M3TA Recap: Oct 09 – Oct 15, 2023
Not just that, altcoins also had a tough week last week, but things took a positive turn after the SEC decided not to appeal the Grayscale Bitcoin ETF court decision.
Welcome to Market Mover 2.0 dashboard where we have made several updates on:
rankings are now gathered from both CoinMarketCap and Coingecko, distinct from the 1.0 version that relied on a single ranking chart.
interactive ranking options for both 24-hour and 7-day changes, giving users the flexibility to identify varying alphas on different days. This is a marked improvement over the older version, which solely offered 7-day changes.
Visit the dashboard now and Stay tuned for more updates on our Beta whitelist!
Top performers (7D)
$LOOM, $STRAX, and $ORBS have experienced a significant increase in trading volume on Upbit, possibly contributing to their prolonged surge. Furthermore, our analysis suggests that this Upbit trend might be linked to Binance US users, as we've observed a connection between them in on-chain data.
LoomNetwork(OLD) - $LOOM: +100.83%
Price as of time of writing: LOOM/USD - $0.34
Loom Network is a multichain platform that specializes in creating delegated PoS 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: $LOOM is a low-cap token that only trades on Binance as a spot trading pair. The majority of the trading volume came from the Korean Upbit exchange, causing the all-time high to reach $1B, and funding rate is -3%.
Stratis - $STRAX: +56.49%
Price as of time of writing: STRAX/USD - $1
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: The wallet address has been continuously accumulating over 3 million STRAX tokens since October 2nd, 2023, and the trading volume on Upbit is over $350M, and funding rate is -0.3%.
Band Protocol - $BAND: +33.58%
Price as of time of writing: BAND/USD - $1.45
Band Protocol, a cross-chain data oracle platform, bridges real-world data to on-chain applications and links APIs to smart contracts for seamless information exchange between on-chain and off-chain sources. Originally an ERC-20 project on the Ethereum blockchain in September 2019, it transitioned to the Cosmos network in June 2020 with the release of Band Protocol 2.0, now operating on BandChain with the Cosmos SDK.
Reason: Following the project's announcement of the upcoming validator program registration, the token price surged. Funding rate is now at -0.26%.
Liquity - $LQTY: +30.15%
Price as of time of writing: LQTY/USD - $1.57
Liquity is a lending and borrowing protocol on the Ethereum blockchain. It allows users to create a dollar-pegged stablecoin called LUSD, which is used in the Liquity protocol and backed by Ethereum for loans with a 110% collateral ratio.
Reason: The top $LQTY holders continue to put good faith in their tokens. Additionally, on Sep 12, two large wallets withdrew a substantial amount of $LQTY from Binance and Coinbase.
After reaching a price of $1.4, the top holders of LQTY did not show any signs of selling on the market.
Orbs - $ORBS: +25.04%
Price as of time of writing: ORBS/USD - $0.04
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. The token's Upbit volume is over $350M as of time of writing.
Top losers (7D)
Radix - $XRD: -16.75%
Price as of time of writing: XRD/USD - $0.04
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. Radix has a strategic partnership with Layerzero back in April this year.
Magic - $MAGIC: -16.41%
Price as of time of writing: MAGIC/USD - $0.47
MAGIC is a cross-game token that links different gaming communities within the Treasure Metaverse. This metaverse is a decentralized system of NFTs built on Arbitrum.
SSV Network - $SSV: -15.70%
Price as of time of writing: SSV/USD - $13.34
SSV (Stateless Smart Contract Verification), is a decentralized network that offers a secure and scalable way to check smart contracts. Its purpose is to enable safe and private communication between smart contracts and external data sources. SSV employs a mix of cryptographic methods and game theory to make sure the data is trustworthy and the smart contract is valid.
Mantle - $MNT: -14.61%
Price as of time of writing: MNT/USD - $0.32
Mantle Network is a Layer 2 blockchain on Ethereum, with a modular design and data availability provided by EigenLayer. It uses a rollup architecture, allowing Mantle to enhance network performance with low costs. In Mantle's EcoFund, the majority of funds are held in nearly $200M worth of ETH, and the Mantle ecosystem is geared towards Liquid Staking dApps.
BitDao is the organization behind Mantle, and the majority of the selling volume comes from Bybit. It is also observed that the MNT token is being suppressed in price by BitDAO themselves.
OKT Chain - $OKT: -14.5%
Price as of time of writing: OKT/USD - $11.08
OKT Chain is a public blockchain created to be a fast and open platform for decentralized applications. It uses the Tendermint consensus algorithm and the Cosmos SDK to make it simple for developers to create custom features.
Bitcoin had a tough week, and as a result, these tokens saw a significant drop in their value.
Macro
ETF-related
RWA-related
Mastercard Explores CBDC Use Cases in Australian Pilot Project
BackedFi Launches First RWA Token on Base - blB01, a Short-Term US Treasury Bond ETF
JPMorgan Launches Tokenized Collateral Network (TCN) for margin call liquidity
Tangible Releases their Plan to Liquidate Assets for USDR Depeg Redemption
GoldFinch Updates on the $20M Loan to the Stratos Pool, and the $7M Loss for REZI and POKT platforms
Crypto Fundraising
Institution POV
JPMorgan Forecasts a 20% Decline in Bitcoin Hash Rate After Halving
TVL As Of Oct Is Almost The Same As TVL At the Beginning Of This Year
Ethereum Foundation Sells 1.7K ETH, Bringing in $2.74M and Storing it in Gnosis Project's Wallet
Isreal - Hamas
Micro
M3TA Telegram - Oct 11, 2023
The crypto winter and Blur's arrival disrupted the NFT market, leading to reduced sales and royalties, causing layoffs at Yuga Labs. Blur's low fees and incentives shifted traders' preferences, reducing Yuga Labs' royalties.
Days earlier, BAYC team also announced the decision to restructure the company, leading to a layoff plan for employees.
Blur’s X - Oct 09, 2023
The fee will be used for buybacks and token burning.
They also suggest a tiered fee structure to retain market share without discouraging users. This aims to spark discussions on Blur's future and $BLUR token utility, seeking feedback from all stakeholders.
M3TA Telegram - Oct 12, 2023
On October 8, Ethereum's gas fees hit a one-year low, likely due to reduced DeFi, NFT, and layer-2 activity. Weekly NFT trading volume reached a two-year low. Major players, including Binance and Coinbase, along with layer-2 networks like Arbitrum and Optimism, spent 30% less on gas fees compared to the prior week, a notable shift for low-fee layer-2 networks.
Though inflation has returned to Ethereum after a long period of low gas fees.
M3TA Telegram - Oct 09, 2023
In the past year, Ethereum and Tron Network have dominated transaction fees in the smart contract and Proof-of-Stake blockchain space, making up 88% of total fees, with Ethereum at 57% and Tron at 31%. Bloomberg's crypto analyst Jamie Coutts noted that among around 200 such blockchains, only these two have captured the majority of fees.
M3TA Telegram - Oct 09, 2023
Bitcoin's holders were disappointed with an 11.1% Q3 loss, mirroring underperformance in other assets like long-term treasuries, gold, and the U.S. stock market.
Reduced inflation expectations affected Bitcoin and gold, according to economist Peter St. Onge. Greg Cipolaro from NYDIG attributed Q3 struggles to high inflation, rising interest rates, recession concerns, and seasonality but noted Bitcoin's historically strong Q4 performance.
Nevertheless, Bitcoin remains the year's top-performing asset, with a 63.3% YTD increase in 2023.
M3TA Telegram - Oct 11, 2023
The top 5 Friend Tech subjects by all-time creator earnings are: Racer, Hsaka, cobie, Levi and 0xf…821
Friend.tech added 2FA password to user account while StarArena reached an agreement with the exploiter and recovered 90% of the funds.
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