Značka: Uniswap

5 cryptocurrency projects that made waves in 2021

2021 was a breakout year for the cryptocurrency market in many respects and most investors are absolutely thrilled that Bitcoin (BTC) price established a new all-time high of $68,789. In the same timeframe, Ether (ETH) went on a parabolic rally which saw its price gain 565% from Jan. 1 to hit a record high at $4,859 on Nov. 10.While it was a banner year for large cap cryptocurrencies, some of the biggest gains and most impactful developments came from the altcoin market where decentralized finance (DeFi) and nonfungible tokens (NFTs) rallied by thousands of percent and helped to usher in a new level of awareness and adoption for blockchain technology and cryptocurrencies. Here’s a look at five altcoin projects that made significant contributions to the cryptocurrency ecosystem in 2021. UniswapThe decentralized exchange Uniswap (UNI) has arguably had the greatest impact on the crypto ecosystem as a whole since launching in the summer of 2020, with the DEX seeing significant growth throughout 2021 as it helped facilitate the launch of thousands of new crypto projects by removing the barriers to launch that existed on centralized exchanges.Data provided by Dune Analytics shows that Uniswap has been the dominant DEX throughout the year and it has consistently seen more trading volume than all other DEXs combined. Monthly DEX volume by project. Source: Dune AnalyticsAs seen on the chart above, the volume traded on decentralized exchanges really started to ramp up in the second half of 2021 led in large part by activity on Uniswap. Throughout 2021 Uniswap led the field in development as well, with the developers behind the protocol announcing the release of Uniswap v3 in March. The v3 upgrade included multiple protocol upgrades and it built the foundation to integrate layer-two scaling solutions like Optimism and Arbitrum with Uniswap as a way to help reduce the transaction costs and processing times for users. AaveAave (AAVE) is a DeFi lending protocol that allows users to deposit their tokens and lend them out as a way to earn a yield or pledge them as collateral in order to borrow another asset.As the DeFi sector started to gain traction in early 2021, AAVE emerged as a community favorite thanks to the wide swath of crypto assets supported and the backing from some well-funded players.Over the course of the year, AAVE expanded its capabilities and reach with the release of AAVE v2 which added support for Polygon, a layer-two scaling solution, and Avalanche, which is a popular cross-chain blockchain network.Total liquidity on the AAVE protocol. Source: AaveAs a result of these added capabilities, the total liquidity available on the AAVE protocol has surpassed $25.7 billion, making AAVE the top-ranked DeFi protocol by total value locked (TVL). CurveCurve Finance is a stablecoin-focused protocol that utilizes an automated market maker to manage liquidity on the platform and across the DeFi ecosystem. Stablecoins have emerged as a foundational piece for the cryptocurrency community as a whole in 2021 because they provide sufficient liquidity for the market and a safe haven for traders seeking shelter during periods of high volatility. The growing importance that stablecoins have benefited Curve protocol and its native CRV by accelerating its integration of stablecoins into many of the top DeFi protocols, including the Yearn.Finance ecosystem and Convex Finance. Despite the fact that a significant portion of the assets locked on the Curve protocol are stablecoins, the platform now ranks as the second leading protocol in terms of TVL behind AAVE, with data from Defi Llama showing that $21.77 billion in value is now locked in Curve vaults. Total value locked on Curve. Source: Defi LlamaCurve has also integrated with many of the most active blockchain networks, including Ethereum, Avalanche, Harmony, xDAI, Polygon, Arbitrum and Fantom, which is further evidence of the protocol’s quest to be the stablecoin liquidity provider for the entire crypto market. Related: US Financial Stability Oversight Council identifies stablecoins and cryptos as threats to financial systemAxie InfinityAxie Infinity is a play-to-earn (p2e) trading and battling game that allows participants to collect, breed, raise, battle and trade NFT-based creatures called Axies. The p2e model emerged as a new fan favorite over the course of 2021 because it provides users with the ability to earn a daily income alongside their gameplay, which offers a few unique advantages when compared to the traditional pay-to-play model.Alongside the rise in popularity of Axie Infinity came a new all-time high for the platform’s native AXS token. As the token stormed to new highs, the platform generated a daily revenue of $17.55 million at its height on August 6. Axie Infinity price vs. total revenue. Source: Token TerminalAxie Infinity was also one of the earliest projects to establish the trend of migrating away from the Ethereum network because of high fees and slow transactions. Earlier in the year the project migrated to the Ronin sidechain and in November the project launched its own DEX called Katana.DogecoinDogecoin is an open-source proof of work cryptocurrency that leads the field of “meme” coins that made headlines all throughout 2021. While the project has few contributions on the technological or development front, frequent shilling from the likes of Tesla CEO Elon Musk and Shark Tank star Mark Cuban helped to push Doge into a 23,746% rally that saw the price rise fr from $0.0031 on Jan. 1 to an all-time high of $0.74 on May 8. DOGE/USDT 1-day chart. Source: TradingViewOn top of the gains seen in DOGE price, the token received increased attention after it was announced that it would be used to help fund the launch of a lunar satellite by SpaceX and the Dogecoin movement also kicked off a meme-coin rally and spawned a bevy of copy-dog projects li Shiba Inu (SHIB) and Dogelon Mars (ELON). 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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Uniswap v3 contracts deployment on Polygon approved with 99.3% consensus

The Uniswap community has approved the governance proposal that sought deployment of Uniswap v3 contracts over the Polygon PoS Chain. The approval comes in the form of an on-chain vote that saw the participation of over 72.6 million users from the community.Uniswap Labs announced to deploy Uniswap v3 contracts based on the votes that reflected over 99.3% approval consensus and will be supported by a $20 million fund — $15 million for long-term liquidity mining campaign and $5 million for the overall adoption of Uniswap on Polygon (MATIC). The Uniswap community has voted to deploy v3 on @0xPolygon through the governance process. ⚡️ Uniswap Labs will deploy Uniswap v3 contracts within a few days. Stay tuned. pic.twitter.com/LwVLwEngPl— Uniswap Labs (@Uniswap) December 18, 2021In addition, Bjelic also announced it was the right moment for Uniswap to deploy on Polygon citing their position as “the second strongest DeFi ecosystem, right after Ethereum L1.” The entrepreneur also shared his willingness to incentivize Uniswap adoption, both financially and technologically.The proposal was published by Polygon CEO Mihailo Bjelic on Nov. 20 and was open for voting until Dec. 18, arguing that “deploying to Polygon PoS can bring a lot of benefits” such as user base growth, huge savings for users, higher user activity, higher revenue, market capture and return to the original DeFi vision.Source: UniswapPrior to on-chain voting for the governance proposal UP010, Bjelic released a set of consensus and temperature checks to identify the community sentiment behind the deployment of Uniswap v3:“The consensus check 17 passed with 44M (98.87%) YES votes and 500k (1.13%) NO votes. The temperature check 7 passed with 7.79M (~100%) YES votes and 101 (~0%) NO votes.”Related: Reddit co-founder and Polygon launch $200M Web 3.0 social media initiativeAs Polygon strives to maintain a competitive position against the Ethereum ecosystem, the community announced a $200 million initiative with Seven Seven Six, a venture capital firm owned by Reddit co-founder Alexis Ohanian. As Cointelegraph reported, the initiative will focus on supporting and hosting gaming applications and social media platforms built on Polygon’s infrastructure. Polygon explosive growth this year was supported by the launch of over 3,000 decentralized on-chain applications and other protocol launches and cross-chain migrations.

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3 reasons why Solana (SOL) price could see additional upside in 2022

Solana (SOL) has become a top contender in the smart contract industry and in the past year, the network’s total value locked (TVL) grew by $660 million and stretches across more than 40 decentralized applications to hit an all-time high above $11 billion.Even with this growth, investors have reason to question whether the current $56 billion market capitalization is justified and how it compares to competing networks like Binance Smart hain (BNB), Avalanche (AVAX) and Polygon (MATIC).Avalanche, Solana, Binance Coin, and Polygon, priced in USD. Source: TradingViewBy analyzing the past six-month price performance, there’s an apparent decoupling from Terra (LUNA), Solana and Avalanche when compared to other smart contract platform competitors.There is strong institutional appetite for Solana’s ecosystemSolana’s market capitalization is more than double that of Avalanche and Terra, each of which has a $26 billion market cap. Searching Solana’s latest news on Cointelegraph yields an exciting array of institutional investments, ranging from the $314 million private token sale by Solana Labs in June, to an $18 million fundraise in September by Solana’s DEX project Orca.There’s solid evidence of a growing ecosystem judging by investor appetite. However, to understand how successful Solana’s scalability solution is, we have to evaluate its usage metrics.Looking at the number of active addresses on Solana’s DApps is a good place to start.Solana, Ethereum, Avalanche and Polygon 7-day most active dApps. Source: DappRadarEthereum’s leading DApp by active addresses is Uniswap, which has 188,200. Therefore, Raydium’s 97,600 weekly users is rather impressive, considering it was launched just 10 months ago. Meanwhile, back in Feb. 2021, Uniswap already held over $4.3 billion TVL.As for Solana’s NFT marketplace Magic Eden, its 58,400 weekly active addresses also account for more than half of Ethereum’s OpenSea, the sector’s absolute market leader in volume and users activity.Avalanche user activity is highly concentrated on the Trader Joe decentralized finance app, but its $715 million weekly volume pales in comparison to Uniswap’s $22.1 billion or Raydium’s $12.5 billion. The same can be said by Polygon, which has $573 million in trading activity at its QuickSwap DEX.Solana has the third largest futures marketSolana currently holds the third largest futures open interest, which is the most relevant metric in derivatives contracts. This indicator aggregates the total number of contracts held by market participants regardless of the recent trading activity.Solana futures aggregate open interest. Source: CoinGlassDespite the sharp drop since the Nov. 8 peak at $1.9 billion, the current $860 million futures open interest ranks Solana the third derivatives market by size. For example, Binance Coin (BNB) futures holds $520 million, followed by Terra (LUNA) with $430 million.Solana leads in TVL, users and derivatives marketsUndoubtedly, there’s an impressive amount of activity coming from Solana’s on-chain data and derivatives markets. The network’s TVL increased by 15x over the past six months and Solana’s DApps users is nearly half the amount of users on the Ethereum network.Solana seems to be quickly closing the gap in three important metrics: TVL, active users and derivatives markets. Competitors like Terra, Avalanche and Polygon seem a long way behind, which possibly justifies the market capitalization premium.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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