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
Bitcoin rises, Dubai property prices plummet: retreating over 18% from February highs, war impacts global asset allocation
Since the outbreak of the Iran war, Bitcoin prices have rebounded, rising approximately 5.4% in total; meanwhile, the Dubai real estate market has declined by 18.1% due to missile attacks and foreign capital withdrawals. High-net-worth investors are fleeing, coupled with expectations of a surge in future supply, leading to a general decline in housing prices. Overall, the war is reshaping regional risks and has a profound impact on global asset allocation.
GateNews18m ago
Oil Prices Make Case for Lower Rates, Crypto Prices Surge in the Multifaceted Scenario
The essay discusses the potential for rate cuts by the Federal Reserve due to rising oil prices and inflation concerns, alongside a surge in crypto prices following President Trump's comments on the Iran war. Gold prices have also risen in response to market shifts.
TheNewsCrypto20m ago
JELLYJELLY spot-futures price difference reaches 34%, with a certain CEX contract position increasing to $9.96 million
On-chain analyst Ai Yi has detected that the JELLYJELLY chain has a market capitalization of $89.95 million, which differs significantly from the $67.17 million market cap of a certain CEX contract, with a spread of 34%. The price anomaly began this morning, and at 2 PM, the price surged again while the futures price declined. The CEX JELLY contract open interest skyrocketed to $9.96 million, with a funding rate of -2%, indicating large-scale short positions.
GateNews21m ago
Cardano Posts 6.89% Daily Gain—Can ADA Maintain Momentum Above $0.25?
Cardano posts 6.89% daily gain as ADA rebounds to $0.2811 after recent yearly lows.
Strong trading volume signals renewed investor interest and potential short-term momentum.
Traders watch $0.25 support and $0.30 resistance for ADA’s next direction.
Cardano’s ADA returned to the
CryptoNewsLand46m ago
Circle stock price surges 87% in a month! How the US-Iran war and trader position adjustments are driving the rally?
Circle's stock price surged 87% in a single month due to the impact of the US-Iran conflict. Analysts have pointed out that its stock is overvalued, and the discounted cash flow model shows an intrinsic value of $42.25. The current stock price of $111.84 is 164.7% higher. The price-to-sales ratio also emphasizes that the stock is overvalued, indicating a high risk of overestimation.
CryptoCity51m ago
Pudgy Penguins launches Pudgy World: a "Penguin Club"-style game that becomes popular, with the PENGU token rising simultaneously
Pudgy Penguins has launched its flagship browser game Pudgy World, which is designed more as a casual mainstream game. The game is set in the virtual world "The Berg," where players complete quests and explore. Adopting a "game first" philosophy, it differs from traditional NFT game models. The market response has been positive, and it is expected to attract more regular players.
GateNews56m ago
