Ethereum Co-Founder Sued – Solana’s TVL Value Hits Year High – Layer-2 and DeFi’s Replace NFT

Ethereum Co-Founder Sued

Ethereum co-founder Joseph Lubin is being sued by former ConsenSys AG employees. The plaintiffs claim that Lubin secretly transferred their shares in the company and deceived them in the process. According to the lawsuit, Lubin transferred ConsenSys’ assets to ConsenSys Software Inc (CSI), a Delaware-based company. During this transaction, Lubin allegedly promised former employees that they would receive an ownership interest in ConsenSys. The plaintiffs allege that Lubin’s actions breached his legal undertakings and duties and caused them financial harm. The plaintiffs are seeking $100 million in damages from Lubin. Lubin denies the allegations and characterizes the lawsuit as baseless and meritless. The lawsuit is an important development for the Ethereum community.

Solana’s TVL Hits Highest Level of the Year

The total value of Solana’s locked assets (TVL) reached its highest level of the year at around $350 million, a growth of 12.2% in just 24 hours. Outperforming competitors such as BSC Chain and Ethereum, Solana’s TVL has increased by over 40% since January 1. Despite the significant increase, Solana’s current TVL is still below the all-time high of over $10 billion recorded during the 2021 bull market.

Layer-2 and DeFi’s Replace NFT

According to a report by Nansen, in 2023, Layer-2 and DeFi rose to prominence at a time when NFTs were waning in popularity. Layer-2 are secondary blockchains or layers designed to solve Ethereum’s scalability issues. These solutions help the Ethereum ecosystem grow by enabling faster and cheaper transactions on Ethereum’s underlying layer. According to Nansen’s latest report, there has been a remarkable increase with more than 300,000 active Ethereum addresses daily. Among these active addresses, DeFi organizations remained the dominant players. As of October 12, 2023, the number of DeFi-only users more than doubled that of NFT and Layer-2 users, solidifying the industry’s central role in on-chain activity.

Coinbase Chief Legal Officer Expects Bitcoin ETF Approval Soon

In an interview with CNBC, Coinbase Chief Legal Officer Paul Grewal shared similar sentiments with BlackRock CEO Larry Fink, predicting that the SEC will approve a spot Bitcoin ETF. Expressing optimism, Grewal said, “I am very hopeful that ETF applications will be accepted because they have to be accepted under the law.”

Worldcoin Will Now Pay Orb Operators with WLD

The Worldcoin Foundation announced that Orb Operators will be paid with the WLD token instead of the USDC stablecoin. Orb Operators, an operator that helps people scan their eyes to join the Worldcoin network.

The Foundation also provided an update on the circulating supply of the WLD token, which has reached more than 1% of the total 10 billion token supply. Of the approximately 134 million WLDs issued, 100 million were issued as loans to market makers, while 34 million were distributed as grants to users and orb operators.

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BITCOIN (BTC)

Bitcoin is priced at $ 30,639 with a 2.15% gain in value as of today morning hours. Friday’s surge continues unabated. We are slowly reaching important levels. Momentum is now to the upside. Closes above $31,000 would be very positive for Bitcoin. Above $31,000, the next target is likely to be 32,000. If BTC comfortably surpasses 32,000, there does not appear to be any significant resistance zone until $38,000. If there is a pullback, 29,500 may be the first important support zone.

ETHEREUM (ETH)

ETH, which gained 1.73% as of morning hours, is priced at $ 1693. Now the price has shown its resilience and after entering the sideways band, it has broken through the middle of the sideways band. Our first support may be the $1665 level, which is the middle of the horizontal band. If closures above the horizontal band, i.e. above 1745, occur, we can first go up to $ 1800 and then to $ 1880. If there is a loss of $1665, $1600 seems to be the first place of support.

RIPPLE (XRP)

XRP is priced at $0.5248 with a 0.40% gain as of morning hours. It seems to have turned the middle of the horizontal band, 0.5190, into a support position. It now needs to break through the 0.5265 level. He has been rejected at this level many times before. If it gains persistence here, we can see a pricing towards the top of the horizontal band, that is, to $ 0.55. At a loss of $0.5190, the first support level seems to be $0.50.

AVALANCHE(AVAX)

AVAX is priced at $10.23 with a 1.39% gain as of morning hours. AVAX also reached a very strong demand zone again. Between $10.50 and $10.30 is a very strong zone, and we can see $10.80 and then $11 again in the breaks above this level. If a downward correction comes, $10 seems to be our first support zone.

SOLANA(SOL)

SOL is priced at $ 31.08 with a 7% gain in value as of morning hours. SOL, which broke all the resistance levels we mentioned last week, has broken the $ 30 level by showing a serious rise. In case of a pullback, the support level is 29.00 – 29.60. Even lower is the 27.17 level. In the continuation of the upward movements, the resistance level seems to be 32.13 dollars.

CHAINLINK(LINK)

As of morning hours, LINK is pricing at 10.760 with a 5.60% gain in value. LINK, which has risen about 35% since the weekend, continues to move in a parabolic manner. The closest support level is 9.540. If it comes below this level, it may test the $ 9 levels. In the continuation of the upward movements, the first level to be followed seems to be 11 dollars.

MAKER (MKR)
MKR is pricing at 1528 with a 5.52% gain in value as of morning hours. MKR, which broke the 1490 resistance level, seems to be able to continue its upward movement if it maintains above 1500. The first resistance level in front of it is 1572 dollars. In possible pullbacks, the 1490 level, which it has already broken, and the 1450 intermediate support level below it will be important for MKR.