M3TA Recap: Sep 18 – Sep 24, 2023
Arbitrum sees fewer users, while Optimism is luring them with an airdrop. Arbitrum plans to introduce new programs to compete. What are these programs? Let's uncover them.
Top performers (7D)
Loom Network (OLD) - $LOOM: +138.8%
Price as of time of writing: $LOOM/USD - $0.108254
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 recent surge in $LOOM doesn't have a clear reason and isn't based on any significant developments in the Loom Network. It's seen as a potential pump-and-dump situation, where prices are manipulated by influential traders for personal gain.
WEMIX - $WEMIX: +74.6%
Price as of time of writing: WEMIX/USD - $1.03
WEMIX, created by Wemade Tree Pte. Ltd., a subsidiary of WEMADE, serves as the flagship blockchain gaming platform. WEMADE, a gaming company with over two decades of experience, is publicly traded on the Korea Stock Exchange (Kosdaq) and has been a prominent player in the gaming market.
Reason: On September 18, Wemade and SK Planet formed a strategic partnership to expand their blockchain and platform ecosystems. They're investing in each other's shares.
Wemade and its subsidiary ChuanQi IP are buying 7.08% and 5.31% of SK Planet's shares for 20 billion KRW and 15 billion KRW, respectively.
SK Planet is acquiring 20 billion KRW worth of Wemade's convertible bonds and approximately 15 billion KRW worth of stocks from Wemade's Chairman Gwanho Park, giving them about 1.27% of Wemade's shares.
Chairman Park will use the stock proceeds to purchase WEMIX coins, promoting the growth of the WEMIX ecosystem.
Moonbeam- $GLMR: +50.6%
Price as of time of writing: GLMR/USD - $0.252080
Moonbeam is a parachain on the Polkadot network that is fully compatible with Ethereum smart contracts. It simplifies the process of utilizing widely-used Ethereum developer tools to create or re-implement Solidity projects within a Substrate-based ecosystem.
Reason: The largest South Korea exchang Upbit is listing $GLMR with GLMR/BTC trading support.
Tellor Tributes - $TRB: +33.5%
Price as of time of writing: TRB/USD - $35.31
Tellor Tributes is a decentralized price oracle network created with the aim of offering dependable and decentralized data streams to applications running on blockchain.
Reason: A new whale address 0x0ba, has accumulated a total of 74,578 $TRB tokens from Binance exchange, valued at $2.2M at $29.55 per token.
Worldcoin - $WLD: +31.0%
Price as of time of writing: WLD/USD - $1.69
Worldcoin, backed by OpenAI's CEO Sam Altman, envisions a global identity and financial network accessible to everyone. They utilize Orb, a scanning device for iris recognition, to establish unique identities and distinguish real individuals from bots. Incentives in the form of $WLD are given to those who undergo this process, ensuring authenticity in an AI-driven era.
Reason: Worldcoin is experiencing rapid user growth, with over 200,000 Chileans having successfully verified their World ID. Their ambitious goal is to extend their presence further into South America.
Top losers (7D)
Open Exchange Token - $OX: -26.0%
Price as of time of writing: OX/USD - $0.02157202
Open Exchange (OPNX) stands as the pioneering global platform for the trading of cryptocurrency spot, derivatives, and public order book claims. OPNX's overarching goal is to establish a groundbreaking standard, fostering unparalleled transparency and accessibility within the realm of finance.
tomiNet - $TOMI: -18.6%
Price as of time of writing: TOMI/USD - $3.25
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.
Blox - $CDT: -16.5%
Price as of time of writing: CDT/USD - $0.135954
Blox is a solution designed for professionals, businesses, and enterprises to track, manage, and perform bookkeeping for their crypto assets. Blox is building the world’s first Non-Custodial Staking Platform for Ethereum and decentralized SSV-based staking pools.
SSV stands for "Simple Staking Validation," which is a method of validating transactions on the Ethereum blockchain. SSV-based staking pools are decentralized pools where multiple users pool their cryptocurrency holdings to increase their chances of validating transactions and earning rewards.
These pools are managed through smart contracts on the Ethereum blockchain and do not require users to give up control of their assets to a centralized authority, making them non-custodial.
Hifi Finance - $HIFI: -14.9%
Price as of time of writing: HIFI/USD - $0.730888
Hifi Finance 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 (RWA).
DeFiChain - $DFI: -14.4%
Price as of time of writing: DFI/USD - $0.283280
DeFiChain is a blockchain platform designed to unlock the complete potential of DeFi within the Bitcoin ecosystem. Leveraging the robust security and immutability of the Bitcoin network as its foundation, DeFiChain is dedicated to seamlessly integrating and expanding the entire spectrum of DeFi capabilities within the Bitcoin ecosystem.
Reason: These tokens are currently experiencing a decrease, which represents a correction following their previous price surge.
Micro
Arbitrum's Efforts to Attract Users
Arbitrum Short-term Incentive Program
M3TA Telegram - Sep 18, 2023
A one-time program is proposed to allocate 50 million $ARB tokens to active Arbitrum protocols until January 2024 through a voting process, aiming to support network growth, incentivize protocols, and address competition concerns with other Layer 2 solutions. However, the allocation per protocol appears inadequate for larger decentralized exchanges with numerous liquidity providers.
M3TA Telegram - Sep 21, 2023
The Arbitrum Odyssey is relaunching with a partnership with Galxe, offering users a 7-week mission-based program to explore 13 different projects and earn 16 unique badges (NFTs) as incentives to increase engagement within the Arbitrum ecosystem.
M3TA Telegram - Sep 18, 2023
EigenDA, built on top of EigenLayer, offers a high-throughput and secure data availability solution for Ethereum rollups, enabling cost reduction, increased throughput, enhanced security, and developer customization.
M3TA Telegram - Sep 19, 2023
The SEC's attempt to investigate Binance's utilization of Ceffu, which raised concerns about potential international fund transfers by U.S. users, was rejected by the court, with CZ asserting that Binance US has never employed Ceffu.
M3TA Telegram - Sep 19, 2023
On September 18, Citigroup launched Citi Token Services, utilizing blockchain technology and smart contracts for instant global fund transfers on a private network, while conducting a successful trial with Maersk - a logistic giant, involving pre-funded smart contracts for cryptocurrency payments tied to specific services provided by a canal authority.
Why did Citi Bank pilot with the shipping industry? @earlgreywriter explains here.
M3TA Telegram - Sep 20, 2023
Nomura's subsidiary, Laser Digital, has introduced a Bitcoin Adoption Fund targeting institutional investors for long-term Bitcoin exposure, marking the first in a series of digital asset investment products, with asset security ensured through the Komainu custody service developed in partnership with Nomura, Ledger, and CoinShares.
News Highlight
M3TA Telegram - Sep 18, 2023
JPEX, a Hong Kong-based exchange, received a warning from the SFC for unlicensed promotion of its services and subsequently raised withdrawal fees significantly, while remaining within legal boundaries, rendering police intervention ineffective.
M3TA Telegram - Sep 19, 2023
On September 18, Optimism Airdrop 3 distributed 19,411,313 OP tokens to 31,870 unique addresses, rewarding users for positive-sum governance participation, with a bonus for those who delegated their tokens to a voting delegate in Optimism Governance.
Curious about the airdrop allocation? Have a look at our OPTIMISM AIRDROP #3 dashboard!
M3TA Telegram - Sep 20, 2023
Balancer warns users of a recent website attack causing $238,000 in losses, with funds traced to address 0x645710Af050E26bB96e295bdfB75B4a878088d7E; the attacker also received AVAX and exchanged ETH for AVAX tokens, but Balancer's vaults are secure.
M3TA Telegram - Sep 20, 2023
Injective has introduced inEVM, an EVM solution in partnership with Caldera, allowing Ethereum developers to deploy Solidity-based apps in Injective's ecosystem with enhanced interoperability across Cosmos and Solana.
M3TA Telegram - Sep 21, 2023
This decision is due to limited liquidity and a lack of support from the products' custodian.
Disclaimer
The views expressed herein are for informational purposes only and should not be considered as investment advice. They may not necessarily represent the opinions of M3TA. As every investment and trading opportunity carries risk, you should conduct your own research before making any decisions. M3TA assumes no responsibility for our users' investment activities or their profits or losses. The articles, data, and content provided by M3TA should not be relied upon for any investment-related decisions. We do not advise investing funds you cannot afford to lose.
This article, encompassing text, data, content, images, videos, audio, and graphics, is presented for informational purposes only and is not intended for trading purposes. M3TA cannot guarantee the accuracy, comprehensiveness, or timeliness of the content, documents, data, materials, or website pages accessible through any service, and neither M3TA nor any of its affiliates, agents, or partners shall be liable to you or anyone else for any loss or injury caused in whole. The content available through this website is the property of M3TA and is safeguarded by copyright and other intellectual property laws. Failing to provide proper citation may result in being accused of plagiarism.