M3TA Recap: Sep 04 – Sep 10, 2023
Bitcoin briefly surged to $26,000 last week, only to be pushed back down to $25,500 by market forces. Why did this happen? The ever-persistent FUDs continue to play a role.
Top performers (7D)
Echelon Prime - $PRIME: +43.88%
Price as of time of writing: PRIME/USD - $4.49
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.
Reason: The game is releasing a new Battlepass reward. Players reaching level 30 can mint a First Edition NFT. Minting it with $PRIME offers a chance for an airdrop of the Second Edition NFT, and one lucky minter gets the Masterpiece.
tomiNet - $TOMI: +36.04%
Price as of time of writing: TOMI/USD - $3.27
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.
Reason: The project participated in Korea Blockchain Week (KBW) event in South Korea. This event serves as a gathering of industry experts to engage in discussions, redefine concepts, and celebrate the future of finance.
StorJ - $STORJ: +32.7%
Price as of time of writing: STORJ/USD - $0.3
Storj is a decentralized cloud storage platform. It uses a network of decentralized nodes to store user data. Individuals or organizations who want to store their data on the network need to provide STORJ tokens as payment to the nodes.
Reason: The project will be present at the International Broadcasting Convention (IBC) 2023. IBC is the foremost yearly gathering for professionals involved in producing, overseeing, and distributing entertainment and news content on a global scale.
Venus Protocol - $XVS: +19.75%
Price as of time of writing: XVS/USD - $4.3
Venus Protocol is a lending and borrowing platform built on the Binance Smart Chain (BSC). Users deposit assets on Venus to borrow and are allowed to mint the stablecoin VAI, which is pegged to USD and backed by collateral assets at a 200% ratio.
Reason: The project recently launched Venus Prime on Sep 7, a staking initiative designed to boost rewards and encourage $XVS staking. This initiative played a role in the recovery of XVS prices following an extended period of decline.
Kaspa - $KAS: +16.31%
Price as of time of writing: KAS/USD - $0.04
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.
Reason: Kaspa $KAS recently got listed on Bybit Exchange.
Top losers (7D)
Numeraire - $NMR: -32.38%
Price as of time of writing: NMR/USD - $13.2
Numeraire is a AI-powered hedge fund that leverages AI, blockchain tech, and crowd-sourced stock market prediction models to transform quantitative finance. It operates as a platform that distributes encrypted financial datasets to a worldwide community of data scientists. These experts use machine learning (ML) to create predictive models that inform stock market trading signals.
Vega Protocol - $VEGA: -9.42%
Price as of time of writing: VEGA/USD - $1.17
Vega Protocol provides the derivatives scaling layer for Web3. It is a custom-built proof-of-stake blockchain, which makes it possible to trade derivatives on a decentralised network with comparable experience to using a centralised exchange.
Vulcan Forged - $PYR: -7.2%
Price as of time of writing: PYR/USD - $3.63
Vulcan Forged is a blockchain gaming hub on Ethereum and Polygon. It creates games, supports developers, incubates DApps, and facilitates NFT trading.
Reason: These tokens are undergoing a decline, which serves as a correction following their recent price surge.
Micro
M3TA Telegram - Sep 06, 2023
On Aug 29, 2023, Wintermute proposed that dYdX adopt v4 and designate DYDX as the native token for the dYdX chain. The vote concluded on Sep 4, with an overwhelming majority of approximately 100% voting in favor.
Following this pivotal governance decision, the project will transition the DYDX token from Ethereum to the Layer 1 dYdX chain, which is currently in its testing phase within the Cosmos ecosystem.
In dYdX v4:
Each network validator will be responsible for managing an off-chain order book.
When a trading request is initiated, it is shared with all checkers. These checkers then employ a system based on staked tokens to reach consensus and generate blocks containing paired trade requests.
M3TA Telegram - Sep 06, 2023
Base experienced a minor glitch lasting 45 minutes.
Developers identified the issue at 9:36 pm UTC and implemented a fix, with recovery observed by 10:18 pm UTC.
A subsequent problem involving delayed remote procedure calls (RPCs) occurred, causing a delay in issuing an all-clear report until 11:06 pm UTC, 90 minutes after the investigation began.
This incident represents Base's first significant technical challenge.
The outage prompted comparisons with other blockchain solutions like Solana.
For information on projects experiencing frequent downtime, you can visit the following link:
https://m3talab.io/post/m3ta-deep-dive-avalanche-network-faces-downtime-highlighting-growing-pains-of-blockchains (hint: Solana is at the top of the list).
M3TA Telegram - Sep 08, 2023
07 DeFi leaders, including Aave, Centrifuge, Circle, Coinbase, Base, Credix, Goldfinch, and RWA.xyz, have joined forces to create the Tokenized Asset Coalition (TAC).
TAC's primary objectives encompass Education, Advocacy, and Adoption:
Education: TAC will share insights, host events, and create educational content to build trust and disseminate valuable information about asset tokenization.
Advocacy: The coalition will develop collective principles, establish best practices, and offer industry recommendations to promote a compliant and sustainable environment for asset tokenization.
Adoption: TAC aims to construct scalable on-chain infrastructure that facilitates the widespread adoption of tokenized Real World Assets (RWA).
News Highlight
M3TA Telegram - Sep 05, 2023
Back in March 2023, Nima Capital proposed injecting $40 million into Synapse pools for a 12-month period. Their reasons were threefold:
1. To involve an independent party in ensuring liquidity on the Synapse platform.
2. To reduce reliance on individual users for liquidity.
3. To swiftly become a liquidity provider when advantageous opportunities presented themselves.
The proposal received overwhelming approval, with a 99.22% majority vote in favor.
However, on August 5, 2023, an entity associated with Nima Capital unexpectedly sold off 9 million $SYN causing $SYN to drop ~25%.
Allegations began to surface, claiming that Nima Capital not only offloaded $SYN tokens but also withdrew all stablecoin liquidity from the pools.
Currently:
Nima Capital has taken down its website and shielded its X account.
Synapse attempted to reestablish communication with Nima Capital but did not achieve success.
M3TA Telegram - Sep 07, 2023
The scammer successfully took control of the victim's tokens by deceiving them into authorizing "increaseAllowance" transactions. Notably, the wallet address "0x4c10a462CD1e639Da8A062aE8a33a23401120ab1" is linked to several crypto phishing sites, as reported by @MistTrack.
The majority of the fraudulently obtained assets are still located in the following three addresses:
0x4f2f02ee2f86e9ee8e674c1e8b2837181d12f322
0x7023505ed4b696d174969aa318fbe47b98787e49
0x2abdc2ab2b7e46e0c6bb4e7c816ef64485f4f7ad
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