Berachain, a blockchain platform specializing in decentralized finance (DeFi), is set to achieve unicorn status following a successful funding round that has raised over $69 million. 

The funding round was co-led by Brevan Howard Digital and Framework Ventures, according to sources familiar with the matter.

In this funding round, Berachain is raising capital by selling digital tokens, and the project is expected to be valued at $1.5 billion upon completion, as reported by the sources who preferred to remain anonymous when discussing private information.

Berachain's focus on DeFi aligns with the growing trend in the cryptocurrency space, where decentralized platforms enable activities such as trading, lending, and borrowing without reliance on traditional intermediaries like banks. This approach has gained significant traction and investment interest as it offers greater accessibility and flexibility to users globally.

As Berachain secures this substantial funding, it is poised to further advance its platform and contribute to the ongoing evolution of the DeFi ecosystem, potentially driving innovation and expanding opportunities within the cryptocurrency market.

Elon Hints Dogecoin Payment Options At Tesla🐕

Elon Musk has hinted at the possibility of allowing people to purchase Tesla cars with Dogecoin cryptocurrency in the future. 

During his recent visit to Tesla's manufacturing plant, Giga Berlin, Musk mentioned that the company already permits users to buy merchandise using Dogecoin and suggested that enabling Dogecoin payments for Tesla cars could be a possibility.

He mentioned that while currently, users can purchase Tesla merchandise with Dogecoin, enabling car purchases with the cryptocurrency is something they may consider in the future.

This endorsement of Dogecoin for potential use in purchasing Tesla cars aligns with Musk's previous expressions of support for the meme-inspired cryptocurrency. However, it also follows comments suggesting a potential decrease in Musk's overall interest in cryptocurrencies. Last year, Musk indicated that he no longer dedicated much time to thinking about cryptocurrencies, and he also expressed skepticism about the idea of Twitter launching its own crypto token.

Musk's remarks often have a significant impact on the value of Dogecoin, given his influential role in the cryptocurrency community. Following his recent statement, Dogecoin experienced a price increase of 6.9% over the past 24 hours, reaching $0.185 at the time of writing. This surge adds to Dogecoin's impressive performance, with the cryptocurrency having risen nearly 100% year-to-date. As such, Musk's continued endorsement and potential integration of Dogecoin into Tesla's payment options could further influence its value and adoption within the cryptocurrency market.

Ethereum’s Dencun Goes Live 🛰️

Ethereum's highly anticipated "Dencun" upgrade has finally gone live, marking a significant milestone for the platform's scalability. 

With this upgrade, Ethereum aims to drastically reduce the cost of using rollups like Arbitrum, Optimism, and Starknet, which have become essential for handling Ethereum's transaction volume efficiently.

Prior to the upgrade, the cost of sending Ether on leading rollups ranged from $0.15 to $0.70, according to l2fees.info. However, with Dencun in effect, this cost is expected to decrease tenfold over time. To fully realize these benefits, rollup developers, including Arbitrum and Optimism, will need to implement corresponding upgrades to their blockchains.

The Dencun upgrade represents a significant advancement for Ethereum, which has faced challenges related to scalability and high transaction fees. As Ethereum aspires to become a "world computer" supporting various crypto-based applications and networks, addressing scalability concerns has been a top priority.

The Dencun upgrade introduces "blobs," larger data packets that enhance the efficiency of transaction processing and storage on rollups. While Dencun focuses on reducing rollup fees, it does not directly impact the cost of using Ethereum itself.

However, despite the anticipated benefits of Dencun, the cost of using rollups may still fluctuate depending on demand. Nevertheless, Dencun marks just the beginning of Ethereum's "Surge" phase, as outlined in the network roadmap. With ambitious goals to achieve 100,000 transactions per second, Ethereum's scalability journey is expected to continue evolving to meet growing demand.

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NFTs Won’t See The Summer?☀️

The recent surge in Ethereum's price hasn't translated into a similar rally for non-fungible tokens (NFTs), which have seen a significant slump in trading volume and prices. 

Despite Ethereum's 11% increase over the past week, popular NFT collections like DeGods, Azuki, Pudgy Penguins, and Bored Ape Yacht Club have experienced double-digit losses. This divergence between Ethereum's performance and NFTs can be attributed to several factors. One significant factor is the decoupling of NFTs from their underlying asset, Ethereum, marking the onset of the first real bear market for NFTs. Investors are turning their attention to assets like Bitcoin and Ethereum amidst their ongoing rallies, leading to a decline in NFT trading volumes, which have dropped by about 66% from last year.

Rising Ethereum gas fees further disincentivize NFT trading, particularly when Ethereum's price surges. Transaction fees on the Ethereum network have increased by over 350% since the beginning of the year, making NFT transactions more costly and less appealing to traders.

Additionally, NFTs have been struggling to regain momentum since they were impacted by a broader crypto market sell-off in 2022. The decline in interest and speculative activity in the NFT sector has led to a gradual decrease in the floor prices of popular NFT collections like Bored Ape Yacht Club. The current focus in the NFT market has shifted towards utility NFTs that can be used in blockchain games, rather than speculative investments in major NFT collections. This shift reflects a change in the market's dynamics, with less emphasis on showcasing social status through NFT ownership.

However, there remains potential for a turnaround in the NFT market once the broader cryptocurrency market surge subsides. Depressed floor prices of NFTs could attract investors seeking growth opportunities, potentially reigniting interest in NFTs and leading to a resurgence in trading activity and prices.

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