What's Happening in Crypto Today? Daily Crypto News Digest

In crypto news today:

Crypto market is green today
Stablecoin Market Cap Hits Record $215BN, RLUSD Hits $3TN in Trading
Kraken Returns Staking to US Market
RedStone Taps into EigenLayer's $14 Billion TVL

__________

Crypto market is green today

Over the past 24 hours, the global cryptocurrency market capitalization is down 1.1% to $3.73 trillion.

At the time of writing, the daily crypto trading volume is $120 billion.

The large majority of the top 100 coins per market cap have recorded price increases today.

When it comes to the top 10 coins per market cap category, five are up and three are down (not taking the two stablecoins into account).

Ethereum (ETH) appreciated the most: 2.7%, now trading at $3,342.

The drops are not high overall, but Solana (SOL) saw the highest among them: 0.6% to $239.53.

It's followed by Bitcoin (BTC), with a fall of 0.5%, currently changing hands at $104,762

Stablecoin Market Cap Hits Record $215BN, RLUSD Hits $3TN in Trading

In January, the total stablecoin market capitalization rose 5.68% to $215 billion, hitting another all-time high, according to the latest report by the crypto market data provider CCData. Furthermore, this is the 16^th consecutive month of growth.

Stablecoin market dominance increased from 6.19% in December to 6.31% in January. This is the highest level since October, the report found.

Also, as of 26 January, stablecoin pairs on centralized exchanges recorded $1.71 trillion in trading volume, signaling a potentially lower monthly total than December's $2.66 trillion. The USDT dominance in stablecoin trading fell to 82.4%.

Meanwhile, Ripple's RLUSD stablecoin has recorded $3.02 trillion in total trading activity just over a month after launching on centralized exchanges. RLUSD's monthly volume stood at $2.84 trillion as of 23 January, making it the fourth-largest stablecoin by trading volume. As of this date, RLUSD had a circulating supply of $97.5 million and reserve funds exceeding $104 million.

"Bullish dominates RLUSD trading, accounting for 85.7% of activity with $2.42 billion in volume," the report said. "Bitstamp follows as the second most active venue, handling $398 million in trades. RLUSD is also listed on Independent Reserve, Bitso, and Mercado Bitcoin."

Kraken Returns Staking to the US Market

Crypto exchange Kraken has launched a new on-chain staking product for US clients in 37 states and 2 territories, "bringing institutional-grade staking back to the American crypto market."

According to the announcement, clients can stake 17 assets, including ETH, SOL, DOT, and ADA. The team plans to expand access to users in more states and make its restaking integration available in eligible states.

US clients in the specified states are now able to stake tokens via Kraken Pro and participate in bonded staking, which locks up (bonds) cryptoassets to the network for a specific period of time.

Kraken delegates staked assets to validators who handle transaction validation, block production, and pass back rewards (minus fees) to the stakers.

"Launching this new staking product in the US is an overwhelmingly positive development, not just for Kraken but also for the entire US crypto space," said Mark Greenberg, Kraken Global Head of Consumer. The resumption of staking will play a major role in the development and mass adoption of crypto and in bolstering the underlying security of blockchain networks, he said.

"Kraken serves as a bridge so people can access the crypto space and participate in an increasingly broad range of related activities from an interface and platform that they're familiar with. Onchain staking is a key component of how we fulfill this role," Greenberg concluded.

RedStone Taps into EigenLayer's $14 Billion TVL

DeFi oracle RedStone announced the mainnet launch of a new Actively Validated Service (AVS) to increase the security and reliability of its blockchain price feeds by tapping into EigenLayer's $14 billion in staked assets.

According to the press release shared with Cryptonews, this makes RedStone "the most technologically advanced oracle provider in the market today."

Its modular architecture allows it to deploy price feeds for thousands of cryptoassets across 100+ chains and has also enabled the seamless integration with Eigen Layer's AVS framework. Now, RedStone can utilize various assets, such as restaked Ether and the EIGEN token, to secure its price feeds. At the same time, it reduces infrastructure costs and on-chain fees, the team said.

Meanwhile, one of the first price feeds to utilize the novel integration will be ether.fi’s weETH, a wrapped version of eETH and a popular Liquid Restaking Token (LRT), representing over $6 billion in value. The new weETH feed and other AVS-secured price feeds will be deployed on Base.

Marcin Kazimierczak, co-founder and COO of RedStone, commented that is a significant move for both the oracle and the future of DeFi. "By leveraging EigenLayer's highly established AVS framework, we're elevating the availability and reliability of the price feeds we provide even further, which are crucial for DeFi protocols to function with confidence."

"RedStone already leads the market for LST and LRT feeds," said Mike Silagadze, Founder of ether.fi. "We're excited about what this means for RedStone's weETH price feed."

Similarly, EigenLayer Founder Sreeram Kannan said that RedStone "has firmly established itself as one of the leading oracle providers in the DeFi ecosystem," adding that EigenLayer is "thrilled they chose to build on the Eigenlayer AVS framework to provide cryptoeconomic security to their system."

What's Happening in Crypto Today? Daily Crypto News Digest

Comments

Crypto market is green today

Stablecoin Market Cap Hits Record $215BN, RLUSD Hits $3TN in Trading

Kraken Returns Staking to the US Market

RedStone Taps into EigenLayer's $14 Billion TVL

Popular Channels

Tools & Features

Partners & Contributors

About Benzinga