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Ndax Weekly TL;DR December 2nd

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape. 

Happy Monday, Ndaxers— Here’s what happened last week:

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Top Stories

  • Sui Introduces Bitcoin Staking with Liquid Token Integration
  • Vancouver Mayor Proposes Bitcoin Adoption as City Reserve Asset
  • Cardano Launches Zero-Knowledge Smart Contract
  • Avalanche's Largest Upgrade, Avalanche9000, Goes Live on Testnet
     

Sui and Babylon Labs will enable Bitcoin staking on the Sui network starting December 2024. Through Babylon, Bitcoin holders can stake BTC to mint LBTC, Lombard Protocol's liquid staking token (LST). This initiative aims to integrate Bitcoin liquidity into Sui’s decentralized finance ecosystem, with LBTC serving as a core asset for lending, borrowing, and trading. The partnership seeks to unlock Bitcoin’s $1.8 trillion liquidity potential while maintaining security and usability. Sui, a high-performance blockchain, has attracted $1.4 billion in total value locked (TVL) since its launch. Cointelegraph

Vancouver Mayor Ken Sim has announced plans to introduce a motion on December 11 for the city to hold Bitcoin as a reserve asset, aiming to diversify its financial resources. The proposal, titled "Becoming a Bitcoin-friendly city," reflects Sim's commitment to integrating cryptocurrency into city policies, building on his campaign's acceptance of crypto donations. While details of the motion remain unpublished, it aligns with global trends of governments exploring Bitcoin reserves. Sim's office has not confirmed whether the motion will gain sufficient council support. Cointelegraph

Cardano has deployed its first zero-knowledge (ZK) smart contract on the mainnet using the Halo2 zk-SNARK system via Plutus v3. This marks a major milestone, enabling secure transaction validation without revealing sensitive details. The technology allows integration with partner chains like Midnight and reduces costs while improving efficiency and scalability. Halo2’s modular design and support for recursive proofs enhance performance by breaking computations into smaller segments, making it suitable for real-world applications. Developed as an improvement of the original Halo protocol, it strengthens Cardano’s blockchain security and functionality. CryptoSlate

Avalanche has launched its largest upgrade, Avalanche9000, on the testnet. This upgrade aims to reduce transaction costs and simplify blockchain creation on the network. Key features include the ACP-77 proposal for cheaper, permissionless validators and the ACP-125 proposal, which cuts C-chain transaction fees to make the network more competitive with Ethereum Layer 2 solutions. Avalanche9000 is expected to go live on the mainnet by year-end. Additionally, the Retro9000 grants program offers $40 million in rewards to developers building on Avalanche’s testnet. CoinDesk

Latest News

Ndax's new news feature provides the latest news, stories, and trends to help you keep your hand on the pulse of crypto and blockchain.
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News Nuggets

  • Ripple Introduces Tokenized Money Market Fund on XRP Ledger with Abrdn Partnership CryptoSlate 
  • MicroStrategy Boosts Bitcoin Holdings to 386,700 with $5.4 Billion Investment Cryptonews
  • Brazil Proposes 5% Bitcoin Reserve Amid Global Sovereign Interest Cryptonews
  • Hong Kong Proposes Crypto Tax Exemptions to Strengthen Role as Financial Hub CryptoSlate
  • Microsoft Advances Quantum Tech for Blockchain Mining Cointelegraph
  • North Korean Hackers Steal Billions in Crypto by Impersonating Tech Professionals CryptoSlate
  • Bitcoin ETFs See Record $6.2B Monthly Inflows as BTC Price Approaches $100K Cryptonews
  • Russia Recognizes Crypto as Property, Implements New Mining Tax Rules Cryptonews
  • Ethereum Layer 2 Networks Surpass $51B in TVL After 205% Yearly Growth Cointelegraph

As of 12-02-2024 at 8:40 AM EST

Market Summary

  • Over the past seven days, the global cryptocurrency market cap has increased from approximately CA$4.66 trillion to CA$4.84 trillion.
  • Bitcoin's market dominance stands at 55.2%, while Ethereum's share is 12.8%. Compared to last week, Bitcoin's dominance has slightly decreased, while Ethereum has experienced a gradual rise from 12.5%.

Performance

  • Over the past 24 hours, the price of BTC has fluctuated between CA$137K and CA$133K registering a 2.6% change over the past week and a market cap of CA$2.6 trillion. At Ndax, the weekly movers are ALGO, which saw a 70% increase in the last seven days reaching a market cap of CA$5.6 billion, and HBAR, which experienced a 64% rise with a market cap of CA$12.8 billion. (At time of writing)

Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market. 
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Happy trading, 
The team at Ndax

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