Monat: April 2022

NEAR, the native token, of the Near Protocol, has surged today after the Near Protocol blockchain launched its widely anticipated stablecoin, the USN.

At the time of writing, the NEAR token had bounced back to $14.96 up 8.38% over the past 24 hours. The token is however still down by about 12% over the past week following a broader plunge in the crypto market over the past week.

Near Protocol’s USN stablecoin

The newly launched USN stablecoin is an algorithmic stablecoin. It uses a mix of tokenomics to maintain a ratio of 1:1 against the US dollar. It was launched by the NEAR Protocol-based decentralized organization called Decentral Bank.

People can burn NEAR tokens to mint the USN stablecoin and they can also burn the USN stablecoin to get NEAR tokens.

Decentral has said that early lenders would receive a yield of up to 20%, something that rivals that of the popular Terra’s UST stablecoin.

The reserves of the USN stablecoin will be maintained by the Decentral Bank DAO and the DAO shall hold monthly votes to distribute rewards amounting to $10 million for trading the USN.

Crowded stablecoin market

The USN will face tough competition within the stablecoin with Terra’s UST stablecoin being its main competitor. Terra’s UST already enjoys the backing of $2.5 billion in US dollars that are already in reserves.

There is also another anticipated stablecoin, the USDD from the Tron blockchain, that promises a 30% APY.

The majority of investors seem to use a wait-and-see approach to the USN stablecoin with the expectation that there will be more DeFi options in Near Protocol that shall give the USN stablecoin more utility.

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The crypto market notably reversed yesterday’s deeply bearish trend with most cryptos in the green at the time of writing. 

Top cryptos

Bitcoin added more than 3% to its value today, currently trading for $40,500. Ethereum is up by over 5%. Other gainers include Terra and NEAR Protocol, whose tokens LUNA and NEAR are each up 7%.

The biggest top 20 winner by far is Dogecoin. It rallied 26% after Elon Musk’s offer to buy Twitter was accepted. The eccentric billionaire is taking the social media giant private. 

Dogecoin’s role as a payment method in it is expected to become far more significant. Shiba Inu also registered gains, albeit more modest ones of around 5%. 

Top movers

Top 100 cryptos are in the green with very few exceptions. Most added 3-6% to their value in the last 24 hours. 

More notable gainers include THORChain, Kadena and KNC with 9% each, The Graph with 14%, Oasis with 15%, and Synthetix at #100 with 11%. 

Why the surge of Oasis? 

To celebrate Oasis’ Mainnet upgrade Fountain Protocol, a lending platform on the blockchain, launched an airdrop with a total prize pool of 40,000 $ROSE and 400,000 $FTP. This event, in which these funds are being given out to participants, ends today. 

The reason for Synthetix’ surge could be its recently announced launch of liquidity incentives on Layer-2 Optimism. The ecosystem has allocated 12,000 SNX per week to incentivize voting for the sUSD Curve pool.

NEM and Amp are among the few losers, each down 2%. PanCake Swap shed 4% of its value in the last 24 h. All stablecoins are down, possibly signifying a retreat in USD value. 

Trending

Predictably, the biggest gainer is ELON BUYS TWITTER, which we introduced in yesterday’s recap. The newly created token on Binance Smart Chain (created by and for meme artists) gained a whopping 3,063% in the last 24 h. 

The post Highlights April 26: Cryptos in the green, Dogecoin rallies 26% appeared first on Coin Journal.

DOGE price jumped to highs near $0.17, while Twitter shares also gained to close 5.6% higher at $51.70.

Dogecoin (DOGE) surged by more than 25% on Monday 25 April after its biggest fan Tesla CEO Elon Musk, acquired Twitter (TWTR).

DOGE, which has pumped on previous Musk-related news, soared to intraday highs near $0.17. The top meme coin’s upsurge came after a day-long tease, with investor sentiment around the coin peaking after Musk reached a deal with the Twitter board over the purchase.

While the cryptocurrency remains a long way off its all-time high of $0.73 reached in May 2021, the reaction to today’s news could only be among many to come.  

At the time of writing, DOGE/USD was trading around $0.16, about 15% up in the past 24 hours after paring some of the intraday gains.

Twitter accepts Elon Musk’s $44 billion buyout

On Monday, Twitter announced in a press release that its board had “entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk.”

According to the announcement, the acquisition translates to $54.20 per share for a value of $44 billion. At this price, Twitter shareholders are getting a 38% premium on the company stock’s closing price on 1 April 2022, a day before the Tesla CEO disclosed a 9% stake in Twitter.

Musk says he will ensure Twitter becomes the ‘bedrock’ of free speech, better than ever and free of spam bots. He will enhance it with new features as well as seek to authenticate all humans.

“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” he said. 

Musk also hopes that him owning the social media company doesn’t push some users off the platform.

I hope that even my worst critics remain on Twitter, because that is what free speech means

— Elon Musk (@elonmusk) April 25, 2022

Twitter’s share price jumped from under $49.00 on Monday, soaring to highs of $52.29. Despite paring some of the gains, the stock still closed more than 5.6% up at $51.70.

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Solana, Terra, and Avalanche are in the top ten list of largest cryptocurrencies by market cap.

Avalanche (AVAX), Solana (SOL), Terra (LUNA) and Algorand (ALGO) are among altcoins to see notable investment inflows over the past week, digital asset manager CoinShares reported on Monday.

According to the crypto asset manager, the week saw a slowdown in outflows from institutional investment products, largely due to interest in altcoins.

“Altcoins remain the focus amongst investors, with notable inflows into Avalanche, Solana, Terra and Algorand of US$1.8m, US$0.8m, US$0.7m and US$0.2m respectively,” the firm said in the latest edition of the Digital Asset Fund Flows Weekly.

Other altcoin products in Binance, Ripple, Tron and Litecoin remained largely unchanged over the week.

Ethereum sees 3rd week of outflows

Despite the negative sentiment that swept through the cryptocurrency market last week, outflows reduced significantly. CoinShares says the industry posted total outflows of $7.2 million for the week ending 22 April. Comparatively, total outflows a week earlier were $97 million.

Solana, for instance, had seen an outflow of $27 million due to what CoinShares said was down to profit-taking deals.

But while the overall digital asset investment product space recorded minor outflows last week, the story was a bit different for Ethereum.

Per the report, weekly flows for funds tailored around the second-largest cryptocurrency by market cap totaled 16.9 million. With these, Ethereum’s outflows monthly and year-to-date at the end of last week stood at $57 million and $169 million respectively.

Bitcoin sees inflows of $2.6 million

Bitcoin stemmed the negative trend by registering minor inflows, the report showed. Investment funds around the leading cryptocurrency by market attracted institutional inflows of $2.6 million.

However, due to recent market weakness, Bitcoin’s monthly flows are around negative $178 million. Year-to-date flows in BTC-related investment products are around $252 million.

Overall, crypto investment products have suffered outflows of $219 million in the past three weeks. Year-to-date flows are, however, positive at $389 million.

The digital assets funds report tracks flows from major crypto asset investment fund providers such as Grayscale, ETC Group, ProShares, 3iQ and CoinShares itself. These providers have launched numerous institutional-focused crypto products in the US, Europe and across the globe. 

 

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