Telegram Introduces 'Stars' Currency for In-App Purchases

Daily Top Performer — Taiko (TAIKO)

The SPX index is down by 0.02%, this market behavior comes in the context of recent data suggesting a cooling labor market, which has led to predictions of potential Federal Reserve interest rate cuts. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 1.21% and 1.73%, respectively in the past 24 hours.

Today’s outperformer is TAIKO, which jumped 26.68% after Taiko Introduced Fully Permissionless Proposing and Proved in Decentralization Milestone.

Taiko (TAIKO), launched in May 2024, is a fully open-source, Ethereum-equivalent ZK-rollup scaling solution designed for decentralized, secure, and permissionless operations. Taiko has introduced fully permissionless proposing and proving on its network, becoming the first rollup to offer these features. This enables global users to independently set up nodes and provers, advancing Taiko's decentralization. The network uses a "based rollup" model to eliminate centralized sequencing and incorporates a multi-prover system to enhance security. Users are encouraged to participate and help develop this decentralized platform.

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Talk of the Town:

Telegram has launched a new in-app currency called Stars, which can be purchased with fiat and used to buy digital goods and services within Telegram mini apps. This initiative, announced by CEO Pavel Durov, allows developers to convert their earned Stars into Toncoin, Telegram's preferred cryptocurrency, and eventually exchange it for other cryptocurrencies like USDT. The launch follows a promise made by Durov to enable in-app purchases, allowing developers to retain 70% of the revenue. Telegram plans to promote Stars by subsidizing ads purchased with them to counteract app store commissions. The introduction of Stars coincides with a surge in Toncoin's value, hitting a record high of $7.76 and boosting its market cap to the 10th largest in the cryptocurrency market.

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Spot Bitcoin ETF Flows:

Bitcoin ETFs have seen a notable increase in inflows, gathering $1.4 billion over a 17-day positive flow streak, led primarily by Fidelity surpassing BlackRock. Despite this, Bitcoin's price has remained stable, trading just above $71,000. Meanwhile, Grayscale has found some stability after recent losses, though it has been surpassed by BlackRock's IBIT as the largest Bitcoin ETF. The surge in ETF activity contrasts with low search interest in Bitcoin ETFs, indicating a broader shift in blockchain interest towards applications beyond simple speculation.

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Airdrop to Watch:

Dora Factory, a blockchain infrastructure provider, airdropped its DORA tokens to over one million Cosmos Hub stakers to encourage their participation in governance and decentralized funding. The initiative aims to integrate these stakers into the ATOM Economic Zone (AEZ) quadratic funding program, developed alongside DoraHacks and Atom Accelerator DAO, to support public goods projects. Participants can use ATOM tokens to vote and fund early-stage development projects, utilizing a matching pool of 80,000 ATOM and $200,000 USDC. Additionally, Dora Factory introduced an on-chain voting system with enhanced privacy called Minimal Anti-Collusion Infrastructure (MACI), promoting anonymous voting and project reviews to prevent collusion and enhance decentralized governance.

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