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The post XAG/USD refreshes record high, around $61.00 appeared on BitcoinEthereumNews.com. Silver (XAG/USD) enters a bullish consolidation phase during the Asian session and oscillates in a narrow range near the all-time peak, around the $61.00 neighborhood, touched this Wednesday. Meanwhile, the broader technical setup suggests that the path of least resistance for the white metal remains to the upside. The overnight breakout through the monthly trading range hurdle, around the $58.80-$58.85 region, was seen as a fresh trigger for the XAG/USD bulls. However, the Relative Strength Index (RSI) is flashing overbought conditions on 4-hour/daily charts, which, in turn, is holding back traders from placing fresh bullish bets. Hence, it will be prudent to wait for some near-term consolidation or a modest pullback before positioning for a further appreciating move. Meanwhile, any corrective slide below the $60.30-$60.20 immediate support could attract fresh buyers and find decent support near the $60.00 psychological mark. A convincing break below the said handle, however, might prompt some long-unwinding and drag the XAG/USD towards the trading range resistance breakpoint, around the $58.80-$58.85 region. The latter should act as a key pivotal point, which, if broken, could pave the way for further losses. On the flip side, momentum above the $61.00 mark will reaffirm the near-term constructive outlook and set the stage for an extension of the XAG/USD’s recent strong move up from the vicinity of mid-$45.00s, or late October swing low. Silver 4-hour chart Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds,…

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The post Aave DAO to Shut Down 50% of L2s While Doubling Down on GHO appeared on BitcoinEthereumNews.com. Aave DAO is gearing up for a significant overhaul by shutting down over 50% of underperforming L2 instances. It is also restructuring its governance framework and deploying over $100 million to boost GHO. This could be a pivotal moment that propels Aave back to the forefront of on-chain lending or sparks unprecedented controversy within the DeFi community. Sponsored Sponsored ACI Proposes Shutting Down 50% of L2s The “State of the Union” report by the Aave Chan Initiative (ACI) paints a candid picture. After a turbulent period in the DeFi market and internal challenges, Aave (AAVE) now leads in key metrics: TVL, revenue, market share, and borrowing volume. Aave’s annual revenue of $130 million surpasses the combined cash reserves of its competitors. Tokenomics improvements and the AAVE token buyback program have also contributed to the ecosystem’s growth. Aave global metrics. Source: Aave However, the ACI’s report also highlights several pain points. First, regarding the Layer-2 (L2) strategy. While Aave’s L2 strategy was once a key driver of success, it is no longer fit for purpose. Over half of Aave’s instances on L2s and alt-L1s are not economically viable. Based on year-to-date data, over 86.6% of Aave’s revenue comes from the mainnet, indicating that everything else is a side quest. On this basis, ACI proposes closing underperforming networks. The DAO should invest in key networks with significant differentiators. Second, ACI is pushing for a complete overhaul of the “friendly fork” framework, as most have been unimpressive regarding TVL and revenue. In some cases, attackers have exploited them to Aave’s detriment, as seen with Spark. Sponsored Sponsored “The friendly fork model had a good intention but bad execution where the DAO was too friendly towards these forks, allowing the DAO only little upside,” the report states. Third, the instance model, once a smart…