Catégorie : Crypto News

[PRESS RELEASE – Santa Monica, CA, December 12th, 2024]

The deal brings together industry leaders and sets the stage for the next era of decentralized digital identity

Dentity is proud to announce the acquisition of Trinsic’s decentralized identity assets, setting the stage for a dramatic expansion of Web3 identity solutions. These assets represents advanced decentralized identity infrastructure in the world, having enabled thousands of developers to build user-controlled identity features into their applications. With this move, Dentity aims to strengthen its position as a global leader in decentralized identity.

“Trinsic’s platform revolutionizes how consumers control and share their personal data,” said Jeff Schwartz, Founder and CEO of Dentity. “This acquisition brings us one step closer to creating a safer, more secure digital future, where individuals are fully in charge of their identity — and can potentially earn from it, not Big Tech.”

Riley Hughes, co-founder of Trinsic, shared, “Dentity stands out as the most successful product built on our decentralized identity platform. Their consumer scale and impressive ecosystem of partners will allow Trinsic’s technology to touch millions more, making Dentity the perfect place for this platform to reach its potential.”

Dentity has joined Trinsic’s Identity Acceptance Network, which enables seamless identity verification through digital IDs in web3 wallets like Dentity, mobile driver’s licenses, and eID apps. Trinsic’s network gives 100 million consumers instant access to Dentity’s products and ecosystem partners.

The Need for Digital Identity

In a world where fraud, online scams, and identity theft are on the rise, digital identity offers a powerful solution. In fact, online grooming crimes have surged 89%, and romance scams are up 160%. This explosion of fraud highlights a major challenge — anonymity online is both a tool for bad actors and a barrier to trust.

Decentralized identity is the key to unlocking trust online. It empowers consumers to securely share only what’s necessary, whether they’re buying, selling, dating, or participating in the growing Web3 economy. For the first time, individuals — not third parties — control their data, cutting out the middlemen who earns from consumer information.

The Timing

Consumers are increasingly dissatisfied with how their data is controlled by large tech companies. Over 75% of people don’t trust Big Tech with their personal information, and they’re demanding more control over their digital lives. Gartner predicts that by 2026, 500 million smartphone users will regularly use a digital identity wallet — a testament to the growing need for decentralized digital identity solutions.

Combining Trinsic’s powerful identity technology with Dentity’s consumer apps and distribution channels accelerates the adoption of reusable, verified digital identities — helping to combat fraud, streamline online interactions, and give users the tools to manage their data.

“The convergence of rising online fraud and consumer demand for more privacy-driven solutions makes this the perfect time for Dentity to scale,” stated Schwartz

A Multi-Billion Dollar Opportunity

The market for digital identity is projected to reach $325 billion by 2027, and with this acquisition, Dentity is uniquely positioned to capture its share. The acquisition not only unlocks new growth opportunities but also helps Dentity and its partners scale faster and reach a wider range of developers looking to integrate decentralized identity into their platforms.

“The future of Web3 and digital identity is about empowering individuals, reducing online fraud, and making the internet a more trustworthy place. We’re building a future where digital trust is easy, secure, and owned by the individual.”

About Dentity

Dentity makes it easy for people to build and manage digital trust online. They empower individuals to create, control, and verify their identity credentials, allowing them to securely share private data with the people and organizations they interact with. Dentity powers one of the world’s most advanced decentralized identity infrastructure, enabling thousands of developers to integrate user-controlled identity features into their applications. Dentity gives millions of consumers full ownership and control over their digital identities. Users can visit www.dentity.com for more information.

About Trinsic

Trinsic is the first identity acceptance network, facilitating 10x faster identity verification for 95 million consumers. Its product acts as a gateway into dozens of identity networks, mobile driver’s licenses, and eID apps. Companies use Trinsic to check for a digital ID before asking users to upload a physical ID document for verification. Since founding in 2019, Trinsic has raised $9.4 million from Georgian, Kickstart Seed Fund, Osage Venture Partners and notable angel investors from the identity space. Users can visit trinsic.id to learn more.

Chainlink (LINK) has recently surpassed the $29 mark for the first time in 37 months. Over the past week, the native token of the decentralized oracle network posted a 21% gain.

As a result, LINK has emerged as one of the best-performing altcoins in recent weeks.

Whale and Shark Gobble Up LINK

The surge is largely fueled by a significant increase in whale and shark accumulation, according to the latest analysis by Santiment.

Over the past two months, wallets holding 100K or more LINK have added 5.69 million tokens, while wallets with less than 100K LINK have reduced their positions by 5.67 million tokens. Historically, such patterns – where large wallets accumulate coins from impatient or panicked retail traders – often signal future growth.

However, the success of Chainlink and other large-cap altcoins still hinges on Bitcoin’s ability to maintain its momentum, the on-chain crypto analytic platform said in its findings. If Bitcoin continues to hold steady, there are strong indications that patient holders of LINK will see long-term rewards.

The recent surge in the price can also be attributed, in part, to World Liberty Financial’s $1 million purchase of LINK, increasing its holdings to $2 million. Backed by the Trump family, the platform also holds significant amounts of Aave’s AAVE, with LINK now being its fourth-largest holding after Ethereum (ETH), Bitcoin (BTC), and Tether (USDT). World Liberty Financial uses Chainlink’s services for essential pricing data and cross-chain interoperability.

LINK Futures OI Reaches All-Time High

This surge in value also coincided with a notable increase in Futures Open Interest (OI). According to Glassnode, this figure has hit an all-time high of $770.27 million, signaling a massive uptick in trading activity.

There’s also been a significant profit-taking in the spot market, with $35.57 million in realized profits, making it the second-largest profit-taking event of the year, behind only February 11’s $40.39 million. This activity was predominantly driven by speculative market participants, with 15.3% of profits taken by ultra-short-term holders (1d-1w) and 22.5% by short-term holders (3-6m).

Despite the profit-taking, LINK’s fundamentals are showing positive signs, with active addresses trending higher, signaling continued interest and potential for future growth, though still below the 2021 peak.

The Eigen Foundation has committed 1% of its EIGEN token supply to the Protocol Guild, a group dedicated to Ethereum Layer-1 research and development.

According to CryptoSlate data, the EIGEN token has a total supply exceeding 1.6 billion. With this pledge, the Protocol Guild could receive up to 1.6 million EIGEN tokens, valued at approximately $8 million, based on the current price of $5 per token.

The Eigen Foundation stated that the transaction for this pledge will be executed soon.

Supporting Ethereum development

In a Dec. 13 post on X (formerly Twitter), the Foundation explained that the pledge reinforces its goal of supporting the Ethereum ecosystem’s growth and sustainability through funding the Guild.

The Protocol Guild plays a crucial role in Ethereum’s development by funding projects and contributors. It currently includes over 180 members from 29 teams across the crypto space, supporting initiatives such as client development, research, specifications, testing, and coordination.

The Foundation highlighted the ongoing advancements in Ethereum, such as zk-proofs, decentralized storage, and rollups. It expressed pride in supporting builders shaping the future of Ethereum through the Protocol Guild.

This pledge aims to ensure the Protocol Guild continues providing consistent funding for Ethereum’s decentralized infrastructure maintainers. It stated:

“At Eigen Foundation, we share the belief that a decentralized future depends on strong, well-supported infrastructure. By pledging 1% of EIGEN supply, we aim to help the Protocol Guild sustain Ethereum’s core development and maintain its decentralized future.”

EigenLayer, the Foundation’s flagship platform, allows users to restake ETH to secure third-party networks. According to DeFillama data, the protocol is the third-largest DeFi protocol, with the total value of assets locked on the platform amounting to $17.97 billion.

Funding nears $100 million

According to Dune Analytics data, the Protocol Guild has already received approximately $95 million in donations, putting it on the verge of reaching $100 million. This total does not include the EigenLayer pledge.

Notable contributions include $27.5 million from the Ether.fi Foundation and $20.9 million from Taiko Labs. Other donors, such as the LayerZero Foundation and Arbitrum Community, have contributed $7.6 million and $3.2 million, respectively.

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TL;DR

• Pi Network boasts 1.34 million users in South Korea, outpacing Binance locally, with its open mainnet launch expected once 15 million verifications are completed.
• Shiba Inu shows bullish potential despite recent volatility, supported by an active burn mechanism and predictions of significant price spikes.
• XRP’s price surged over 250% in the past month, with analysts forecasting a new all-time high driven by regulatory progress and market momentum.

Pi Network’s Stronghold in South Korea

Despite the surrounding controversy, the cryptocurrency project Pi Network continues to amass users. Not long ago, the team revealed the application had exceeded the milestone of 100 million downloads.

Pi Network has a solid presence in Asia, creating multi-million communities in countries like China, Vietnam, Singapore, India, Japan, and More. As CryptoPotato recently reported, South Korea is another nation where the project has gained huge popularity.

According to Wu Blockchain’s analysis, the number of local Pi Network users has reached 1.34 million, which outnumbers the domestic client base of major crypto exchanges like Binance and Coinbase. In fact, the only two domestic cryptocurrency-related entities having more users are Upbit (4.36 million) and Bithumb (2.24 million).

While the global Pi Network community continues to grow, its native token and open mainnet have yet to see the light of day. The team assured it will set things into motion once 15 million users complete the necessary verifications. Latest data shows that 14 million people have already complied with the rules, with only 1 million left to do so. 

Meanwhile, the Pi Core Team previously promised to announce the mainnet open roadmap, which should provide more clarity on when users will be able to buy and sell Pi tokens. It remains to be seen whether the final weeks of 2024 will bring significant developments or if there will be further delays.

SHIB’s Next Potential Targets

The second-largest meme coin experienced a substantial revival at the start of December. However, in the past several days, it witnessed enhanced volatility, with its price plunging by over 10% on a weekly scale. 

Despite the turbulence, numerous analysts remain optimistic that a new rally could be on the horizon. X user JAVON MARKS, for instance, maintained that SHIB has confirmed a bullish pattern, which could be a precursor for “another major upside move.” The trader reiterated their forecast that the price could spike by almost 180% and reach $0.000081.

Other market observers predicting good days ahead for the meme coin include Zach Humphries and The Crypto Bull. The former believes that SHIB could chart substantial gains once “Ethereum breaks loose.” The Crypto Bull assumed that Shiba Inu’s chart “looks primed for launch very soon.”

The resurgence of the asset’s burning mechanism supports the thesis of a price pump. The burn rate has spiked by almost 300% in the past 24 hours, resulting in 11.8 million tokens sent to a null address. The USD equivalent of the stash might be insignificant, but continuous efforts in that field will make SHIB more scarce and potentially more valuable in time (should demand keep its level or rise).

XRP Price Outlook

Ripple’s XRP is also in the red on a weekly scale, albeit charting less substantial losses than Shiba Inu. However, the asset remains one of the best performers in the past month, with its price skyrocketing by over 250% and currently trading above $2.30.

Some of the factors that have fueled XRP’s impressive spike over the last several weeks include Gary Gensler’s (the current Chairman of the US SEC) announcement that he will step down in January next year and the progress of Ripple’s upcoming stablecoin. Not long ago, CEO Brad Garlinghouse revealed that the financial product received regulatory approval from the NYDFS.

Many industry participants believe XRP is now gearing up for another massive rally. X user Ali Martinez recently noted the emergence of a bull flag on the asset’s price chart, predicting a rise to a new all-time high of $4. However, he believes the road to the peak might be bumpy and include a brief correction. 

Prior to that, he claimed that XRP “looks undervalued after breaking out of this massive multi-year symmetrical triangle.” He set a “conservative target” of $8.40 and an “optimistic” one of a staggering $48.12. 

GateToken, the native crypto of the Gate.io exchange, has surged to a new all-time high despite rumors about a potential security breach circulating on social media platforms.

According to CryptoSlate’s data, the token reached $13.79 before slightly retreating to $13.29 at the time of reporting. As the exchange’s utility token, it provides benefits such as trading fee discounts, governance participation, and access to token sales within its ecosystem.

Hacking rumors

Meanwhile, this spike followed the exchange’s swift dismissal of the hacking claims.

In a Dec. 13 post, Gate.io confirmed that all services, including deposits, withdrawals, and trading, remain fully operational. It stated:

“The Gate.io security team has not detected any abnormalities, nor have any security agencies reported issues. Deposits, withdrawals, and trading are functioning normally. Please do not believe rumors!”

Similarly, Kevin Lee, Gate.io’s Chief Business Officer, assured users that the platform is secure and backed by reserves exceeding $10 billion.

Lee revealed plans to host a live session on X to address the misinformation directly. He emphasized that the exchange has a robust security framework and maintains transparency in its operations.

The rumors began earlier today when several crypto influencers with large followings on the social media platform X began circulating news of an exploit on the crypto exchange.

One such account, NaniXBT, admitted to spreading the information without verifying it. In his post, he disclosed that the claim was based on unverified input from an acquaintance and shared impulsively in group chats.

However, Lee dismissed the rumor as an attempt to spread fear and promised to counter it with evidence during an X Spaces session later today.

According to CoinMarketCap, Gate.io ranks among the top 20 crypto exchanges globally. In the last 24 hours alone, the platform facilitated nearly $7 billion in trading volume and listed over 3,100 tokens. Its user base exceeds 19 million, holding assets valued at $6.2 billion on the exchange.

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The Eigen Foundation has announced its pledge to allocate 1% of the EIGEN token supply to the Protocol Guild, a collective funding mechanism dedicated to supporting Ethereum Layer 1 R&D.

The latest pledge forms part of the team’s mission to create a marketplace for “programmable trust” through its decentralized restaking protocol.

Eigen Foundation’s 1% Token Pledge

The Protocol Guild, which comprises over 180 members from 29 teams, plays a crucial role in maintaining Ethereum’s decentralized network. Its members focus on key areas such as client development, research, specification design, testing, and coordination. This ensures Ethereum’s continuous evolution and resilience against centralized capture.

EigenLayer enables staked ETH to serve as cryptoeconomic security for other protocols, improving Ethereum’s security while supporting innovation. By dedicating a portion of its token supply to the Protocol Guild, the Eigen Foundation aligns its goals with the Guild’s mission of ensuring sustainable incentives for Ethereum’s maintainers. Its official statement read,

“This commitment aligns with EigenLayer’s mission: To extend Ethereum’s security through restaking and creating a marketplace for programmable trust. We’re proud to contribute to Ethereum’s growth and long-term sustainability.

The latest development comes after the Eigen Foundation announced the EIGEN Season 2 Stakedrop in September. This distribution initiative aimed at recognizing contributors and participants who have supported its development.

The entity had then stated that the stakedrop would allocate EIGEN tokens across three categories: stakers and operators who actively participated during the season, ecosystem partners such as rollups and RaaS providers, and community members who have played a pivotal role in advocating for EigenLayer.

A month later,  EIGEN debuted on several exchanges in one of the most heavily discussed and anticipated token launches of 2024.

EigenLayer’s Growth And Two Security Breaches

Launched by Sreeram Kannan in early 2021, EigenLayer rose to prominence as a leading DeFi project in 2024, with over $18 billion in total value locked (TVL) as reported by DeFiLlama. However, EigenLayer suffered a $5.7 million hack involving stolen tokens sold via decentralized exchanges.

The protocol faced another security breach on October 18 when its official X account was hacked. The attackers used the compromised account to advertise a fake airdrop campaign, directing users to malicious links disguised as part of the concluded Season 2 token distribution. On-chain investigator ZachXBT and Polygon Labs’ Mudit Gupta quickly warned users to avoid these links. Scam Sniffer later confirmed the phishing scheme.