The total supply of USD-pegged stablecoins has soared to $165 billion, reaching its highest level in almost two years as new tokens flood the market, intensifying competition. Ethena’s USDe stablecoin, with a market cap of around $2.4 billion, has contributed to this growth, stabilizing the market at its current level.

This milestone, achieved last Thursday, reflects a significant uptick in stablecoin supply since late June 2022, nearing the previous all-time high of over $180 billion. While Tether’s USDT and Circle’s USDC remain dominant, the stablecoin market is diversifying with new entrants. USDT maintains a commanding 70% market share, according to DeFiLlama data.

The emergence of Ethena’s stablecoin launched just over two months ago, and PayPal’s collaboration with Paxos for its stablecoin introduction in August 2023, have contributed to the expanding stablecoin landscape. Ripple’s recent announcement of its plans to launch a USD-pegged stablecoin further underscores the market’s growth potential. Ripple forecasts the total stablecoin market to skyrocket to $2.8 trillion by 2028.

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In the wake of the recent Bitcoin halving, miners are contemplating a transition towards artificial intelligence (AI) to potentially boost their revenue streams, according to a report by CoinShares.

The halving event, which occurred recently, is expected to significantly increase costs for miners, with electricity and overall production expenses nearly doubling.

To counter these rising costs, mining companies are exploring the potential of AI operations, leveraging energy-secure locations for potential higher returns. BitDigital (BTBT), Hive (HIVE), Hut 8 (HUT), TeraWulf (WULF), and Core Scientific (CORZ) are among the companies mentioned by CoinShares that are either already generating income from AI or have plans to do so.

The report suggests a trend where Bitcoin mining operations may migrate to stranded energy sites while investment in AI expands in more stable locations.

Pre-halving, the weighted average cash cost of production was approximately $29,500 per Bitcoin. Post-halving, this is projected to rise to about $53,000. Similarly, the average electricity cost of production per Bitcoin is expected to increase from around $16,300 to approximately $34,900.

CoinShares forecasts a potential rise in hash rate to 700 exahash by 2025. However, immediately after the halving, a 10% drop in hashrate is anticipated as miners shut down unprofitable machines. Hash prices are also expected to decline post-halving to $53 per hash/day.

Despite these challenges, miners are actively managing financial liabilities and using excess cash to pay down debt, indicating strategic financial planning amidst changing market dynamics.

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In response to the ongoing challenges hindering crypto adoption, Web3 Freewallet has emerged as a solution, offering a secure and simplified platform supporting over 1,000 cryptocurrencies.

Despite the exponential growth of digital finance, many individuals remain hesitant to venture into cryptocurrencies. The complexity surrounding crypto technology often acts as a barrier, with 75% of US citizens who are aware of crypto expressing doubts about its safety and reliability.

This underscores the critical need for user-friendly tools that can alleviate these concerns, making it easier for newcomers to enter the world of digital currencies. Simplifying these technologies is pivotal for mainstream adoption and fostering trust among new users.

Introducing Web3 Freewallet: Supporting 1,000+ Cryptocurrencies

Web3 Freewallet, launched in February 2024, represents Freewallet’s foray into self-custody solutions. As a noncustodial wallet, it caters to the diverse needs of crypto users by supporting over 1,000 cryptocurrencies across 15 different blockchains, showcasing its versatility and broad compatibility.

Accessible via a Google Chrome extension or mobile application for iOS and Android devices, Web3 Freewallet requires no personal information from users, ensuring privacy. The setup process is tailored to individuals with no prior crypto experience, guided by an intuitive interface aimed at facilitating seamless entry into the crypto market.

The platform seamlessly connects users with decentralized applications (DApps) through WalletConnect, enabling activities such as staking, token exchanging, and trading on third-party decentralized finance (DeFi) platforms. Moreover, it offers features for monitoring market trends, managing crypto portfolios, swapping tokens, and purchasing crypto directly within the app.

Prioritizing Privacy and Security

Web3 Freewallet places a strong emphasis on user security, refraining from collecting private keys and implementing robust security measures such as PIN codes, passcodes, biometric sign-in options, and spending limits to safeguard against unauthorized access and potential theft.

Additionally, users can import existing noncustodial wallets by entering their seed phrases, facilitating streamlined management of multiple wallets within a single interface and ensuring easy wallet recovery.

Designed for Novice and Experienced Users Alike

Engineered to cater to both novice and experienced crypto users, Web3 Freewallet prioritizes ease of use, flexibility, and comprehensive security measures. With millions of users already onboard, the platform is committed to continuous improvement, with plans to introduce new features including a peer-to-peer (P2P) trading platform and a staking service, aimed at enhancing trading options and passive income opportunities.

Looking Ahead: The Future of Crypto Wallets and Adoption

As merchants increasingly embrace cryptocurrencies, the future holds promise for crypto wallets to evolve into versatile virtual cards, bridging the gap between digital and traditional fiat currencies. This evolution has the potential to significantly lower adoption barriers, making digital assets as accessible as conventional money.

As crypto usage expands, multifunctional wallets like Web3 Freewallet are expected to play a crucial role in driving broader adoption, seamlessly integrating digital assets into everyday financial activities worldwide.

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Bitcoin transaction fees have experienced a significant decline following the recent halving event, providing relief to users and miners alike.

Initially, after the halving, fees soared to unprecedented levels, reaching as high as $146 for medium-priority transactions and $170 for high-priority transactions.

However, recent data from Mempool.space indicates a remarkable reduction in fees, with medium-priority transactions now costing $8.48 and high-priority transactions priced at $9.32.

This substantial decrease in transaction fees comes as a relief to Bitcoin users, who were facing exorbitant costs in the immediate aftermath of the halving.

Additionally, the hash price index, a metric reflecting miners’ potential earnings from a given amount of hash rate, has also declined significantly post-halving. This drop from $182.98 per hash/day to $81 indicates a substantial decrease in mining profitability.

While miners had hoped that the introduction of the Runes protocol, designed to create fungible tokens on the Bitcoin blockchain, would offset revenue losses post-halving, initial results suggest otherwise.

Despite expectations, floor prices for the Runes NFT collection have plummeted by nearly 50% in the last 24 hours, indicating a lack of significant activity and revenue generation from the protocol.

In contrast, ordinal collections like Bitcoin Puppets and NodeMonkes have seen increases in floor prices, highlighting the uncertainty surrounding the revenue potential of different NFT projects in the post-halving landscape.

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Shiba Inu, an Ethereum-based ecosystem featuring the second-largest token SHIB, has successfully raised $12 million in a recent token sale aimed at constructing a privacy-centric blockchain, as per a press release on Monday.

The investment round saw participation from notable investors including Comma 3 Ventures, Big Brain Holdings, Cypher Capital, Shima Capital, Hercules Ventures, Animoca Brands, Morningstar Ventures, Woodstock Fund, DWF Ventures, Polygon Ventures, Stake Capital, Illuminati Digital Capital, Primal Capital, Mechanism Capital, and Spirit Dao. These investors acquired the new network’s forthcoming utility and governance token, TREAT.

The token sale was conducted by Shiba Inu Mint S.A., an ecosystem development company registered in Panama, according to the press release.

The fundraising initiative follows a previous report by CoinDesk in February, revealing that Shiba Inu developers were collaborating with cryptography firm Zama to develop a privacy-focused network atop Shibarium, the ecosystem’s Ethereum-based layer-2 blockchain. This new network is set to utilize Fully Homomorphic Encryption (FHE), a privacy tool enabling developers to utilize data on untrusted domains without requiring decryption.

SHIB, the associated token, experienced a 2.2% increase over the past 24 hours, mirroring the general uptrend of the CoinDesk 20 Index. With a market capitalization of nearly $16 billion, SHIB currently ranks as the 12th-largest cryptocurrency.

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