Dencun Upgrade Live on Gnosis Set to Boost Ethereum's Layer-2 Performance

Daily Top Performer — The Open Network (TON)

The SPX index is up 1.12%, driven by broader surge in tech stocks despite a hotter than expected CPI print. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 0.87% and 1.95%, respectively in the past 24 hours.

Today’s outperformer is TON, which jumped 26.95% after Toncoin reaches two-year high amid Telegram's IPO consideration and enhanced integration.

The Open Network (TON), launched in 2018, a decentralized Layer 1 blockchain that utilizes a proof of stake (PoS) consensus model for transaction validation and payment settlement. Initially called Gram, Toncoin serves various purposes, including paying transaction fees within the TON ecosystem. Toncoin's price soared to a two-year high after Telegram's CEO Pavel Durov hinted at an IPO. The surge followed Telegram's enhanced use and integration of TON, which originally faced SEC scrutiny. The cryptocurrency reached $4.41, showcasing significant recent gains. Telegram's user growth, revenue from new monetization strategies, and plans for an IPO have positively influenced Toncoin's value. The introduction of a self-custody crypto wallet within Telegram and the forthcoming launch of the Notcoin game on TON further bolstered the cryptocurrency's appeal and market performance.

Check Out the Latest Prices, Charts, and Data of TONUSDT Perp and TON/USDT Spot!

Talk of the Town:

The Dencun hard fork successfully launched on the Gnosis Chain on March 11, setting the stage for its upcoming implementation on Ethereum. This update is anticipated to bring significant changes to Ethereum, including the introduction of "Blobs" for improved data storage and retrieval, which will enhance layer-2 scaling and performance. The deployment on Gnosis, an Ethereum-compatible chain, demonstrates seamless compatibility with Ethereum's layer-2 solutions, promising reduced gas fees and more efficient transactions. This upgrade will also benefit applications like Gnosis Pay by enabling them to operate more effectively from layer-2 platforms. Furthermore, Gnosis DAO is developing Gnosis 3.0 to integrate a series of projects through its native token, GNO, aiming to advance payment and financial infrastructure on the platform.

Check Out the Latest Prices, Charts, and Data of ETHUSDT Perp and ETH/USDT Spot!

Airdrop to Watch:

PancakeSwap has launched its V4 upgrade alongside a $3 million CAKE airdrop campaign to incentivize users and newcomers. This upgrade introduces significant technical improvements, such as a new contract architecture consolidating all pools into a single contract, resulting in a 99% reduction in gas costs for pool creation. It also features a "flash accounting" system to optimize token transfers and reduce gas consumption further. The upgrade offers enhanced fee tier flexibility, native ETH support, and is considering adopting EIP-1153 in light of the Ethereum Cancun hard fork for additional improvements. PancakeSwap has seen a nearly 74% increase in its weekly trading volume, reaching nearly $11 billion, ranking it second behind Uniswap in both 7-day and 24-hour trading volumes. CAKE's price has risen significantly, showcasing a 62% increase over the month.

Check Out the Latest Prices, Charts, and Data of CAKEUSDT Perp and CAKE/USDT Spot!