India’s Fast-Growing Web3 Ecosystem, The First Web3 Laptop, Binance 2024 Inflows & Base Network Hits Record Transactions

Here’s to another end of week Digest from HODL FM. Read on to explore what you might have missed.

But first of all, let’s check out the best and worst performing cryptos of the last seven days.

Top Gainers and Losers of the Week

This week, the cryptocurrency market showcased notable movements:

Top Gainers:

• Bitget Token (BGB): Surged by 22.57%, reaching $2.32.
• dYdX (DYDX): Increased by 21.37%, now at $2.25.
• JasmyCoin (JASMY): Rose by 12.90%, priced at $0.05336.

Top Losers:

• VeChain (VET): Dropped by 11.07%, now at $0.06298.
• IOTA (IOTA): Fell by 10.25%, standing at $0.4397.
• Bitcoin SV (BSV): Decreased by 10.20%, priced at $77.35.

Web3 Startup Ecosystem in India 2024

India has emerging as a global leader in the Web3 sector, hosting over 1,000 startups across finance, infrastructure, and entertainment. 

As of 2024, the country accounts for nearly 12% of the world's crypto developers, second only to the United States. Projections indicate that India will ascend to the top position by 2027. 

Since 2020, Indian Web3 startups have attracted over $3 billion in funding, with $462 million secured in the first nine months of 2024 alone—a remarkable 82% increase from the previous year. This growth has been pumped by global investments and government-backed blockchain initiatives.

First 'Web3 Laptop' with Cold Storage Wallet and Token Airdrop

European tech company Metavisio has unveiled plans for the world's first Web3 laptop, integrating a built-in cold storage crypto wallet. 

This device aims to enhance security for crypto users by allowing offline storage of digital assets.

Additionally, Metavisio intends to offer token airdrops to users, providing added value and encouraging adoption of decentralized technologies.

Binance's 2024 Inflows Surpass Competitors

In 2024, Binance solidified its position as the leading cryptocurrency exchange, with inflows nearly 40% higher than its ten closest competitors combined.

This significant leap can be attributed to increased institutional interest and the platform's proactive approach to regulatory compliance. 

Despite facing challenges, Binance has maintained user trust and expanded its market dominance, benefiting from the approval of crypto ETFs and the subsequent capital inflows into the market.

Ethereum Layer 2 Base Achieves Record Transactions

Ethereum Layer 2 network, Base has reached an all-time high of 11.4 million daily transactions. 

The surge is largely due to an AI agent known as @Clanker, which has deployed approximately 4,700 memecoins on the network. 

While this activity has increased throughput to 131 transactions per second, it has also led to a significant number of reverted transactions, indicating potential scalability challenges.

Czech Republic Abolishes Capital Gains Tax on Bitcoin Held at Least Three Years

Starting in 2025, the Czech Republic will exempt Bitcoin and other crypto assets held for over three years from capital gains tax, provided they aren’t used for business purposes and annual crypto sales stay under CZK 100,000.

This move aligns with existing exemptions for securities and aims to attract more crypto investors. However, questions about implementation, such as verifying ownership duration, remain unresolved.

The crypto world never stands still. Markets shift, tech leaps forward, and new hotspots emerge on the map—all at a breakneck pace. 

For anyone curious about this digital frontier, keeping up isn't just a nice-to-have; it's the only way to make sense of this whirlwind and spot every opportunity hiding in plain sight. 

Too Many Crypto Dumbos, Trump and El Salvador, Bitcoin KOs Microstrategy, and CFTC to Oversee Сrypto from SEC | HODL FM

Crypto dumbos exposed, Trump cozies to El Salvador, Bitcoin’s blow…

HODL FM: The Wildest Ride in the Crypto MarketEmmanuel Ekokotu

Disclaimer: All materials on this site are for informational purposes only. None of the material should be interpreted as investment advice. Please note that despite the nature of much of the material created and hosted on this website, HODL FM is not a financial reference resource and the opinions of authors and other contributors are their own and should not be taken as financial advice. If you require advice of this sort, HODL FM strongly recommends contacting a qualified industry professional.