Solana

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Cardano ended a four-day losing streak on Friday, as markets responded to the latest U.S. nonfarm payrolls (NFP) report. Payrolls in May rose to 339,000, which was significantly higher than the expected sum of 190,000. Solana collided with a key resistance level in today’s session.
Cardano (ADA)
Cardano (ADA) was one of Friday’s notable gainers, as the token snapped a key resistance level.
ADA/USD rose by as much as 3% in today’s session, hitting an intraday high of $0.3777 as a result.
This rally resulted in the 10-day (red) moving average crossing over its 25-day (blue) counterpart.

Typically such an upwards crossover signals the start of a bull run, and it comes as the relative strength index (RSI) also rose considerably.
At the time of writing, the index is tracking at 50.91, which is marginally below a resistance level at 52.00.
In the event this ceiling is broken, there is a strong chance that ADA will move towards the $0.3800 mark.

Solana (SOL)
Solana (SOL) also climbed higher in today’s session, with prices colliding with a key resistance level in the process.
Following a low of $20.38 on Thursday, SOL/USD surged to a peak at $21.30 earlier in the day.
Since hitting the aforementioned ceiling at $21.30, momentum has somewhat weakened, due to bulls securing earlier gains.

Another reason for this is that the RSI is close to a resistance level of its own at 55.00, leading traders to act more tentatively.
The index is currently tracking at 53.64, and should it eventually cross the hard line at 55.00, bullish pressure will likely increase.
Some may expect this to happen over the weekend, as traders continue to digest today’s economic data.
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Could solana move above $22.00 this coming weekend? Let us know your thoughts in the comments.



Cardano ended a four-day losing streak on Friday, as markets responded to the latest U.S. nonfarm payrolls (NFP) report. Payrolls in May rose to 339,000, which was significantly higher than the expected sum of 190,000. Solana collided with a key resistance level in today&#x2019;s session. Cardano...

news.bitcoin.com

Biggest Movers: ADA Snaps Losing Streak as Nonfarm Payrolls Beat Expectations

A widely followed crypto strategist is warning traders that one major Ethereum (ETH) rival is about to plummet.
Pseudonymous analyst Altcoin Sherpa tells his 195,700 Twitter followers that Solana (SOL) could see a more than 30% decline from its current value.

According to Sherpa, Solana’s volume profile shows a risk of a major collapse. Looking at his chart, the next high volume price level on the downside is around the $14 to $15 range, which it last traded for in January 2023.
“SOL: EMAs (exponential moving averages) all doing ok on the 1-day but this is at a scary spot. If this area falls, price is probably headed to the $14-$15 area. Still not really a fan of this chart as of now. (I do think that SOL will be fine long term and should be a decent bet given the community).” 
Source: Altcoin Sherpa/Twitter
Solana is trading for $20.70 at time of writing, up 0.1% during the past 24 hours.
Next Sherpa, predicts that Bitcoin (BTC) is on the verge of a dip down to at least the $25,000 level, or even lower to the $23,000 level.
“BTC Update: I still think $25,000 has too much confluence to not get tapped. I’m still waiting for the next low to form as well. Past lows have shown a shakeout to start it, let’s see if we make it to $23,000 or so.”
In a new strategy session video, Sherpa expands on his thesis, noting several indicators are pointing to a $25,000 BTC level, including the 200-week EMA, the support and resistance level (SR) and the .382 Fibonacci level.
“This $25,000 level would make a lot of sense to me personally. And the reason is that it’s the 200-week EMA, S/R (support/resistance) level here and as we scale down to the daily it’s also the 200-day EMA as well. And it’s also the .382 [Fibonacci]… 
There’s just a lot of confluence here with $25,000.” 
He predicts that the momentum of breaking support levels will likely cause Bitcoin to dip lower than $25,000, down to $23,000 before reclaiming the $25,000 level as support.
Bitcoin is trading for $26,823 at time of writing, down 0.8% during the last 24 hours.

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The post Top Crypto Trader Predicts One Ethereum Rival Will Plummet by Over 30%, Says Bitcoin Also Headed Lower appeared first on The Daily Hodl.


A widely followed crypto strategist is warning traders that one major Ethereum (ETH) rival is about to plummet. Pseudonymous analyst Altcoin Sherpa tells his 195,700 Twitter followers that Solana (SOL) could see a more than 30% decline from its current value. According to Sherpa, Solana’s volume ...

dailyhodl.com

Top Crypto Trader Predicts One Ethereum Rival Will Plummet by Over 30%, Says Bitcoin Also Headed Lower

Universal’s U-turn on AI music won’t please Ice Cube, former MOMA curator collects fine art on Solana, Edge of NFT podcast + Crypto Titans.

cointelegraph.com

BitCulture: Fine art on Solana, AI music, podcast + book reviews

A popular crypto trader who has remained bearish on the digital asset markets this year is doubling down on his predictions and adding more to his short position on one large-cap token.
The pseudonymous trader Capo tells his 64,703 Telegram subscribers that he’s adding to his existing short on Polygon (MATIC), an Ethereum (ETH) scaling solution.

MATIC is trading at around $0.903 at time of writing. The 11th-ranked crypto asset by market cap is down 0.55% in the past 24 hours.
Capo notes that his current positioning is 65% in the US dollar and 35% in mid-term short positions.
Besides MATIC, he’s also shorting Binance Coin (BNB), the utility token of the BNB Smart Chain, the lending and borrowing decentralized finance (DeFi) protocol Aave (AAVE), decentralized storage and distribution platform Tron (TRX), and the Ethereum competitor Solana (SOL).
Earlier this month, the trader predicted Bitcoin (BTC) was destined to plummet to $12,000, while ETH could crash by well over 70%. He argues that the bear market hasn’t ended yet and BTC’s recent rally from $15,700 to $30,000 was nothing more than a retracement, which has now come to an end.
Capo is known in crypto circles for correctly predicting last May that Bitcoin would continue to plunge lower.
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The post Crypto Bear Doubles Down Again, Goes Short on Polygon (MATIC), Solana (SOL), Aave and More appeared first on The Daily Hodl.


A popular crypto trader who has remained bearish on the digital asset markets this year is doubling down on his predictions and adding more to his short position on one large-cap token. The pseudonymous trader Capo tells his 64,703 Telegram subscribers that he&#8217;s adding to his existing short...

Crypto Bear Doubles Down Again, Goes Short on Polygon (MATIC), Solana (SOL), Aave and More

Solana (SOL) co-founder Raj Gokal is bullish on the prospects of the layer-1 Ethereum (ETH)-rival over the long term.
Gokal tells TechCrunch+ that Solana could become as dominant in the crypto space as Apple is in the consumer electronics industry.

“Solana has the potential to be the Apple of crypto.
I think about Apple, having worked for close to a decade on latency for touchscreens to allow for the iPhone to come out and it just felt like magic.
There were a lot of things to be built on top of that platform to get the iPhone and App Store and app ecosystem to where it is today. But it all started with one relentless focus on a simple interaction that had to work perfectly.”
According to Gokal, Solana’s engineering team and the ecosystem is placing an Apple-like focus on user experience and performance to ensure that the network “feels like the regular internet, when it’s an entirely new financial internet.”
The Solana co-founder says that going forward, the layer-1 blockchain will focus on growth.
“The core thesis is going to be [focused on] new businesses, new projects, independent developers. We are still in an ecosystem and a community that is optimistic about what two developers in a garage can do.”
On the Solana blockchain-based smartphone which was launched last month, Gokal says that it will assist more people access crypto products and services without having to use a computer.
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The post Solana Has Potential To Be the ‘Apple’ of Crypto, According to SOL Co-Founder Raj Gokal appeared first on The Daily Hodl.


Solana (SOL) co-founder Raj Gokal is bullish on the prospects of the layer-1 Ethereum (ETH)-rival over the long term. Gokal tells TechCrunch+ that Solana could become as dominant in the crypto space as Apple is in the consumer electronics industry. “Solana has the potential to be the Apple of cry...

Solana Has Potential To Be the ‘Apple’ of Crypto, According to SOL Co-Founder Raj Gokal

A popular crypto analyst thinks that the Ethereum (ETH) competitor Solana (SOL) is dramatically undervalued.
In a new update, the anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that the number of daily active addresses on Solana rivals that of Ethereum, yet it is currently only worth 1/25th of ETH’s market cap.

“[Solana] does way more transactions. And the people who are active on the chain are a lot more active and the breadth of DApps (decentralized applications) is broader, etc., etc. And this is a crazy thing that’s going on – it’s mind-boggling, but sometimes markets are irrational.”
The analyst notes that Solana should, at the “bare, bare minimum,” be worth 1/10th the market cap of Ethereum.
Ethereum’s market cap hovers around $227.5 billion at time of writing, meaning 1/10th of that would be around $22.75 billion. Solana’s market cap is currently $8.1 billion, meaning reaching 1/10th of Ethereum’s market cap would equate to a nearly 3x jump.
Says the InvestAnswers host,
“It’s hard to say exactly where this can go, because there’s no solid trading pattern between both, because literally, as I mentioned before, SOL has been bleeding against ETH for the last year with the FTX debacle, etc., etc. It’s just been doing badly. And it needs to break out, and that means it needs to get above $30 and then [it’ll be] off to the races.” 
SOL is trading at $20.57 at time of writing. The 11th-largest crypto asset by market cap is down more than 1% in the past 24 hours.

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The post Solana (SOL) Price Should Be ‘Bare Minimum’ 3x Higher, According to InvestAnswers appeared first on The Daily Hodl.


A popular crypto analyst thinks that the Ethereum (ETH) competitor Solana (SOL) is dramatically undervalued. In a new update, the anonymous host of InvestAnswers tells his 444,000 YouTube subscribers that the number of daily active addresses on Solana rivals that of Ethereum, yet it is currently ...

Solana (SOL) Price Should Be ‘Bare Minimum’ 3x Higher, According to InvestAnswers

XRP rallied to a six-week high in today’s session, as the token extended a recent bull run to a sixth day. Prices have risen by as much as 10% in that period, with the latest surge sending the cryptocurrency above $0.50. Solana was also higher, hitting a multi-week high of its own.
XRP
XRP, formerly known as ripple, was one of the biggest movers in cryptocurrency markets on Tuesday, as it rose above $0.50.
XRP/USD raced to a peak of $0.5049 earlier in today’s session, after starting the week trading at a low of $0.4779.
As a result of this surge, the token moved to its strongest point since April 19, when it hit a high of $0.5390.

Today’s rally has also led to the 14-day relative strength index (RSI) hitting its highest reading since March 31.
At the time of writing, the index is tracking at 67.55, which is marginally below a ceiling of 68.00.
In the event this upcoming ceiling is broken, there is a reasonable chance that XRP moves closer to March’s high.

Solana (SOL)
Solana (SOL) was also in the green, as it moved close to a key resistance level of $21.50.
After trading at a low of $20.30 during Monday’s session, SOL/USD bulls took the token to a high of $21.37 today.
This surge saw SOL hit its highest level since May 8, when the token was trading above $21.80.

Following recent gains, solana is now trading 7% higher than at the same point last week, with today’s rally sending the RSI to a ceiling at 55.00.
As of writing, the index is hovering marginally below this point, which has resulted in a drop from today’s peak.
Bulls will firstly need to overcome the ceiling at 55.00, and should they achieve this, SOL will likely move above $22.00.
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Do you expect a breakout in the coming days? Let us know your thoughts in the comments.



XRP rallied to a six-week high in today&#x2019;s session, as the token extended a recent bull run to a sixth day. Prices have risen by as much as 10% in that period, with the latest surge sending the cryptocurrency above $0.50. Solana was also higher, hitting a multi-week high of its own. XRP XRP...

Biggest Movers: XRP Hits 6-Week High, SOL Collides With Key Resistance Level

Ethereum (ETH) rival Solana (SOL) has huge upside potential if certain conditions are met, according to VanEck’s digital asset research department.
Last week, VanEck released a research report detailing its forecast for the price of Ethereum in 2030.

VanEck based its forecast, which places ETH at $51,000 in its “bull case,” on the thesis that Ethereum becomes widely adopted across numerous business sectors.
“We base these estimates on the thesis that Ethereum becomes the dominant open-source global settlement network that hosts substantial portions of the commercial activity of business sectors with the highest potential to gain from moving their business functions to public blockchains. In a portfolio of similar smart contract platforms, we assume to own a collection of call options, with the dominant platform likely to take a majority market share.”
In an interview with Bankless, Matthew Sigel, the head of VanEck’s digital asset research, says that the same outlook could be used for Solana, but with a higher risk profile.
“In terms of upside, once you layer in our top two assumptions of the penetration rate, and then if you assume that Solana takes 70% of all of open-source blockchain activity, the upside becomes much higher, but with a much higher level of risk as well.
And the other thing that we observed, especially with Solana is that the MEV (miner extracted value) is a much higher percentage of the revenue line, and that leads to issues of centralization. There’s opacity in that chain, a fewer number really active participants extracting value and that just introduces question marks. So even though we have more upside in tokens like ATOM and Solana, it’s smaller position sizes because of the unknowns.”
At time of writing, Solana is trading for $19.86.

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The post Solana (SOL) Could See Massive Upside in the Future, According to VanEck Digital Assets Research appeared first on The Daily Hodl.


Ethereum (ETH) rival Solana (SOL) has huge upside potential if certain conditions are met, according to VanEck&#8217;s digital asset research department. Last week, VanEck released a research report detailing its forecast for the price of Ethereum in 2030. VanEck based its forecast, which places ...

Solana (SOL) Could See Massive Upside in the Future, According to VanEck Digital Assets Research

Unlike the previous few weekends, this one is turning out to be more positive for bitcoin, which spiked to over $27,000 earlier today.
The altcoins also trade in the green today. SOL is among the most notable gainers, with a 5% surge that helped it reclaim $20.
BTC Above $27K
Last week didn’t go all that well for the primary cryptocurrency, especially after the latest rejection at $27,500 recorded on Tuesday. The bears took complete control of the market in the following few days and pushed it south to a two-week low at $25,900 by Thursday.
The landscape started to change as the working week came to an end, and BTC quickly reclaimed $26,000. It even spiked to almost $27,000 by Saturday but was stopped there at first.
However, the bulls propelled a more impressive price increase on Sunday morning that drove the cryptocurrency to a multi-day high of $27,300. Despite retracing slightly since then, bitcoin is still almost 2% up on the day.
As such, its market capitalization has neared $530 billion, and its dominance over the altcoins has increased a bit to 46.4%.
BTCUSD. Source: TradingView
SOL Jumps 5%
The alternative coins have also headed higher during the weekend, which is in contrast with what happened in the past few ones.
Ethereum slipped below $1,800 during the week but has managed to reclaim and retrain that level. Another minor increase on a daily scale has pushed the second-largest crypto to $1,850. Binance Coin, Polygon, Dogecoin, Tron, Polkadot, Litecoin, and Avalanche are up by somewhere between 0.5% and 2% in a day.
More gains from the larger-cap alts come from Cardano, Shiba Inu, and today’s top performer – Solana. SOL has jumped by almost 5% and currently trades above $20.
With most lower- and mid-cap alts seeing green today, the total crypto market cap has added $15 billion and sits close to $1.140 trillion. The metric dipped below $1.1 trillion just a few days ago.
Cryptocurrency Market Overview. Source: Quantify Crypto
The post Bitcoin Taps $27K, Solana Soars 5% Daily (Weekend Watch) appeared first on CryptoPotato.

SOL, VET, ARB, NEAR, and SHIB are today's top performers from the larger-cap alts.

cryptopotato.com

Bitcoin Taps $27K, Solana Soars 5% Daily (Weekend Watch)

Solana gained bearish momentum and traded below $20 against the US Dollar. SOL price might now struggle to recover above the $20 and $21 resistance levels.

SOL price is showing bearish signs below the $20.50 resistance against the US Dollar.
The price is now trading below $19.80 and the 100 simple moving average (4 hours).
There is a major bearish trend line forming with resistance near $19.90 on the 4-hour chart of the SOL/USD pair (data source from Kraken).
The pair could recover but upsides might be limited above $20.

Solana Price Extends Losses
This past week, Solana’s price started a fresh decline from well above $21. SOL gained bearish momentum and was able to trade below the $20.50 support.
The bears gained strength and pushed the price below the $20 support. The price is now showing bearish signs below $20, similar to Bitcoin and Ethereum. A low is formed near $18.70 and the price is now consolidating losses.
SOL is now trading below $19.80 and the 100 simple moving average (4 hours). There is also a major bearish trend line forming with resistance near $19.90 on the 4-hour chart of the SOL/USD pair. On the upside, immediate resistance is near the $19.80 level and the trend line.
The next major resistance is near the $20 zone or the 50% Fib retracement level of the downward move from the $21.51 swing high to the $18.70 low. The main resistance is now forming near the $20.50 level and the 100 simple moving average (4 hours).

Source: SOLUSD on TradingView.com
The 61.8% Fib retracement level of the downward move from the $21.51 swing high to the $18.70 low is also near $20.50. A close above the $20.50 level could resend the price toward the $21.50 resistance zone. Any more gains might send the price toward the $22 level.
More Losses in SOL?
If SOL fails to clear the $20.50 resistance, it could continue to move down. Initial support on the downside is near the $19.00 level.
The first major support is near the $18.80 level, below which the bears might gain strength. In the stated case, Solana price may perhaps decline toward the $18.20 support. The next major support is near the $17.50 level.
Technical Indicators
4-Hours MACD – The MACD for SOL/USD is gaining pace in the bearish zone.
4-Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.
Major Support Levels – $18.80, and $18.20.
Major Resistance Levels – $20.00, $20.50, and $21.50.


Solana gained bearish momentum and traded below $20 against the US Dollar. SOL price might now struggle to recover above the $20 and $21 resistance levels. SOL price is showing bearish signs below the $20.50 resistance against the US Dollar. The price is now trading below $19.80 and the 100 simpl...

newsbtc.com

SOL Price Prediction: Solana Turns Sell On Rallies As It Breaks $20

American basketball legend Shaquille O’Neal is facing a new lawsuit for promoting the Solana-based crypto project, Astrals.
According to the class action lawsuit filed with a Floridan court by plaintiff Daniel Harper, Shaquille shilled the Astrals token through posts and videos on several of his social media handles.
O’Neal Faces Lawsuit Over Astrals Project
According to the lawsuit, Astrals is a 3D-modeled NFT collection founded by the NBA celebrity alongside his son, Mylers O’Neal. Shaq’s son headed the role of “Investors Relations” while his music manager, Brian Bayati, acted as the project’s CEO.
Building on the Solana network, Astrals seeks to onboard users into an ecosystem that offers gaming and metaverse experiences. These services are accessible through the Solana-based NFT marketplace Magic Eden.
Encouraging users to engage with Astrals’ native cryptocurrency, the project launched the Shaq Signature Pass as an exclusive 50-piece collection of NFTs. These collectibles can only be claimed with the native token.
Harper’s lawsuit, which claims that Astrals tokens are unregistered securities, means that the assets will be subjected to the Howey test. This is a process used to determine whether a cryptocurrency (or any other type of asset) falls under the category of security or an investment contract.
If the Astrals token passes the Howey test, it will be classified as a security and must be registered with the United States Securities and Exchange Commission (SEC). As such, the SEC will likely take legal action against Astrals and its executives, demanding a settlement.
Not the First
Since joining the industry, O’Neal has found himself in several crypto-related lawsuit cases. Earlier this month, he was involved in a court case regarding the collapsed crypto exchange FTX.
After being summoned to the court regarding his interaction with FTX, the NBA celebrity stated that the notice was inadequate, as it was tossed at his moving car and not served at his home.
The post NBA Star Shaquille O’Neal Faces Lawsuit for Promoting Solana-Based Crypto Project Astrals appeared first on CryptoPotato.

O'Neal has been summoned to court again over his involvement in promoting Astrals token, an alleged unregistered security.

NBA Star Shaquille O’Neal Faces Lawsuit for Promoting Solana-Based Crypto Project Astrals

Former Goldman Sachs executive and macro expert Raoul Pal is bullish on Solana (SOL) based on his interpretation of the technical analysis.
Pal says in this week’s Global Macro Investor (GMI) newsletter that the Ethereum (ETH) competitor and 11th-largest crypto asset by market cap is “getting ready” for an upward move.

The macro guru says that Solana has undergone consolidation after completing a pattern that indicates a reversal from a bearish to a bullish trend.
“Solana looks like it’s getting ready to make its next move higher after a period of consolidation following the inverse head and shoulders breakout in April. Solana was a big bet at GMI this year and is up nearly 150% year-to-date…”
Source: Raoul Pal/Global Macro Investor
Solana is trading at $19.88 at time of writing.
Turning to stocks, the macro guru says that it appears that global equities are on the verge of rallying amid the formation of a bullish pattern.
According to the macro guru, global equities could hit a new high if a key resistance level on the All Country World Index (ACWI) index is breached. The ACWI index measures the performance of large and mid-cap equities in both developed and emerging markets.
“Global equities just look like the mirror image of the DXY [US dollar index] and appear to be forming a large head-and-shoulders bottom. We’re very close to a potential breakout now and the small bullish pennant that has formed on the right shoulder looks like just the boost needed to get us over the line. If we break 94, the measured move is new highs…”
Source: Raoul Pal/Global Macro Investor
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The post Solana (SOL) Getting Ready for Next Move Higher, According to Real Vision Founder Raoul Pal appeared first on The Daily Hodl.


Former Goldman Sachs executive and macro expert Raoul Pal is bullish on Solana (SOL) based on his interpretation of the technical analysis. Pal says in this week’s Global Macro Investor (GMI) newsletter that the Ethereum (ETH) competitor and 11th-largest crypto asset by market cap is “getting rea...

Solana (SOL) Getting Ready for Next Move Higher, According to Real Vision Founder Raoul Pal

The Solana (SOL) blockchain has recently witnessed a divergence in its on-chain activity and the number of new addresses joining its network. Despite an impressive surge in new addresses, SOL’s on-chain activity experienced a decline during May. 
Meanwhile, the asset’s price has also mirrored its on-chain activity as SOL has been in a downtrend in the past week, down by nearly 10%.
On-Chain Activity Defies New Address Metrics
As of this month (May), Solana demonstrated growth in its user base, with 5.4 million new addresses joining the blockchain. This surge represents the highest number of new addresses added since October 2022, hinting at a surge in interest in the Solana blockchain.

Typically, a surge in new addresses suggests strong fundamentals for a blockchain, reflecting growing adoption and community engagement.

However, while Solana experienced a surge in new addresses, its on-chain activity declined during the same period. Data from The Block, a prominent blockchain analytics tool, reveals that the on-chain activity on the Solana network dropped in May, contrasting the influx of new participants.

On-chain activity refers to the transactions, smart contract interactions, and other operations occurring on the blockchain. The decrease in on-chain activity raises questions about the factors influencing Solana’s blockchain’s overall engagement and usage and why growth in activity has failed to impact its price positively. 
Unique Circumstances For SOL
Solana’s situation is unique due to the divergence between the increasing number of addresses and the decline in SOL’s price. While new addresses often correlate with positive growth indicators for cryptocurrencies, SOL’s price experienced a more than 10% drop since the beginning of May. 
Starting the month at $21.71, SOL’s price currently trades at $19.68. Over the past week, the asset has plummeted by 8.2%. SOL has dropped from a high of $21.38 seen last Monday to trade below $20 at the time of writing. 

Solana’s market capitalization has also plunged in the past seven days. SOL’s market cap has fallen nearly 10% from a cap high of $217 billion to a high of $8.4 billion last Monday. Meanwhile, its daily trading volume has surged in the past few days.
From $100 million and $150 million a few days ago to nearly $300 million in the last 24 hours. The unique decoupling between Solana’s new address growth and price performance caught the crypto community’s attention. 

Notably, Several factors could contribute to Solana’s contrasting trends. Market dynamics, investor sentiment, and external market factors may have influenced SOL’s price decline. 
Additionally, while the surge in new addresses indicates growing interest, it is crucial to consider the nature of these addresses. Analyzing the activity associated with the new addresses, such as trading or long-term holding, could provide further insights into the situation.
Featured image from Shutterstock, Chart from TradingView


The Solana (SOL) blockchain has recently witnessed a divergence in its on-chain activity and the number of new addresses joining its network. Despite an impressive surge in new addresses, SOL&#8217;s on-chain activity experienced a decline during May. Meanwhile, the asset&#8217;s price has also m...

Solana (SOL) Records Surge In New Active Addresses, But Onchain Activity Takes A Dive


May 18, 2023 – Miami, Florida


Borderless Capital is the manager behind this new fund. Investors include Jump Crypto, Aptos Labs, Polygon Ventures, Solana Foundation, Algorand Foundation, GSR and Arrington Capital, among other institutions.

Over 20 blockchain teams and venture funds have teamed up to launch a $50 million cross-chain ecosystem fund focused on backing and growing new startups that leverage the Wormhole cross-chain messaging protocol.
The Cross-Chain Ecosystem Fund is being managed and operated by Borderless Capital, a leading venture capital firm in the Web 3.0 space.
Backed by top blockchain protocols, infrastructure providers and institutional investors, the fund aims to support cross-chain innovations that will drive the growth and adoption of the Web 3.0 industry.
The Cross-Chain Ecosystem Fund is backed by Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs (the company behind the Celo Blockchain), the Moonbeam Foundation, Optimism, Circle, MultiCoin GP’s Tushar Jain and Kyle Samani, Arrington Capital, GSR, Floating Point Group, Chainlayer, Chainode Tech, 01Node, Staking Fund, Moonlet.io, Forbole Ventures, Syncnode, Inotel, Triton One, Strangelove, Securitize’s CEO Carlos Domingo and OtterSec, among others.
Navigating the Web 3.0 landscape is becoming increasingly challenging due to the proliferation of numerous layer one blockchains, layer two scaling solutions and specialized appchains with unique purposes and parameters.
This complexity poses difficulties for users and alienates developers who are restricted from accessing a single ecosystem, hindering their growth.
The Cross-Chain Ecosystem Fund seeks to unlock the full potential of a cross-chain future, aiming to redefine users’ experiences and establish Wormhole as the cross-chain standard for builders to transcend the limitations of individual ecosystems.
This innovation prioritizes aggregation, security, scalability, compatibility and composability.
David Garcia, CEO and managing partner of Borderless Capital, said,
“We believe in a borderless Web 3.0 future and are thrilled to have the support of our partners and investors who share our vision. In the same way that in Web 2.0 the value was created through aggregating the relationship with the users, we believe that in Web 3.0 this is the natural next step.
“Our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realize their full potential.”
Wormhole, the technological focus of the fund, is a foundational protocol that enables cross-chain messaging of value and data across more than 23 high-value chains, already leveraged by influential protocols and companies like Uniswap, Circle and Base from Coinbase.
Dan Reeder, head of operations at Wormhole Foundation, said,
“Crypto is still a nascent industry with essentially limitless growth opportunity, and we should be doing nothing but working together, regardless of which specific networks individuals may be more passionate about.
“It’s really exciting to see so many ecosystems come together with leading venture funds to unite on solving the interoperability challenge by supporting startups that integrate Wormhole’s cross-chain messaging standard.”
Builders, founders and developers looking to reach across ecosystems can apply to the Cross-Chain Ecosystem Fund here.
Applications will be reviewed by the fund manager, Borderless Capital, starting this month.
About Borderless
Borderless is a leading investment management firm focused on Web 3.0 technology, dedicated to supporting the next generation of innovators who are driving the development of groundbreaking technologies that will enable the creation of value without borders.
Borderless comprises a team of builders, partners and investors who adopt a long-term perspective and strive to unleash the full potential of open, community-driven networks.
Since 2018, Borderless has invested in over 200 protocols and companies across infrastructure, business applications and nascent cryptographic protocols, and has played an integral role in the development of some of the most significant and innovative Web 3.0 communities.
For more information, please visit their website.
About Wormhole
Wormhole is the industry standard cross-chain messaging protocol powering applications across Web 3.0.
Wormhole provides developers access to liquidity and users on over 20 of the leading blockchain networks, enabling use cases that span DeFi, NFTs, governance and more.
Wormhole enables a growing suite of products to build on its messaging layer. Wormhole Connect is an in-app bridging widget that can be integrated in as few as three lines of code.
The wider Wormhole network is trusted and used by teams like Circle (USDC) and Uniswap, and to date, the platform has facilitated the transfer of over $35 billion through hundreds of millions of cross-chain messages.
Contact
Borderless Capital Team
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.

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May 18, 2023 – Miami, Florida Borderless Capital is the manager behind this new fund. Investors include Jump Crypto, Aptos Labs, Polygon Ventures, Solana Foundation, Algorand Foundation, GSR and Arrington Capital, among other institutions. Over 20 blockchain teams and venture funds have teamed up...

Leading Crypto Teams and Investors Launch $50 Million Cross-Chain Fund Powered by Wormhole

More than 70% of all tokenized Bitcoin, worth over $4.3 billion, have been transferred to Ethereum, according to data from Cryptoflows.
This migration highlights a growing trend of utilizing Bitcoin within Ethereum’s decentralized finance (DeFi) ecosystem and other interesting areas.
Billions Of Bitcoin Being Tokenized
Out of the $5.75 billion worth of BTC exported from Bitcoin, over $1.44 billion found its way to the BNB Smart Chain (BSC) with more BTC tokens flowing to Avalanche, Fantom, and Solana.
Just like Ethereum, BSC, Avalanche, and other ecosystems where tokenized BTC found its way to, support smart contracting. Therein, holders can engage in DeFi, possibly earning income.

Bitcoin doesn’t support smart contracts; explaining why some holders are tokenizing their assets. Still, while there appears to be growing demand for DeFi, reading from this outflow of BTC to smart contracting platforms, total value locked (TVL) and decentralized exchange (DEX) volumes have been low and even stagnant.
Data from DefiLlama.com, a DeFi analytics platform, shows that TVL is flat and below $50 billion.
Meanwhile, DEX trading volumes have been relatively low in recent months. This phase of decreased activity could suggest a temporary slowdown in decentralized trading, mirroring the general trend of crypto prices in recent months.
With less than $2 billion of registered DEX trading volumes on May 17, there has been a notable slump in activity over the last months, especially from early 2022.
In November 2021, at the peak of the last bull cycle, DEX trading volumes, on average, stood at over $7 billion.
BTC Prices Suppressed But Coin Is A Safe Haven
While users port their BTC to smart contracting platforms, Bitcoin prices remain under pressure partly due to regulatory decisions across the world, mainly in the United States and Europe.

On May 16, the European Union (EU) approved comprehensive crypto regulations which aim to bring transparency and oversight to the crypto industry, addressing concerns such as money laundering and investor protection.
Even in this bearish environment, Geoff Kendrick, the head of digital assets research at Standard Chartered, recently opined that Bitcoin prices could rally by as much as 70%, adding $20,000, should the United States default on its debt.
Related Reading: Bitcoin Loses Grip On $27,000 Handle Amid Debt Ceiling Concerns – Details
Although Kendrick said the probability of this default is a “low-probability, high-impact event”, his prediction has generated significant interest within the crypto and Bitcoin communities as some begin to theorize the potential impact of the world’s superpower defaulting on its debt obligations on the broader financial landscape.
Any such event would result in economic turmoil and an inevitable loss of faith in traditional financial systems that would most likely drive investors towards alternative assets, mostly cryptocurrencies.
Considering Bitcoin’s stature and setup as a safe haven, the coin, in Kendrick’s view, could benefit, subsequently posting significant gains.



More than 70% of all tokenized Bitcoin, worth over $4.3 billion, have been transferred to Ethereum, according to data from Cryptoflows. This migration highlights a growing trend of utilizing Bitcoin within Ethereum&#8217;s decentralized finance (DeFi) ecosystem and other interesting areas. Billio...

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