VELO Listed on Bybit; Bitcoin Ordinals Introduces BRC-721E to Enable Migration of Ethereum NFTs to Bitcoin Blockchain

Daily Top Performer — Velo Protocol (VELO)

U.S. equities rose yesterday by 0.07% as stock indexes were mixed on Tuesday, with the Nasdaq reaching a 13.5-month high, supported by a tentative deal to raise the U.S. debt ceiling. The broader cryptocurrency market went up, with Bitcoin and Ether rising 0.35% and 0.56%, respectively, in the past 24 hours.

Today's outperformer is VELO, which surged 93.43% in the past 24 hours due to announcing its spot listing with Bybit.

Launched on September 2020, Velo Labs (VELO) is a financial system that creates digital credits tied to the value of any fiat currency. To ensure that the value of the ratio between the digital credit and fiat currency always remains 1:1, these credits are backed by an appropriate amount of VELO tokens, making USDV an overcollateralized stablecoin. VELO using its Velo Protocol, allows partners to issue digital credits tied to any fiat currency for global transactions, without requiring fiat deposits in every market. As stablecoins continue to be a strong use case in crypto and the inevitable rise of CBDCs, VELO might be able to ride this rising trend.

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Talk of the Town

Bitcoin Ordinals, a layer-2 solution for storing digital art on the Bitcoin blockchain, has launched the BRC-721E standard in collaboration with the Ordinals market and the Bitcoin Miladys NFT collection. This new standard allows users to migrate their Ethereum-based ERC-721 nonfungible tokens (NFTs) to the Bitcoin blockchain. The migration process involves burning the original NFT in an irreversible transaction, after which the migrated NFT appears on a custom Ordinals market collection page with complete metadata. Despite the initial success and growth of BRC-20 tokens since the launch of the Bitcoin Ordinals in January 2023, some critics argue the new method is inefficient and wasteful. 

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