Crypto Market Update: A Shift to Red, Tezos Upgrade, and New Initiatives

In today’s crypto landscape, the market is experiencing a downturn with a notable decrease in global cryptocurrency capitalization and mixed performance among major coins. Additionally, significant protocol upgrades and partnerships are making headlines across the blockchain ecosystem.

Market Overview: A Dip in Values

Following a brief period of positive price movement, the cryptocurrency market has turned predominantly red. Over the last 24 hours, the global market capitalization has declined by 0.9%, standing at approximately $3.12 trillion. Trading activity has also seen a drop, with daily volumes now at $87.1 billion, marking a decrease after a recent uptick.

Among the top ten cryptocurrencies, only Bitcoin (BTC) and Dogecoin (DOGE) showed gains. Bitcoin rose by 0.7%, trading at $96,885, while Dogecoin increased by 0.9% to $0.1806. Conversely, Tron (TRX) experienced the largest loss, down 1.6% to $0.1806. Ethereum (ETH) saw a decrease of 0.9% and is currently valued at $1,831. Other notable declines included Solana (SOL) and XRP, which fell by 1.2% and 1.1%, respectively.

In the broader market featuring the top 100 coins by market capitalization, the trend remains similar, with most cryptocurrencies showing declines. Among the significant losers, the Artificial Superintelligence Alliance (FET) dropped by 7.8% to $0.7113, while Ethena (ENA) fell 7.6% to $0.3094. On the other hand, Immutable (IMX) saw a remarkable rise of 11%, trading at $0.641, while EOS increased by 8.3%, reaching $0.7368. ## Tezos Protocol Upgrade: Rio Goes Live

In a significant development for the Tezos blockchain, the 18th protocol upgrade, dubbed "Rio," has officially gone live. Following a successful on-chain voting process, this upgrade introduces enhancements aimed at increasing the flexibility of staking on the Tezos network.

The Rio upgrade is also a step towards adopting the Data Availability Layer (DAL), a framework designed to enhance Layer 2 scaling solutions. Tezos implemented this DAL with its Paris protocol upgrade in 2024, aiming to boost the amount of transaction data on-chain by up to 4,000 times, ultimately reducing rollup costs.

Key features of the Rio upgrade include a revised rewards model that incentivizes users to maintain network security and integrity, as well as reducing the network cycle time from three days to one day. This encourages users to explore staking and related activities more conveniently. To enhance network reliability, stricter activity thresholds have been established for bakers; those who are inactive for two days will lose their consensus rights until they re-engage with the network.

World Network Launches in the U.S.

A new player in the blockchain space, Tools for Humanity, has announced the launch of its World Network in several major U.S. cities, including Atlanta, Austin, Los Angeles, Miami, Nashville, and San Francisco. As part of this rollout, services related to the World Network, including access to the World ID and tokens (Worldcoin – WLD), have been made available.

Additionally, the U.S. launch includes the introduction of World Visa Card, a debit card meant for verified users, which connects to the World App. The updated version of the app, World App 4.0, features new applications and improves usability. The unique “Orb Mini” handheld device has also been unveiled, ensuring access to the safety and security features of the original Orb technology.

Strategic Partnership: Sui and Fireblocks

Finally, Sui Network has announced an important partnership with Fireblocks, a provider of digital asset infrastructure. This collaboration aims to enhance Sui’s institutional-grade infrastructure, facilitating secure custody and decentralized finance (DeFi) connectivity.

The integration with Fireblocks will deliver several capabilities, including native custody for the SUI coin, direct exchange connectivity for Sui-based tokens, and access to DeFi protocols via WalletConnect. This partnership is part of Sui’s broader strategy to expand its institutional presence and improve engagement within the crypto sector.

As developments continue to unfold in the cryptocurrency space, investors and enthusiasts are encouraged to stay updated on these innovations and market trends.

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