A lot at stake for SOL

DATE: 30-12-22 View online Hey Cryptonews, here's our curated daily bundle of crypto news. BNB ranks as the second-largest layer 1 ecosystem after Ethereum BNB Chain was the 2nd most preferred blockchain for DeFi projects. A hard fork upgrade was expected in 2023, which would integrate the staking economy onto Beacon Chain.  According to The Block Research, with a total value locked (TVL) of $4.05 billion, BNB had the second largest TVL after Ethereum. This amounted to  10.4% of the total market share. However this was a far cry from Ethereum's TVL of $23.01 billion, which represented 59% of the total overall DeFi TVL market share.  Nevertheless, due to BNB Chain's nature, it has the highest number of GameFi projects than any other blockchain. In a recently released report by Binance Research, 37% of projects in the gaming vertical of the web3 ecosystem are built on BNB Chain. Moreover, the blockchain housed 484 DeFi projects. Furthermore, the BNB chain had recently announced the proposed implementation of a hard fork upgrade to its BNB Beacon Chain testnet in early 2023. Referred to as BEP159, the upgrade would introduce "a permissionless validator election mechanism" and bring "the staking economy onto Beacon Chain." Learn More Cardano stablecoin Djed's underlying network completes MultiDAG 2.0 hard fork The COTI network, the scalable layer-1 behind ADA's upcoming Djed stablecoin, successfully completed a multi-token hard fork. Furthermore, it announced the adjustment of its user fees. As per a recent blog post, the COTI network transitioned its blockchain to a multi-token network that would now support the creation of private payment networks. The update, dubbed MultiDAG 2.0, utilized the CMD (COTI MultiDAG) standard to enable the issuance of tokens on top of the Trustchain, similar to the ERC20 token on Ethereum. The team revealed, "We believe COTI is uniquely positioned to serve enterprises, enabling them to launch their own Private Payment Network (PPN) which includes the issuance of CMD [COTI MultiDAG] branded payment tokens, issuance of CMD branded loyalty tokens, and more. These tokens inherit Trustchain capabilities such as high scalability, security and throughput, tackling the critical requirements of enterprises today." Moreover, COTI also announced that its deposit fee would be decreased by 50%, and its withdrawal fee would switch from a set price to a dynamic one. Other fees included a fixed multiplier charge as well as a 1-5% liquidation fee which only applied to multiplied deposits. The new fee model would go into effect on January 15th. Solana's development activity records substantial decline over the week Santiment showed that Solana's activity fell by 33% in just seven days. Solana's TVL also took a hit along with the revenue. Data from Santiment suggested that Solana's development activity had almost come to a halt as the indicator had fallen from 1.382 to 0.93. One of the reasons could be attributed to the fact that a lot of the developer activity on the Solana network had been faked. It was reported that the illusion of increasing development activity was created via artificial identities. Over the last week, Solana's TVL also continued to drop further and fell from 41.86 billion to $38.89 billion. The inability to improve in the DeFi space affected the revenue collected by Solana. According to the token terminal, the revenue generated decreased by 32.4% in the last month. The overall revenue generated by Solana was 1.7 million at press time. Moreover, according to data by Staking Rewards, the number of stakers on the Solana network decreased by 29.7% in the last 30 days. A majority of the stakers started to leave the network despite them getting a total reward rate of 7.33%. At press time, Solana had 406,365 stakers. Learn More Uniswap sees over $600B worth of trading volume in 2022 Uniswap also noted multiple milestones in terms of transactions and the count of unique users. However, its monthly volume and TVL continued to decline. According to a recent update by Uniswap labs, the exchange saw more than 3 million unique wallets as well as 68 million transactions in 2022 totalling over $620 billion in trading volume. Despite reaching these milestones, data from Dune Analytics suggested that the DEX still had a long way to go. Data showed that Uniswap's monthly volume declined from $38 billion to $17.2 billion. Moreover,  based on data provided by Messari, the revenue generated by Uniswap fell by 45.02% in the last 30 days. At press time, the overall revenue generated by Uniswap was 2.41 million.  In addition, Uniswap's TVL also declined. In the past three months, the TVL collected by Uniswap fell from $3.3 billion to $2.4 billion. Furthermore, the number of daily NFT transactions on the Uniswap network decreased significantly $120,00 to $27,000 over the past few days Learn More Vader protocol to sunset its stablecoin USDV project The team said that it was unable create a notable breakthrough in the algorithmic stablecoin design. The remaining treasury would be distributed to users through a redemption app until June, according to the protocol. According to a recent announcement by the developers, the app that produced Vader Protocol's stablecoin USDV would be shut down. The Vader team revealed that it was trying to find a way to reform the app to make it more safe. However, "upon rigorous research and discussions, the team found no notable breakthrough in the algorithmic stablecoin design that was capital efficient." As of the time of publication, the protocol had paused its burn function, which meant that users would not be able to make any new deposits. Instead, the developers created a redemption portal to distribute the app's remaining treasury, which would be available till June.  The Vader protocol was an algorithmic stablecoin network similar to the failed Terra network. It was supposed to encourage arbitrages to keep USDV always equal to $1. However, following Terra's depegging, the Vader team had paused the mint function of the app to prevent itself from following a similar trajectory. FTX's Liquid reveals plan to to return customer funds next year Liquid, a Japanese firm owned by FTX, released plans on how it would return customer funds.  The return process would be specific to users who have FTX Japan and Liquid Japan accounts. FTX-owned Japanese crypto exchange Liquid recently announced plans to initiate the process of returning customer funds in 2023. As per the announcement, the exchange was preparing to return assets entrusted by both customers from FTX Japan and Liquid Japan. The team said in a statement that, "We deeply apologize for the great concern and inconvenience caused to our customers due to the long-term suspension of the service for retrieving goods. For the assets entrusted to us by our customers at FTX Japan and Liquid Japan, we are proceeding with system development so that withdrawals will be possible from the Liquid Japan web version. "  As per Liquid, the system would allow users who were unable to access FTX to check their FTX Japan balances from the Liquid Japan website. Further, it would also enable withdrawals from the website itself. The team revealed that they were working on  a report that would further outline the details in January. Galaxy CEO Novogratz calls Helios mining deal a "transformative acquisition" The crypto investment firm would acquire the Helios mining facility for $65 million. This was part of Argo Blockchain's drastic action to stave off bankruptcy. Galaxy Digital's CEO Mike Novogratz recently lauded his company's decision to acquire the bitcoin mining facility – Helios. Novogratz stated that the $65 million acquisition deal of Argo Blockchain's flagship mining facility would be a "transformative acquisition" for the firm as it worked to increase its exposure to the Bitcoin mining sector: "Bear markets are for building. We're long-term believers in BTC and expect the lowest-cost miners to win over time. Helios is a transformative acquisition that will expand our mining capabilities and services as we continue to build for the decentralized future." He further outlined that the firm had a specific "thesis" on how to approach the mining sector: low-cost electricity, an efficient team and purchasing ASIC miners cheaply. Furthermore, The firm also recently won the auction to acquire another cryptocurrency entity – the blockchain cybersecurity platform GK8. BTC, ETH, BNB record marginal growth Coin Price 24hr Market Cap ↑BTC $16,610 +0.3% $319 Billion ↑ETH $1,196 +0.2% $144 Billion ↑BNB $245 +0.2% $40 Billion Bitcoin was seen changing hands at 16,610 at the time of press. The Bollinger Bands were seen moving parallel to each other, which indicated a stable price volatility for the coin. However, capital outflows superseded the capital inflows as the Chaikin Money Flow was seen moving below the zero-line. Ethereum went marginally up at the time of writing. However, negative signs were noted on the charts. The MACD emanated red histograms below the half-line as the lines moved steadily in a downward direction. The Moving Average line seemingly confirmed this bearish trend as it was seen moving above the candlesticks. BNB moved up about 0.2% during the day's trading session. The dotted line of the Parabolic SAR was seen moving below the candlesticks. This indicated a bullish momentum. However, Buying pressure was down for the alt as the RSI was seen moving below 40-mark. Altcoins trade in the red Coin Price 24hr Market Cap ↓XRP $0.338 -2.1% $17 Billion ↓MATIC $0.763 -2.2% $6 Billion ↓AVAX $10 -2.2% $3 Billion XRP slid back by more than 2% in the past 24 hours. However, positive signs were noted for the alt. The Awesome Oscillator denoted multiple green signal bars below the half-line, hinting at a short-term bullish connotation. Capital inflows outweighed capital outflows as the Chaikin Money Flow was seen moving above the half-line. MATIC fell by about 2.3% in the aforementioned period. The MACD exhibited several red histograms below the half-line as the lines moved in southbound trajectory. This suggested a bearish momentum. Selling pressure was more than the buying pressure as the RSI was spotted below the 40-mark. AVAX decreased by more than 2% at press time. The dotted line of the Parabolic SAR was seen moving above the candlesticks, which hinted at a bearish trend. The Bollinger Bands were seen widening around the candlesticks, which indicated a minor increase in price volatility of the alt. Solana sees double-digit weekly decline Coin Price 1w Market Cap ↓↓SOL $9.58 -18.8% $3 Billion ↑↑OKB $24 +10.2% $6 Billion ↓DOGE $0.0704 -8.6% $9 Billion Solana nosedived by almost 19% in the past seven days. The MACD showed several red histograms below the half-line as the lines moved steadily in a southward direction. This indicated a bearish momentum for the alt. The Moving Average line reaffirmed this trend as it was identified moving above the candlesticks. OKB appreciated by more than 10% in the aforementioned period. The Awesome Oscillator pictured growing green histograms above the half-line, hinting at a bullish run for the alt. The Bollinger Bands denoted an increased divergence around the candlesticks, which suggested a major increase in the price volatility of the alt. Dogecoin declined by 8.6% during the week's trading session. Capital outflows were more than the capital inflows as the Chaikin Money Flow was spotted moving below the half-line. Buying pressure was also seen falling as the RSI moved steadily towards the 30-mark. Share with friends: Facebook  | |  Twitter  | |  Email © 2022 Unhashed. All Rights Reserved. Unsubscribe