Tag: proposes

  • ADA price forecast: Cardano proposes a 70 million budget for key upgrades

    ADA price forecast: Cardano proposes a 70 million budget for key upgrades

    ADA price action

    • Core organizations have submitted a 70 million ADA tokens budget proposal.
    • The goal is to fund key ecosystem integrations ahead of 2026
    • ADA remains poised for remarkable breakouts despite short-term bearishness.

    Cardano’s major organization has proposed a new budget, calling for 70 million ADA tokens in Treasury funding to supercharge delayed ecosystem upgrades and integration.

    Announced yesterday, November 27, the proposal outlines a strategic plan to introduce innovative infrastructure needed for institutional access, cross-chain connectivity, and stablecoins.

    Named the Cardano Critical Integrations Budget, the plan received endorsement from key ecosystem organizations, including the Cardano Foundations, EMURGO, Input Output, the Midnight Foundation, and Intersect.

    That reflects a unified approach to equip the ADA network with what it needs to thrive in the coming times.

    The official blog highlighted:

    Cardano needs a set of core infrastructure layers to unlock stablecoins, attract deeper liquidity, support institutional participation, and expand the possibilities for DeFi, RWAs, and DePIN. These integrations cannot be delivered in isolation. They require a shared, ecosystem-wide commitment that brings the right partners to Cardano in a structured and accountable way.

    Trader attention remains on the ADA price amidst these developments. Are the coordinated efforts the catalyst that propels this altcoin to its predicted peaks?

    Why is this budget crucial?

    Cardano’s team is among the most active in the blockchain sector. Meanwhile, the project’s next growth phase now relies on mission or partially developed components.

    They include functionalities like enterprise-level custody and wallets, pricing oracles, advanced stablecoin infrastructure, and cross-chain bridges.

    The Cardano blockchain has struggled to unlock crucial utility without these elements.

    For instance, stablecoins are essential for DeFi liquidity and day-to-day on-chain transactions.

    Cross-chain support allows users to move tokens across the platform easily.

    Moreover, institutional-grade analytics and custody are crucial for risk management and compliant offerings.

    Indeed, Cardano’s long-term potential requires coordinated efforts to unleash.

    Therefore, core organizations have been negotiating with top-notch integration partners recently, and their conversations have reached a mature phase, inviting the community to participate in the next steps.

    ADA price outlook

    Cardano is trading at $0.4311 after gaining more than 6% the last seven days.

    The token remained relatively muted the past day, losing a mere 0.08% of its value.

    Meanwhile, the 20% slump in 24-hour trading volume signals prevailing selling pressure.

    Robust developer activity, especially with the 70 million ADA budget approved, and broad-based recoveries could trigger massive breakouts for ADA.

    However, buyers should overcome key resistance at $0.45 and $0.70 and reclaim the psychological level at $1 to shift Cardano’s short-term outlook to bullish.

    Surpassing $1.50 would confirm solid reversals and clear the path for higher targets.

    ADA can skyrocket to $2 and extend toward $2.20. That would mean a more than 400% rally from the current market price.

    On the other hand, continued selling pressure could trigger a roughly 40% decline to the support barrier at $0.25.

    A breakdown here would erase all bullish momentum and drag ADA prices to the historical foothold at around $0.18.



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  • Michigan proposes investments in crypto as Bitcoin Pepe’s presale nears $2m

    Michigan proposes investments in crypto as Bitcoin Pepe’s presale nears $2m

    Michigan

    • Michigan has joined the wave of other states in the US looking to invest in cryptocurrencies
    • Bitcoin Pepe’s presale approaches $2m two days after launch

    Michigan proposes crypto investments

    Michigan’s state representatives, Bryan Posthumus and Ron Robinson have proposed House Bill 4087 to allow the state to invest in Bitcoin and other cryptocurrencies. 

    If the bill is approved, the state treasurer can allocate up to 10% of Michigan’s general and economic stabilization funds to cryptocurrencies. Michigan joins a wave of other states in the US proposing to invest in cryptocurrencies.

    What is Bitcoin Pepe?

    With Michigan and other US states looking to invest in cryptocurrencies, Bitcoin will likely top the list as it’s the number one crypto by market cap. Bitcoin Pepe is leveraging Bitcoin’s position in the market to introduce memecoins to its ecosystem. 

    It’s a layer-2 network building on the Bitcoin blockchain. Bitcoin Pepe is a meme-specialized layer-2 solution built on top of Bitcoin, bringing Solana-style scalability to the Bitcoin network.

    According to the whitepaper, Bitcoin Pepe is designed to become ground zero for all memecoin trading and move all this economic activity to the BTC ecosystem. This project will unlock decentralized finance (DeFi) and meme trading on top of BTC.

    The team describes Bitcoin Pepe as the perfect fusion between BTC’s security and the unstoppable force of memecoins.

    The team added that Bitcoin Pepe is the first-ever meme initial coin offering (ICO) on the Bitcoin blockchain. With this, BTC Maxis will be able to trade memes, and combining high levels of trust (BTC) with high levels of performance (SOL) will lead to high levels of retail mass adoption.

    How can Bitcoin Pepe advance the Bitcoin ecosystem?

    Bitcoin is the oldest blockchain in the ecosystem, but offers less utility than smart contract blockchains like Ethereum and Solana. However, Bitcoin Pepe plans to open up the blockchain further by allowing the launch of memecoins and other narratives on the network. 

    By ushering in memes on Bitcoin, Bitcoin Pepe will turn the blockchain into the home base for the crazy high-octane meme experience. The team believes the BTC bridge will unlock $2 trillion in dormant BTC capital and make it available for memecoin trading.

    Bitcoin Pepe will launch as a layer-2 network, providing the necessary infrastructure for all memes to migrate to BTC and ensuring security and liquidity for investors and users. 

    Bitcoin Pepe presale raises $2m in two days

    Bitcoin Pepe’s presale launched two days ago and is already close to a new milestone. According to their official whitepaper, the Bitcoin Pepe presale has raised $1,937,568 in just two days.

    This isn’t surprising, as its native token, $BPEP, will power the Bitcoin Pepe layer-2 network and several other activities within the ecosystem. The presale allows investors to buy the tokens before they are listed on exchanges. 

    Investors can purchase the $BPEP tokens using various cryptocurrencies, including ETH, USDT, USDC, BNB, and SOL. 

    The presale could be an opportunity to purchase $BPEP at a discount. Solana’s SOL currently trades at $196 per coin. However, it was sold for $0.22 during its presale in 2020, indicating how early investors benefit from partaking in presales.

    Bitcoin Pepe aims to be a leading L2 network on Bitcoin, offering users security and liquidity. In addition to that, it’s leveraging the recent growth of memecoins to launch as one while working to introduce more memecoins to the Bitcoin ecosystem.

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  • Vancouver mayor proposes Bitcoin as city reserve asset for stability

    Vancouver mayor proposes Bitcoin as city reserve asset for stability

    Vancouver mayor proposes Bitcoin as city reserve asset for stability
    • Vancouver Mayor Ken Sim proposes Bitcoin as a reserve asset to protect purchasing power.
    • Jeff Booth supports Ken Sim’s proposal, recognizing Bitcoin’s potential as a strategic asset.
    • Former USA CFTC Chairman Giancarlo advocates for Bitcoin reserves, likening it to gold.

    Vancouver Mayor Ken Sim has introduced a bold proposal to explore Bitcoin as a reserve asset for the city, aiming to diversify its financial resources and safeguard its purchasing power.

    The motion, titled “Preserving the city’s purchasing power through diversification of financial resources: Becoming a Bitcoin-friendly city,” is scheduled to be officially presented to the Vancouver City Council on December 11, 2024. The proposal marks a significant shift toward cryptocurrency adoption by a major city government.

    Protecting Vancouver from economic shocks using Bitcoin

    In his motion, Mayor Sim seeks to investigate how Bitcoin could help protect Vancouver from economic volatility and inflation by adding it to the city’s reserves.

    It comes amid growing interest in Bitcoin as a reserve asset at the government level, particularly in the United States. Several US lawmakers have recently proposed holding Bitcoin in public financial reserves, highlighting the increasing consideration of cryptocurrency in national economic strategies.

    Although the full text of the proposal has not yet been made available, Bitcoin advocate Jeff Booth voiced support for Mayor Sim’s plan during a discussion on X Spaces on November 26, 2024. Booth described the motion as an important step in recognizing Bitcoin’s potential as a strategic financial asset for the city.

    Former CFTC chairman supports a Bitcoin reserve in the USA

    Meanwhile, Christopher Giancarlo, the former Chairman of the US Commodity Futures Trading Commission (CFTC), has been vocal about the potential for Bitcoin as a strategic reserve asset for the US.

    In a recent interview, Giancarlo referred to Bitcoin as the “world’s first digital commodity,” noting its similarities to traditional commodities such as gold, oil, and copper, which nations have historically hoarded. He praised the idea of a national Bitcoin reserve, emphasizing its potential to provide long-term financial stability in an increasingly digital economy.

    Giancarlo also acknowledged concerns about Bitcoin’s speculative nature but drew parallels to the dot-com bubble, where early-stage speculation gave way to technological breakthroughs that revolutionized industries. He believes the same evolution could occur with blockchain and Bitcoin technology, making it a forward-looking move for governments and financial institutions.

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  • Threshold community proposes merger to safeguard WBTC amid growing concerns

    Threshold community proposes merger to safeguard WBTC amid growing concerns

    Threshold community proposes merger to safeguard WBTC amid growing concerns
    • Threshold community proposes merging tBTC with WBTC.
    • The proposal is driven by concerns over WBTC’s stability due to Justin Sun’s involvement.
    • According to the proposal, BitGo will receive T tokens, becoming a major stakeholder in Threshold Network.

    In a strategic move to protect the future of Wrapped Bitcoin (WBTC), a proposal dubbed “#saveWBTC – a merger with Threshold’s tBTC” has been put forward to merge the decentralized tBTC token of Threshold with BitGo’s WBTC.

    The proposal, currently under discussion on Threshold’s forum page, comes in response to rising concerns within the crypto community regarding WBTC’s stability following BitGo’s partnership with Hong Kong-based BiT Global, a company partly owned by Justin Sun, founder of the Tron ecosystem.

    Unease with Justin Sun’s involvement with WBTC

    The partnership has raised alarms due to Sun’s controversial track record, with past incidents of misappropriating collateral. This unease has already led major DeFi protocols like MakerDAO to limit their exposure to WBTC, halt its use as collateral, and consider fully offboarding the asset.

    Aave, another significant player in the DeFi space, is also closely monitoring the situation.

    The Threshold, WBTC merger proposal

    The merger proposal seeks to replace WBTC’s centralized custody and merchant-based mint and burn model with its decentralized and permissionless mint/redeem mechanism. This transition aims to ensure the safety and stability of the underlying collateral, reassuring users and protocols reliant on WBTC.

    The plan involves granting Threshold’s DAO merchant privileges for WBTC while disabling tBTC minting, allowing existing tBTC holders to redeem WBTC at a 1:1 ratio.

    As part of the proposal, BitGo would receive a grant of T tokens, making it the largest stakeholder in the Threshold Network.

    The merger would be implemented in stages to ensure a seamless transition, with a fallback plan to offboard WBTC safely if the proposal is declined.

    By combining WBTC’s established user base and liquidity with tBTC’s decentralized technology, Threshold aims to preserve WBTC’s role in the DeFi ecosystem, ensuring that the concerns over BiT Global’s involvement do not destabilize the broader market.

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