Yes welcome back everybody to altcoin daily my name's austin the bitcoin pric is ranging right now and we are ranging hard and while we did a deep dive on what to expect if you're a bitcoin holder in yesterday's artecle it is linked down below watch this interview if you have not already because in today's artecle we are just talking altcoins so like always check the timestamps down below find the news that's best for you and let's jump in starting with our first piece of news involving al grand.
al grand has just rented out a time square billboard to tout their green credentials ahead of earth day but this ad buy comes with a dark twist so if you hold algo token a lot of you are excited about this i guess this is a rendering of al grant's time square activation this is what the ad is intended to look like but in their viral attempt to send a message i guess on thursday april 21st which i guess is earth day they will darken times square in w york to exhibit algren's dedication to sustainability so they will darken times square to show that al grant cares about the earth.
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more green than traditional banking in financial rails very interesting i could see something like this definitely being picked up by all the mainstream media outlets and potentially going viral and just to give you the stats times square going dark for one hour saves six thousand five hundred kilowatt hours of electricity according to al grand and their ceo said that that figure is equivalent to 350 million transactions on the l grant blockchain if you hold algrand give me your thoughts on this but let's keep moving next piece of major news for a theorymen of tees that is sort of coming with.
some controversy but moon birds nfts fly on their debut clocking in over 200 million dollars in sales and the project is the first tied to kevin rose's proof collective a private community of nft collectors whose membership pass cost at least 99 ethereum so this private collective sort of got their first pick got first access to the mint i believe but let's just go over the details and unpack this together the collection of ten thousand pfps profile pic esque nfts has racked up 69 000 ethereum worth.❤
hundreds of millions of dollars in total sales boasting a floor price right now of 21.3 eth roughly 64 000 each for each of these nfts there's a minimum of a sixty four thousand dollar floor price at least at the time of recording the debut put moon birds on top of open seas volume leaderboard not just for the week but for the last 30 days ahead of azuki at around 50 000 ethereum volume and ahead of board api club around 35 000 ethereum volume so it's beating out the blue chips at least for its first month anyway final thoughts the controversy for this mint was this.
the project's mint came with some controversy from complaints of a hefty 2.5 ethereum mint price to also raffle manipulation and concerns of rarity sniping which is projects leaders buying up rare editions using insider knowledge by its developers anyway that is what's going on in nft land as i get more info i will keep you updated and next piece of quick news for taraluna tara luna's stable coin ust becomes crypto's third largest so the dollar pegged ust has overtaken.
finance usd to become the crypto market's third largest stablecoin by market capitalization a big day if you hold teraluna as their stablecoin is a part of the ecosystem now will this trend continue is this just hype at the moment time will tell time will tell but just to paint the picture on what's the difference with these tablecoins busd for example is a fiat-backed stablecoin meaning the stablecoin's custodian in this case paxos for busd holds the equivalent amount of busd.
circulating in cash cash equivalents or other traditional assets so the backing is held by a centralized custodian very similar for usdc and usdt but with tara's stablecoin however is built much differently instead of a centralized entity holding traditional assets be it cash or bonds this stable coin is designed to keep its peg to the greenback the dollar via a mint and burn mechanism as well as savvy market arbitragers and ust is what's known as an algorithmic stablecoin.
here's how it works to create one ust users must first buy and then destroy one dollar of luna tara's governance and staking token the inverse is also true each time you swap one dollar of luna for usd you must destroy one ust and thus it's supposed to keep its peg to one dollar anyway at the moment people are believing tara luna stablecoin is climbing the ranks and next up in 60 seconds or less i do want to give a big shout out to sponsor of the channel the ftx app if you're looking for literally the cheapest place to buy cryptocurrency i mean zero fees literally zero fees check.
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crypto-currency, or crypto is a digital currency designedmore you trade the more you can earn so check it out there's a link down below take advantage next piece of news on ethereum as well as the ethereum foundation the ethereum foundation now reports to hold nearly 0.3 percent of all eth in existence so for the first time ever they put out an annual report just going over some of the stats the ethereum foundation treasury has 1.3 billion dollars in ethereum over 300 million dollars in non-crypto investments and another 11 million dollars in other cryptocurrencies according to a 2021 financial report.
released today so obviously we knew they had a lot of money the question on everybody's mind was always well how much ethereum do they actually own because they were there from the beginning they you know they did a pre-sale do they hold a lot of the supply well as of march 31 2022 again this is just according to them the foundation's ethereum holdings amount to nearly 0.3 percent of the entire east supply which honestly not that much so take this as you will this small number is bullish to me but again i i wish we had a third party to come and do their own report and verify this next piece of privacy coin news for altcoin monero.
the monero community reaches consensus for their july hard fork so this is going to be an upgrade for the coin here's what this upgrade means the popular privacy coins hard fork will include increasing the chain's ring size from 11 to 16 adding view tags to outputs to reduce wallet scanning time as well as introducing bullet proofs and implementing fee changes so a lot of different big words let's break this down together number one first and foremost is the increase in ring size raising the number of ring signatures is meant to ensure that transactions have a larger anonymity set making it harder to reverse engineer the source of the transaction so this should make it more.
private as for view tags one developer pointed out that view tags could reduce network scanning times by up to forty percent so making it more efficient in deriving the output public key for its anonymous transactions so more efficiency and finally the upgrade of bulletproofs a zero knowledge proving system will be used for range proofs in monero the feature will result in faster encryption and verification on the blockchain so a little bit more private a little bit more efficient the monaro community is happy anyway that is the artecle my name is austin i will be responding to you down in the comments at least you know throughout the day not.
not every single minute of every day but i will talk to you down below in the comments and like always see you tomorrow.
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