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Will Avalanche DEX’s Sustain Rally Bolster AVAX?

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Avalanche-based DEX Trader Joe’s had a remarkable performance last year, data from Dune Analytics revealed. For instance, its trading volume in the month of Dec was the highest and has since maintained its momentum.

In the swap volume statistics, the pair GMX/WETH occupied the top spot and the USDC/WETH pairing comes in second.

The protocol’s trading volume per liquidity pool was then examined, and a fair number of transactions were found, which is proof of its strong liquidity.

Screenshot 2023 01 06 161609
Will Avalanche DEX's Sustain Rally Bolster AVAX? 2

In addition to its initial purpose as a typical Defi platform, the AMM that trades on the AVAX blockchain has launched other services including lending, leveraging, staking, farming, and other activities.

It has developed into a one-stop shop that tries to address concerns the Defi sector faces, including capital efficiency.

Trader Joe version 2, based on a novel Automated Market Maker [AMM] architecture, has reached a TVL of over $7 million.

The DEX also just released Liquidity Book, version 2 of its Automated Market Maker. It boasts that by enabling liquidity providers to collect trading fees within a particular price range, it hopes to increase its efficiency.

All these can act as a catalyst in the AVAX price action which dropped by a staggering 90%, leaving many investors scratching their heads.

The more transactions there are on the DEX, the more money flows into Avalanche. Overall, this might boost the price of AVAX and give holders some respite from the loss they have amassed over the past few months.

Avalanche [AVAX] Ecosystem Is Gaining Traction Amidst Price Fall

The token did post some recovery on 5 Jan. with the price crossing the $12 mark but has fallen over 7% to trade at $11.43 as per data provided by CoinMarketCap.

The 18th-ranked token with a market cap of $3.5 billion is down by 4% in the last 24 hours.

Although the pricing of the cryptocurrency market has been highly gloomy over the past year, on-chain advancements are still going strong. Avalanche expanded its incentives program on December 30 to encourage the creation of dApps on the Avalanche ecosystem.

December also saw the integration of Coinbase’s USDC which will bring more people into Avalanche and the crypto economy. 

The AVAX ecosystem has also forged many significant alliances with HoldStation, a provider of SocialFi wallets, and Odos Protocol, who established a DEX aggregator on Avalanche.

Solana Phone Initial Distribution Complete, Hints at BONK Burns

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The first customers have received the Saga model, the first batch of Solana phones. It is an entirely Android-compatible smartphone with extra features for interacting with the Solana blockchain, as was to be expected.

Having said that, it’s possible that Saga will go above and beyond what has already been announced in regard to BONK, which the official SOL Mobile account has suggested might be burned.

Will Solana incorporate BONK Inu burns?

The official Twitter account has also made hints about the potential to buy Saga in exchange for a meme token, in addition to the potential to burn the Bonk Inu token using Solana’s phone features.

A new meme coin called Bonk Inu (BONK) is a sort of Solana-based successor to Shiba Inu (SHIB) and Dogecoin (DOGE). Even though the hype surrounding it only recently increased, the token has already increased by 5.351%. 

Numerous Solana-based projects and even official blockchain accounts are actively promoting it at the same time. BONK has a monstrously enormous token supply of 99.185 trillion, just like Shiba Inu. Similar to SHIB, it is suggested to burn the Bonk Inu token to lower the number of zeros.

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Solana Phone Initial Distribution Complete, Hints at BONK Burns 4

Over half of the 815 billion BONKs burned to date were intended for the DeGods team, Solana’s most well-known NFT collection. However, the Bonk Inu team retaliated by setting fire to their BONKs after the DeGods team left their blockchain after failing to reach an agreement with SOL.

On January 4, WU Blockchain reported that the well-known Meme token BONK had overtaken USDC and SOL as the token with the ecosystem’s highest 24-hour trading volume.

BONK is a decentralized cryptocurrency that was developed for and by the SOL community. The community received a 50% airdrop of the cryptocurrency’s total supply.

According to Bonk’s one-pager, the project’s developers were dissatisfied with “Alameda’s” toxic tokenomics and desired to develop a more welcoming and enjoyable meme coin where everyone would have an equal chance to participate.

Solana’s Meme Token BONK Is Booming On Its Ecosystem

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According to WU Blockchain, the popular Solana Meme token BONK has become the token with the highest trading volume in the Solana ecosystem, following USDC and SOL, in the past 24 hours.

BONK is a decentralized cryptocurrency created for and by the Solana community, with 50% of its total supply distributed through an airdrop to the community. 

The 50% airdrop will be divided as 20% will go to Solana NFT collections, 15% will go to early Openbook traders, 10% to Solana artists and collectors, and 5% will be allocated to its developers.

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Source: BONK page

According to Bonk’s one-pager, the creators of BONK were frustrated with the toxic tokenomics of “Alameda” and wanted to create a more inclusive and fun meme coin where everyone has an equal opportunity to participate. 

WU Blockchain also reported that the top 20 holders of BONK own about 50% of the total supply. BONK DAO alone holds 15% of the total supply, with a significant portion obtained through zero-cost airdrops. However, this concentration means that a rapid sell-off of BONK could potentially occur at any time. 

According to Dune data, over 2 billion had been paid in fees to Solana’ BONK in the last 14 days, where 1,020,554,012 of which on recorded on January 3rd. Additionally, more than one million counts in BONK’s transactions in 14 days.

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Source: Dune

However, due to the significant amount of attention that BONK has received, several projects have started accepting the token as payment for NFTs on their platforms. As the Seychelles-based crypto exchange, Huobi Global has recently added BONK to its platform, allowing a larger number of investors to buy and sell the token.

Additionally, several Solana cryptocurrency ecosystems have implemented ‘burn’ mechanisms for NFT-related events. The ‘BONK SBF’ mini-game, in which players spend a tiny amount of the token to smack the failed FTX creator over the head, has undoubtedly increased interest in the new dog coin.

BONK Sents Solana To 20% Rise

Solana (SOL) last week reached its lowest point since February 2021. However, as TronWeekly reported yesterday, its price has increased over 20% in 24 hours and has returned to its prior highs after nearly nine days of losses that dropped it to roughly as low as $8 on Friday.

SOLUSDT 2023 01 03 23 29 03
Source: Tradingview

As Bonk speeds up, SOL surges. It has helped the Solana ecosystem grow at a time when many crypto players thought it was doomed. As per Coinmarketcap’s data, SOL is currently trading at $14.07, sustaining its gains from yesterday of 20% in the last 24 hours and 40% in the previous seven days. Moreover, BONK is trading at $0.000001514 with a 55% rise in 24 hours and 

OpenSea Seaport’s Ethereum Transactions Exceed 7 Million

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OpenSea Seaport has recorded more than 10 million transactions. The Ethereum blockchain was used for 7,986,237 of these transactions, while the Polygon network was used for the remaining 2,040,676, as reported by WU Blockchain on January 1st.

Additionally, the total volume of transactions processed through Seaport has surpassed $3.5 billion, with $3,467,892,762 worth of transactions conducted on the Ethereum blockchain and $43 million worth of transactions conducted on the Polygon network.

According to OpenSea Seaport, the top projects on Ethereum by total sales are Cypherpunk Zero, with a volume of $999,763,208 and 2,091 transactions, and Bored Ape Yacht Club, with a volume of $103,498,784 and 882 transactions. Moreover, Otherdeed for Otherside, with a volume of $78,024,081, and MutantApeYachtClub, with a volume of $69,933,796.

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Source: Dune

OpenSea Seaport has seen significant growth in the number of unique users on the Ethereum network over time. In July 2022, there were 28,000 unique users, and by the end of the year, this number had increased to 1,125,320. According to the data, there are 1,127,172 unique users as of the current date.

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Source: Dune

On the Polygon network, OpenSea Seaport has 252,600 unique users. In addition, it has processed $1,790,805 in volume and 131,561 transactions on the Polygon network in the past week.

The daily volume of tokens processed on the Polygon network includes WETH at $39,754,006, MATIC at $2,679,549, USDC at $1,498,389, and others.

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Source: Dune

Ethereum (ETH) & Polygon’s Price Review

According to CoinGecko data, as of earlier today, the price of Ethereum (ETH) returns to its Key level and currently trading at $1,202.58 with a sliding increase in both daily and weekly charts.

ETHUSDT 2023 01 01 22 11 21
Source: Tradingview

While its trading volume is down by 13%, with a $2.5 billion 24-hour trading volume. If Ethereum experiences a positive reversal, it could potentially reach a resistance level of $1,220. However, if it falls below an upward trend line, it may continue a downward trend to reach support levels of $1,150 and $1,100.

Whereas Polygon (MATIC) is trading at $0.757935 with a 1% increase but a 4.6% decrease in the weekly chart. Its trading volume is also down by 6% in 24 hours. However, in order to prevent a downward trend, the bulls need to raise the price above the moving averages.

MATICUSDT 2023 01 01 22 09 53
Source: Tradingview

Related Reading |  1 Billion Ripple (XRP) Tokens’ Releases On New Year’s Day

JFSA Will Allow Overseas Stablecoins Domestic Distribution In 2023

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The Japanese Financial Services Agency (JFSA) will allow the domestic distribution of stablecoins minted overseas beginning in 2023, as reported by local media on December 26th.

Japan was one of the first advanced countries to establish stablecoin legal regulations and investor protections. Japan passed a law in June requiring tokens to be backed by the yen or another fiat currency and ensuring that owners may redeem them for their face value.

However, the report claims that JFSA plans to apply the updated “Revised Payment Services Act” set to take effect next year after amending Cabinet Office regulations and developing guidelines.

The report stated:

The guidelines will show detailed rules based on the revised Payment Services Act. For domestically issued stablecoins, the issuer will be required to prepare collateral assets as collateral.

Regarding stablecoins issued overseas, which are scheduled to be lifted, the distributors who handle the tokens in Japan will be required to protect the assets. Issuers can only be banks, trust organizations, and fund transfer service providers.

Its distributors are expected to be required to keep track of transaction details, including identities, as a countermeasure against money laundering.

The upper remittance limit will be 1 million yen ($7500) per transaction. The target markets for stablecoins are currently unknown, although it’s possible that it will be US Circle and Coinbase-produced USD Coin (USDC).

“Algorithmic Stablecoins” May Subject To Tight Regulation

On the other hand, according to the report, the FSA may in the future tighten laws on “algorithmic stablecoins” based on presentation materials made by Amaya, FSA’s international deputy director-general.

The report pointed out that because algorithmic stablecoins are also uncollateralized, they could spread to the financial market in the case of a failure, similar to the collapse of UST (TerraUSD). “It cannot be denied that it lacks reliability in comparison.”

Besides this, the report also highlights that:

Stablecoins were also mentioned at the Digital Agency’s Web 3.0 Study Group in October. The perspective was that stablecoins could also be useful for local community DAOs.

When towns undertake small-scale Web3 projects aimed at regional rejuvenation, one of the research group members indicated that stable coins with stable pricing would be helpful.

Related Reading |  The AAX Scandal: The Arrest Of Top Executives On Fraud Charges In Hong Kong 

Binance Releases a Chinese Blog Citing Recent FUD Instances

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Since the demise of FTX, Binance, the biggest cryptocurrency exchange in the world, has had to contend with a deluge of FUD. Through its most recent blog post, the company is now retaliating.

Binance released a blog post in Chinese on December 22 that clarified seven important points. There was no English-language version available at the time this article was written.

The temporary halt to USDC withdrawals earlier this month was the first of these. The exchange consolidated its stablecoin reserves into BUSD, it said, and did this during a “token swap” conversion period.

Binance addresses availability of sufficient reserves

The existence of sufficient reserves for withdrawals was the next issue it addressed. It affirmed that “all users’ assets in Binance are supported 1:1” and that the company’s financial situation was sound because it earns a sizable profit from transaction fees. CryptoQuant examined Binance’s reserves on December 16 and found no evidence of “FTX-like” behavior.

“Binance will not embezzle users’ funds for any transactions or investments, nor does it have any debts, nor is it on the list of creditors of any company that has recently gone bankrupt.”

It was stated that encrypted on-chain verification was a new area that these businesses may not be able to carry out in regards to Mazars and the “Big Four” auditing companies refusing to work with crypto companies.

It was noted that these audits typically focus on the listed company’s financial situation rather than confirming reserve assets.

The audit reports for Binance have since been taken down from Mazars’ website. Binance added that since it was a private company rather than a publicly traded one, it was exempt from disclosure requirements.

According to Binance, the company has been the target of salacious reporting from the mainstream media for quite some time in response to a Reuters report asserting that the U.S. Department of Justice was looking into the business.

In addition, it stated that it spent the most money battling cryptocurrency crime and had the most regulatory licenses globally.

Finally, the blog reaffirmed CEO Changpeng Zhao’s remarks that FTX, not CZ’s exchange, was responsible for its own demise. Other exchanges are not seen as competitors by CZ, the company claimed, adding that “we are more focused on constantly promoting and expanding industry adoption.”

Paxful Delists Ethereum From its Marketplace

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The CEO and co-founder of Paxful, Ray Youssef, previously confirmed plans to remove Ethereum from the platform and stated that “integrity trumps all.”

The remark was made in response to Jeremy Garcia’s criticism of Ethereum as “poorly designed” and incompatible with the “1st principles” of cryptocurrency. Garcia is the CEO of the Bitcoin education website Satoshi’s Journal.

Garcia went on to criticize the project’s complexity, claiming that because of it and the potential for fundamental change that it brings, “ETH will fail.”

Ray Youssef finally takes down Ethereum from Paxful

In one of his recent tweets, Youssef stated that they finally kicked ethereum off of their marketplace. “11.6m humans safer. Integrity over revenue 🤝🏽 Who is next?”

He stated that as of December 22, (UTC 12:00), ETH will not be available on Paxful. Youssef also highlighted some of the reasons why he removed ETH from Paxful. He stated that ETH recently transitioned from proof of work to proof of stake. The transition, according to him has rendered ETH essentially a digital form of Fiat.

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Paxful Delists Ethereum From its Marketplace 14

Youssef went on to say that ETH is also not decentralized and it is controlled by a small group of people He also stated that one day users will need permission to use ethereum. Heading to one of the other reasons, he also stated that ETH had some real utility cases such as credit and lending. Youssef also mentioned that these real use cases have thrived only because of tokenization.

Speaking of the unforeseen events that happened in the cryptocurrency realm recently he also mentioned that it is their responsibility to protect the users. He also assured all the users that as a CEO he’ll always put purpose before profit.

Youssef made the observation that Paxful’s business model is vastly different from FTX during the Africa Bitcoin Conference, which took place between December 5 and 7. According to Youssef, the platform currently supports trading in Bitcoin, Ethereum, USDC, and USDT with “no hanky panky.”

Youssef responded that Paxful’s ETH volume is “quite small,” but that it was initially added in response to user demand. However, the company now has “a bigger responsibility” to drop ETH in light of recent events.

Rate That Crypto (RTC) will grow faster than Aptos (APT) in 2023. Here’s why

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As the year 2022 winds down, several exciting projects in the crypto world are making headlines. Overall, many factors and characteristics contribute to identifying any cryptocurrency with the potential for exponential growth. 

Everything from its value proposition to the level of security it provides is a significant determinant in the success of any crypto project. One of the most crucial things to remember is that each project is unique and serves a specific use case in a specific industry.

Rate That Crypto (RTC) has begun to make headlines in recent months for its innovative ideas and unique concepts. Notably, with stage 1 of the presale to commence soon, Rate That Crypto is expected to grow in leaps and bounds in the coming months.

Let’s dive into how Rate That Crypto (RTC) will grow faster than Aptos (APT) in 2023.

Aptos (APT) shows signs of recovery after a rocky start.

Aptos (APT) is a project that has garnered attention due to its origins, launch, and purpose. The project’s APT token has increased in value due to its integration with payment company Moonpay and a Web3 initiative with Binance.

The collaboration with Moonpay is accomplished through integration with Petra, an Aptos wallet. Aptos has committed to the exchange’s $1 billion Industry Recovery Initiative concerning the Binance Web3 initiative.

Aptos (APT) has shown signs of recovery following a rocky start, but it has yet to take off in the manner anticipated at the time of its October launch. According to CoinMarketCap data, the Aptos (APT) token price has dropped more than 66% from its all-time high (ATH) of $13.73 on October 19, 2022.

Aptos (APT) is a Layer 1 proof-of-stake blockchain quickly gaining popularity. The project, however, has been criticized for its tokenomics. Because institutional investors own a large portion of Aptos (APT) tokens, analysts believe it will backfire in the long run.

Rate That Crypto (RTC) offers long-term potential and ticks all the boxes for massive growth.

Rate That Crypto (RTC) is a product-driven, play-to-earn cryptocurrency project that is preparing to release its RTC token after the beta testing of its app. Users can earn the native token, RTC, by accumulating points when they correctly predict market trends while learning about exciting projects in space! Rate That Crypto aims to educate millions of cryptocurrency users through an engaging platform.

The project tracks over 250 coins so that players can predict their favorite coins. Is the favorite coin going to be bullish or bearish? Players strive for the top spot on the leaderboard for an enriched engagement to win a share of the crypto token prize pool.

Many future features are in the works, including an analytics suite designed to give Rate That Crypto community members a competitive advantage in the market, badges, competition leagues, NFT gameplay, social profiles, and much more.

Rate That Crypto (RTC) has minted 1,000 Premium Membership NFTs in addition to the RTC token. One of the essential benefits of these NFTs is the revenue distribution from the total project earnings. This revenue includes the RTC token’s buy and sells tax, advertising revenue, in-app purchases, and more. As a result, it indicates a substantial sum.

As FTX’s downfall demonstrated, a high market capitalization is not a stand-alone indicator for a successful crypto project. The entire ecosystem in which it operates must function correctly. It is an area where Rate That Crypto has shown it will grow faster than Aptos (APT). The team, the white paper, the community, and the ongoing education efforts are all in sync. Rate That Crypto is a project for investors, and game players will love interacting with it in the long run. They will indeed find that it aligns with their needs and convictions.

>>> Buy Rate That Crypto Now <<<

For the latest news on Rate That Crypto check out the RTC Discord Server and join the telegram group.

For more information on Rate That Crypto visit the links below:

Presale Website: www.ratethatcrypto.com

Linktree: https://linktr.ee/ratethatcrypto 

HOW TO BUY RATE THAT CRYPTO (RTC)

NOTE: 

  • USD Coin (USDC) on the Polygon network is required to buy the $RTC presale
  • Ensure that you have a small amount of Polygon (MATIC) to cover gas fees. 
  • MetaMask is highly recommended (either desktop or in-app). However, TrustWallet and Coinbase Wallets are also supported

HOW TO BUY USDC (PoS)

OPTION 1: BUY USDC DIRECTLY

A) IMPORT THE USDC TOKEN

Copy the Polygon USDC token address: 0x2791Bca1f2de4661ED88A30C99A7a9449Aa84174 

In your MetaMask Wallet, Press ‘Import token’ and paste the address.

B) BUY VIA TRANSAK/ MOONPAY USING YOUR CARD

From MetaMask, press Buy and you choose either MoonPay or Transak. You will need to follow their additional steps, likely including KYC depending on your local region

OPTION 2: POLYGON BRIDGE

A) BRIDGE ETHEREUM TOKENS

Go to the Polygon Bridge and select your Ethereum based token that you wish to bridge to Polygon. Ideally USDC, but you can also bridge ETH, MATIC, USDT etc.

*If you bridge Ethereum based USDC to Polygon USDC, you can skip Step 2 and are done!

B) SWAP FOR USDC (IF NEEDED)

Select Polygon Swap on the left pane and enter the token value amount that you wish to swap for Polygon USDC. Approve and Confirm the transaction in your Wallet

HOW TO BUY RTC

A) VISIT RATETHATCRYPTO.COM AND CONNECT YOUR WALLET

Ensure the Polygon Network is selected and then press ‘CONNECT WALLET’

B) ENABLE PERMISSION

Confirm that you allow the contract to access your USDC balance. Don’t worry, no transaction will occur yet

Enter the $USDC amount that you wish to invest. The minimum investment is $10.

C) ENTER AMOUNT

D) APPROVE TRANSACTION

Press ‘Approve Transaction’ and confirm the request in your Wallet when prompted

E) PURCHASE $RTC!

Press ‘Purchase RTC’ and confirm the transaction once more in your Wallet

Uniswap And MoonPay Partnership enables Crypto Purchase Using Debit/Credit Cards

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With the help of Moonpay, a fintech business, customers of Uniswap’s web app may now purchase cryptocurrencies using bank transfers, debit cards, and credit cards. The bank transfer option is being made available to customers in the majority of US states, Brazil, the UK, and the Single Euro Payments Area, or SEPA.

According to the Dec. 20 statement from Uniswap, customers will soon be able to quickly exchange cash for cryptocurrencies on the Ethereum mainnet, Polygon, Optimism, and Artibrum.

Because of its built-in user safety, self-custodial wallets, permissionless, immutable protocols, and transparent public ledger, Uniswap claims that decentralised exchanges (DEX) are a significantly safer alternative than centralised exchanges (CEX).

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Source

Depending on the user’s location, Uniswap will initially support Dai DAI, Ether, USD Coin, Tether, Wrapped Bitcoin (wBTC), and Wrapped Ether (wETH).

The company acknowledged that despite the dangers involved, customers still prefer CEXs and that the onboarding process for decentralised finance (DeFi) has been a significant barrier to adoption. With “no spread costs on USDC, lowest processing fees in the market, and rapid access,” the exchange anticipates that its most recent deployment will enhance the onboarding process.

Uniswap’s Uprise Amidst Other System Faliures

The news from Uniswap comes at a time when a number of centralized cryptocurrency systems have failed, the most recent of which was FTX.

On November 22, it was revealed that the decentralized exchange has faced criticism from several community members for revising its privacy policy to cover the gathering and storage of user data, which many felt went against the fundamental principles of cryptocurrency.

The exchange will gather data on user interactions with its service providers, information about user devices such browser information and operating systems, and publicly available blockchain data, according to the privacy policy, which was amended on November 17.

In other news, users can now trade nonfungible tokens, or NFTs, using the native protocol of decentralized exchange (DEX) Uniswap, according to a recent post from that day. The function, according to the decentralized exchange, would initially offer NFT collections for sale on websites such as OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.

Binance Warns Of Massive XRP Transactions Amidst Scrutiny

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A large transaction consisting of XRP tokens is on the way, crypto exchange Binance warned via Twitter. Looks like the seventh-ranked token is poised for an early Christmas. Besides XRP, Chainlink’s token, LINK would also be moved.

In the thread, the trading platform announced that as part of its housekeeping for Binance-pegged tokens, it will be moving the mentioned assets, which are collateral for Btokens, into dedicated wallets.

This wasn’t the first time for the world’s dominant digital asset exchange.

A few days ago, data from Whale Alert spread the word about a staggering 300,000,000 XRP being transferred from a Binance wallet. The value of this Ripple-backed token cryptocurrency in fiat amounts is roughly $11 million.

Prior to that, the exchange sent over 37 million XRP to a wallet that the aforementioned tracker flagged as “unknown.”

Just two crypto transfers from Binance were made in the last 24 hours. 1.2 billion BUSD were also seen to have left this exchange in the previous 10 hours by Whale Alert. In total, close to $2 billion worth of cryptocurrency has been taken out of Binance.

This huge exodus started in the backdrop of the US prosecutor’s office indicating that it is considering filing charges against Binance, the largest exchange by trading volume since it believes the trading platform is laundering money and breaking sanctions.

As reported by TronWeekly, Binance’s latest proof of reserve has been the cause of concern for investors. A report by Nansen revealed that crypto market maker Jump Trading became the largest withdrawer from Binance.

Binance Is XRP’s Largest Liquidity Holder

CEO Changpeng Zhao or CZ slammed the news as FUD [fear, uncertainty, and doubt] and urged everyone not to worry.

Following the reports, Binance tweeted that it was temporarily suspending USDC withdrawals as it engages in a token swap between USDC and BUSD [which is managed by Paxos].

CZ clarified that until the bank launches operations in the United States, it will not be possible to update the account ledgers necessary for this swap at a New York-based bank.

That said, per data provider Nomics, Binance is the biggest holder of XRP liquidity with a daily trade volume of more than $100 million and 150 million XRP in its reserves.