M3TA Recap: April 03 – April 09, 2023
The ultimate Fan Token takeover! Despite Bitcoin's lackluster performance hovering around $28,000, Fan Token is dominating the Top Gainers list on Binance with an explosive surge! Read on!
Top performers (7D)
Fan token
OG Fan Token - $OG: +315%
Price as of time of writing: OG/USD - $9.58
OG Fan Token (OG) is a unique utility token that grants OG Esports enthusiasts a tokenized stake of authority on various team decisions through one of the most bustling fan token exchanges - Socios.com.
BWT Alpine F1 Fan Token - $ALPINE: +54%
Price as of time of writing: ALPINE/USD - $3.61
Alpine F1 Fan Token allows BWT Alpine F1 Team fans to vote in team polls, digital hunt collectibles, purchase NFTs, and enjoy gamification features tied to fan rewards or great experiences. Alpine is featured as one of the ‘top teams’ on Binance’s Fan Token site.
Ethernity Chain - $ERN: +60%
Price as of time of writing: ERN/USD - $2.77
Ethernity Chain is a digital art marketplace that was designed to produce authenticated NFTs related to sports and entertainment.
Last week, Chiliz, the team that energizes Socios, officially announced that they will launch their own blockchain under the name Chiliz Sports Blockchain this May.
https://twitter.com/Chiliz/status/1640679932224237569?s=20
Many users were attracted by the news release, suspecting if there is going to be an airdrop soon enough, which Chiliz did not mention.
Not to mention, FIFA - the world football’s governing body - has just signed a partnership deal with Algorand (a PoS Layer 1 blockchain) as a ‘transparent means of increasing revenues to continue to support global football development’, said FIFA Chief Business Officer Romy Gai.
All of these updates help fan tokens receive a significant inflow, resulting in a surge in prices for both Fan Tokens and other sport-related tokens.
Others
Witnet - $WIT: +87%
Price as of time of writing: WIT/USD - $0.00934234
Witnet is a decentralized oracle network protocol that connects smart contracts to various online data sources, such as sport results, stock prices, weather forecasts, and other blockchains, through a distributed network of peer nodes called ‘witnesses’.
These witnesses retrieve data and report it directly to smart contracts and are incentivized with WIT tokens for their work.
The price increase of $WIT may be attributed to the fact that Witnet oracle is the first oracle to go live on the Polygon zkEVM.
https://twitter.com/witnet_io/status/1643985145408671744
Venus - $XVS: +72%
Price as of time of writing: XVS/USD - $7.05
Venus is a DeFi platform that empowers users to lend and borrow cryptocurrency by leveraging collateralization.
Recently, the platform's VIP-105 Q1 2023 XVS Buyback proposal was open for voting, resulting in a significant price surge. As per the proposal, 20% of the buyback funds will be directed towards Binance, further solidifying Venus's position as a trustworthy and reliable platform.
https://twitter.com/VenusProtocol/status/1644429603690147841
Top losers (7D)
Serum - $SRM: -23,6%
Price as of time of writing: SRM/USD - $0.169942
Serum is a decentralized exchange (DEX) that runs on the Solana blockchain. Unlike most other DEXs that use automated market-makers (AMM), Serum employs an on-chain central limit order book (CLOB).
Nexa - $NEXA: -23,1%
Price as of time of writing: NEXA/USD - $0.00002674
Nexa, the decentralized Layer-1 blockchain, offers EVM-compatible smart contracts and native token services, which means that it allows its users to create and manage their own custom tokens on the Nexa platform without the need for additional smart contracts or token standards like ERC-20.
Kaspa - $KAS: -15.7%
Price as of time of writing: KAS/USD - $0.03309952
Kaspa is a PoW cryptocurrency that uses the GHOSTDAG protocol, whose way of working could be loosely compared to sharding. Thanks to GHOSTDAG protocol, transactions can take place concurrently across different chains, unlike traditional blockchains which usually facilitate one by one.
Camelot - $GRAIL: -14%
Price as of time of writing: GRAIL/USD - $2,182.74
Camelot is a native DEX on Arbitrum.
We built a customized dashboard for Camelot DEX with several meaningful metrics for your trading strategy.
Comparative analysis among Camelot, UniSwap, and SushiSwap is also available: https://m3talab.io/reports/camelot-arbitrum
Vela Exchange- $VELA: -14%
Price as of time of writing: VELA/USD - $3.76
Vela Exchange, previously known as Dexpools, is an on-chain order book exchange that operates in a decentralized manner. It is set to launch on Arbitrum and will offer spot and perpetual trading. Additionally, it will have a decentralized Peer-to-Peer (P2P) Over-the-Counter (OTC) trading platform for private and public trading.
The recent decline in the value of some tokens may be nothing more than a normal correction following an extended period of market expansion and strong performance, and should not cause undue concern among investors.
Macro
Job Openings and Labor Turnover Survey (JOLTS) - a monthly report by the BLS counting job vacancies and separations, including voluntary quits.
The US economy added 10.25M new jobs since March 2022.
Purchasing Managers' Index (PMI) - tracks the overall direction of economic trends in both the manufacturing and service industries
US manufacturing activity slumps in March to the lowest level in nearly three years, per Institute for Supply Management (ISM), which is the world's oldest and largest association for supply management.
All subcomponents of ISM's manufacturing PMI below the 50 threshold for the first time since 2009, suggesting recession may be close
Micro
Regulations
CoinDesk - April 3, 2023 at 8:55 PM UTC
Japan's Financial Services Agency (FSA) warns foreign crypto exchanges Bybit, BitForex, MEXC Global, and Bitget for operating without proper registration.
Regulator says the exchanges violated fund settlement laws and were conducting business without registration.
Japan is working on new regulations for the crypto industry but hasn't cracked down on it as hard as some other larger economies.
ASIC - April 6, 2023
Binance Australia can no longer offer derivatives trading services in Australia due to Australian Securities & Investments Commission (ASIC) cancellation of its license.
Existing derivative positions must be closed by customers before April 21, 2023. After that, the remaining open positions will be closed by the company.
Binance Australia will focus on its locally registered spot exchange.
The reason: Many crypto products and services are not regulated by ASIC.
Fundraising
CoinDesk - April 5, 2023 at 1:00 AM UTC
The round had 33 backers, including Andreessen Horowitz, Christie’s, Sequoia Capital, and Samsung Next.
The funding round valued LayerZero Labs at $3 Billion, tripling its valuation from the previous round in March 2022.
CoinDesk - April 4, 2023 at 5:34 AM UTC
Li.Fi is a multichain liquidity and data gateway provider in the crypto space.
The funding round was co-led by CoinFund and Superscrypt.
https://twitter.com/lifiprotocol/status/1643226950318837768
CoinDesk - April 5, 2023 at 1:00 AM UTC
Polyhedra Network provides Web3 infrastructure backed by zero-knowledge (ZK) proofs.
The funding round led by Polychain Capital.
CoinDesk - April 6, 2023 at 7:34 AM UTC
The investment includes purchasing an unspecified amount of RACA tokens.
CoinDesk - April 7, 2023 at 8:47 AM UTC
The fund had a total target of $240 Million
The filing was made with the U.S. Securities and Exchange Commission on March 30.
News Highlight
Decrypt - April 6, 2023
MicroStrategy hedge fund bought another 1,045 bitcoins worth $29.3 million, bringing their total holdings to $4.1 billion.
If Bitcoin's value increases by 6%, MicroStrategy's investment will become profitable.
It seems that MicroStrategy is looking to accumulate rather than sell the largest token for storing value, which can safely point to the fact that they are bullish on BTC.
https://twitter.com/saylor/status/1643586872839471105
The Defiant - April 6, 2023
OpenSea has launched OpenSea Pro, an aggregator for active traders, bringing together sale listings from 170 other NFT marketplaces onto one platform.
Users can sell NFTs on OpenSea Pro with no fees for a limited time, while trading fees on OpenSea's regular marketplace have been restored to 2.5%.
OpenSea Pro is an upgraded version of an aggregator called Gem, which OpenSea acquired in April last year.
https://twitter.com/openseapro/status/1643314687134556160
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