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Jito Foundation Acquires Solana News Outlet SolanaFloor

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Jito Foundation Acquires Solana News Outlet SolanaFloor

The foundation behind Solana liquid staking protocol Jito acquired SolanaFloor just two weeks after the media outlet announced it was shutting down.

The Jito Foundation has acquired SolanaFloor, a media outlet focused on the Solana ecosystem.

SolanaFloor reported the acquisition and that it’s resuming operations today, March 10, just over two weeks after the media outlet announced it was shutting down, “effective immediately.”

Jito Foundation develops Jito, the second-largest liquid staking protocol on Solana, per DefiLlama data. Jito Liquid Staking boasts a total value locked of $1.1 billion.

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Per the announcement, SolanaFloor will retain editorial independence after the acquisition, clarifying that its “mission and editorial processes will remain unchanged under Jito Foundation’s stewardship.”

On the foundation’s motivations for the deal, Brian Smith, president of Jito Foundation, reiterated the foundation’s commitment to SolanaFloor’s editorial independence, explaining:

“Jito has a long-term stake in the health of the Solana ecosystem, and that means investing in the infrastructure and public goods that keeps the community informed.”

Second Acquisition

SolanaFloor was originally launched in 2021 with a focus on NFT analytics. The company was acquired by now defunct Solana DeFi portfolio management app Step Finance in 2022. SolanaFloor pivoted to become a Solana-focused news media outlet soon after, as the peak NFT frenzy and interest in the sector continued to wane.

Step Finanace suffered a major exploit in late January that resulted in the loss of nearly $30 million in SOL. Soon after, it announced that the platform was shutting down operations, along with the two companies it had acquired, SolanaFloor and Remora Markets.

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Solana currently has a TVL of over $8 billion, down from nearly $14.5 billion in September, per DefiLlama.

The acquisition marks an important moment for crypto media, which has seen multiple outlets shutter their newsrooms in recent months.

This article was generated with the assistance of AI workflows.

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Crypto World

Bitcoin Could Hit $1M if it Tracks Gold

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Bitcoin Could Hit $1M if it Tracks Gold

Bitcoin needs to make up just one-sixth of the global “store of value” market, currently dominated by gold, to reach $1 million per coin, argues Bitwise chief investment officer Matt Hougan.

In a blog post on Tuesday, Hougan said that most dismiss the lofty forecast for Bitcoin, as it would require Bitcoin to muscle into 50% of gold’s current market value.

However, Hougan said the “mistake” most people are making is ignoring the growth of gold and the broader “store of value” market.

Gold’s market cap has grown at around 13% annually since 2004, from $2.5 trillion to around $38 trillion, driven by “rising concerns about government debt, geopolitical uncertainty, easy monetary policy, and other factors.”

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“If this growth rate continues, the global ‘store of value’ market will be [around] $121 trillion in 10 years. At that level, Bitcoin only needs to take 17% of the market to be worth $1 million a coin.”

Gold market cap from 2004 to the present. Source: Bitwise Asset Management

Related: Bitcoin undervalued relative to gold signals potential rally: Analyst

Hougan cited the growth of institutional investment, such as exchange-traded funds, sovereign wealth funds, and increasing portfolio allocations as potential catalysts.

“There are still miles to go, but with these undercurrents, capturing one-sixth of the store-of-value market in 10 years doesn’t seem extreme,” he said, adding:

“As I see it, the base case — that the store-of-value market will continue to grow as it has, and Bitcoin will continue to gain market share as it has — leads you to much, much higher prices than we have today.”

Bitcoin and gold divergence deepens

Hougan’s million-dollar Bitcoin (BTC) thesis depends on the asset continuing to converge with gold; however, the last several months have shown that Bitcoin hasn’t been moving in lockstep with gold.

The price of gold hit an all-time high of $5,327 per ounce in late January, and it is just 2.2% away from that today, whereas Bitcoin is currently trading down 44% from its October peak.

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Billionaire investor Ray Dalio cautioned against Bitcoin as a long-term store-of-value and safe-haven asset in early March, stating that gold was much better.

He argued that central banks are not buying BTC, which he said behaves more like a tech stock.

Greg Cipolaro, global head of research at NYDIG, said on March 6 that it appears Bitcoin is “not currently being priced as a macro hedge, a sovereign risk hedge, or a real-rate or inflation trade.”

“That dynamic helps explain the ongoing frustration around Bitcoin’s failure to ‘act like gold’ despite the digital gold label.”

Bitcoin and gold markets have been diverging since the October crypto market crash. Source: Google Finance

Magazine: China’s ‘50x’ blockchain boost, Alibaba-linked AI mines Bitcoin: Asia Express