M3TA Recap: Oct 02 – Oct 08, 2023
We talked about crypto fundraising last week, but guess what? It looks like the fundraising scene is going through a bit of a slump. Curious why?
Top performers (7D)
BancorNetwork - $BNT: +37.1%
Price as of time of writing: $BNT/USD - $0.5777
Bancor serves as an on-chain liquidity protocol, facilitating decentralized and automated exchanges on Ethereum and various other blockchains.
One of its products, Carbon, a decentralized exchange, was introduced in early May 2023, featuring notable elements like Strategies trading and limit orders.
Reason: A wallet believed to belong to Upbit has bought 4.71 million $BNT, equivalent to $2.54 million, constituting 3.3% of the total supply.
LoomNetwork(OLD) - $LOOM: +30.7%
Price as of time of writing: LOOM/USD - $0.1746
Loom Network is a multichain platform that specializes in creating side chains, which are smaller, customized blockchains linked to larger networks like Ethereum. Developers use Loom to build specialized blockchain networks tailored to their specific application needs, allowing them to adjust security, decentralization, and scalability independently of the underlying Ethereum network.
Reason: The token's surge aligns with the trend seen on Upbit Exchange, where low-cap tokens listed tend to see price boosts, and this trend has been ongoing for a few weeks.
Stratis - $STRAX: +26.3%
Price as of time of writing: STRAX/USD - $0.6022
Stratis is a Layer 1 solution that allows businesses to deploy on Stratis' sidechain, providing financial services, deploying smart contracts, and using identity security tools.
Reason: On Oct 6, 2023, the project announced StratisEVM. Along with this, a wallet has been continuously accumulating 1.8M $STRAX, aligning with the Upbit narrative.
TrustWallet - $TWT: +26.2%
Price as of time of writing: TWT/USD - $1
Trust Wallet is a non-custodial multi-crypto wallet app, offering users complete control over their digital assets, including cryptocurrencies and NFTs. Currently, Trust Wallet supports 70 blockchains and hosts over 9 million crypto assets.
Reason: The project hinted at a new product or event on Oct 4.
Covalent - $CQT: +24%
Price as of time of writing: CQT/USD - $0.1334
Covalent is a blockchain data provider that offers a unified API to access data from multiple blockchains. Their API provides developers with easy access to a wide range of blockchain data, including historical and real-time data on transactions, addresses, balances, and more. With Covalent, developers can build applications that require blockchain data without having to worry about the complexities of interacting with multiple blockchains.
Reason: The price increase could be due to market maker market manipulation.
Top losers (7D)
Echelon Prime - $PRIME: -25%
Price as of time of writing: PRIME/USD - $2.87
Echelon is a platform designed for game studios to harness the capabilities of blockchain technology. The PRIME token is utilized within web3 platform games. Currently, there's Parallel, a trading card game in the Closed Beta phase, making use of technology from Echelon.
TomiNet - $TOMI: -20.9%
Price as of time of writing: TOMI/USD - $2.41
tomi is a web3 company that leverages decentralized DNS, including high-performance computing technology, a multi-chain wallet, and a unique browser to enhance the decentralization of digital assets and cloud services. Their ultimate goal is to establish a web3 internet infrastructure that optimizes decentralization.
THORchain - $RUNE: -20.8%
Price as of time of writing: RUNE/USD - $1.72
THORChain operates as an independent Layer 1 cross-chain decentralized exchange (DEX) built on the Cosmos SDK.
Reason: Reportedly, the bulk of THORswap's trading volume originated from hackers moving funds from Ethereum to the Bitcoin network, prompting THORswap to temporarily halt its swap feature.
Radix - $XRD: -18.9%
Price as of time of writing: XRD/USD - $0.0479
Radix is a layer 1 smart contract platform that aims to decentralize the global financial system. It offers several features, including Scrypto, an intuitive programming language; Radix Engine, a programmable "DeFi Engine" that allows developers to create "components" of smart contract logic that can be snapped together like Lego bricks; and Cerberus, a consensus algorithm for atomic composability and linear scalability.
Chia Network - $XCH: -17.9%
Price as of time of writing: XCH/USD - $22.52
Chia Network is a blockchain and smart transaction platform that was created by Bram Cohen, the inventor of BitTorrent. Unlike other blockchain networks that use proof of work (PoW) or proof of stake (PoS) consensus algorithms, Chia uses a new consensus algorithm called Proof of Spacetime (PoST).
Proof of Spacetime (PoST) is a consensus algorithm used in distributed ledger technology. It relies on timestamping data blocks, where new data blocks are accepted only if they are timestamped with the current "time," often achieved through cryptographic proof-of-work mechanisms in blockchain systems.
Reason: Chia Network follows the recent trend of crypto companies reducing their workforce, citing the loss of banking partner Credit Suisse as a significant setback in their journey to go public.
$PRIME, $TOMI, and $XRD are currently experiencing a downturn, which is a natural correction following their previous price surges.
Macro
Web2 Giants
TomoChain Blog - Oct 02, 2023
TomoChain and DWF Labs have formed an investment partnership aimed at enhancing TomoChain's layer-1 blockchain infrastructure and promoting the adoption of Web3.
Beyond financial support, DWF Labs will leverage its industry network to contribute to TomoChain's ecosystem development roadmap, with a focus on sustainable growth and community initiatives.
The funds raised will also be utilized to expand the TomoChain team and advance technical development efforts for the layer-1 infrastructure.
prnewswire - Oct 02, 2023
Casio is launching a virtual store for G-SHOCK watches in the metaverse using the VRChat platform.
The virtual G-SHOCK STORE aims to engage younger users in the metaverse by allowing them to customize and wear G-SHOCK watches on their avatars.
This partnership with VRChat Inc. represents the first instance of a watch manufacturer creating a virtual space in VRChat.
Users in the virtual world can customize G-SHOCK watches and purchase digital watch components for their avatars through an online marketplace.
The virtual watches will display the real-world time, allowing users to check the time within VRChat.
U.S. Economy
M3TA Telegram - Oct 05, 2023
The US added $275 billion in debt in one day, more than half of Bitcoin's market cap. Macro analyst Lyn Alden sees it as a potential late-stage debt bubble and suggests it's a good time to accumulate Bitcoin due to its correlation with global liquidity, potential growth in 2024-2025, and upcoming halving and shift to long-term holders during bear markets.
If you want to know more about the U.S. Debt Ceiling Impasse, read this:
https://m3talab.io/post/us-debt-ceiling-impasse-a-threat-and-an-opportunity
Micro
M3TA Telegram - Oct 03, 2023
Grayscale has applied to the SEC to convert its Ethereum Trust (ETHE) into a spot Ethereum ETF, following a successful legal battle to convert their GBTC into a Bitcoin spot ETF, while several Ethereum Futures ETFs have started trading in the US with initial volume being weaker than ProShares' first Bitcoin futures ETF debut in 2021.
M3TA Telegram - Oct 04, 2023
AirDAO and DWF Labs are partnering with a $7.5 million investment with a 36-month vesting schedule. DWF Labs will play a crucial role in forging connections and expanding AirDAO's presence in local regions. Additionally, both entities have created a $1 million ecosystem fund to support new projects on AirDAO.
M3TA Telegram - Oct 05, 2023
Avalanche Network statistic increased massively thanks to the launch of Stars Arene (SocialFi) - rival of Friend.tech. This project was launched in late September 2023. And in less than two weeks, it has already achieved a TVL exceeding $1M. It's truly remarkable to witness how a single killer app can make a meaningful impact on ecosystem statistics.
M3TA Telegram - Oct 05, 2023
The number of active crypto developers has significantly decreased, nearly halving from its peak in January 2022 to 19,630 in August 2023, although CTO Eddy Lazzarin noted that this data might not provide a complete picture of crypto development due to its exclusion of activities outside open-source infrastructure repositories.
M3TA Telegram - Oct 06, 2023
In Q3 2023, crypto fundraising hit a three-year low at just under $2.1 billion, significantly impacted by the crypto industry's challenging conditions, in contrast to the peak of nearly $17.5 billion in Q1 2022, with investors now favoring early-stage projects and infrastructure over user-facing applications.
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