TLDR at the bottom Recently, Polygon announced a new roadmap, branding and architecture for how they plan to scale out the Polygon stack. In this post, I am interested in breaking down how this architecture operates and how it can positively impact the Polygon network. Polygon Rebrand Polygon’s rebrand from MATIC to POL, made some…
Read more
The firm managed to narrow net loss in the quarter as it ramped up Bitcoin production.
The TON price currently hovers at $1.28, representing a 4.54% price increase in the last 24 hours. Its price gain in the last 7 days stands at 7.58%. Toncoin is likely benefiting from the positive outlook of the global crypto market, standing at $1.18 trillion, representing a 1.42% gain in the last 24 hours. But how far can the rally go? What Could Be Driving TON’s Price Gains? According to a Ton Developer Report, the ecosystem recorded a massive increase in developer involvement of up to 102% in 2023. This is a significant increase from its previous levels in 2016. In addition, the report noted several events within the ecosystem that could be spurring the present surge. They include the DoraHacks Hackathon, TON Wiki Challenge, and the TON Grants program. Related Reading: XRP Price: Breaking This Key Resistance Could Propel Crypto To $21 By 2025 – Analyst Also, the TON Developers Chats community grew by 6.5% in Q2 2023, with 9,134 members by the end of June. This indicates rising interest among developers in the Toncoin network. The DoraHacks Hackathon was a significant event for the ecosystem’s growth, as it boosted community engagement. The TON Wallet challenge also recorded 101 submissions from developers competing for a share in the $40,000 prize pool. Similarly, the TON Wiki Challenge received 50 valuable contributions and rewarded 30 participants with a total prize of $5,000 in USD. Furthermore, the TVM challenge recorded the presentation of 11 projects with new features. The participants competed for a share in the $54,000 prize pool. Finally, the Ton Web App Challenge presents concepts that cut across various ecosystems and their progress. Aside from challenges, the TON Grants program supported 34 projects with approximately $66,000 in funding. These projects will likely positively affect the ecosystem once they are complete. With these strategic programs, TON is transforming into a developers’ hub, and the increased activity on the network is driving its price gains. Can TON Reach $2? TON shows limited trading activity with the small candles formed on the daily chart. It is trading below its 50-day and 200-day Simple Moving Average (SMA), expressing a bearish sentiment. Also, the 50-day SMA is about to drop below the 200-day SMA, forming a Death cross which confirms an increase in bearish pressure. The Relative Strength Index (RSI) shows a value of 31.42, close to the oversold region 30. However, the RSI is moving sideways, confirming price volatility for the asset. The Moving Average Convergence/Divergence (MACD) is below the signal line, also expressing a bearish sentiment. However, the Histogram bars are fading, hinting at a short-term price surge. Related Reading: Bitcoin Price Losses Steam Above $30K But The Bulls Are Not Done Yet With all the indicators screaming bearish pressure, Toncoin will find it hard to sustain the rally in the short term and likely succumb to the rising pressure from the bears in the coming days. Featured image from Pixabay and chart from TradingView.com
submitted by /u/AiryAndreGrande [link] [comments]
The SEC’s interlocutory appeal comes nearly a month after Judge Analisa Torre’s laid out her non-final ruling.
The recent drop in the price of Cardano (ADA) has raised concerns among investors as it breached the combined support of $0.3 and a crucial support trendline. However, a closer analysis of the daily chart reveals a twist that might offer a glimmer of hope for the cryptocurrency’s recovery. Technical analysis of Cardano’s price movement suggests that the apparent breakdown from the rising support trendline might be a fake one. Related Reading: Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look A fake breakdown, also known as a false breakdown or a bear trap, occurs when a price temporarily drops below a support level or trendline but quickly rebounds, trapping bearish traders who sold during the dip. This deceptive move often leads to a rapid reversal and upward momentum. Cardano: Fake Breakdown Or True Bearish Signal? On the flip side, a decisive breakout from the overhead trendline could set the stage for a substantial 26% upswing in Cardano’s price, as per recent price analysis. This would not only mark a significant price recovery but also instill renewed optimism among traders and investors. Providing insights into the current market dynamics, it’s important to acknowledge the broader context surrounding Cardano’s performance. Despite the recent price turmoil, Cardano has demonstrated remarkable growth in terms of its total value locked (TVL). Crypto analytics firm Messari’s latest report reveals that Cardano’s TVL has surged by nearly 200% since the start of the year. Related Reading: XRP Price: Breaking This Key Resistance Could Propel Crypto To $21 By 2025 – Analyst Quarter-over-quarter (QoQ), the TVL increased by 9.7%, and year-to-date (YTD), it soared by an impressive 198.6%. This surge in TVL propelled Cardano from the 34th to the 21st position in terms of overall TVL among all blockchain networks. This remarkable feat underscores the growing adoption and utility of Cardano’s ecosystem. Setback Due To Regulatory Pressure However, the journey to this achievement has not been without its challenges. The report points out that Cardano’s TVL experienced a dip in June, triggered by regulatory turbulence. The US Securities and Exchange Commission (SEC) charged cryptocurrency exchange Coinbase for allegedly offering unregistered securities, with ADA being specifically mentioned in the lawsuit. This development led to a sell-off of ADA and resulted in liquidations on Cardano-based decentralized finance (DeFi) platforms. ADA market cap currently at $10.4 billion in today’s chart: TradingView.com As of the latest data from CoinGecko, Cardano is currently trading at $0.299138. While the cryptocurrency has seen a 3.1% rally in the past 24 hours, it has also endured a 3.8% slump over the last seven days. Cardano’s recent price movement may appear bearish due to a seemingly significant breakdown from key supports. However, a careful analysis suggests the possibility of a fake breakdown, providing some ounce of optimism for a potential recovery. Amidst challenges, Cardano’s impressive TVL growth reflects its resilience and adoption within the crypto ecosystem. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Flickr
Trying to wrap my head around the concept of this proposal, but it seems to me that it is trying to resolve that sense of "interaction" and "ownership" of a singular entity with N implementations. Where any site (implementation) can allow a token based account to interact with it. Despite having a "NFT" that denotes/symbolizes…
Read more
MakerDAO has been in the headlines recently following a boost in the maximum Dai Savings Rate (DSR) from 3.19% to 8% on Sunday, August 6. This temporary increment termed the Enhanced Dai Savings Rate (EDSR), was designed to encourage more Dai (Maker’s stablecoin) holders to deposit their tokens on the Maker protocol and earn interest. Following the implementation of EDSR, the Dai token has experienced some traction, with its market cap rising by over $570 million since Sunday, according to data from CoinMarketCap. In addition, data from the Makerburn dashboard shows the number of DAI in the DSR program has surged, moving 396.8 million on August 6 to its current value of 906.7 million. However, amidst the massive success of the EDSR, MakerDAO co-founder Christen Rune has proposed to adjust this incentive plan “based on observed data.” MakerDAO Co-Founder Proposes EDSR Optimization Plan To Curb ETH Whale Dominance On August 8, Rune submitted a governance proposal on the MakerDAO forum to optimize the Enhanced Dai Savings Rate citing an ongoing ETH whale dominance over regular Dai holders in terms of the program’s benefits. Related Reading: Maker (MKR) Signals Bullish Price Formation – Is $1.300 Around The Corner? According to Rune, offering yields on Dai that are higher than the cost of borrowing Dai has led to certain borrowing activity known as “borrow arbitrage,” whereby traders borrow Dai at 3.19% and deposit in the EDSR program for 8% profit. Rune noted that this was not the intended purpose of the EDSR plan. He stated that this investment strategy was mainly practiced by ETH and staked ETH whales, who now receive a higher yield at the expense of regular Dai holders, the primary target of the EDSR program. To counter this unforeseen circumstance, Christen Rune proposed to reduce the maximum EDSR interest rate from 8% to 5%. Furthermore, the MakerDAO cofounder proposes an increment in the DAI borrowing rate to be equivalent to the EDSR rate at a minimum of 5%, thus halting the ongoing large-scale “borrow arbitrage” activities. The proposal also states that MakerDAO should extend Tier 1 EDSR to cover a utilization range of 0-40% and introduce a Tier 2 EDSR for utilization between 40-55% with the aim of making the EDSR plan sustainable. For context, utilization refers to the portion of the total capacity of the EDSR system that is in use. Currently, data from Makerburn states that the EDSR has an 18% utilization rate. Originally, the EDSR maximum yield was meant to drop to 5.8% once utilization surged to 20%, albeit that would not occur upon approval of Rune’s latest proposal. Maker (MKR) Maintains Bearish Form Amidst ESDR Success In other news, MKR, the native token of the MakerDAO lending protocol, has seen its market price fall in recent days despite the massive boost in DAI’s market shares. According to data from CoinMarketCap, MKR’s price is down by 0.84% in the last 24 hours. This price drop adds to the token’s prolonged bearish state, whereby it has lost over 8.26% of its market value in the last seven days. Related Reading: Record-Breaking $10 Billion Open Interest Fuels Bullish Speculation For Bitcoin Reversal During this period, MKR’s price declined from $1,339.22 on Aug.3 to as low as $1,187.66 on Aug.7. However, most MKR investors still likely retain faith in the DeFi token, which boasts of a positive monthly performance gaining by 32.30% in the last 30 days. At the time of writing, MKR is trading at $1,214.28, with a 0.39% loss in the last hour. With a market cap of $1.18 billion, the token is ranked as the 42nd largest cryptocurrency in the market. MKR trading at 1,214.7 on the hourly chart | Source: MKRUSD chart on Tradngview.com Featured image from Binance Academy, chart from Tradingview.
I know the Binance FUD has never ended and some of yall are tired of seeing it im sure. 4,4,4,4. But this is by their own admission, their failure to complete a court-mandated record of accounts. We all know what happened with the FTX Quickbooks shenanigans so youd think some improvements have been made. The…
Read more
We all heard of the countless times the media was calling a Bitcoin a scam years ago at relatively low prices and how through that they lost a massive opportunity themselves and even made the people give up on a massive opportunity just because they listened to the media. While we may have thought those…
Read more
