M3TA Recap: Sep 11 – Sep 17, 2023
Last week, it looked like FTX might get a "Thanos Snap," but with Bitcoin strength, it managed to snatch the "Infinity Gauntlet" from FTX, reviving altcoins.
Top performers (7D)
ARK - $ARK: +72.4%
Price as of time of writing: ARK/USD - $0.4959
Ark.io is a Layer 1 blockchain that utilizes a Proof of Stake mechanism, enabling individuals to craft their own highly customizable and interconnected blockchains. This approach minimizes the reliance on Smart Contracts by employing custom transactions, customized logic, and support for multiple programming languages.
Reason: There are no exact reason on why $ARK surge. $ARK is a low-cap token listed on both Binance and Bithumb, with a trading volume exceeding $8M in the last 24 hours.
Hifi Finance - $HIFI: +58%
Price as of time of writing: HIFI/USD - $0.8925
Hifi Finance is a financial protocol. It operates on the Ethereum blockchain and allows users to lend and borrow cryptocurrency assets at a fixed interest rate. The firm is currently aiming at real-world assets.
Reason: On September 14, Hifi partnered with Crown Ribbon to disrupt the $300 billion performance horse industry as part of its Real World Assets (RWAs) expansion. Hifi Finance, a low-cap token, is listed on Binance and Bithumb exchanges with a trading volume exceeding $400M in 24 hours.
VeThor - $VTHO: +46%
Price as of time of writing: VTHO/USD - $0.0013
VeThor is the second token within the Vechain ecosystem ($VET). Vechain operates on a Proof of Stake (POS) mechanism, aiming to utilize distributed ledger technology and the Internet of Things (IoT) to create an ecosystem that addresses various issues in supply chain management.
Reason: Following its listing on Coinbase, both VET and VTHO have experienced price increases.
Toncoin - $TON: +37.7%
Price as of time of writing: TON/USD - $2.34
Toncoin as a Layer 1 blockchain built on a Proof of Stake (POS) mechanism. It was initially developed by the Telegram platform in 2018 but later transferred to the Ton Foundation in 2020. Toncoin allows users to store and exchange tokens on its network.
Reason: The TON blockchain garnered significant attention due to its partnership with the Telegram Wallet and airdrops to wallet users. The rise in TON's value is attributed to Telegram bot projects like Unibot, Maestro, and BananaBot, showcasing Toncoin's potential.
Ordinals - $ORDI: +29.5%
Price as of time of writing: ORDI/USD - $3.98
Ordinals token is a token that operates on the Bitcoin network. It allows users to represent text and images as NFTs and tokens. It is the first cryptocurrency developed in the BRC-20 format specifically designed for the Bitcoin network.
Reason: Jason Fang, the founder of Sora Ventures, purchased "OCM Dimension 215" for 4 BTC (around $106,000), leading to increased activity in the BRC-20 market.
Top losers (7D)
Echelon Prime - $PRIME: -18.8%
Price as of time of writing: PRIME/USD - $3.67
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.
Astar - $ASTR: -14.5%
Price as of time of writing: ASTR/USD - $0.05
Astar is a protocol bridging Ethereum's EVM and Polkadot's WASM (WebAssembly) technology, leveraging Polkadot's security and scalability. Additionally, Astar implements zkEVM (Zero-Knowledge Ethereum Virtual Machine) on Polygon CDK (Chain Development Kit).
IOTA - $MIOTA: -12.3%
Price as of time of writing: MIOTA/USD - $0.149
IOTA is a distributed ledger created for machine-to-machine transactions in the Internet of Things (IoT). IOTA’s key innovation is Tangle, a transaction confirmation system claimed to be faster and more efficient than traditional blockchain technologies.
CoinEx - C 0.00%↑ ET: -12%
Price as of time of writing: CET/USD - $0.027
CoinEx is a cryptocurrency exchange established in 2017 with its main token is $CET. After news of the CoinEx exchange being hacked for $54 million, the exchange's token price continued to fall.
Reason: CoinEx experienced a $55.5 million hack, and the perpetrator has been linked to the North Korean hacker group known as Lazarus.
Stargate - $STG: -11.9%
Price as of time of writing: STG/USD - $0.4589
Stargate Finance serves as a cross-chain liquidity bridge, improving interoperability among different blockchains and decentralized applications (dApps).
Reason: $PRIME, $ASTR, $MIOTA and $STG are undergoing a decline, which serves as a correction following their recent price surge.
Macro
Fed Might NOT Raise Interest Rate This Month
CNN - Sep 15, 2023
On September 13, 2023, the Consumer Price Index (CPI) for August came in at 3.7%, slightly higher than the expected 3.6%. This raised concerns among investors about the acceleration of inflation. However, the Core CPI Year-over-Year (YoY) for August stood at 4.3%, in line with predictions. This suggests that the Federal Reserve may continue to keep interest rates steady in the upcoming week, according to some investors. Nevertheless, they caution that certain areas of the economy show signs of strength, indicating that markets may not be completely out of the woods yet. Exercise caution as the Federal Reserve is set to announce its interest rate decision on Thursday, September 21, 2023.
While the CPI announcement didn't have a significant impact on the crypto market, the upcoming interest rate decision is expected to carry substantial weight.
Micro
M3TA Telegram - Sep 14, 2023
Binance.US CEO Brian Shroder resigns.
Chief Legal Officer Norman Reed to serve as temporary replacement.
Shroder had been with the company since September 2021, holding the roles of CEO and President.
Binance.US reduces its workforce by about one-third, affecting around 100 employees.
This is the second round of staff reductions in 2023 amid a legal battle with the SEC.
M3TA Telegram - Sep 18, 2023
Matter Labs is relinquishing its management of zkSync's expanding ecosystem.
The zkSync Ecosystem Portal, now managed by DappRadar, is the primary platform for exploring dapps in the zkSync ecosystem.
The portal offers valuable features such as metrics, rankings, historical performance, and more.
Projects listed on the zkSync Ecosystem Portal gain visibility and can attract attention from the broader community and media outlets like Bloomberg and Forbes.
DappRadar provides crucial activity metrics for dapps, including transaction volumes, user engagement, and sector analysis.
News Highlight
M3TA Telegram - Sep 14, 2023
On September 11, FTX's court filings revealed a diverse $7+ billion asset portfolio, including $3.4 billion in cryptocurrencies, with significant holdings in $SOL, $BTC, $ETH, and other altcoins.
Later that day, Messari updated FTX's portfolio with $1.3 billion in liquid crypto assets, with holdings in $SOL, $BTC, $ETH, $APT, $DOGE, $TRX, and $MATIC. Some of these assets were identified as having a high impact on the market.
On September 14, the U.S. Bankruptcy Court approved FTX's plan to use its $3.4 billion crypto holdings to repay creditors.
Court rulings include:
FTX can sell, stake, and hedge its crypto assets.
FTX has a weekly limit of $100 million in token sales, potentially increasing to $200 million.
Public or over-the-counter token sales must adhere to vesting/unlock schedules.
FTX must provide a 10-day notice for selling $BTC, $ETH, and other tokens.
M3TA Telegram - Sep 14, 2023
Testnet Achievements:
Over 35 million transactions
Approximately 436,000 unique wallet addresses
150+ decentralized applications (dApps)
Block time of approximately 1 second
Over 86,000 daily blocks
Daily transaction volume ranging from 100,000 to 150,000
Over 6,000 daily users
Mainnet Achievements:
Implementation of a High Availability (HA) solution to eliminate single points of failure
Reached a peak of 4,000 transactions per second (TPS)
Successfully conducted stress testing to assess performance, scalability, and robustness
Maintained low gas fees with an average of 0.2 gwei
Continuous security audits (both internal and external) to enhance infrastructure security
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