|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
BlockTower Capital Rotates from Legacy DeFi into Next-Gen Token EigenLayer, Signaling Growing Risk Appetite
Oct 12, 2024 at 01:08 am
BlockTower Capital has rotated over $2 million worth of Maker tokens into EigenLayer, marking a growing appetite for next-generation DeFi cryptocurrencies.
BlockTower Capital, a leading digital asset investment firm, has shifted over $2 million worth of Maker (MKR) tokens to EigenLayer (EIGEN). The move signals a growing appetite for next-generation decentralized finance (DeFi) assets.
The transaction, which was spotted by on-chain data platform Lookonchain on Thursday, saw BlockTower Capital send 1,815 MKR tokens to Galaxy Digital. In return, the firm received 653,110 EIGEN tokens from Wintermute 20 hours later.
BlockTower Capital’s recent reallocation, which is aimed at newer DeFi tokens, appears to be having an impact on both MKR and EIGEN prices. While MKR has seen a slight decrease of 0.75% over the past day, trading at $1,364, EIGEN has surged by 1.2%.
According to Etherscan data, this marks the first time that the BlockTower Capital wallet has purchased EigenLayer. The firm’s total holdings of the token now amount to roughly $2.42 million.
Meanwhile, the wallet still holds 1,364 MKR tokens, which are valued at approximately $10.45 million at the time of writing. In addition to EIGEN and MKR, the wallet also holds $3.56 million worth of Maple Token (MPL) and $849,000 worth of Lido DAO (LDO). Other notable holdings include $142,000 worth of Blur (BLUR) and $69,000 worth of FOAM Token (FOAM).
BlockTower Capital’s recent shift into EigenLayer reflects a growing risk appetite among market participants. Notably, Maker has been present in the cryptocurrency market since 2018, while EigenLayer began distributing its token less than two weeks ago.
This disparity highlights the riskier nature of EigenLayer, making BlockTower Capital’s move illustrative of the traders’ preference for higher-risk bets in anticipation of stronger market performance throughout Q4 and into 2025.
“2024-2025 Bull run will melt faces,” remarked one trader in a recent analysis of the market structure, which is setting up for another leg up into 2024. “Don’t get shaken out by whales. Only few more weeks to go then you will start seeing epic PUMPS.”
The bullish sentiment and increasing risk appetite have positively impacted the prices of several DeFi tokens. Aave (AAVE) and Maker are among those that have surged by over 100% from their yearly lows.
However, one category that consistently outperforms in a risk-on environment comprises meme coins. Tokens like Dogwifhat (DWF) and Pepe (PEPE) have each rallied by over 1,000% this year, outpacing even the gains of many newer projects.
Interestingly, Crypto All-Stars (STARS) combines elements of both worlds, introducing the first “MemeVault” that enables users to stake their joke tokens.
The project also aligns with BlockTower Captial’s recent move to rotate from legacy DeFi into a next-generation token, as Crypto All-Stars accommodates those seeking value-accretive exposure to crypto’s hottest and most counterintuitive trend: meme coins.
The project lets users stake tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe, Mog Coin (MOG), and more, and they’ll receive STARS token rewards in return.
STARS plays a pivotal role within the Crypto All-Stars app, as users must hold it to acces the platform, and their rewards depend on how much they hold. Moreover, users can stake their STARS tokens for more rewards.
Currently, the project is undergoing a presale, and it has raised $2.1 million so far.
Traders have high hopes for Crypto All-Stars. Recently, Jacob Bury said it will 10x in price, rivalling the gains produced by Dogwifhat and Pepe this year.
However, the difference between Crypto All-Stars and Dogwifhat or Pepe is that $STARS is backed by real utility and embraces the DeFi formula, which has helped projects like Maker and Aave stand the test of time.
The Crypto All-Stars price will increase throughout the ICO, so prospective buyers should act quickly to secure the most value for money.
For more information, visit the Crypto All-Stars presale website.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- The Crypto World is abuzz with Ethereum's EIP-7781 Proposal, Bitget Wallet's Grass AI Integration, and Plus Wallet's Swift Token Listings
- Oct 12, 2024 at 04:25 am
- Ethereum is making waves with its latest proposal, EIP-7781, aimed at turbocharging the system. This update dramatically cuts block times
-
- Bitcoin Spot ETFs Record Outflows 3 Days In A Row
- Oct 12, 2024 at 04:25 am
- In a worrying development, the Spot Bitcoin ETFs have witnessed another day of negative outflow, recording losses worth millions of dollars following Thursday's trading day, suggesting a decline in adoption at both the retail and institutional level.
-
- World Liberty Financial, the nascent decentralized finance (DeFi) protocol supported by Donald Trump and his family, announced plans to start selling tokens on Tuesday – exactly three weeks before the presidential election for which Donald Trump is the Re
- Oct 12, 2024 at 04:25 am
- World Liberty Financial is spearheaded by Zachary Folkman and Chase Herro, who worked previously on DeFi platform Dough Finance, which saw $2 million of crypto