M3TA Recap: May 1 – May 7, 2023
Has the fun-fun-fun meme coin frenzy ship left the shore of Ethereum, and then added to BTC network congestion? Catch up on the new trend shift with this M3TA Recap.
Top performers (7D)
Pepe - $PEPE: +478.2%
Price as of time of writing: PEPE/USD - $0.00000271
PEPE is a meme coin with a special tokenomic where only 6.9% of the tokens are held in a special wallet for future use, while the majority (93.1%) are put into a liquidity pool and the LP tokens are burned.
$PEPE has been listed on several major crypto exchanges such as Bybit, Okx, Kucoin, Binance, Crypto.com, and Bitmex over the past week, which has contributed to its significant surge in price and popularity.
UMA - $UMA: +48.1%
Price as of time of writing: UMA/USD - $2.88
UMA is a secure system for optimistic oracles and dispute arbitration that enables any type of data to be brought onto the blockchain. The $UMA token is used to stake the network to protect UMA's OO. Holders can vote on UMA DAO to earn higher APY. Additionally, UMA has built optimistic snapshot execution tools (oSNAP) as a tool to support voting for DAOs.
UMA Protocol announced on May 6 that two more DAOs will be unveiling their integration of oSnap, potentially contributing to the recent increase in UMA's price.
MX - $MX: +32.1%
Price as of time of writing: MX/USD - $3.18
MX is MEXC’s exchange native token.
In April, when meme tokens caused a frenzy in the market, MEXC was among the first to list these meme tokens, leading to an increased awareness of $MX.
Radicle - $RAD: +29.4%
Price as of time of writing: RAD/USD - $2.8
Radicle allows people to work together on computer code in a peer-to-peer (P2P) manner by sharing it with each other.
The successful transition of Heartwood, a redesign of the Radicle P2P protocol, to Radicle on May 1 has greatly boosted the price of $RAD. This is the 2nd week in a roll RAD has experienced a major uptick.
RSK Infrastructure Framework - $RIF: +17.6%
Price as of time of writing: RIF/USD - $0.1479
The RSK Infrastructure Framework (RIF) provides open-source, decentralized tools and technologies that simplify the creation of secure and accessible DeFi products backed by Bitcoin (BTC).
Gate.io is listing ORDI token, which is the first BRC-20 token inscribed on Bitcoin. Additionally, the RSK Infrastructure Framework has pledged to scale Bitcoin. These 2 events have led to an increase in the value of $RIF token as part of this Bitcoin-inscribing trend.
Top losers (7D)
Blox - $CDT: -31%
Price as of time of writing: CDT/USD - $0.213490
Blox is a solution designed for professionals, businesses, and enterprises to track, manage, and perform bookkeeping for their crypto assets. Blox is building the world’s first Non-Custodial Staking Platform for Ethereum and decentralized SSV-based staking pools.
SSV stands for "Simple Staking Validation", which is a method of validating transactions on the Ethereum blockchain. SSV-based staking pools are decentralized pools where multiple users pool their cryptocurrency holdings to increase their chances of validating transactions and earning rewards.
These pools are managed through smart contracts on the Ethereum blockchain and do not require users to give up control of their assets to a centralized authority, making them non-custodial.
JOE - $JOE: -26.5%
Price as of time of writing: JOE/USD - $0.367509
Trader Joe is a decentralized trading platform on the Avalanche network that offers leveraged trading by combining DEX services with DeFi lending. It includes an AMM exchange, yield farming, staking, and borrowing.
Blur - $BLUR: -25.5%
Price as of time of writing: BLUR/USD - $0.524772
Blur operates as an NFT marketplace with no transaction fees and suggests a standard royalty rate of 0.5% for buyers, but users have the flexibility to adjust or set it to 0.
Open Campus - $EDU: -23.9%
Price as of time of writing: EDU/USD - $1.08
Open Campus is a decentralized educational platform that allows educators and communities to generate and exchange tokenized educational materials. Smart contracts are used by the protocol to distribute revenue made from content among its creators, co-publishers, validators, and the EDU Foundation.
The EDU foundation is a non-profit organization that supports the development of the protocol, educational projects, and community building. The use of on-chain revenue sharing guarantees equitable compensation for all contributors based on their efforts and the value they bring to the platform.
Core - $CORE: -18%
Price as of time of writing: CORE/USD - $1.18
Core is a layer-one blockchain that is turing-complete and compatible with the Ethereum Virtual Machine (EVM). It aims to create a secure, scalable, and decentralized blockchain by utilizing the Bitcoin hash rate (refers to the computing power used by miners to secure and process transactions on the Bitcoin network) and delegated proof-of-stake (DPoS) consensus mechanism. To achieve this goal, Core employs a unique consensus mechanism called "Satoshi Plus," which blends the best features of both.
Last week, BTC remained relatively stagnant and continued to hover below $31,000, preventing most altcoins from making significant gains.
Macro
The ISM (Institute for Supply Management) Manufacturing PMI (Purchasing Managers' Index) - an economic indicator that measures the activity level of the manufacturing sector in the United States.
ISM manufacturing PMI rose to 47.1 in April from 46.3 in March.
The ISM Services PMI (Purchasing Managers' Index) - a monthly economic survey that measures the performance of the US service sector.
The ISM Services PMI increased from 51.2 in March to 51.9 in April.
Interest rate - a key indicator of the economy as it affects the cost of borrowing and lending money. In general, a higher interest rate indicates that borrowing money is more expensive, while a lower interest rate indicates that borrowing is more affordable.
The US Federal Reserve raised interest rates by 0.25% to a range of 5.00%-5.25%.
Nonfarm payrolls - measures the change in the number of people employed during the previous month, excluding the farming industry, non-profit organizations and active military.
Nonfarm payrolls rose by 253,000 in April
Unemployment rate - percentage of unemployed individuals in an economy among individuals currently in the labor force.
Unemployment rate decreased from 3.5% to 3.4%
The Federal Reserve Chair, Jerome Powell, stated that it is uncertain if there will be further rate increases when the central bank meets in June. Though inflation remains high, the economy is slowing down and there is a risk of a credit crackdown by banks. Powell suggests that the end-point of rate increases may be near and that it may be wise to allow some time to see their full impact.
Micro
BTC Network Congestion
M3TA - May 9, 2023
Binance suspended BTC withdrawals due to high transaction fees.
High fees were caused by a backlog of ~444,300 transactions in the Bitcoin network (mempool data).
Unisat marketplace saw a surge in BRC-20 creation, causing high transaction volume.
According to MilkRoad, BRC-20 is a new token standard created in March 2023 for the Bitcoin blockchain. It is used to issue and transfer fungible tokens on the Bitcoin network. BRC-20 tokens use ordinal inscriptions of JavaScript Object Notation (JSON) to deploy token contracts and mint and transfer tokens.
BRC-20 can be swapped and traded, but offers little functionality compared to ERC-20. Until proven otherwise, BRC-20 is simply a buying speculative investments. That means if you want to make profits from it, the only way is to sell stakes to someone else for a higher price.
This activity congested the Bitcoin network and slowed down transaction processing.
Get ready to unravel the full story behind this! M3TA's in-depth investigation article on BRC-20 is dropping today. Don't miss out!
The Block - May 4, 2023 at 8:46 AM UTC
Developers of decentralized exchange Curve Finance deployed smart contracts for the decentralized stablecoin crvUSD on the Ethereum mainnet.
The deployment is not yet finalized, as a user interface for the crvUSD smart contracts is still under development.
Curve Finance created 20 million crvUSD on the mainnet, viewable on the Etherscan blockchain explorer.
$CRV went up 12% after the news.
CoinDesk - May 4, 2023 at 12:38 PM UTC
Coinbase Borrow program is being discontinued.
Customers received an email on Wednesday that the last day to take out new loans would be May 10.
Closure of Coinbase Borrow is unrelated to any SEC enforcement action. A spokesperson for Coinbase said the decision was due to reduced demand.
No impact on customers' outstanding loans and no action required from them at this time.
News Highlight
Binance - May 5, 2023
Binance listed FLOKI and PEPE in the Innovation Zone on May 5, 2023.
Zero maker fees on the spot trading of the meme coins in True USD pairing (PEPE/TUSD, FLOKI/TUSD).
Tokens will be listed as a borrowable asset within 48 hours.
PEPE and FLOKI both rose more than 50% after being listed.
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