PancakeSwap has partnered with BetFury to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025.

Daily Top Performer — Phala Network (PHA)

The S&P 500 rose 1.1%, marking its third straight gain and the start of the Santa Claus rally. Growth and megacap tech stocks led, driven by optimism in AI and long-term tech trends, despite elevated Treasury yields. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.18%, with Bitcoin and Ether rising by 4.52% and 1.90%, respectively in the past 24 hours.

Today's top performer is PHA, which surged 63.4% after the announcement of Phala Network's 2024 achievements and 2025 roadmap, featuring decentralized GPU AI advancements and strategic partnerships.

The Phala Network (PHA), founded in 2018, is a decentralized cloud computing platform that uses excess computing power from everyday devices. It operates with Gatekeeper and Miner nodes, offering secure and scalable cloud services. Phala also launched Khala (PHA) on the Kusama network in 2021. 

 include co-building a decentralized GPU network, enhancing AI model training, and partnerships with projects like SentientAGI and MorpheusAIs. The Phala Treasury allocated 37% to infrastructure, 20% to community, and 43% to marketing. Social media efforts generated millions of impressions and engagements, while the network participated in six events and established 15 partnerships. Phala 2.0, launching in 2025, will integrate GPU TEE technology and Ethereum Layer 2 scalability for AI and Web3 applications.

Check Out the Latest Prices, Charts, and Data of 

 to launch a $50,000 trading competition running from December 24, 2024, to January 12, 2025. Participants can earn rewards by trading BFG tokens on the PancakeSwap Web interface or Telegram Swap-Bot. The competition includes daily lucky draws with $10,000 USDT, a leaderboard with $30,000 in BFG tokens for top traders, and $10,000 USDT for traders using the Telegram Swap-Bot. To qualify, participants must meet specific trading volume requirements, with rewards distributed in USDT and BFG tokens.

Yesterday, Bitcoin Spot ETF flows remained unchanged for GBTC, while non-GBTC ETFs experienced outflows of $149.7 million, bringing total outflows to $149.7 million.

: Astherus lets you farm while qualifying for Lista DAO Season 2, while Superform involves depositing ETH on Base via Moonwell WETH Morpho vault. Mitosis allows Linea airdrop qualification by holding funds, and Symbiotic rewards large token deposits on Ethereum mainnet. Mind Network offers bigger airdrop allocations for farming vFHE by depositing eETH. Solayer requires depositing and delegating SOL or derivatives to rank higher, and Drift's second airdrop involves liquid staking SOL to earn and lend dSOL.

Beginner

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PancakeSwap and BetFury Launch $50,000 Trading Competition with BFG Token Rewards

In this tutorial, we’ll explore how you can complete a series of tasks in Orochi Network for Bybit Web3 Airdrop Arcade.

In this tutorial, we’ll explore how you can complete Orochi Network tasks for Bybit Web3 Airdrop Arcade. 

Task 2: Quote Orochi Network's Post and Tag 3 Friends

: Navigate to Orochi Network’s pinned post on X.

: Quote the tweet with your thoughts, and tag 3 friends.

 button at the top right corner of the page.

: The Orochi ID window will pop up. You may choose to sign up for an Orochi ID using your Google account, GitHub or email address.

: Congratulations! You’ve successfully created your Orochi ID. 

Task 4: Join the Contribute to Earn Program

: Connect your Wallet, Google account and Discord to be eligible.

: Once you’ve successfully connected all accounts, you’ll have completed this task.

 all of the four tasks above for your chance to 

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How to Complete Orochi Network Tasks for Bybit Web3 Airdrop Arcade

MegaETH is an EVM-compatible blockchain with real-time Web 2.0–level performance. Learn more about MegaETH.

 has long been a formidable challenge for the blockchain industry. Most established chains maintain decentralization and security, but struggle with limited scalability while high-performance 

 (L1) blockchains often compromise decentralization to achieve high throughput. 

What if we could push throughput to unprecedented levels without compromising security or decentralization? 

Enter MegaETH — a project backed by industry leaders such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and Dragonfly Capital. With the first real-time 

 (EVM)–compatible chain —i.e., one that can process transactions as soon as they arrive, and then publish the resulting state changes — MegaETH aims to redefine blockchain performance. In this article, we delve into the scaling limitations of current blockchains and examine how MegaETH aims to solve them. Let's dive in!

The blockchain trilemma has posed a significant challenge for 

 developers for years. As Ethereum co-founder Vitalik Buterin explains, distributed ledger networks can only achieve two out of three critical qualities (security, decentralization and scalability) by using simple techniques. 

As a result, most high-performance chains, such as Solana, Avalanche and BNB Chain, often compromise on decentralization or security to achieve scalability.

To address the scalability challenges of L1 networks, developers have introduced 

 (L2) solutions, which operate on top of blockchains such as Ethereum. These L2 chains achieve 

 (TPS) while leveraging the security and decentralization of their underlying L1s. However, according to MegaETH, both high-performance L1 and L2 networks fall short of meeting the demands of Web 2.0–scale applications, particularly in terms of 

As shown in the table above, the blockchain with the highest scalability, opBNB, achieves a gas rate of 100 MGas/s, equivalent to 650 Uniswap swaps or 3,700 

 transfers per second. In comparison, modern databases can 

 over 1 million TPC-C TPS. While Arbitrum One, the fastest chain listed, offers a block time of 0.25 seconds, this remains insufficient for applications requiring rapid feedback or high update rates. 

These limitations in both scalability and speed make current high-performance L1s and L2s ill-suited for Web 2.0 applications with significant computational demands.

 is an EVM-compatible blockchain with real-time Web 2.0–level performance. With the goal of bridging the gap between distributed ledger networks and traditional cloud computing servers, the project aims to push the performance of Ethereum-based L2s to hardware limits. As the first real-time blockchain, MegaETH can stream transactions at 100,000 TPS with transaction fees under $0.01, and provide millisecond-level responsiveness without sacrificing security or decentralization.

MegaLabs, the organization behind MegaETH, was founded in early 2023 by Shuyao Kong and Yilong Li. Holding an MBA from Harvard Business School, Kong has a background in business development within the blockchain industry. Prior to co-founding MegaLabs, she was the global head of business development at ConsenSys, where she continues to serve as an advisor.

As the Chief Executive Officer (CEO) of MegaLabs, Li has a PhD in computer science from Stanford University. An experienced software developer, he previously worked at Runtime Verification Inc., a firm specializing in software analysis tools and the application of formal methods to improve computing systems.

Together, Kong and Li founded MegaLabs in early 2023 to leverage their business development and computer science expertise to build MegaETH as the first real-time blockchain.

 $20 million of funding in a single seed round at a 9-figure valuation. The round was led by Dragonfly Capital, with other notable venture capitalists including Figment Capital, Folius Ventures, Robot Ventures, Big Brain Holdings, Tangent Ventures and Credibly Neutral. In addition to VCs, MegaETH is backed by high-profile angel investors, such as Ethereum co-founder Vitalik Buterin, ConsenSys CEO Joseph Lubin and EigenLayer creator Sreeram Kannan.

 on crypto trader Cobie’s decentralized fundraising platform, Echo. The round was fully funded within minutes and oversubscribed, showing significant investor demand.

MegaETH achieves over 100,000 TPS with less than 1 ms latency and block time, as well as transaction fees under $0.01, via two core features: a heterogenous blockchain architecture and a hyper-optimized EVM execution environment.

MegaETH's heterogeneous blockchain architecture enables network nodes with different hardware configurations to specialize in specific tasks to boost performance.

There are three types of nodes: sequencers, full nodes and provers. With cutting-edge hardware, a small set of sequencers conduct performance-critical tasks such as transaction execution. Simultaneously, a massively decentralized network of full nodes performs security-critical duties such as block validation. Provers have the lowest hardware requirements, and focus on providing L2 proofs to full nodes.

Hyper-Optimized EVM Execution Environment

MegaETH provides a hyper-optimized EVM execution environment to push latency, throughput and resource efficiency to hardware limits. Consequently, the real-time blockchain can process large volumes of transactions as soon as they arrive, and publish the resulting state changes in a few milliseconds.

To enable real-time EVM execution, MegaETH co-designed a low-latency, streaming-based block-building algorithm with a concurrency control protocol supporting transaction prioritization.

MegaETH's real-time blockchain scales without sacrificing decentralization and security through the following key components and features.

 is an extension of the MegaETH core team. It consists of a group of 10x builders hand-picked by MegaETH developers. According to the project, MegaMafia participants have "an internal compass guiding them toward crypto's world domination."

MegaETH defines three common qualities for MegaMafia members:

MegaETH is setting a new standard for blockchain scalability, addressing long-standing limitations without compromising decentralization or security. By combining innovative architectural decisions with technologies like real-time EVM execution, in-memory computing and smart contract JIT compilation, this real-time L1 chain delivers unmatched performance tailored for Web 2.0–scale applications.

Supported by high-profile investors, such as Vitalik Buterin and Joseph Lubin, MegaETH is poised to bridge the gap between blockchain and traditional computing, unlocking new possibilities for decentralized applications. The project is on track to launch its testnet in early 2025, with the mainnet rollout soon thereafter.

Advanced

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MegaETH: A Real-Time Blockchain for Web 2.0–Scale DApps

Grayscale has launched the Horizen Trust, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it.

Daily Top Performer — Convex Finance (CVX)

The S&P 500 rose 0.73%, driven by big tech and communication services, as investors anticipate a "Santa Claus Rally" to close the year. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.61%, with Bitcoin dropping by 2.58% and Ether rising by 4.32%, respectively in the past 24 hours.

Today's top performer is CVX, which surged 28.1% following Frax's consideration of BlackRock's BUIDL token as backing for the rebranded frxUSD stablecoin.

Convex Finance (CVX), launched in May 2021, is a DeFi protocol that boosts yields for Curve protocol users on Ethereum. It allows for staking to earn CRV and CVX tokens and provides voting rights on token allocations. Securitize has 

 adding BlackRock's BUIDL token as backing for Frax's rebranded Frax USD (frxUSD) stablecoin, which will feature a new mint-redeem system. Early feedback from Frax DAO members is positive. Competing proposals from Superstate also suggest backing frxUSD with their tokenized funds. The final backing structure is still undecided.

, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it. The fund's shares track the market price of ZEN, net of fees. While the shares have been traded at both a premium and discount, the fund aims to provide a simpler way for investors to gain exposure to ZEN. Grayscale is also expanding its offerings, with plans for a Solana spot ETF.

Yesterday, BTC Spot ETFs recorded total outflows of $258.2 million, including $38.4 million from GBTC and $219.8 million from non-GBTC funds.

, distributing $SONIC tokens to those who participate. Over 2 million users have joined through an easy onboarding process, requiring no wallet setup or gas fees. To qualify for the airdrop, users must log in via TikTok, access SonicX, and wait for the $SONIC claim banner. SonicX, part of the Sonic SVM app layer, uses TikTok ads and creator partnerships to promote its gaming and blockchain education hub. The project aims to expand its TikTok Chain with new games and future token rewards.

Grayscale Introduces Horizen Trust for ZEN Investment Access

Bybit Learn

Trading

Bid-ask spread or slippage is one of the basic terms you should know when trading crypto. Learn the fundamentals & trade wisely.

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Negative slippage can cut into your trading profits and separate newbies from experienced traders. With the right strategy, you can minimize slippage and its adverse effects. But first, you must understand the fundamentals of the bid-ask spread, slippage, and related concepts.

In this guide, you’ll learn about the bid-ask spread and slippage, and how to handle their impact.

How Does Bid-Ask Spread Affect Market Liquidity?

Liquidity measures how easily a cryptocurrency can be bought or sold in the market without significantly affecting its market value. A coin or token with strong liquidity will have many sellers and buyers, and a relatively deep order book waiting for orders.

This abundance of buyers and sellers narrows the bid-ask spread. As a result, the bid-ask spread is a good measure of liquidity. The smaller the bid-ask spread, the stronger the liquidity of the cryptocurrency asset. Likewise, with lower liquidity comes more potential for significant price swings and slippage.

A ledger that displays all buy and sell instructions (orders) from the market. The order book shows the current market or order depth.

To execute a trade, bids, and asks are paired up as soon as their requirements are fulfilled. There are two main types of orders:

 The total number of limit orders on the order book ledger. Order depth can be calculated by adding up the volume of limit orders placed. 

For example, the order depth in the image below shows in real-time the number of buyers and sellers with orders awaiting execution in the order book. 

Under the “Price” column, the prices in red are the selling prices, and the prices in green are the buying prices.

The “Quantity” column shows the number of units at the stipulated price, while the “Total” column represents the corresponding accumulated number of contracts.

In this illustration, the current best ask price is “Sell” $31,985.50, and the best bid price is “Bid” $31,985.00. In order for Bitcoin to go up to $31,986.00, buyers must take up all of the 2,806,583 contracts at $31,985.50.

The greater the depth of an order book, the better its liquidity. A deep market offers the ability to maintain prices when executing large transactions. Greater order depth also means a lower chance of price manipulation.

The difference between the expected price of a trade and the actual price at which it executes. There might not be enough interest or volume to fulfill an order at the expected price, especially when executing large orders.

When this happens, a part of the order can be filled at the next available price. Slippage also occurs in times of high market volatility. At such times, the bid-ask spread may change between the time a trader places a market order and the time the market maker or exchange executes the order. Slippage is then negatively correlated with liquidity. Liquidity and slippage have an inverse relationship: when liquidity is high, slippage is low, and with low liquidity, slippage is high.

How Does Liquidity Affect Traders and Exchanges?

Poor liquidity leads to price instability for an asset, which means that slippage and price manipulations are likely to increase. Lower liquidity also means longer waiting times, which could adversely affect traders and broker liquidity providers, especially during a market swing. A good trader understands how liquidity impacts their transactions and develops strategies for picking assets with suitable liquidity.

The bid-ask spread is an important trading concept to understand. Here’s how it works. 

The bid price is the price that a trader is willing to pay for an asset. When you place a buy order, you bid for the asset. Meanwhile, the ask price is the sale price of a crypto asset that will seal the deal.

The bid-ask spread is the difference between the lowest price a seller is willing to accept (the ask price) and the highest price a buyer is willing to pay (the bid price). In markets, the spread results from the difference between buyers’ and sellers’ limit orders. These orders show up as bids and asks in an order book.

The Bid-Ask Spread Percentage Calculation

Comparing the bid-ask spread of different crypto assets is best done using percentages. The formula for the bid-ask percentage calculation is simple: 

Bid Ask Spread Percentage = [(Ask Price − Bid Price) ÷ Ask Price] × 100

For instance, a coin trading at $3.95/$4.05 means the bid price is $3.95, and the ask price is $4.05. You can calculate the bid-ask spread percentage using the given formula: 

[(4.05 − 3.95) ÷ 4.05] × 100 = 2.5% (rounded up to the nearest tenth)

The smaller the bid-ask spread percentage of a crypto asset, the more liquid it tends to be. If you're executing substantial market orders, you'll have a lower risk of paying an unexpected price. This means your slippage is minimal. 

Slippage happens when you create a market order, and an exchange matches your buy or sell request with the limit orders in the order book. The order book will try to fill your order at the best price. However, if there is an insufficient volume at your desired price, the order book will go up the order chain to the next best price. In the end, your order may execute at a less desirable price than expected.

If you want to quickly buy 1,000 units of an asset currently trading at $100 but the market doesn't have enough liquidity to execute your order, your execution price will be different. You'll have to take the orders above your bid price of $100 until your order is completed. This will make your average purchase price higher than the intended $100. 

Slippage can be common in decentralized exchanges, especially without dedicated 

. It's more likely to occur in high volatility, low liquidity markets. 

Slippage isn't always bad for business. Positive slippage occurs when you place a buy order and the asset price decreases. That is, the final execution price is lower than expected for your buy market order. Similar positive slippage occurs when you make a sell order and the price increases. If the final execution price is better than the expected one, your positive slippage actually results in a more favorable trade for you.

Negative slippage is a major concern for any trader. If the price of an asset increases after placing a buy order, or reduces after you enter a sell order, you may face negative slippage.

Slippage is inevitable during fast-paced trading when you’re trying to execute orders quickly. However, you can minimize negative slippage by: 

Trading in cryptocurrencies can be highly profitable, but it carries risks. Aside from the inherent market volatility, there is also the potential for trading losses from the bid-ask spread and slippage. While you can't always avoid these trading costs, it pays to factor them in while making trade decisions. This is especially true for larger volume trades, where the average price per cryptocurrency might end up higher or lower than expected.

Financial markets are structured to provide traders with as many trading options as possible, but market participants still determine whether slippage occurs, as well as its ultimate impact. Informed traders pay keen attention to liquidity constraints to maximize trading profits. 

Explained: What Is The Bid-Ask Spread and Slippage?

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards