Autor Cointelegraph By Jordan Finneseth

DeFi flashes early revival signs as retail and institutional inflows trickle in

DeFi flashes early revival signs as retail and institutional inflows trickle in

Uverejnil používateľ | feb 12, 2022 |

Decentralized finance (DeFi) has had a rough go so far in 2022, and data from Messari shows the top ten-ranked DeFi assets currently down between 10% to 50% since the start of the year.Top ten DeFi tokens by market capitalization. Source: MessariA positive is, the situation may change soon as funds have began to flow back into the DeFi ecosystem following a month of declines as data shows institutional and retail funds returning to crypto markets.Data from Defi Llama shows that the total value locked in all of DeFi platforms has climbed to $211.1 billion on Feb. 11, up from a low of $185.14 billion on Jan. 31Total value locked in DeFi. Source: Defi LlamaA closer look at the individual protocols that contribute to the total TVL shows that the biggest drawdowns in TVL over the past 30 days were in stablecoin-focused protocols like Curve (CRV) and Convex Finance (CVX), which appeared to suffer from the collateral damage of popular rebase projects like OlympusDAO (OHM) and Wonderland (TIME) imploding. Projects that were closely integrated with Curve also saw significant outflows, with Yearn.Finance experiencing a 28.57% decline in TVL and Abracadabra.money seeing its TVL fall by 46.3% amid the controversy surrounding members of its development team. Every crisis presents an opportunity, however, and in this instance it is the decentralized stablecoin protocol Frax (FXS) that has benefited from the stablecoin shakeup. The protocol’s TVL has increased 35.81% over the past 30-days. Related: Easy-to-use DeFi protocols will become the new gatekeepers to cryptoDEX activity remains elevatedAside from the total value locked metric, which has its own strengths and weaknesses, activity across DeFi applications continues to increase year over year with the volume transacted on decentralized exchanges (DEX) over the past three months ranking among the highest recorded historical volumes. Monthly DEX volume by project. Source: Dune AnalyticsUniswap (UNI) remains the dominant DEX with 77.9% of the volume transacted, followed by 7.8% for Curve and 5.6% for SushiSwap (SUSHI). According to data from TokenTerminal, the three leading protocols by gross merchandise value (GMV) over the past three days, which a metric that measures the total value of sales over a certain period of time, have been Uniswap, dYdX and the SpookySwap.Top dApps based on GMV. Source: Token TerminalDAUs are on the riseA final metric pointing to the ongoing adoption of decentralized finance is the total number of DeFi users, a figure that has continued to steadily increase according to data from Dune Analytics. As of Feb. 10, there were 4,363,238 unique addresses that interacted with a DeFi application, representing a year-over-year increase of more than 300% from the 1,369,368 wallets registered on Feb. 10, 2021. Total DeFi users over time. Source: Dune AnalyticsA closer look at the breakdown of which applications experience the most users indicates that Uniswap once again dominates the field with 3,608,951unique wallets interacting with the DEX protocol, followed by 1Inch with 1,108,570. The overall cryptocurrency market cap now stands at $1.996 trillion and Bitcoin’s dominance rate is 41.9%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Altcoin Roundup: 3 P2E games that don't need Ethereum to make waves

Altcoin Roundup: 3 P2E games that don't need Ethereum to make waves

Uverejnil používateľ | feb 12, 2022 |

The rise of blockchain-based play-to-earn (P2E) gaming was one of the leading stories in 2021 as games such as Axie Infinity exploded in popularity and players realized that they could make life-changing amounts of money while also having fun. Weekly number of games by blockchain. Source: Footprint AnalyticsAccording to data from Footprint Analytics, the Ethereum network remains the leader when it comes to the number of games launched on-chain, but persistently high fees and network congestion have pushed a growing number of players to layer-2, cross-chain, bridge-supporting networks and competing blockchains that offer lower-cost transactions costs. Here’s a look at a few non-Ethereum blockchain networks that are gaining traction for their P2E offerings and some of the games that are attracting the largest number of users. HarmonyAccording to data from Footprint Analytics, the most active blockchain network in terms of daily volume is Harmony, a protocol that uses random state sharding to help the network scale and facilitate the creation and use of decentralized applications. Daily volume by blockchain and game. Source: Footprint AnalyticsAs shown in the graphic above, the Harmony network has been processing a daily average of $22.26 million worth of transactions as compared to the $14 million being conducted on the Ronin sidechain, which is home to Axie Infinity. The most popular game on Harmony is DeFi Kingdoms, a project that combines the world of decentralized finance (DeFi) with P2E gaming and nonfungible tokens (NFT) to offer a unique playing experience. Similar to Axie Infinity’s dominance on Ronin, DeFi Kingdoms is currently the main gaming option on Harmony, but the protocol’s ability to handle the high demand that the game places on the network could help attract other projects in the future.PolygonPolygon is another leading option for fans of P2E gaming, and the layer-2 scaling solution for Ethereum is currently processing an average of $10.35 million in daily volume for its gaming community. According to data provided by DappRadar, the most popular game on the Polygon network is Pegaxy, a free-to-play mech-horse racing game where users enter mythological creatures called Pega into player-versus-player races to compete for a chance to win monetary rewards. User statistics for Pegaxy. Source: DappRadarSome of the other popular games on the Polygon network include the DeFi-focused NFT game Aavegotchi, Arc8 by Gamee and Revv Racing. Binance Smart ChainFollowing closely behind the gaming activity on Polygon is the Binance Smart Chain (BSC), which has a current daily volume of $7.26 million transacted within its gaming community. According to data provided by DappRadar, the most popular games on BSC include Elfin Kingdom, Bomb Crypto, Metaverse Miner, Alien Worlds and Mobox: NFT Farmer. Top 5 games on BSC by volume. Source: DappRadarMobox: NFT Farmer is one game that may soon see a significant jump in coverage and demand because the most recent data that has not been factored into the analytical averages indicates that the volume transacted on the game surged from $439,500 on Feb. 7 to $47.16 million on Feb. 8.Related: FarmVille developer Zynga set to release first NFT game this yearUp-and-coming networks and top user rated gamesThe volume of gaming activity on other popular blockchain networks has a noticeable drop off once Ethereum, Polygon, BSC and Harmony are accounted for, but there are several communities that are looking to gain traction. Algorand and Solana are two of the more popular up-and-comers, with each currently averaging $138,095 and $98,099 in volume, respectively. It’s also worth noting that even though the network only processes a current average daily volume of $38,424, data from Footprint Analytics shows that Wax has the second-largest community of gamers and is the fifth-ranked protocol in terms of the number of games launched on the network.Market share of gamers. Source: Footprint AnalyticsWhen it comes to the games that gamers rate the highest regardless of which network they are on, the Hive network-based Splinterlands card game has consistently outperformed the field and is followed by the Wax-based Farmers World and the EOS-based “Upland.” Top 10 games according to gamer ratings. Source: Footprint Analytics.Want more information about trading and investing in crypto markets?The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Analysts say Bitcoin’s range-bound trading at a key support level reflects a trend reversal

Analysts say Bitcoin’s range-bound trading at a key support level reflects a trend reversal

Uverejnil používateľ | feb 10, 2022 |

Bitcoin (BTC) and cryptocurrency holders are enjoying the fruits of their labor on Feb. 10 after Bitcoin price rallied shortly after the U.S. Bureau of Labor Statistics showed a blistering 7.5% Consumer Price Index (CPI) print. This shows that inflation continues to worsen as fiat currencies bleed out their purchasing power. Data from Cointelegraph Markets Pro and TradingView shows that after trading below $44,000 during the early hours on Feb. 10, the price of Bitcoin spiked to an intraday high at $45,850 following the release of the CPI data and most major stock market indices plunged into the red. BTC/USDT 1-day chart. Source: TradingViewHere’s a look at what several analysts are saying about how Feb. 10’s CPI print could affect the price action for BTC moving forward and what levels to keep an eye on as the world grapples with high inflation. Bitcoin enters a new cycle“We are in a new cycle now” according to Ran Neuner, host of CNBC’s Crypto Trader, who posted the following chart highlighting the February BTC breakout as part of a cyclical pattern that Bitcoin has been trading in over the past year. BTC/USD 1-day chart. Source: TwitterAs shown in the chart above, this is the second time in less than a year that BTC has reversed course to head higher following a steep downtrend. Neuner said,“This CPI pump is confirmation that CPI/Interest rate hikes are part of the old cycle. Ever since we broke the trend line, the news is different, the narrative is different. It’s not a coincidence. Be a cyclist.”Analysts say the multi-month correction is overFurther insight into this trend reversal following a three-month correction was provided by technical analyst and pseudonymous Twitter user CryptoBirb, who posted the following chart detailing the range-bound trading for BTC over the past year stating “with a bit of luck, Bitcoin may see follow-through to the upside, even beyond $50,000.”BTC/USD 1-week chart. Source: TwitterShould BTC manage to hold its momentum at these levels, “Bitcoin has near targets of $46,300–$46,500.”CryptoBirb said, “The most important line in the sand is defined at $51,000 by the price action of Bitcoin. That level could be expected to work as a magnet for BTC/USD if we are to see follow-through to the upside.”Related: Bitcoin rejects sell-off as 7.5% US inflation fails to keep BTC down for longBTC price decouples from equitiesThe bullish performance seen across the cryptocurrency markets in February was addressed in comments by Dalvir Mandara, a quantitative researcher at Macro Hive, who noted that the “impressive gains” have come “on the back of markets digesting increased Fed hawkishness and pricing in more hikes, as well as the ECB pivoting to potential hikes in 2022.” According to Mandara, the fact that the crypto market has been able to rally higher despite tighter than expected liquidity conditions “suggests macro factor may be affecting them less than before.”Mandara pointed to Bitcoin’s correlation to tech stocks, which has now “fallen from the highs of 75% last week to 50% this week” as evidence for this shift in impact on the BTC price. Rolling 30-day correlation between BTC and NASDAQ. Source: Macro HiveMandara said, “Overall, we still think the macro backdrop is negative for crypto but on-chain/flow metrics have turned more positive so we are moderately bullish on balance.”The overall cryptocurrency market cap now stands at $1.996 trillion and Bitcoin’s dominance rate is 41.9%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Alchemy Pay gains 77% after exchange listings and cross-chain integrations

Alchemy Pay gains 77% after exchange listings and cross-chain integrations

Uverejnil používateľ | feb 9, 2022 |

The cryptocurrency ecosystem has come a long way since the launch of Bitcoin (BTC) and in the last few years smart contracts have revolutionized the industry. With that said, there is still plenty of progress to be made when it comes to integrating blockchain technology to peer-to-peer, business to business and business to consumer payment systems.Alchemy Pay aims to further the adoption of cryptocurrencies through its hybrid payments system and in the last week its ACH token gained 77% to trade at $0.0625 on Feb. 9. ACH/USDT 4-hour chart. Source: TradingViewThree reasons for the uptick in ACH price include the cross-chain launch of ACH on the Binance Smart Chain (BSC), multiple new exchange listings that have helped expand access to the token and the integration of Alchemy Pay with multiple blockchain projects across the ecosystem. ACH joins Binance Smart ChainThe most significant development for the Alchemy Pay protocol was its launch on the Binance Smart Chain at the end of January. $ACH is live on the Binance Smart Chain! ACH (BEP-20) staking campaign to earn $STORE announced soon!Get your ACH ready (refer to comments):1. Cross-chain via @MultichainOrg 2. Swap via @PancakeSwap BSC Contract Address: 0xbc7d6b50616989655afd682fb42743507003056d pic.twitter.com/DLJNguOd9f— Alchemy Pay | $ACH (@AlchemyPay) January 30, 2022Aside from allowing for cheaper transactions for ACH users, the cross-chain integration also helped increase the pool of available investors in ACH through the listing of tokens on BSC-based decentralized exchanges like PancakeSwap. Alchemy Pay also partnered with Bit.Store to conduct an airdrop of the project’s STORE token as a way to reward community members and encourage future collaborations. Fresh exchange listings tend to boost altcoin pricesA second factor helping boost the momentum in the price of ACH has been its listing on multiple exchanges, including Binance on Jan. 10. #Binance will list @AlchemyPay $ACH and @Immutable $IMX https://t.co/smkEblDzRP— Binance (@binance) January 10, 2022

Other notable exchange listings over the past month include WazirX, CoinEx Global, MEXC Global, ONUS Finance, Tokocrypto and XT Exchange. Several exchanges, including Binance, have also introduced high-yielding staking products to help attract liquidity and Gate recently added a 3X leveraged ACH instrument. Related: Cointelegraph Research: Valuing a crypto payment tokenIntegrations across the crypto ecosystemA third development that has solidified support for ACH has been the integration of Alchemy Pay with multiple blockchain networks and this should speed up the launch of fiat payments. Networks and protocols that have integrated Alchemy Pay since mid-December include IoTeX, Avalanche, Polygon, Algorand, NIUM, MakerDAO and SimpleHold. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ACH on Feb. 8, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. ACH price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ACH spiked into the green and reached a high of 74 on Feb. 8, around four hours before the price increased 55.5% over the next day.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Trader Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launch

Trader Joe (JOE) makes a 110% V-shaped recovery after Rocket Joe launch

Uverejnil používateľ | feb 9, 2022 |

The market appears to be finding its feet and as the smoke clears, its easier to see which projects are fundamentally flawed and which are returning to their previous trading range where they were before the recent three-week downturn.Trader Joe is one of the decentralized finance (DeFi) protocols that continued to push out new developments during the market-wide correction.. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.658 on Jan. 24, the price of JOE rebounded 147% to a daily high of $1.63 on Feb. 1 before entering a new consolidation range.JOE/USDT 4-hour chart. Source: TradingViewThree reasons for the turnaround seen in the price of JOE are the launch of the Rocket Joe liquidity platform, the addition of new projects and staking pools on Trader Joe and a climbing total value locked (TVL) on the platform.Rocket Joe blasts offThe biggest development to come out of Trader Joe thus far in 2022 has been the launch of Rocket Joe, a liquidity launch platform designed to facilitate the launch of a new tokens on Trader Joe by providing seed liquidity for the protocol. JOE token holders are now able to stake their JOE on the Rocket Joe platform to earn rJOE, which is a credit used to enter Rocket Joe Launches. Every 100 rJOE that a user deposits into a Rocket Joe Launch will enable them to unlock a 1 Avalanche (AVAX) allocation towards that pool. The committed funds are used to help determine the starting price for that token and bootstrap its liquidity on Trader Joe. Users who opt to provide liquidity will have their funds locked in the liquidity pools for seven days. In exchange for helping to provide liquidity, users receive an allocation of the newly launched tokenThis method of token launch allows Avalanche users to acquire newly issued tokens without needing to compete with bots during other token launches or high gas prices. New listing and project launches at Trader JoeA second factor helping boost the value of JOE has been the addition of multiple new tokens and projects on the Trader Joe platform, including the first project to launch out of Rocket Joe, Heroes of NFT (HON). Registration for @HeroesofNFT is now closed and our community showed up massively!Registrants: 27,336XAVA Staked: 15,595,114TVL: $113.13MStay tuned for more content with the team and make sure to claim your guaranteed allocation starting on 1/31. pic.twitter.com/enEugDvOBp— Avalaunch (@AvalaunchApp) January 30, 2022Some other new arrivals to the Trader Joe ecosystem include Dragon Crypto Gaming and Domi Online, a pair of play-to-earn gaming projects, as well as integrations with Cook Finance, the Open DeFi Notification Protocol and the cross-chain trading terminal Kattana. Related: Avalanche correction risk rises after AVAX price soars 80% from January lowsTVL is rising againAs a result of the increase in the price of JOE and the addition of new tokens and liquidity pools to the Trader Joe ecosystem, data from Defi Llama shows that the total value locked on the platform has begun to recover following the recent multi-month market sell-off. Total value locked on Trader Joe. Source: Defi Llama.The TVL on Trader Joe is $1.43 billion at the time of writing, up from $957 million on Jan. 28 but still well below its all-time high of $2.59 billion on Dec. 1, 2021. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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