Immutable zkEVM Introduces $50M Rewards Program for Ethereum Gamers

Immutable zkEVM, an Ethereum gaming platform, has unveiled The Main Quest—a groundbreaking rewards program offering up to $50 million in token rewards to players. This initiative aims to incentivise users of the Immutable zkEVM network, a layer-2 Ethereum gaming platform powered by Polygon zkEVM technology. 

Participants stand to earn rewards for various activities, including playing early games like Guild of Guardians, MetalCore, Illuvium, Space Nation Online, and Treeverse, along with utilising decentralised exchanges and trading Immutable NFTs. This marks a significant step in Web3 gaming, showcasing the tangible benefits of digital ownership to players.

The launch of The Main Quest represents a pivotal moment for Immutable and its partnership with the Digital Worlds Foundation. As the largest rewards program in Web3 gaming to date, it underscores the commitment to empowering gamers with substantial incentives for engaging with the Immutable ecosystem. 

With over 270 titles in development, Immutable aims to offer a diverse range of gaming experiences while rewarding players for their participation. This initiative not only enriches the gaming experience but also serves as a strategic move in onboarding traditional gamers into the world of crypto gaming, tapping into the vast potential of the estimated 3.320 billion gamers worldwide by 2024.

Related: How the crypto bull run can impact Web3 gaming beyond play-to-earn

Immutable zkEVM is revolutionising the gaming landscape by combining immersive gameplay with real rewards and bridging the gap between traditional gaming and blockchain technology. With The Main Quest, players can delve into a world of adventure while reaping the benefits of digital ownership and decentralised ecosystems. As gaming continues to evolve, initiatives like this highlight the transformative potential of crypto gaming, paving the way for broader adoption and engagement within the gaming community.

Miners had a great run with sky-high profits when Bitcoin last halved, but now they’re feeling the pinch as hash prices have taken a dive.

Right after celebrating record earnings during the Bitcoin halving, miners are now grappling with a new challenge: higher network hash rates are leading to lower revenues, which means their profits are dropping.

The income a miner makes for each hash, which is called the hash price, has sunk to its lowest point since October 2023. Data from the crypto analytics company CryptoQuant shows that the hash price for miners fell from nearly $0.12 in early April to just $0.07 after the halving. This is a big drop from the $0.19 high on the day of the halving itself. Further to that, the recent halving cut miners’ block rewards from 6.25 BTC down to 3.125 BTC.

Despite these challenges, the overall network hash rate hasn’t really wavered since the halving, which suggests that mining Bitcoin is still making money, especially with Bitcoin’s price holding steady above $64,000 since April 19.

CryptoQuant pointed out, “Some miners may face headwinds as fees have decreased significantly since the halving and hashrate remains elevated”.

On the halving day itself, transaction fees made up a record 75% of all mining revenue, pulling in about $80 million. That figure has since fallen to around 35% of the total mining revenue.

While things seem stable for now, the future could still bring changes to the hash rate and miner activity. Historically, some miners have left the scene after halvings due to rising operational costs. How Bitcoin’s price moves and shifts in electricity costs will be key factors affecting the mining scene.

CryptoQuant’s report can be accessed here.

The Biden & SEC Attack on Crypto

Biden has come out swinging in April with an attack on the DEFI sector by suing Metamask claiming that MetaMask is acting as an unregistered securities broker. In other news, the IRS has unveiled a draft of Form 1099-DA for brokers, which aims to report digital asset transactions. This draft includes a broad definition of “broker,” a term that initially sparked industry backlash when proposed regulations were issued back in 2023.

Whether this is a targeted attack against the cryptoworld from the biden administration or not, we are currently sitting in bearish territory as you can see the price retesting the USD $66,000 level and bears taking control here.

As per the illustration below a potential double bottom might form just under $60,000 and that’s if we decide to bounce from that technical level. 

However, if we lose support at $59,000 we could see a dip down to the $55-56k levels. 

We are also tracking the bitcoin dominance chart which provides insights into the market share of Bitcoin relative to other cryptocurrencies. When Bitcoin dominance is high, it suggests that Bitcoin is dominating the market, indicating a stronger preference for Bitcoin over other cryptocurrencies. Currently we are sitting in an ascending wedge formation known as a bearish reversal indicator which usually peaks at the apex, this is when the price of bitcoin should take a backseat while the altcoin market plays catch up. 

The prevailing macro level that we are currently faced presents several challenges for the cryptocurrency market, including regulatory uncertainties, geopolitical tensions, and broader economic concerns. In the absence of significant market-moving developments, such as regulatory clarity or widespread adoption, the cryptocurrency market may undergo a period of consolidation. This consolidation phase could manifest as sideways price movements, where the market lacks clear direction and experiences limited volatility.

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