UTXO Realized Price Distribution (URPD) metric tracks Bitcoin’s trading volume at different price levels, highlighting key areas of support and resistance.

4. How does $88K influence market sentiment?
Maintaining this level reinforces confidence in the market’s bullish momentum, while losing it could shift sentiment toward bearish expectations.

5. What should traders do at this level?
Traders should monitor Bitcoin’s performance around $88,000, set stop-loss levels, and consider accumulation if the level holds.


Conclusion

The $88,000 level is more than just a price point; it’s a pivotal marker for Bitcoin’s momentum and market sentiment. Glassnode’s analysis underscores its significance as the Short-Term Holder cost basis, with the potential to dictate Bitcoin’s next move.

Whether Bitcoin sustains this critical level or breaches it will determine its trajectory in the coming weeks. For traders and investors, staying vigilant and adapting strategies to this key metric will be essential in navigating Bitcoin’s dynamic market.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential.

Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets

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Mantra Partners with UAE Real Estate Giant Damac to Tokenize $1B in Assets – BitcoinWorld
































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