SoSo Daily Apr 10

As of 5:59 AM on April 10, 2024, the total market cap of the crypto market is 2.60 trillion US dollars, showing a decrease of 2.84% compared to the previous day. The total trading volume is 100.04 billion US dollars, indicating a decline of 1.64% from the previous day.

According to sosovalue, the price of $BTC is 69,240 USD, a decrease of 2.56% from yesterday. The market cap of $BTC is 1.36T USD, accounting for 52.5% of the total market cap; $BTC's 24-hour trading volume is 33.11B USD, making up 33.1% of the total trading volume.
The price of $ETH is 3,532.2 USD, down 4.34% from yesterday; the market cap of $ETH is 424.12B USD, representing 16.3% of the total market cap; $ETH's 24-hour trading volume is 18.00B USD, comprising 18% of the total trading volume.
The combined market capitalization of $BTC and $ETH accounts for 68.8% of the total cryptocurrency market cap, and their combined trading volumes constitute 51.1% of the total trading volume.

After reviewing the overall crypto market situation, let's shift our focus to the top 5 token gainers of the day:
As of 05:55, the top five gainers are:
Top 1 gainer is MATH. As of 05:55 today, its market cap is 104.56M, with a coin price of 0.59964 USD, witnessing a 24-hour increase of 90%.
The second is SUKU. As of 05:55 today, its coin price is 0.17164 USD, with a 24-hour increase of 34.9%.
The third is MNGO. As of 05:55 today, its coin price is 0.028510 USD, showing a 24-hour increase of 26.1%.
In fourth place is BEL. As of 05:55 today, its coin price is 2.4479 USD, with a 24-hour rise of 23%.
In fifth place is GOG. As of 05:55 today, its coin price is 0.16210 USD, increasing by 22.4% over the last 24 hours.


Moving on, let's take a look at the sector performance in crypto market.
Acccording to sosovalue, out of 15 sectors, 13 are up and 2 are down. Notably, GameFi sector has fallen 6.22% relative to the UTC 0 time, led by declines in SATOX (-14.8%), fyn (-13.7%), and chain (-13.1%).
DePIN sector has decreased 6.23% relative to UTC 0, with wnt (-14.4%), dbc (-13.2%), and pundix (-12.3%) leading the drop.
Layer2 sector has fallen 6.7%, with ALT (-12.2%), op (-8.44%), and STRK (-8.06%) leading the decline.

Let's go through the Crypto news worth paying attention today according to sosovalue:
The first is:The upcoming Bitcoin halving event, expected to occur around April 19, 2024, is anticipated to significantly transform the cryptocurrency landscape. This event will halve the block reward from 6.25 $BTC to 3.125 $BTC, aiming to create a more stringent supply landscape as part of Bitcoin's deflationary approach. Historically, halving events have led to substantial price surges in Bitcoin, with the upcoming halving expected to potentially set new all-time highs. The approval of spot Bitcoin ETFs and the influx of institutional capital into the market have also significantly impacted the demand for Bitcoin, potentially exacerbating the effects of the halving. Additionally, the emergence of a robust derivatives market and shifts in miner behavior suggest a changing dynamic in the Bitcoin ecosystem. The long-term outlook for Bitcoin remains positive, with its role as a digital gold and a hedge against inflation being reinforced by halving events and evolving market dynamics.
Next news: Grayscale's GBTC experienced a significant net outflow of approximately $303.3 million on April 9, according to data from Farside Investors reported by BlockBeats. In contrast, Bitwise's BITB and ARK Invest's ARKB recorded net inflows of $40.3 million and $9.3 million, respectively. Meanwhile, the latest data for BlackRock's IBIT and Fidelity's FBTC have not been released yet.
Next news: The U.S. Treasury Department is seeking expanded powers to sanction cryptocurrency platforms and address illicit financing and terrorism concerns. Deputy Secretary Adewale O. Adeyemo emphasized the need for legislative approval for secondary sanctions targeting foreign digital asset providers. Lawmakers called for regulatory reforms to combat illicit financing and money laundering facilitated by cryptocurrencies. Concerns over stablecoins' potential use for illicit financing and exploitation by terrorist groups prompted calls for urgent legislation. U.S. Deputy Treasury Secretary Adewale Adeyemo advocated for enhanced enforcement powers to combat illicit finance, terrorism, and sanctions evasion through cryptocurrencies.
Next news: Bitcoin's price movements from April 7 to April 10, 2021, including surpassing $72,000, rebounding above $70,000, and briefly falling below $69,000.
Next news: Zeta Markets, a decentralized contract trading platform in the Solana ecosystem, announced the launch of its native token Z on April 9. The token, which will be used for governance, staking, and incentives, has a total supply of 1 billion. Of this, 10% will be allocated for airdrops to reward Zeta users and strategic communities on Solana, while 30% will be used for incentives. Additionally, the second season of Z-Score will continue until the launch of Z, with no snapshot taken yet. The Z token aims to drive governance and protocol growth within Zeta Markets. Zeta Markets, a Solana-based decentralized exchange for trading crypto perpetuals, is set to launch and airdrop its "governance" token Z. The Z token will have a total supply of 1 billion, with 10% or 100 million, set to be distributed through an airdrop, Zeta said Tuesday. Half of that 10% will be airdropped to active traders and community members of Zeta, determined by their Z-Score, an ongoing points system on the platform. Another 1% will be allocated to users of Zeta who are part of strategic communities in Solana, while the remaining 4% will be rewarded to Z stakers, Zeta said. Zeta founder Tristan Frizza told The Block that the Z token is expected to launch in May, and that's when airdrop claims will also start. Frizza said snapshot will be announced "in the coming weeks." Frizza added that Zeta has received some listing offers for Z and is currently conducting due diligence with "several of the top exchanges." Zeta said the Z token will pioneer the vote escrow model on Solana — the model that Curve pioneered on Ethereum. The vote escrow model in Curve allows CRV (Curve's governance token) holders to lock up or escrow their tokens for a specified period to earn voting power. The longer CRV tokens are locked in escrow, the greater the voting power they accrue. This system incentivizes stakeholders to make decisions to benefit the Curve protocol over the long term. "The general premise is token stakers will be rewarded exponentially more voting power and token rewards by staking for longer periods of time," Frizza said. Following the token launch, 30% of Z's total supply will be directed towards incentivizing maker and taker traders, Zeta said. Zeta's venture capital investors own roughly 17.5% of Z's total supply, Frizza said, adding that their tokens are vested over a period of 3 years following the launch, with a one-year cliff. Founded in 2021, Zeta is backed by high-profile venture investors, including Electric Capital, Jump Capital, Wintermute, and Solana Ventures. After the token launch, Zeta plans to release a Solana Layer 2 rollup this year. "Essentially, we're building the first DeFi Layer 2 on Solana," Frizza said. "It will use Solana exclusively as the settlement and DA [data availability] layer, which aims to allow us to achieve faster settlement times and cheaper DA costs than comparable Ethereum rollups." "It allows us to build an extremely high-performance exchange comparable with centralized exchanges and similarly alleviates the congestion issues that we are currently experiencing on Solana Layer 1," Frizza added. The technical details of Zeta's L2 rollup will be released in its whitepaper "in a few weeks," Frizza said. Solana-based Zeta Markets launches Z Governance Token. The new Z token will empower governance, with a vote escrow model which will be shared amongst traders, liquidity providers, and stakers. Solana-based Zeta Markets has launched its governance token, Z, as part of a broader strategy that includes plans to release Solana's first Layer 2 scaling solution, according to a press release.
Next news: The Filecoin liquid staking platform, STFIL, has announced that some of its team members are currently under investigation by Chinese police. This news comes after tokens on the platform were transferred to an "unknown, external address" last week, a move that occurred while its team members were reportedly under detention. The incident has raised concerns within the cryptocurrency community regarding the security and reliability of the platform.
Next news: A jailed trader accused of stealing $110 million on the Mango Markets exchange faces a criminal trial this week that will test the reach of a US crackdown on cryptocurrencies. Prosecutors charged Avraham Eisenberg with manipulating Mango Markets futures contracts on Oct. 11, 2022, to boost the price of swaps by 1,300% in 20 minutes. He then
“borrowed” from the exchange against the inflated value of those contracts, a move the government claims was a theft.

Mango Markets attacker to be tried in US court for fraud
According to BlockBeats, on April 9, The Block reported that the New York Federal Court will begin a trial on criminal fraud and manipulation charges against Avraham Eisenberg on Tuesday. The court will accuse him of stealing $116 million from the Solana ecosystem DeFi protocol Mango Markets. The trial is expected to last two weeks.

The trial was originally scheduled for December 4, 2023, but was postponed at the request of Eisenberg's defense team.

The court case against Avraham 'Avi' Eisenberg, accused of exploiting Mango Markets, began with opening statements in a New York court. Eisenberg's defense claims his actions were part of a lawful trading strategy, while the prosecution alleges fraud, including market manipulation and theft. Assistant US Attorney Tian Huang accused Eisenberg of artificially inflating Mango's price, stealing funds, and fleeing the country. Eisenberg's defense argues the trades were legitimate within the decentralized finance system. Mango Markets lost around $116 million in the exploit, but Eisenberg returned $67 million and was allowed to keep $47 million by the protocol's community. The US Justice Department arrested Eisenberg for commodities fraud and manipulation, and he faces 20 years in prison.

In the opening argument of a legal case, a prosecutor accused DeFi trader Eisenberg of stealing, rather than borrowing, in his dealings with Mango Markets. The defense, however, argued that Eisenberg had risked $13 million of his own money to net a profit of $110 million from the platform.

A jailed trader accused of manipulating the Mango Markets cryptocurrency exchange to steal $110 million was actually executing perfectly legal, high-risk trades and had no intent to defraud anyone, his lawyer told jurors at the start of a criminal trial in New York. Prosecutors accuse Avraham Eisenberg of manipulating Mango Markets futures contracts on Oct. 11, 2022 — when he boosted the price of swaps by 1,300% in 20 minutes — and then “borrowed” against those inflated contracts using anonymous accounts before fleeing the country. The government claims Eisenberg stole the money.

The trial for Avraham Eisenberg's alleged $116 million fraud and manipulation of Solana-based DeFi exchange Mango Markets will begin in a New York federal court. Eisenberg admitted to orchestrating the attack, but claimed it was a legal trading strategy. He used the strategy to inflate the Mango token, take out crypto loans, and leave the platform insolvent. Eisenberg was arrested in December 2022 and could face up to 20 years in prison for wire fraud charges.
Next news: A major project in the cryptocurrency world, EigenLayer, has announced its mainnet launch. EigenLayer, an Ethereum restaking protocol, allows users to re-stake validators' Ethereum stakes locally or through liquid staking tokens, allocating these funds to economically secure third-party protocols. About a year ago, Eigen Labs closed a $50 million Series A funding round led by Blockchain Capital, with participation from Coinbase Ventures and Polychain Capital. The project is also expected to organize a token airdrop event, although no new developments regarding this were mentioned in the official statement. EigenLayer's platform enables users to borrow Ethereum's security for startup blockchain protocols by allowing them to re-stake $ETH in a larger pool, which is then used to secure other networks called Actively Authenticated Services (AVSs), which can include blockchain bridges, exchanges, or oracles.
Next news: Coinbase to list Shadow Token (SHDW) on April 9. Trading will begin around 12 noon EST on April 10 if liquidity conditions are met. The SHDW-USD trading pair will be launched in stages once the supply of the asset is sufficient.
Next news: A16Z Crypto, the cryptocurrency-focused division of venture firm Andreessen Horowitz, has released Jolt, a zero-knowledge solution termed as 'ZKVM' aimed at accelerating and streamlining blockchain scaling operations. Jolt integrates SNARKs (Succinct Non-Interactive Arguments of Knowledge) to facilitate scalable ZK-rollups in the Layer 2 space, offering a novel method for building virtual machines proven via SNARKs. This allows developers to create fast SNARK-based Layer 2 solutions. The team claims Jolt is 'up to 2X faster' than current ZKVMs, offering easier extension and auditing for developers, leading to greater security. SNARK-based solutions enable blockchains to offload a significant portion of computational work, ensuring quick compression and verification of computations without the verifier needing to perform the computations themselves. Jolt works alongside Lasso, which employs a 'lookup argument,' resulting in a fast prover system for rollups, crucial for enhancing the scalability of blockchain applications, including potential use cases in Layer 2 blockchains, cross-chain bridges, and other areas where efficient, verifiable computing is critical.

Okay that's all for today. Thank you for tuning in, and we hope you found it helpful. Visit sosovalue.xyz, our one-stop financial research platform for crypto investors, to stay abreast of the latest market trends and key information. Until next time, goodbye.