Arweave Surges After Launch of Arweave AO Testnet to Advance Blockchain Scalability

Daily Top Performer — Arweave (AR)

The SPX index is up 0.17%, U.S. stocks closed nearly unchanged as investors awaited inflation data and its implications for Federal Reserve interest rate decisions. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 4.61% and 1.98%, respectively in the past 24 hours.

Today’s outperformer is AR, which jumped 44.8% after Arweave AO Testnet launch elevates blockchain scalability for social media and AI applications.

Arweave (AR), launched on June 2018, is a decentralized platform for permanent data storage, leveraging its AR cryptocurrency to incentivize users and ensure data permanence. It offers easy web access and is developing moderation tools, with a key partnership with the Internet Archive highlighting its commitment to secure data preservation. Arweave has launched the Arweave AO testnet to improve blockchain scalability, supporting high-volume transactions and applications like social media and AI. This scalable network features a modular architecture and compatibility with Ethereum via WebAssembly, focusing on large data sets for extensive computing needs. The test phase evaluates the network's functionality, inviting community participation in setting up gateways. The mainnet launch is anticipated later this year, aiming to enhance blockchain application support significantly.

Check Out the Latest Prices, Charts, and Data of ARUSDT Perp and AR/USDT Spot!

Talk of the Town:

Blast, an Ethereum layer-2 network, has seen its total value locked (TVL) soar to over $2.1 billion ahead of its mainnet launch scheduled for February 29, driven by anticipation of a May airdrop. The TVL has risen by 2200% since the protocol's initiation on November 22, largely due to users locking Ethereum in hopes of receiving the forthcoming Blast token airdrop. Despite this surge, Blast has faced scrutiny for prohibiting withdrawals until the mainnet's debut and was linked to a controversial gambling protocol "Risk on Blast," which recently conducted a rug pull. Despite these controversies, Blast, which offers native yields in Ether and stablecoins, successfully secured a $20 million seed round from Paradigm and Standard Crypto.

Macro Events to Watch:

The US economy grew at an annualized rate of 3.3% in Q4 2023, surpassing the forecasted 2% increase and following a 4.9% growth in Q3. Consumer spending growth slowed, with a notable deceleration in goods spending despite faster service consumption, including food services, accommodations, and healthcare. The contribution from private inventories diminished significantly compared to Q3, and government spending increased at a slower rate. Meanwhile, exports saw an acceleration, and the growth of imports slowed. Non-residential investment also rose, driven by rebounds in equipment and increases in intellectual property products, although investment in structures declined. Residential investment growth slowed. For the entire year of 2023, the US economy expanded by 2.5%, slightly below the Federal Reserve's estimate of 2.6% but above the 1.9% growth in 2022.

Airdrop Spotlight:

The Runestone project, linked to Bitcoin Ordinals, is preparing for a significant airdrop to mark the Ordinals protocol's first anniversary, leading up to Casey Rodarmor's Runes project launch. Organized by Leonidas, an NFT historian, the project aims to fulfill Rodarmor's vision for Bitcoin fungible tokens and offers potential financial benefits for holders when Runes goes live after the Bitcoin halving. The airdrop, supported by the Ordinals community and various companies, will distribute Runestone inscriptions, trading at high values, to over 112,383 qualified addresses, including those with "cursed" inscriptions. Runestone serves as a precursor within the Runes ecosystem, with its inscriptions set to convert into Rune tokens upon the protocol's debut, highlighting a community-centric approach and the anticipation of a new trend in Ordinals-related airdrops.