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Synthetix Founder: L2 and Alt L1s Erode Ethereum Mainnet's Rent-Seeking Ability

1 days ago

On April 2nd, Synthetix founder Kain stated in a post that the Ethereum mainnet is experiencing economic pressure. This is due to the reduction in Gas fees and ETH burn resulting from L2 scaling off-chain transaction activities and the Blob introduced by EIP-4844 to lower data availability costs. Kain believes that the rise of L2 has captured the revenue that originally belonged to the mainnet. In the future, shifting to alternative DA solutions such as Celestia is more likely to further weaken the Ethereum mainnet's profitability. To address this issue, he proposed that in the short term, L2 could support the mainnet through official L2 channels or a rental mechanism. In the long term, it will be necessary to rely on new demands such as the tokenization of real-world assets to increase the overall L1/L2 adoption rate. He emphasized that the Ethereum community has an advantage in coordination but should promptly abandon irrelevant projects and focus resources on breaking through the application layer to deal with competitive pressure from L2 and other data availability solutions.
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Shitcoin Season Index Drops to 14, Near All-Time Low

On April 3rd, as per Coinmarketcap data, the Altcoin Season Index currently stands at 14, just 1 point shy of the yearly low. The index indicates that within the past 90 days, approximately 14 projects among the top 100 cryptocurrencies by market capitalization have outperformed Bitcoin in terms of price. Note: The CMC Cryptocurrency Altseason Index is a real-time indicator employed to evaluate whether the current cryptocurrency market is in an altcoin-dominated season. This index is based on the performance of the top 100 altcoins in relation to Bitcoin over the past 90 days.

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UBS: Full Implementation of Tariffs Will Push U.S. Inflation to 5%

On April 3rd, UBS analyst Eamonn Sheridan stated that UBS had previously estimated that if the proposed tariffs were fully implemented and the import costs were passed on to consumer prices, the US inflation rate could rise to approximately 5%. The analyst thinks that if the Fed views this increase as "transitory," they will cut interest rates due to growth concerns. (FXStreet)

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The U.S. House Financial Services Committee voted to pass the Stablecoin Regulation Bill

On April 3rd, the U.S. House Financial Services Committee voted and passed a significant bill governing stablecoins on Wednesday. The bill, named the "Stablecoin Tethering and Bank Licensing Enforcement (STABLE) Act," was approved by the committee with a vote of 32 in favor and 17 against on Wednesday. This bill will formulate a framework for USD-backed stablecoins, stipulating reserve and capital requirements, such as one-to-one reserve backing and anti-money laundering standards. (TheBlock)

1 minutes ago

An Ethereum Whale has accumulated a total of 16,415 ETH since February last year, currently holding an unrealized loss of over $13 million.

On April 3rd, as monitored by LookOnChain, 11 hours ago, a whale made another withdrawal of 2,774 ETH (valued at 5.27 million USD) from Binance.
Since February 11, 2024, this whale has withdrawn a total of 16,415 ETH (worth 43.9 million USD) from Binance with an average price of 2,676 USD. Currently, it is facing a loss of more than 13 million USD.

1 minutes ago

4E: "Peer Tax" Much Higher Than Expected, US Stocks and Bitcoin Fall

On April 3rd, as per 4E monitoring, Trump announced tariff retaliation last night. He adopted a dual-track system that combines "benchmark tariffs" with a "single-country single-rate" approach, and the tariff rates exceeded market expectations. Initially, the US stock market was optimistic as the 10% benchmark tariff was lower than expected, and the major indexes all closed higher. However, after the specific high tariff rates were announced, investors became concerned about the escalating global trade war risk, which could potentially drag the US economy into a recession. Panic selling occurred after hours, resulting in a sharp decline in stock index futures. At the time of writing, S&P 500 futures fell by more than 2.79%, Nasdaq futures dropped by more than 2.65%, and Dow Jones futures slipped by more than 1.9%. The cryptocurrency market witnessed a widespread decline. Initially, driven by tariff optimism, global risk assets rose across the board. Bitcoin surged to $88,500 at one po

1 minutes ago

Today's Fear and Greed Index is 25, indicating the market is experiencing "Extreme Fear" sentiment regression.

On April 3rd, according to alternative data, the cryptocurrency Fear and Greed Index for today is 25 (yesterday it was 44), suggesting a return to "extreme fear" in the market. Note: The threshold for the Fear Index is 0-100 and it includes indicators such as Volatility (25%) + Market Trading Volume (25%) + Social Media Hype (15%) + Market Surveys (15%) + Bitcoin's Dominance in the Market (10%) + Google Trends Analysis (10%).

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