What’s happening in crypto today? Daily Crypto News Summary

Last updated: May 23, 2024 at 6:27 p.m. EDT | 3 minutes of reading

Get your daily digest of blockchain and crypto news today, investigating the stories that are flying under the radar in today’s news.

In crypto news today:

• Why is crypto down today?
• Elixir Games acquires RoboKiden and partners with Ava Labs
• Spark Launches Stablecoin Savings Solution on Gnosis Chain

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Why is crypto down today?

The global cryptocurrency market capitalization is down another 0.3% today, currently sitting at $2.72 trillion.

Most of the top 100 coins are now back in red.

Among these, HEART is the one that has fallen the most over the last 24 hours: 6.3% to $1.69.

Next in line is Rendered (RNDR)with a drop of 5.1% to the price of $10.58.

The other coins on this list are down less than 4.5%.

Waiting for, Bittensor (TAO) has increased the most today. It is up 11.3% to $477.61. It is also the only coin among the top 100 with a double-digit increase.

The second best performer is ON, with an increase of 6.4% to $2.45. He shares this place with JasmyCoin (JASMY)which experienced the same increase, bringing it to $0.02197.

Of the top 10 coins by market cap, only three are up today.

Toncoin (TON) appreciated the most. It rose 2.2% to trade at $6.45.

Ethereum (ETH) And Lido-Staked Ether (STETH) rose 1.15% each to $3,790.

On the other hand, Solana (SOL) is the one that fell the most: 1.5% to $177.76.

All other red coins also fell around 1%, except Bitcoin (BTC). It is down 0.3%, changing hands at $69,590.

Meanwhile, at their last meeting, the U.S. Federal Reserve officials have expressed growing concern about inflation.

The Federal Open Market Committee (FOMC) decided to keep the short-term borrowing rate in the range of 5.25% to 5.5%, a 23-year high.

Elixir Games acquires RoboKiden and partners with Ava Labs

Web3 gaming platform elixir gamesbacked by industry giant Square Enixannounced the acquisition of RoboKidenan intellectual property developed by game studio Violation Studioscomposed of professionals from the teams behind the Assassin’s Creed And rainbow six sagas, among others.

According to the press release, Elixir Games also announced a strategic partnership with Ava Laboratoriesthe team behind the Avalanche (AVAX) blockchain.

The platform will use Avalanche’s infrastructure to deliver smooth, low-latency gameplay, it said.

It will also leverage blockchain to “enhance digital property rights, making RoboKiden a flagship title within the evolving Avalanche gaming ecosystem.”

RoboKiden is an upcoming free-to-play online third-person shooter for Windows, PS5, Xbox, and Nintendo Switch.

Players will be able to explore “a whimsical battle arena with colorful characters and surrounded by towering robots.”

They will also be able to join other players in a team game “that combines chaotic fun and strategic gameplay.”

The team plans to release RoboKiden in July this year.

This acquisition and partnership follows the successful closing of a A $14 million seed funding roundsaid Elixir Games, with notable contributions from Solana Foundation, NeoTokyoAnd CyberKongz.

Spark Launches Stablecoin Savings Solution on Gnosis Chain

Sparkthe first SubDAO within the CreatorDAO ecosystem, launched “Spark Cash & Savings” on Chain of Gnosisthe fully EVM compatible L1 from Gnosis.

Spark Cash & Savings is a non-custodial solution that improves users’ financial experience with stablecoins, the press release said.

“This decision marks an important milestone in Spark’s multi-chain deployment strategy,” he adds.

Spark Cash & Savings helps users manage stablecoins themselves, including DAIMakerDAO’s decentralized stablecoin.

It allows users to easily use their stablecoins in a non-custodial solution connected to the Dai Savings Rate (DSR).

Additionally, Spark Cash & Savings benefits from the low gas fees on Gnosis Chain, significantly reducing user transaction costs, the team argued. users can pay fees in xDAIa stablecoin linked to DAI.

Additionally, the solution leverages Gnosis Chain’s seamless integrations and crypto on-ramps.

Sam MacPherson, CEO of developer Spark Phoenix Laboratoriescommented that the user experience in DeFi is “marred by obtuse, complex and unintuitive financial tools,” but that “Spark is a game changer.”

“With Spark Cash & Savings, Spark enables users to maximize their financial benefits through a non-custodial, user-friendly solution,” he said. “Integrating it with Gnosis Chain makes it even better for Spark users, as it offers cheaper transaction fees, which works well with smaller payments through the Gnosis Pay system.”

Friederike Ernst, co-founder of Gnosis, added that the partnership “capitalizes on our synergies to deliver unprecedented efficiency and accessibility in the DeFi space. The enhanced utility within the Eurozone, combined with the infrastructural efficiency of Gnosis Chain, uniquely positions us to expand Spark’s user base and streamline transactions, making stablecoin economies simple and cost-effective for everyone involved.

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