Category: Cryptocurrency News

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Microsoft President Brad Smith is the latest tech industry heavyweight to call for better risk management and regulation for artificial intelligence.

The Avalanche (AVAX) ecosystem is gaining increasing attention in the world of blockchain and decentralized finance (DeFi). Despite not being as well known as other chains, such as Ethereum or Binance Smart Chain, Avalanche’s unique consensus mechanism and interoperability with other chains make it a compelling option for developers and users alike.  With a promising Total Value Locked (TVL) and strong engagement from users and developers, the Avalanche ecosystem is on the cusp of significant growth and innovation. Related Reading: XRP Bears Prevail As Asset Retreats From Recent Highs Is AVAX The Next Big Thing? According to DeFi researcher Wacy, the Avalanche ecosystem is on the verge of blooming, and there are several reasons behind its recent increase in popularity. While many are focused on the new Layer 2 solutions, Wacy suggests that the potential of Avalanche should not be overlooked. One important measure of a chain’s success is Total Value Locked, and despite the token price dropping over 80%, the TVL for $AVAX has only decreased by 50%. This indicates continued interest in the chain and serves as a positive indicator of its future potential. In addition to TVL, other metrics such as daily active addresses and daily transactions show good growth, indicating strong engagement from users. The number of contracts and deployers is also a powerful indicator of interest in a project, and this metric also shows strong engagement from developers. Furthermore, Wacy notes that The Avalanche community is also growing, with increasing followers on Twitter and a high level of Twitter mentions over the past 7 days. These basic metrics may be overlooked by some, but they provide valuable insights into the potential of the Avalanche ecosystem. Avalanche Emerges As A Hidden Gem For Developers and Users According to Wacy, as the Avalanche ecosystem continues to gain attention in the world of blockchain and decentralized finance, several projects are emerging as potential main narratives that could see a significant rise during this heyday. One such project is Trader Joe, which is currently the number one decentralized exchange (DEX) on Avalanche. By creating the most capital-efficient DEX in DeFi, Trader Joe is shaping the future of decentralized finance. The JOE token allows users to earn a share of the platform’s revenue and unlocks access to exclusive rewards and features. With a current price of $0.35 and a market cap of $120M, Trader Joe is listed on Binance, OKX, and Huobi, and is poised for significant growth in the coming months. Another project that could see significant growth during the Avalanche ecosystem’s heyday is GMX. GMX is a decentralized exchange with low swap fees and zero price impact trades. While it is well known for its support of Arbitrum, GMX also supports AVAX. With a current price of $54 and a market cap of $475 million, GMX is listed on Binance, OKX, Huobi, and KuCoin, and staking GMX earns rewards, with 30% of swap and leverage trading fees converting to ETH/AVAX and distributing to GMX tokens. Staking on Arbitrum earns ETH while staking on Avalanche earns AVAX. Related Reading: Bitcoin Bearish Signal: NUPL Finds Rejection At Long-Term Resistance Overall, these projects represent the unique potential of the Avalanche ecosystem. With its unique consensus mechanism, interoperability with other chains, and promising metrics, Avalanche is attracting significant interest from developers and users alike. As more projects like Trader Joe and GMX emerge, we can expect to see continued growth and innovation in the ecosystem, with new use cases and applications for blockchain technology. At present, AVAX is experiencing a significant drop in value across all time frames. Its current trading price is $14.09, with a slight increase of 0.1% over the last 24 hours. However, over the seven, fourteen, and thirty-day periods, AVAX has experienced a decline of 5%, 6%, and 16% respectively. Featured image from Unsplash, chart from TradingView.com   

News of HK legalizing crypto exchanges censored by state media after just two days, meanwhile, Multichain token plunges after police arrest rumors.

The founder of Digital Bitcoin Art and Assets (DIBA) believes smart contracts on Bitcoin could solve the myriad problems created by Ordinals.

Crypto exchange Coinbase announced and launched the testnet for its very own Layer 2 blockchain called Base earlier in February 2023. Since the launch, there have been speculations about the exchange launching a token for the L2, which has now been clarified in the newly released roadmap for Base. Base Roadmap Mentions No Token Following the launch of Base, crypto exchange Coinbase made it known that there were no plans to actually launch a token for the Layer 2 blockchain. Nevertheless, this did not stop the speculations, but with the release of its roadmap, the team seems to have put an abrupt halt to all rumors regarding a token. Related Reading: Elon Musk Reveals Reason Behind Dogecoin Investment, But Why Is DOGE Down? The roadmap which was published on Wednesday on the Coinbase website clearly states that “Base has no plans to issue a network token.” Instead, it will continue to operate like most other Ethereum Layer 2 blockchains, using ETH as a way to carry out transactions and pay for gas fees. As the L2 moves closer toward a mainnet launch, the team is rather focusing on builders on the chain. It is also looking toward upgrading Optimism’s Bedrock, as well as all of the reviews and audits while making sure the testate remains stable. “We’ve been building towards Mainnet Genesis, the first step of delivering a decentralized platform that scales Ethereum with fast, low-cost and secure transactions. As we prepare to upgrade from testnet to mainnet, we want to build in the open and keep the community informed of our roadmap and status,” the statement said. COIN stock trading at $56 | Source: COINUSD on TradingView.com Coinbase Will Face Fierce Competition In L2 Market While blockchain is still not as mainstream as industry participants would like, they are being developed rapidly. As Coinbase enters the L2 space, it is coming into fierce competition with other L2s that are already live on the mainnet. The likes of Optimism and Arbitrum have seen a reasonable level of success since their launch, which signals that Base could be just as successful. However, one thing the former have are tokens that are already trading across major exchanges. As such, they may continue to see the most interest from investors who are chasing gains from these tokens. Related Reading: Data Suggests Small Holders Will Drive Next Cardano (ADA) Rally Nevertheless, Base is still a highly anticipated L2 expected to launch in mainnet sometime in 2023. There is no reason to doubt Coinbase’s stance in not creating a token, but this could always change as Arbitrum operated for two years before launching a token. Arbitrum, Polygon, and Optimism remain the dominant L2s in the space with total value locked of $2.31 billion, $986.88 million, and $881.1 million respectively. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Finbold, chart from TradingView.com

Starting from May 31, TradeBlock will commence the official procedure of winding down its operations.

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