Top Crypto News: Cosmoverse, Cardano, ZkSync Updates

This week in crypto, several major events are set to capture the attention of industry participants. Among the top stories are the highly anticipated Cosmoverse event, the debut of Mantle’s mETH token, and the upcoming Cardano summit.

Each of these events promises significant developments across their respective ecosystems, offering insights and potential growth opportunities.

Cosmoverse 2024 in Dubai

Advertised as the largest Cosmos conference, Cosmoverse 2024 presents one of the most exciting tech hubs and the top crypto news this week. It will take place in Dubai this year, after Lisbon in 2021, Medellin in 2022, and Istanbul in 2023.

During the conference, thought leaders of the Cosmos ecosystem and beyond will hold keynotes and participate in panels. They will educate and update the broader crypto community about current developments, implementations, and visions.

This year, the three-day event, which has over 2000 attendees and more than 120,000 speakers, brings together impressive industry stakeholders, including Osmosis co-founder Sunny Aggarwal, dYdX Foundation CEO Charles d’Haussy, and Polygon co-founder Sandeep Nailwal.

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This gathering will continue the year-over-year mission to further collaboration and innovation and jointly push the boundaries of blockchain technology. This is especially true as major projects like Ripple, Cardano, and key voices from the Bitcoin ecosystem feature in the attendees’ list.

Mantle cmETH Restaking Token Launch

The Mantle ecosystem is making headlines this week with the upcoming launch of cmETH. Designed to be highly composable, cmETH serves as a value-accumulating receipt token within the Mantle Liquid Staking Protocol (LSP), similar to Lido’s stETH. Mantle also aims to achieve the highest sustainable core yield by exploring maximal extractable value and sharing treasury-generated yield.

Being among the top 5 in terms of TVL on L2Beat, they are now focusing on the development of cmETH, their own liquid restaking token, along with COOK as the governance token. Notably, the cmETH token will support several different restaking apps, with the mETH protocol hinting that the launch is around the corner.  

“Once cmETH is introduced, users will have the opportunity to restake their mETH to obtain cmETH, adding more value to COOK,” Mantle said.

ZkSync $47 Million Incentive Program

The ZkSync ecosystem’s first governance proposal was posted on the ZK Nation forum last week. It announced the Ignite program, which is expected to allocate 325 million ZK tokens to establish a DeFi liquidity hub.

“The ZKSync Ignite program, authored by Merkyl, requests 300,000,000 ZK tokens from the ZK Nation token assembly to distribute to DeFi users over 3 seasons, totaling 9 months. The proposal requests an additional 25,000,000 ZK tokens to cover administrative costs and includes a buffer for unforeseen circumstances,” ZKSync said.

BeInCrypto data values the 325 million ZK tokens at $47 million, based on the current rate of $0.1448. This highlights the potential financial impact of this initiative, as investors and stakeholders view this as a positive development.

Specifically, the overall sentiment surrounding the ZK token is likely to be bullish in the coming weeks. As liquidity continues to play a crucial role in the market, the establishment of a dedicated hub on the Elastic Chain could attract new users and enhance the utility of the ZK token within the ecosystem.

2024 Cardano Summit in Dubai

The Cardano Summit will take place Wednesday and Thursday in Dubai. The agenda includes topics like crypto adoption in the UAE, focusing on innovation and industry advancements.

Dubai, known as a top crypto hub, is the ideal host, reinforcing its commitment to blockchain integration. Over 10,000 attendees will join in person and virtually to celebrate the growth of Cardano’s ecosystem.

The 2023 Cardano Summit was bullish for the ADA token, providing tailwinds for the price to shatter a critical resistance. If history repeats, the event could see ADA sidestep risks of a 21% drop amidst ongoing uncertainty.

A strategic announcement from the Sushi ecosystem highlights this week’s top crypto news. Jared Grey, a builder at Sushi Labs, teased an upcoming announcement. He invited protocols and builders to integrate with Sushi’s APIs and hinted at a strategic move that will introduce new DeFi primitives to Automated Market Makers (AMM) and perpetual swaps.

“We’ll announce a strategic acquisition very shortly, allowing us to bring innovative DeFi primitives built in stealth to the AMM and perpetuals vertical, too,” Grey wrote.

Read more: SushiSwap (SUSHI) Price Prediction 2024/2025/2030

Grey remains optimistic about Sushi’s future, emphasizing that this is just the beginning of the platform’s growth and innovation.