It’s Altcoin Season! (Or Too Soon?)
Bitcoin did a wonderful job last week and now it can rest. Let the altcoins PUMP 🚀
Welcome to Exchanges in Crypto Macro dashboard, this tab will be dedicated to track the token performance on different exchanges. First contestant: Upbit.
Visit the dashboard now and Stay tuned for more updates on our Beta whitelist!
Top performers (7D)
Polymesh - $POLYX: +109.8%
Price as of time of writing: POLYX/USD - $0.313
Polymesh is a proof-of-stake blockchain built on Substrate, designed to effectively address rule enforcement, identity verification, compliance, data privacy, and transaction finality. $POLYX is the network's main token used for staking and securing the network, paying transaction fees, and participating in governance.
Reason:
Polymesh launched v6 on Oct 12, focusing on user identity development.
From Oct 20-23, Polymesh made personnel changes and initiated a developer sponsorship program with 50M $POLYX.
On Oct 25, Binance listed USD-M with POLYX, causing a brief price dip before a quick recovery.
POLYX token volume surged after personnel changes, driven by trading on Upbit.
Polymath - $POLY: +84.9%
Price as of time of writing: POLY/USD - $0.309
Polymath provides technology to create, issue, and manage security tokens on the blockchain. After realizing that current blockchains did not meet regulatory requirements, Polymath built Polymesh, a blockchain specifically designed for managed assets.
Reason: After $POLYX increased in price, $POLY also increased although there's virtually no relation between the two; they're not even on the same exchange. $POLY is only traded on Coinbase, but the volume was much smaller compared to $POLYX on Upbit.
Smooth Love Potion - $SLP: +70.3%
Price as of time of writing: SLP/USD - $0.0026
Smooth Love Potion is a reward token in the Axie Infinity game.
Reason: On Oct 20, 2023, Axie Infinity launched a program where users have the chance to receive SLP Chests ranging from 15-100,000 SLP depending on their rank for every win.
In addition, other Metaverse tokens like $SAND, $MANA, $GALA, and $MAGIC are currently attracting significant attention, generating interest in SLP as well.
ARK Blockchain - $ARK: +66.1%
Price as of time of writing: ARK/USD - $0.745
ARK is a blockchain-based platform that provides a scalable and interoperable infrastructure for the development and deployment of dApps. It uses a unique consensus algorithm called Delegated Proof of Stake (DPoS) to enable fast and secure transactions, and supports cross-chain interoperability.
Reason: On Oct 27, 2023, the trading volume of ARK-KRW on Upbit increased dramatically until October 29, 2023, leading to price growth.
Fetch.AI - $FET: +60.1%
Price as of time of writing: FET/USD - $0.37
Fetch.ai is a blockchain technology company founded in the UK, focusing on developing AI and its applications on blockchain. Fetch.ai provides a distributed platform that allows smart devices and computers to exchange information and interact with each other in an automated and reliable way. Fetch.ai's applications include solutions for issues such as traffic, logistics, energy, and other fields.
Reason: On Oct 17, 2023, Fetch.AI introduced Bimodal, which will be developed to allow AI to have a more optimal perspective than it currently does.
The AI wave is also gaining attention, with tokens like RNDR, AGIX, and AKT, positioning FET as a leader in the AI wave.
Top losers (7D)
Toncoin - $TON: -7%
Price as of time of writing: TON/USD - $2.06
Toncoin as a Layer 1 blockchain built on a Proof of Stake (POS) mechanism. The TON Foundation recently partnered with Telegram for Cryptocurrency Wallet on the Telegram platform.
Orbs - $ORBS: -5.5%
Price as of time of writing: ORBS/USD - $0.043
Orbs is a public blockchain infrastructure tailored for businesses that prioritize trust as a competitive advantage. It enables developers to create and deploy dApps with high performance, low costs, and robust security on the Orbs network. This platform also offers a user-friendly development environment for scalable dApp construction.
Bitcoin SV - $BSV: -5.4%
Price as of time of writing: BSV/USD - $49.83
Bitcoin SV is a fork from Bitcoin Cash (BCH) blockchain in 2018 with a larger block size (128MB). This allows for faster processing speeds of over 50,000 transactions per second (TPS).
MakerDao - $MKR: -5.1%
Price as of time of writing: MKR/USD - $1,409
Maker is a Collateralized Debt Positions (CDP) platform built on Ethereum that allows users to issue and manage the stablecoin DAI.
Uniswap - $UNI: -3.8%
Price as of time of writing: UNI/USD - $4.16
Uniswap is a DEX built on the Ethereum blockchain. Uniswap uses an automated market maker (AMM) system, which means that trades are executed based on a mathematical formula rather than relying on traditional order books.
Last week, the top losers didn't experience significant declines as Bitcoin was on the rise. Notably, both $MKR and $UNI were among the tokens sold by FTX last week.
Macro
ETF-related
Crypto Fundraising
The Launchpad Platform TonUP Secures Seed Funding from Toncoinfund
Cube Exchange Raises $9M in Seed Funding from Prominent Investors
Former Israeli Military Intelligence Officer Raises $33M for Web3 Security Company Blockaid
Nym Launches $300M Innovation Fund to Empower Web3 Creators and Privacy Enthusiasts
Micro
M3TA Telegram - Oct 23, 2023
Bitcoin crossed the $30K threshold last week and is currently trading sideways around the $34K mark. This surge is attributed to the growing anticipation of spot Bitcoin ETF approvals, such as the iShares Bitcoin Trust and the SEC's review of Grayscale's GBTC conversion request into a spot ETF.
Note: iShares Bitcoin Trust has not been up for trading yet; its ticker only made an appearance on a list maintained by the Depository Trust and Clearing Corporation (DTCC), which is a logistics move prior to the launch.
This rally has provided a strong foundation for a lot of upward movement in altcoins as well.
M3TA Telegram - Oct 25, 2023
X witnessed a significant drop in TVL and Daily Active Traders due to Vombatus_eth's sale of 176 Friend.Tech Keys on October 24. Additionally, the "Key" Net Trading Volume reached an all-time low.
M3TA Telegram - Oct 27, 2023
Last week, the FTX and Alameda Wallets communities noticed a significant transfer of various cryptocurrencies, including $MKR, $LINK, $AAVE, $ETH, $RNDR, $SOL, $AGLD, $LDO, $UNI, $DYDX, and more right now to Binance and Coinbase.
This move is a smart strategy to profit from the current mini bull run and leverage the market's strong liquidity for selling.
How FTX Sales Affect GBTC Discount:
If GBTC converts to an ETF before FTX's Q2 2024 reorganization, meaning selling GBTC is equal to selling spot BTC, the discount can be preserved.
However, if the SEC rejects the application for another reason and GBTC remains unchanged, FTX sales may widen the discount.
M3TA Telegram - Oct 27, 2023
Polygon Labs introduces $POL as a replacement for $MATIC, aligning with the Polygon 2.0 roadmap.
The changes appear to be a marketing strategy since no action is needed from the users yet (users do not need to change their $MATIC into $POL) and the token has not been listed on any exchanges.
M3TA Telegram - Oct 26, 2023
Vodafone's Digital Asset Broker (DAB) partnered with Chainlink Labs, Sumitomo Corporation, and InnoWave to demonstrate the practical use of blockchain technology in global trade.
Vodafone DAB will be a Chainlink network node operator and Chainlink's CCIP will be used to enable autonomous devices to provide data for trade processes. For instance, cargo vessels that detect fires can autonomously trigger marine cargo insurance processes through smart contracts.
M3TA Telegram - Oct 26, 2023
CyberConnect, a decentralized social network, saw a 30% token value surge after Binance Labs announced a follow-on investment, highlighting the potential of SocialFi for web3 adoption.
M3TA Telegram - Oct 27, 2023
A U.S. District Judge in California ruled in favor of Yuga Labs, the creators of the Bored Ape Yacht Club, awarding them over $1.5M in damages for trademark infringement. The defendants' satire and parody defense was rejected, and their counterclaim for false accusations of racist and neo-Nazi imagery was also dismissed.
The ruling includes $200K in damages for cybersquatting violations, a permanent warning (injunction), and the transfer of fake apes' smart contracts.
M3TA Telegram - Oct 27, 2023
Scroll's zkEVM solution is enhancing Ethereum decentralized applications by decreasing transaction costs and increasing throughput via off-chain transaction aggregation.
Impressively, within 10 days of its launch, Scroll has achieved a 5x increase in TVL, surging from $2.1M to over $10M, with user count and daily transactions reaching around 5.5k and closely tracking each other.
M3TA Telegram - Oct 27, 2023
LayerZero has deployed wstETH as an omnichain fungible token (OFT) on BNB Chain, Scroll, and Avalanche, eliminating the need for bridges or intermediary chains.
This offers benefits such as improved liquidity for expansion on BNB Chain and Avalanche, streamlined institutional staking, and reduced risks associated with bridge-related mint-burn mechanisms.
Though Lido DAO said that they have not approved the proposal, LayerZero asserted that they had talked to the Lido's team before deploying.
Some metrics on wstETH at the moment:
Top 1 Marketshare: 72.07%
Top 1 TVL: $154.6M
Top 5 7D TVL Change: -1.95%
Netflow: Unstable
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