Get your daily, bite-sized overview of blockchain and crypto news today – explore the stories that fly under the radar of today’s news.
In crypto news today:
Why is crypto up today? The Sandbox launches the Sandbox DAO Magic integrates with Tezos’ Layer 2 Etherlink Dutch Startup Klayr Labs takes over Lisk’s Layer 1 platform
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Why is crypto up today?
The global cryptocurrency market capitalization increased by 1.3% in the last 24 hours. It is now $2.72 trillion.
Most coins in the top 100 by market cap are higher today.
Many of the best performers of this are meme coins. Dogwhifhat (WIF) is at the top in this category, with a 20.4% increase to $3.92.
It is followed by Celestia (TIA), Shiba Inu (SHIB), Book Of Meme (TREES)and BONK to round out the top five best performers. All have double digit raises.
When it comes to the drops, the highest one is Arweave (AR)’s. It is down 4.3% to the price of $38.37.
It is followed by Lido DAO (LDO)’s 4% to $2.34.
Notably, all other coins fell by 2.4% (PEPE) and less.
Meanwhile, all of the top ten coins by market cap are green today.
Solana (SUN) increased the most. It rose 3.6% to $172.5.
Toncoin (TON) is next: 3% to the price of $6.55. Dogecoin (DOGE) also posted a higher rise compared to its peers, up 2.5% to $0.168.
Bitcoin (BTC) appreciated 1.14%, now trading at $68,468.
at the same time, Ethereum (ETH) saw just a 0.2% gain, changing hands at $3,855.
Meanwhile, according to to QCP Capitalthe recent movement of coins from the defunct exchange Mount Goxwhich led to a 2% drop in BTC prices is a temporary setbacknot a significant shift in market trajectory.
Bitcoin bulls have nothing to worry about as “these bouts of supply anxiety are likely to be minor blips in a broader trend higher into the end of the year,” it said.
The Sandbox introduces The Sandbox DAO
In crypto news today, decentralized gaming platform The Sandbox announced the launch of its decentralized autonomous organization (DAO), The Sandbox DAO.
According to to the press release, the initiative will be rolled out in three phases with a treasury of 25 million SAND.
“Every member of the DAO effectively becomes a virtual citizen of a new digital nation in the making and can help propose and vote on projects that will contribute to the growth of The Sandbox ecosystem,” it said.
Therefore, user participation and management are central components of The Sandbox’s operation.
It also means that SAND and virtual GROUND owners will “together shape the future of the metaverse.”
The community can participate in key platform decisions. In this way, they will promote collective ownership and separate themselves from The Sandbox’s profitable business.
Introducing The Sandbox DAO ☑️ We are shaping the future of our platform as a bridge between games, entertainment, music, art and more!
Follow @TheSandboxDAO for more. IT’S YOUR TIME TO RULE! https://t.co/jFaf1VqJj1 pic.twitter.com/ZQaoUPMnpP
— The Sandbox (@TheSandboxGame) May 28, 2024
The deployment of the DAO will take place in three phases to enable testing and adjustments, and to ensure a well-executed launch:
Phase One is the DAO debut, starting on May 28th. This is the initial iteration of the DAO and will have a limited range of capabilities.
SAND and SOIL owners can propose and vote on the Sandbox Improvement Proposals (SIPs). Submissions will be reviewed by the DAO project management team, and some operations, such as finance, will continue to be managed by The Sandbox staff. The Sandbox DAO will have its own tools and money.
In phase two, exploration, the DAO will gain more autonomy. It will become independent and no longer dependent on The Sandbox’s staff.
Phase three is the full launch. The team will reveal the full scope and opportunities of the DAO. SIPs will undergo community voting, ensuring inclusiveness and transparency in the DAO’s governance, the announcement said.
Magic integrates with Tezos’ Layer 2 Etherlink
Wallet-as-a-Service Provider Magic and non-supervisory, EVM compatible Theses Layer 2 solution Etherlink announced their integration “to bring seamless onboarding to the next generation of blockchain developers and consumers.”
According to according to the press release, the integration combines Etherlink’s scalability and security with Magic’s wallet SDK’s simplicity and usability.
Furthermore, the integration improves the user experience and simplifies the development process.
This is “an important milestone in advancing decentralized application (dApp) development,” the teams said.
This will enable the creation of dapps that are secure, accessible and user-friendly.
According to Siddharth Singhal, Head of BD at Trilitechthe adoption hub for the Tezos blockchain, “by integrating with Magic’s developer-friendly wallet SDK, we unlock the full potential of Web3 by enabling developers to quickly create dApps that are scalable and accessible to mainstream users.”
“Etherlink checks all the boxes for a strong L2 blockchain. Fast block times, cheap transactions, MEV protection and chain management,” added Sean Li, co-founder and CEO of Magic.
Dutch startup Klayr Labs is taking over Lisk’s Layer 1 platform
In other crypto news today, Dutch Web3 startup Clair Labs announced that it would take over the Layer 1 platform from Lisk blockchain after the latter’s recent upgrade to the Optimism Superchain.
Klayr Labs is launching a new blockchain called ‘Klayr’ in June, the announcement said said. It will perform operations, maintenance and ecosystem development for the Layer 1 platform.
The team said their goal is to provide digital ownership to a million people through the Klayr toolkit by 2030.
Meanwhile, Lisk announced that they intended to join the Optimism Superchain last year. However, they tried to preserve the years of development they invested in Lisk and to support the developer ecosystem that wanted to stay on Lisk’s Layer 1.
Lisk migration done! ✅ Currently loading next phase.. ⚡️
— MAX KORDEK (@maxkordek) May 27, 2024
collect was selected for the position. This team developed the Lisk blockchain’s first digital asset and NFT marketplace, while the four Colecti founders also founded blockchain-focused co-working space, the Lisk Center Utrechtand the Lisk blockchain explorer Liskscan.
That’s why the Colecti founders collaborated with the Onchain Foundation to provide technical support and funding to Klayr Labs for at least two years.
This ensures “the survival of the Layer 1 technology and support for its developers and dApp creators.”
Lukas Bronsvoort, co-founder and CEO of Klayr Labs, said that “we know it would be even better for developers to have more choice in how they build on Klayr, and that includes having access to the main chain. “
This step paves the way for future success, and each award adds to Klayr’s strength and resilience. Here you can get to know everything in detail: https://t.co/DTOuoQyYHA
What do you think?
— Klayr (@KlayrHQ) May 22, 2024
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
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