Monat: Dezember 2022

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Polygon’s MATIC defends support as the last testnet launches with a huge milestone

  • Polygon announced the second testnet before going live on mainnet 

  • MATIC has consolidated at $0.8 for the past week

  • The token could resist bear pressure to rise toward $1

Polygon (MATIC/USD) traded at a support zone at $0.8 on Friday, a level it has held for a week. Although the consolidation is not positive for bulls, it should give hope for a potential recovery. That’s combined with positive cryptocurrency news for the Polygon network.

According to the latest announcement, Polygon has launched its second and final public testnet. The testnet makes Polygon ready for the mainnet launch in Ethereum, expected in early 2023. The announcement indicated that the testnet was for a new upgrade, dubbed recursion. The upgrade is expected to boost Ethereum scaling significantly. 

Polygon has lauded the upgrade, which says it is the first zkEVM, a new scaling technology on Ethereum. zkEVM is expected to enhance Ethereum’s speeds and privacy and cut transaction costs. That would make it easier to build dApps. 

MATIC price is yet to react to the positive developments. However, data from PolygonScan shows that unique addresses on the network are rising. The addresses hit an all-time high of more than 201 million this week. The growth underlines continued growth in the activity that could boost MATIC’s price at a later date.

MATIC defends the $0.8 zone from the bear pressure

MATIC/USD Chart by TradingView

The daily chart outlook puts bears in control of MATIC. The RSI remains below the midpoint, while the MACD indicator is bearish, with weak momentum. 

However, from the price outlook, MATIC has stabilised around $0.08. Recovery could be underway if bulls continue to build up. Buyers are still few at the support. The price could head towards $1 next in the bull scenario.

Concluding thoughts

We remain in a largely bear market. However, MATIC price could find a short-term appreciation if the token recovers at the support. Activity is already building on the network to give buyers hope in the medium and long term.

Where to buy MATIC

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy MATIC with OKX today

The post Polygon’s MATIC defends support as the last testnet launches with a huge milestone appeared first on CoinJournal.

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Which cryptocurrencies are likely to find their way into Twitter’s payments?

  • Investors anticipate Twitter to add cryptocurrencies to its payment methods

  • DOGE, BNB, and MASK are thought to be the likeliest additions

  • An addition would be followed by price surges

The acquisition of Twitter by Elon Musk elicited enthusiasm from most crypto enthusiasts. A long-standing question has been whether the acquisition will pave the way for accepting cryptocurrencies as a form of payment. The potential addition of “Payments” under Twitter’s vision, dubbed Twitter 2.0, raised the speculations. The following three are touted as the most likely: 

Dogecoin (DOGE)

Surely Dogecoin (DOGE) cannot miss the list. After all, Musk has often been labelled the Dogecoin father owing to his support for the meme cryptocurrency. The token, created in 2013, has often been called a joke coin due to its limited utility. 

DOGE was the first cryptocurrency to gain strongly when Musk acquired Twitter, underlining investors’ speculations. In early November, Binance announced the Bluebird Index, which included DOGE. As you already know, the “bluebird” is associated with the Twitter logo. That raised speculations that the crypto exchange was preparing to track Twitter-accepted cryptocurrencies.

Where to buy DOGE

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy DOGE with eToro today

Binance coin (BNB)

Binance (BNB/USD) is the other most rumoured cryptocurrency for Twitter payment. It is the native token of Binance, the world’s largest crypto exchange. Binance helped Musk acquire Twitter, raising speculations that the billionaire investor could return gratitude by accepting BNB as payment. Besides that, BNB is now part of the Bluebird Index. Binance CEO has also hinted at possible support of BNB on Twitter. 

Where to buy BNB

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy BNB with eToro today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy BNB with Binance today

MASK

The token of the Mask Network (MASK/USD) is the last cryptocurrency in Binance Bluebird Index. The launch of the index was followed by a strong surge in MASK price as investors speculated it could make a cut in Twitter’s payment. After all, CZ has supported the idea of the use of several cryptocurrencies on Twitter’s payment module. The inclusion in the Bluebird index is the clearest sign that MASK is a crypto to watch if Twitter implements payments.

Where to buy MASK

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy MASK with OKX today

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy MASK with Binance today

Summary

There are numerous cryptocurrencies that could make a cut on Twitter payments. However, DOGE, BNB, and MASK occupy the slots of top contenders. Watch their price movements if Twitter and Musk give the next hint.

The post Which cryptocurrencies are likely to find their way into Twitter’s payments? appeared first on CoinJournal.

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Dapps’ daily unique active wallets increased 50% in 2022

  • The decentralised application (Dapp) industry saw a 50% growth in unique active wallets in 2022.
  • DappRadar’s 2022 report shows that DeFi, gambling and blockchain games dapps were the most popular.
  • However, DeFi protocols unique active wallets grew only 2% even as total value locked (TVL) by 73%.

2022 has been one of the most brutal for the cryptocurrency industry, with the crypto winter punctuated not just with plummeting prices but also major negative events. FTX’s implosion is a case in point, DappRadar, the world’s largest dapps store, noted in its Dapp Industry Report 2022.

But despite the turmoil and the ongoing bear market, crypto has shown a resilience that’s reflected in events such as Ethereum’s successful Merge that has seen energy consumption decline by 99.9%.

The year has also witnessed several other surprising growth metrics, DappRadar indicated in the end-of-year report. One of these is the significant growth in a key metric for the decentralised applications (dapps) sector – an increase in overall daily unique active wallets.

Dapps saw 50% growth in unique active wallets

According to the DappRadar report, the dapp industry registered a 50% increase in daily unique active wallets (dUAW) for 2022. Per the data, dUAWs rose from average of 1.58 million in 2021 to over 2.37 million in 2022.

As per the report, DeFi, gambling, and games were the most popular dapps categories. Although DeFi activity reduced, with dUAW only increasing by 2% to a daily average of 652,970 from 641,510 in 2021.

Gambling dapps registered 53,364 dUAW in 2021, but that number increased by 106% in 2022 to reach an average of 110,140 dUAW.

Blockchain-based games also saw a significant jump in daily unique active users, with an 85% increase in 2022 pushing the metric from 622,620 dUAW to 1,152,255 daily unique active wallets.

DeFi industry TVL decreased significantly in 2022

While the dapps industry remains on the path to greater adoption – we recently highlighted the sector saw a 31% growth in users in Q3, 2022 – the Total Value Locked (TVL) shrank massively amid the bear market. 

In 2022, DeFi TVL decreased by 73.97% to $55 billion as of December, down from the all-time high above $256 billion in December 2021.

Despite the significant declines, the top two DeFi chains remain as Ethereum and BNB Chain – which have unfortunately seen their TVL shrink by 74.56% and 62.5% respectively in 2022. Meanwhile, layer2 solutions like Arbitrum and Optimism have fared better. For instance, Arbitrum’s TVL only fell 12% while Optimism’s jumped 127%

The post Dapps’ daily unique active wallets increased 50% in 2022 appeared first on CoinJournal.