M3TA Recap: May 22 – May 28, 2023
Ecosystem expansion, value-added solutions, AI integration and debt ceiling of the US drive last week's narrative. We've gathered some golden projects following the headline for you!
Top performers (7D)
Akash Network - $AKT: +64.9%
Price as of time of writing: AKT/USD - $0.59
Akash Network is a decentralized cloud computing marketplace for dApp developers, providing flexible and cost-effective cloud services within the Cosmos Hub. It aims to democratize cloud computing power and improve the efficiency of the industry.
On May 26th, the project provided an update on its AI testing on GPU, a significant step towards the development of AISupercloud. The market sentiment towards AI is generally positive, leading to an increase in the price.
Tomochain - $TOMO: +56%
Price as of time of writing: TOMO/USD - $1.65
TomoChain is a Layer 1 based in Vietnam that supports all smart contracts, protocols, and seamless token transfers across different chains that are compatible with the Ethereum Virtual Machine (EVM).
The project recently secured a strategic investment from Coin98 on May 25th and integrated with the Coin98 wallet. This integration aims to enhance the adoption of Web3 technology, which is likely a contributing factor to the price increase.
Open Campus - $EDU: +30.2%
Price as of time of writing: EDU/USD - $1.42
Open Campus Protocol is a community-led Web3 educational platform that aims to tokenize global educational content. It allows creators of educational content to earn money and provides an alternative education system for those who want to learn.
The protocol uses EDU tokens for governance, payments, and revenue sharing. Contributors to the platform, such as content creators, will receive their share of the revenue in EDU tokens.
The project gained attention for launching the $10M Global Educators Fund and hosting an event with rewards for early supporters. Supporters can gain early access to the future Publisher NFT sale and potentially increase their revenue share by becoming Co-Publishers and bringing others to their Campus.
Furthermore, on May 28, Open Campus unlocked their EDU token, which might explain the price surge as the project aimed to sell the token at a higher value.
ShibaSwap - $BONE: +24.9%
Price as of time of writing: BONE/USD - $0.898
ShibaSwap is a decentralized exchange (DEX) project within the Shiba ecosystem that helps Shiba holders earn profits by providing Liquidity Pool and Staking on ShibaSwap.
Shiba Inu's price rise may be attributed to their efforts in protecting the SHIB community from scams. They renamed the Twitter handle "Susbarium" to "Shibarmy Scam Alerts" and placed it under the control of Shibarium Tech Discord channel moderators.
NEO - $NEO: +22.4%
Price as of time of writing: NEO/USD - $11.28
Neo, a community-led, open-source blockchain platform originating from China, is dedicated to enabling developers to automate and digitize asset administration via intelligent contracts. Key built-in functionalities of Neo include decentralized storage, oracle services, and domain name services, laying the groundwork for the future of the Internet.
In the month of April 2023, Neo forged a partnership with Alchemy to integrate a payment gateway on its platform.
The price of Neo experienced a notable increase around the same time when an announcement was made by Hong Kong authorities about their decision to commence cryptocurrency operations for China, effective from the 1st of June.
Top losers (7D)
Multichain - $MULTI: -40.5%
Price as of time of writing: KAS/USD - $4.68
Multichain, previously known as Anyswap, is among the top 2 platforms that facilitate the bridging of cryptocurrencies and NFTs across 92 blockchains. It enables users to bridge assets either through pegged tokens or liquidity pools, accumulating up to 1.77B in TVL as per their website.
The substantial price drop is attributed to rumors circulating about (1) the team facing potential arrests in China.
(2) Starting May 21st, a number of users experienced issues with their assets being frozen during transfers using the Multichain bridge. Two days later, on May 23rd, the team announced that the bridge was currently under an upgrade process and reassured that it would be operational shortly. However, the users' funds remain inaccessible till now.
This issue has impacted several routes, namely Kava, zkSync, and Polygon zkEVM. It's important to note that the other routes continue to function smoothly.
(3) Several major wallets show signs of selling $MULTI:
A wallet associated with the Multichain team transferred 494,200 $MULTI ($3.17M) to Gate.
The Fantom Foundation wallet withdrew 449,740 $MULTI ($2.4M) from the liquidity pool on Sushiswap.
Hashkey sent 43,928 $MULTI ($247K) to Gate.
Rollbit Coin- $RLB: -15.3%
Price as of time of writing: RLB/USD - $0.02867748
Rollbit, a popular cryptocurrency casino in the online gambling realm, operates on the Solana blockchain.
Polymath - $POLY: -11.3%
Price as of time of writing: POLY/USD - $0.169018
Polymath is a platform that helps projects raise funds from investors using traditional payment methods. It is designed specifically for projects that involve real-world assets (RWA). Polymath makes it easy for these projects to create, issue, and distribute tokens using a tool called Polymath Token Studio, which follows the ERC 1400 standard.
AMP - $AMP: -8.2%
Price as of time of writing: AMP/USD - $0.00267828
The Flexa Network makes it possible to use cryptocurrencies like BTC, ETH, and others to pay for purchases at physical stores. When a customer makes a payment using a supported cryptocurrency, Flexa collateralizes the transaction using its token called AMP. This ensures that the payment is secure while it is being confirmed on the respective cryptocurrency networks. The vendor, on the other hand, receives the payment in traditional fiat currency.
Stride - $STRD: -8.1%
Price as of time of writing: STRD/USD - $1.27
Stride Zone is a yield farming platform. It allows users to earn staking and DeFi yields on the Cosmos IBC network.
Tokens, excluding $MULTI, had a slight drop, but not significant, as Bitcoin surged following the tentative deal to suspend the US debt ceiling.
Macro
Personal Consumption Expenditures Price Index (PCE) - measure how much people in the US are paying for goods and services.
PCE price index rose by 0.4% in April after a 0.1% increase in March.
Year to date, the PCE increased by 4.4% after a 4.2% rise in March.
The core PCE price index increased by 4.7% year-on-year in April, up from 4.6% in March.
For an update of other Macro indicators, visit our U.S. Market Macro Report: https://m3talab.io/reports/us-market-macro
Reutuers - May 28, 2023
Biden and McCarthy reached a tentative deal to suspend the $31.4 trillion debt ceiling.
The deal suspends the debt limit until January 2025, sets spending caps for 2024 and 2025, recovers unused COVID funds, streamlines energy project permitting, and adds work requirements to food aid programs for impoverished Americans.
Still waiting for the decision of the Congress.
Congress is set to vote on the bill on May 31st, just before the Xdate on June 1st.
Micro
TechCrunch - May 24, 2023
The plugin enables ChatGPT to perform various tasks such as checking wallet balances, transferring Solana-native tokens, and purchasing nonfungible tokens.
Developers are encouraged to test the open-source code and retrieve on-chain data of their interest.
The ChatGPT plugins retrieve information from online sources and interact with third-party websites to fulfill user commands.
The plugin feature is currently being rolled out to all users.
Yahoo Finance - May 25, 2023
Stably, a leading Stablecoin-as-a-Service (SCaaS) and fiat on/off-ramp infrastructure provider for Web3 projects is launching its stablecoin backed by USD, Stably USD, as a natively-issued BRC20 token
The stablecoin is identified as #USD.
News Highlight
NFTPlazas - May 23, 2023
STEPN has introduced a new in-app currency called 'Sparks'.
Users can purchase Sparks via Apple Pay for a flat rate of $0.01 per token.
Sparks are a non-crypto token.
The new iOS-integrated marketplace allows users to purchase STEPN NFTs using Sparks.
CoinDesk - May 25, 2023
Binance NFT Loan allows users to borrow crypto by using their NFTs as collateral.
The feature offers competitive interest rates, instant liquidity, zero gas fees, and liquidity protection.
Binance acts as the loan pool through a "Peer-to-Pool" approach.
The feature supports Ethereum loans and NFTs from Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles collections, with more options planned for the future.
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