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Altcoin

Altcoin Recovery: Can DeFi Tokens Lead the Way?

by Ouess
written by Ouess

The crypto market recently faced its worst decline since 2021. Despite this, some DeFi altcoins are already showing signs of a strong recovery.

Ethereum: The DeFi Backbone

Ethereum remains the foundation of the DeFi ecosystem. It benefits from ongoing upgrades that enhance scalability and efficiency. ETH supports many DeFi applications, hosting most of the recovering coins.

ETH USD Daily chart

On August 5, ETH’s price dropped to $2,100, a 22% decline marking its most significant one-day drop since May 2021. Currently, ETH aims to break the $2,500 mark.

AAVE, COMP, and MKR: Resilient Performers

AAVE, COMP, and Maker (MKR) have shown remarkable resilience. AAVE’s lending protocols and Maker’s governance model attract significant liquidity. Compound (COMP) complements these by enhancing DeFi lending through pooled liquidity innovations. Rocket Pool (RPL) is crucial for Ethereum 2.0 with its decentralized staking services.

Analyst Michael Van de Popper identified AAVE, COMP, MKR, TAO, TIA, and Optimism (OP) as potential strong performers during the market rebound.

Price Movements and Predictions

  • AAVE is trading at $98.54, up 18.32% in 24 hours after dropping to $79.41 from $109 on August 4.
  • MKR is at $1,942.71, a 2.38% increase from $1,794 yesterday.
  • COMP declined by 18% on Monday but is now recovering, trading at $38.34, up 4.31% in the last 24 hours.

RPL, TAO, TIA, and OP Outlook

Market watcher Decilizer suggests RPL might fall to around $9 before rebounding by 80%.

Bittensor (TAO) surged 47.63% to $256.75 after dipping to $163.78. Crypto Ideology brands TAO as “the ultimate AI play,” suggesting it could surpass $2,000 this cycle.

Celestia (TIA), despite a downtrend against BTC, is trading at $4.90, up 7.15% in 24 hours. Optimism (OP), introducing key Layer 2 solutions for Ethereum, is trading around $1.27, up 13.48% from $1.07 in 24 hours. Decilizer predicts that if OP maintains support around $1, it could reach $2.6, driven by market sentiment and Bitcoin performance.

Conclusion

The DeFi altcoin recovery shows promise, with Ethereum and key tokens like AAVE, MKR, and COMP rebounding. The market’s resilience and upcoming innovations could lead to DeFi Summer 2.0.

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Altcoin

Solana DEXs Outperform Ethereum with $54B in July

by Ouess
written by Ouess

Solana’s decentralized exchanges (DEXs) processed $54 billion in trading volume in July, surpassing Ethereum’s $52 billion. This marks the first time Solana has overtaken Ethereum in on-chain volume, according to DefiLlama.

Solana’s Rise to the Top

Solana vs. Ethereum

For the first time, Solana’s DEXs exceeded Ethereum’s in monthly trading volume. Solana processed $54 billion, while Ethereum managed $52 billion in July. Currently, 29% of DEX trades occur on Solana, with Ethereum close behind at 28%. Ethereum Layer 2 Arbitrum ranks third with $24 billion, followed by BSC at $17 billion, and Coinbase’s Ethereum Layer 2 Base with $15 billion.

DEX Volume – DeFiLlama

Driving Factors Behind Solana’s Success

Memecoins and New Tokens

A significant driver of Solana’s activity is memecoins. These new tokens are often issued on pump.fun, a platform enabling rapid creation of largely speculative coins. Over 17,100 tokens were created in one day, continuing a trend of high memecoin launches since March.

Leading Solana DEXs

Top Performers

Raydium leads Solana’s DEXs with $1.08 billion in total value locked (TVL), followed by Drift at $400 million and Orca at $251 million. According to DefiLlama, Solana’s DEX sector handled $1.4 billion in 24-hour volume.

Overcoming Past Challenges

Network Issues and Reputation

Solana’s journey has been challenging, marked by network congestion and halts, and a close association with convicted crypto figure Sam Bankman-Fried. Despite these issues, Solana began appearing regularly in the top 10 for DEX volume in mid-2022, surpassing Avalanche and Polygon in May 2022.

Significant Growth

Volume Surge

Solana’s most notable jump in DEX volume occurred in Q4 2023, rising to $28 billion from $880 million in September. If the memecoin trend continues, Solana might maintain its position among leading networks for the foreseeable future.

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DeFi

zkLink Awards $20M in Phase 1 DeFi Developer Grants

by Ouess
written by Ouess

zkLink, a leader in aggregated rollup infrastructure, has announced the recipients of Phase 1 in its $20 million Ecosystem Developer Grants program. This initiative aims to stimulate growth in its aggregated DeFi ecosystem.

Successful Phase 1 of Developer Grants

Running from March 11 to July 20, 2024, Phase 1 allocated 10 million $ZKL tokens to 16 projects. These projects received financial and marketing support to build on zkLink Nova, the industry’s first aggregated Layer 3 rollup network. Over 100 applications were submitted.

CEO Vince Yang on the Grant Program

Vince Yang, CEO of zkLink, shared his excitement: “We are thrilled to announce the Phase 1 recipients of our Ecosystem Developer Grants Program. These projects exemplify outstanding dedication to cultivating a vibrant and seamless aggregated DeFi ecosystem. Each recipient has demonstrated a commitment to advancing solutions like zkLink Nova, driving innovation, and inspiring others through their work.”

Unified Ethereum Experience with zkLink Nova

On zkLink Nova, dApps can access aggregated assets from eight of Ethereum’s broader Layer 2 rollup ecosystems, including Arbitrum, Optimism, Base, ZKsync, Linea, Scroll, Manta, and Mantle. Secured by zero-knowledge proofs and multi-chain state synchronization, zkLink Nova offers developers a unified Ethereum experience with lower gas costs.

Vision for Web3 and Web2 Integration

Yang added, “The grants program reflects our vision to seamlessly bridge Web3 and Web2 through industry collaboration. We are excited to see how the grant recipients will utilize this funding to further their projects and contribute to the community. Congratulations to all the winners, and thank you for your contributions. We look forward to seeing continued progress in unifying Layer 2s into one interoperable platform.”

zkLink Ecosystem Developer Grants Program Phase 2

Phase 2 Launch Details

Phase 2 of the Ecosystem Developer Grants Program will begin on July 24, 2024, and conclude on September 30, 2024. Building on the successes of Phase 1, Phase 2 will offer guidance, flexible funding mechanisms, and reduced decision-making times.

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DeFi

Cardano DeFi TVL Surges 20% with Latest Hydra Update

by Ouess
written by Ouess

Cardano’s decentralized finance (DeFi) ecosystem has witnessed a significant surge in Total Value Locked (TVL) thanks to a recent Hydra update.

Cardano DeFi TVL Shows Strong Growth

Recent data from DeFiLlama reveals that Cardano’s DeFi TVL has risen to $243.17 million, marking a notable increase from $242.13 million recorded on July 6, reflecting a robust 20% growth in just two weeks.

Stablecoins and Market Activity

Within the Cardano ecosystem, stablecoins hold a market cap of $15.88 million, accompanied by a substantial 24-hour trading volume of $267.3 million. These figures underscore Cardano’s growing influence and active participation in the DeFi market.

Significance of TVL

TVL serves as a crucial metric indicating the total value of assets locked within Cardano’s DeFi space, illustrating the level of activity and investment in the network.

Hydra Update and Market Sentiment

The recent uptrend in Cardano’s DeFi TVL follows an announcement regarding the Hydra update. Prominent pool operator Stake With Pride revealed that the update would enhance the network’s capabilities, particularly benefiting private ephemeral Layer-2 networks utilizing Cardano’s native token ADA.

Impact and Future Prospects

With Hydra promising high Transaction Per Seconds (TPS) at minimal costs, it validates Cardano’s continued development efforts. Founder Charles Hoskinson reaffirmed this commitment, dispelling rumors and emphasizing the team’s productivity and motivation.

Other Developments in Cardano

Aside from DeFi advancements, Cardano’s Project Catalyst Fund 12 campaign is nearing completion. The Cardano Foundation highlighted its involvement in community voting, underscoring the project’s commitment to innovation and community-driven growth.

Market Outlook for ADA

Despite a slight 0.2% dip, ADA is currently trading at $0.4375. Optimistic predictions suggest a potential bullish run aiming for a $0.6 target and ultimately eyeing the $1 milestone.

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Altcoin

PAAL AI Price Soars 68%: Can It Sustain the Rally?

by Ouess
written by Ouess

PAAL AI price has shown a strong rebound from support after forming a double bottom pattern on the charts. The price surged nearly 68% in a week, indicating a robust comeback by the bulls. Rising buying pressure in recent sessions suggests the end of a correction phase.

Active Addresses Surge

On-chain metrics reveal significant growth in 24-hour active addresses, confirming a breakout from the correction phase. PAAL AI, represented by a token on the Ethereum blockchain, offers profit-sharing and token buybacks to enhance demand and value. Users earn tokens by engaging with AI services, making referrals, and contributing to the community.

Source : Santiment

Weekly Performance and Growth

PAAL AI’s performance this week has been impressive, rising from $0.182 to $0.312, a 68.7% gain in a week and over 40% in a month. Despite this strong performance, PAAL AI remains 63.18% lower than its all-time high of $0.33 recorded four months ago.

Increasing Demand and User Activity

The number of active addresses has surged from 239 to 324, indicating a significant increase in user activity. This 30% growth in active addresses reflects heightened demand and participation in transactions, a positive sign for PAAL AI’s future price movement.

Potential for Further Gains

The weekly spike of nearly 68% validates the double bottom pattern on the chart, suggesting a bullish reversal. The daily chart highlights a breakout of a trendline resistance, which has been a hurdle for the bulls. A sustained move higher could see PAAL AI price reach $0.485, representing a 53% gain from current levels. However, a close below $0.252 would invalidate the breakout and potentially trigger a decline.

Conclusion

PAAL AI has demonstrated strong performance, with a 68.7% rise in a week and over 40% gain in a month. The increase in active addresses and the bullish reversal pattern indicate a positive outlook. If the price sustains above the trendline, further gains are likely. However, caution is advised as a close below $0.252 could lead to a decline.

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Altcoin

TRON’s Q3 & Q4 2024 Roadmap: Enhancing User Experience

by Ouess
written by Ouess

TRON founder Justin Sun has unveiled the platform’s ambitious plans for the third and fourth quarters of 2024. These initiatives aim to enhance user experience, expand market share, and strengthen the talent pool.

TRON’s Strategic Roadmap & Future Outlook

Justin Sun’s Announcement

Following a strong performance in Q2, TRON is set to build on this momentum with strategic plans for Q3 and Q4 2024. Sun described the second quarter as “generally very good,” noting steady improvements in both the public chain and exchange businesses.

Key Objectives

For the latter half of the year, Sun anticipates a “major breakthrough.” The focus will remain on TRON’s core business strengths, with several key initiatives aimed at driving growth and innovation. The primary objectives include refining user experience, expanding TRON’s competitive edge, and increasing market share. These goals highlight TRON’s efforts to attract new users and developers while solidifying its position in the competitive blockchain industry.

Focus on Talent Acquisition

In addition to user-centric and market-focused strategies, Sun emphasized the importance of talent acquisition. The plan includes a strong focus on recruitment to enhance TRON’s overall talent pool. This move underscores the crucial role human capital plays in driving technological innovation and business success in the blockchain sector.

TRON Performance & Justin Sun’s Recent Developments

Market Performance

As of the announcement, TRON’s price was $0.14, with a 24-hour trading volume of $434 million. The price saw a 3.54% increase in the last 24 hours and a 10.02% rise over the past week. With a circulating supply of 87 billion TRX, TRON’s market capitalization stood at $12.1 billion. These figures position TRON strongly within the cryptocurrency market, reflecting growing investor confidence.

TRX USD Daily chart

Investor Activity

Sun’s involvement in recent market activities underscores his reputation as a top crypto investor. Notably, there was significant whale activity around Ethereum, with Sun reportedly absorbing selling pressure ahead of the anticipated approval of a spot Ethereum ETF. His public profile and market moves often attract media attention, highlighting the interconnectedness of major players in the cryptocurrency space.

Conclusion

TRON’s roadmap for Q3 and Q4 2024, as unveiled by Justin Sun, is ambitious and strategically focused on enhancing user experience, expanding market share, and strengthening the talent pool. These initiatives are poised to drive significant growth and innovation, setting the stage for TRON’s continued success in the competitive blockchain industry.

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DeFi

Mocaverse NFT Price Drops Despite MOCA Token Rally

by Ouess
written by Ouess

On July 9, the floor price of Mocaverse NFTs plummeted by 47%. This significant drop saw the price fall to $5,770 from $10,853, according to NFT Price Floor. When measured in ETH, the value decreased to 2.20 ETH from 3.55 ETH. Initially, users paid $100 per token to mint Mocaverse NFTs.

MOCA Token Market Performance

Despite the drop in Mocaverse NFT prices, MOCA tokens have shown a strong market performance. Debuting at a $72 million market cap, MOCA has since rallied 41% to reach a $102 million market cap, as per CoinmarketCap The token last traded at $0.088 and has a fully diluted valuation of $800 million.

MOCA 7 day chart

Airdrop Eligibility and Impact

Holders of Mocaverse NFTs can receive a MOCA airdrop allocation if they meet certain criteria. They need a MOCA ID with at least 1,500 Realm Points, which are earned through various ecosystem activities, or they must hold at least one MOCA or Lucky Neko NFT. About 10% of the total MOCA supply is reserved to reward holders. Users had to register on the website by July 9 to be eligible, coinciding with the drop in Mocaverse NFT prices.

Potential Boost from Airdrop Terms

The terms of the airdrop might be supporting MOCA’s price performance. Eligible wallets can qualify for a potential 40% bonus allocation if they wait until October 11 to claim their tokens. The deadline for claiming the first airdrop is August 11.

Market Position Despite Performance

Even though Mocaverse NFTs have been the worst-performing top 100 NFT collection over the past week and 30 days, it still ranks 21st by market cap at $51 million. This suggests a significant level of market interest and potential for recovery.

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DeFi

Starknet to Introduce Staking on Mainnet by End of 2024

by Ouess
written by Ouess

Layer-2 network Starknet plans to introduce staking by the end of 2024. StarkWare, the developer firm behind Starknet, announced this at the Ethereum Community Conference in Brussels, Belgium.

CEO Eli Ben-Sasson shared the news and submitted a Starknet Improvement Proposal (SIP) for community approval.

How Staking Will Work

If the community approves the proposal, staking will be available on a testnet before launching on the mainnet by late 2024. Users can choose to become stakers, locking their STRK tokens for 21 days before withdrawal. Rewards will be proportional to the amount staked.

Phased Rollout of Staking

StarkWare plans a phased rollout for staking. Initially, stakers will need to connect to Starknet, interact with staking contracts, and follow protocol rules. StarkWare and the Starknet Foundation will study staking habits to refine the system.

Future Staking Mechanisms

In later stages, stakers will provide real-time attestations to block content. Eventually, they will perform sequencing and proving activities to secure the network fully.

Starknet’s Decentralization Journey

Ben-Sasson emphasized the significance of this step in Starknet’s decentralization. “As Starknet continues its decentralized journey, we are excited to propose the first stage of staking,” he said. “This is an important step in building the staking community and technology, offering new opportunities for users and developers.”

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DeFi

NFT Sales Surge: Weekly Transactions Hit $109M

by Ouess
written by Ouess

Over the past week, non-fungible token (NFT) sales have surged, even as the broader crypto market experienced a significant decline. Approximately $109 million in NFT sales were recorded, marking an 8.1% rise from the previous week.

Top NFT Transactions of the Week

NFT sales rebounded impressively in the past seven days. The highest-priced NFT of the week was Cryptopunk #2, which sold for $386,916. Solana’s Boogle #089 fetched $191,517, while Arbitrum’s GUSDC Locked Deposit #201 sold for $90,744. These significant transactions highlight the ongoing interest and investment in the NFT market.

Ethereum Leads Blockchain-Based NFT Sales

Ethereum continues to dominate blockchain-based NFT sales, totaling $36.48 million over the week, a 14.04% increase from the previous week. Solana followed with $22.46 million in sales, reflecting a remarkable 39.03% growth. Polygon secured the third position with $19.66 million in sales, despite a slight 5.36% decrease. Bitcoin, in fourth place, saw $15.72 million in sales, down 14.7%.

Notable Performers in the NFT Space

Mythos ranked fifth this week with $4.21 million in NFT sales, experiencing a 4% decrease from the prior week. However, Mythos’ Dmarket NFT collection led in volume, amassing $3.95 million. Pudgy Penguins claimed the second spot for top collections with $3.32 million, followed by Base Ape Polygon with $3.17 million in sales.

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DeFi

Aave’s GHO Stablecoin Expands to New Networks

by Ouess
written by Ouess

Aave, the leading DeFi lending protocol, has initiated the cross-chain expansion of its GHO stablecoin. On July 2, Aave deployed GHO on Arbitrum, the top Layer 2 network by total value locked (TVL). This move allows users to mint and burn GHO natively using Aave v3 on Arbitrum.

Key Benefits of Integration

  • Lower fees
  • Faster transactions
  • Enhanced liquidity

Stani Kulechov, founder and CEO of Aave Labs, highlighted these benefits, noting that they make GHO more attractive and open up new use cases like digital payments.

Incentives and Adoption

To promote GHO adoption, the Arbitrum DAO has allocated 750,000 ARB tokens ($582,300). Aave users can mint GHO against collateral assets deposited on the Aave protocol. Currently, GHO ranks as the 21st largest stablecoin with an $89.1 million market cap, according to CoinGecko. However, the price of AAVE has declined by 3.3% over the past 24 hours, as reported by The Defiant.

Multichain Expansion Strategy

Aave’s deployment on Arbitrum marks the beginning of GHO’s phased cross-chain expansion. In May, the Aave community unanimously supported a cross-chain launch strategy for GHO. The proposal emphasized the need to overcome GHO’s current limitation of being accessible primarily on the Ethereum mainnet.

Chainlink’s CCIP Role Aave is utilizing Chainlink’s cross-chain interoperability protocol (CCIP) to facilitate GHO’s cross-chain expansion. Each GHO deployment will be backed by reserves held on Ethereum. This strategy will unlock integration opportunities and new use cases across various networks.

Future Deployments and Evaluations

Aave v3 is already live on 12 networks, including Ethereum, Avalanche, BNB Chain, and several Layer 2 chains like Arbitrum and Optimism. GHO’s deployment on Arbitrum will undergo thorough evaluation before expanding to additional networks through community governance. In April, AAVE holders voted with 87.5% support to select Arbitrum for GHO’s first cross-chain rollout, followed by Avalanche with 12.2%.

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