Gate News Bot Report, February 13 — According to CoinMarketCap data, as of press time, ESP (Espresso) is priced at $0.07, down 12.35% over the past 24 hours. The highest price reached $0.09, and the lowest dropped to $0.07. The 24-hour trading volume is $234 million. The current market capitalization is approximately $36.11 million, a decrease of about $5.09 million from yesterday.
The Espresso Foundation is an infrastructure network dedicated to promoting cross-chain composability development. The Espresso Network has launched on the mainnet, aiming to provide foundational layer support for Ethereum ecosystem projects and other chains’ rollups, Validiums, as well as Layer 2 and Layer 3 scaling solutions. The ESP token claims functions including staking to unlock enhanced staking rewards, with staking and claiming now open. The network brings together multiple core contributors and partners, including Espresso Systems, Offchain Labs, Caldera, AltLayer, and others, working together to advance open, composable, and permissionless internet infrastructure.
Recent Important News on ESP:
1️⃣ Token Launch and Airdrop Policy Initiation
The ESP token was officially launched recently, accompanied by a 10% airdrop plan. As a milestone following the Espresso Network mainnet launch, the token release with large-scale airdrops may cause a rapid increase in initial market supply, putting downward pressure on the price. Additionally, the airdrop provides a low-cost entry point for new ecosystem participants, but may also trigger short-term cash-out behaviors, which are related to the 12.35% decline over the past 24 hours.
2️⃣ Intensified Competition in Layer 2 Scaling Ecosystem
Espresso Network aims to support Layer 2 scaling solutions such as rollups, Validiums, L2, and L3 on Ethereum and other chains, at a time when Layer 2 solutions are gaining market attention. The competitive landscape is complex, with multiple mainstream players vying for cross-chain infrastructure dominance. Market evaluation of different solutions is still in exploration, which may limit valuation recognition for new ESP projects entering the space.
3️⃣ Staking Mechanism and Ecosystem Incentives
The ESP token’s staking function is now open, allowing stakers to unlock enhanced staking rewards. As an infrastructure project, its value capture depends on real usage demand and participation within the ecosystem. In the early stages, while staking provides incentives for holding tokens, actual adoption and network effects need time to develop. Short-term market valuation of this mechanism remains uncertain.
This message is not investment advice. Please be aware of market volatility risks.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Traditional Finance Alert: XBRUSD Up More Than 2%
Gate News bot message: According to the latest Gate TradFi data, XBRUSD has risen 2% in the short term, with current volatility significantly higher than recent average levels, indicating increased market activity.
GateNews46m ago
Solana staking business expansion drives SOL Strategies stock price up more than 20% in a single day, with nearly 700,000 SOL locked on the STKESOL platform
SOL Strategies Inc. stock price rose over 20% after the February business update, with validator network and staking services continuing to expand and user engagement increasing. The launched STKESOL liquidity staking platform attracted over 1,000 holders, improving capital efficiency. The company's total managed SOL is approximately 3.87 million tokens, maintaining a stable staking network and growing yields. It is expected that with the influx of institutional funds, the business will continue to grow. The company's governance structure will be adjusted on March 31, with Michael Hubbard officially becoming the CEO.
GateNews1h ago
Sky governance proposal implementation leads to approximately a 10% increase in SKY tokens, slowing down issuance and buyback mechanisms to strengthen the supply and demand structure
The native token SKY of the DeFi protocol Sky increased by approximately 10% after the governance proposal was implemented. The proposal reduces the token issuance scale over the next 180 days, slows down the release of staking rewards, decreases potential dilution pressure, and enhances the stability of the token's value. Meanwhile, Sky continues to repurchase SKY tokens, reducing market circulation, strengthening supply and demand, and promoting the development of the USDS stablecoin lending market. This strategy reflects the industry's general trend toward optimizing token economic models.
GateNews1h ago
PIPPIN drops 37% as $43 million is withdrawn from the market – What's going on?
In the past 24 hours, the price of PIPPIN has dropped sharply by 37%, matching a decrease of $43 million in open contracts (OI), indicating a wave of large position closures happening in the market.
This significant decline often reflects traders exiting leveraged positions as prices fall. This suggests that a strong wave of liquidation is underway in the market.
TapChiBitcoin2h ago
MON (Monad) increased by 8.88% in the past 24 hours
Gate News Bot Message, March 05, According to CoinMarketCap data, as of press time, MON (Monad) is currently trading at $0.02, up 8.88% in the past 24 hours, with a high of $0.02 and a low of $0.02. The current market cap is approximately $242 million, an increase of nearly $19.8 million compared to yesterday.
Monad is a next-generation, Ethereum-compatible high-performance blockchain that offers 10,000 TPS, sub-second finality, low fees, and scalable decentralization. The chain is compatible with EVM at the bytecode level, with Solidity contracts, EVM addresses, infrastructure, tools, and libraries ready to use out of the box. Monad uses a custom database and low system requirements, allowing validators to run nodes on consumer-grade hardware, enabling true decentralization from day one.
GateNews2h ago
