Monat: Juli 2023

• Tezos (XTZ) price is down 2% this past week as cryptocurrencies struggle for direction.
• XTZ trades near $0.80 and risks declines to $0.65 if bears take control.
• However, network metrics suggest a resurgence in activity after recent upgrades – which could catalyse upside momentum.

Tezos is largely unchanged in the past 24 hours as most cryptocurrencies either retreat from recent highs or consolidate at levels that have held for much of July.

XTZ, which traded to highs of $0.90 on Monday, looks to be in the former group as its price hovers near $0.80. The coin’s current price levels are at a similar base seen on July 12 when bulls went on to test resistance above $0.92.

Tezos upgrades could catalyse network growth

According to data shared by crypto market intelligence platform Messari, Tezos has seen reduced activity since Q4, 2022. Account-related metrics such as active accounts have declined by 20% in the last three months compared to the first quarter.

The network has also recorded a decrease in new account registrations, with this down 16% QoQ, Messari pointed out in a report.

However, according to Messari, Tezos’ recent upgrades of Mumbai and Nairobi could catalyse fresh network growth. For instance, Mumbai has enabled decentralised app development via different languages, a scenario that will attract more developers to build on the network.

5/ Additionally, the recently released #Nairobi upgrade added notable features including an up to 8x increase in TPS, new functionality for Smart Rollups, a renaming of endorsements to attestations, faster propagation of pre-attestations, and more.

— Messari (@MessariCrypto) July 25, 2023

The Nairobi upgrade is another development that could bump usage, particularly with the TPS increased 8x and introduction of Smart Rollups among other improvements. Can these positives help XTZ price?

XTZ price prediction

As shown in the chart below, the price of Tezos’ native token has largely fluctuated between $0.65 and $1.2 since November 2022.  But with a breakdown below $1 in recent weeks, it looks like bears could aim for the range lows again.

Here the 20 and 50 EMA suggest robust resistance at $0.98 and $1.26. Tezos bulls can target $2.0 if they achieve the above.

The post Tezos price prediction: a look at XTZ and network metrics appeared first on CoinJournal.

• Alchemix and Connext say the new token standard will benefit token issuers.
• DeFi bridges suffered exploits that saw over $2 billion stolen in 2022.
• Multichain bridge, which recently announced it was ending operations, is among those to be drained this year.

DeFi protocol Alchemix and cross-chain bridge Connext have partnered in an effort that aims to introduce robust security to crypto bridges.

As announced by Alchemix, the two platforms are working together on a new Ethereum token standard dubbed xERC-20. The platforms revealed the move on Monday.

We’re extremely excited to embrace the #xERC20 token standard that encourages open competition & innovation. Reduced liquidity costs for token issuers + granular security 🙌.@AlchemixFi is the 1st adopter via @ConnextNetwork, with more trailblazers to follow!

1/9 pic.twitter.com/ujUCVjhTY9

— Connext (@ConnextNetwork) July 24, 2023

xERC20 token standard increases DeFi bridge security

Per Alchemix and Connext, the new token standard empowers token issuers in several ways, including in bridge management, setting of mint limits, and allowing certain bridges to access identical token mints.

“It’s a bridge-agnostic public good and requires minimal or no custom work for most ecosystems to support,” Connext noted.

“We’re wholeheartedly embracing xERC20 at Connext because we envision a secure and innovative future for tokens and blockchain communication. As the HTTP of Web3, we’re all about making blockchain apps more user-friendly & minimizing security risks,” the protocol added in details shared on X.

According to the team, projects that deploy the new xERC20 token standard with Connext benefit from increased security against potential DeFi exploits. There’s also 1:1 token transfers between chains with zero slippage.

The integration comes not long after the Multichain Bridge was breached in an attack that saw it lose close to $130 million. The protocol recently announced it was halting operations. 

Chainalysis reported that token bridge exploits saw more than $2 billion in crypto assets stolen in 2022. This year has continued to see such vulnerability, with millions siphoned from platforms as the sector grapples with increased hacks.

The post Alchemix, Connext eye bridge security with xERC20 token standard appeared first on CoinJournal.

• Avalanche Foundation wants to promote tokenization on Avalanche with the $50 million program.
• The tokenized assets initiative is dubbed Avalanche Vista.
• A recent survey report suggested 77% of capital markets participants believe in tokenization of securities.

The Avalanche Foundation has announced an allocation of up to $50 million towards an initiative aimed at pioneering the future of tokenization on the Avalanche blockchain.

According to the foundation, the funds will be used to purchase tokenized assets, or “real world assets” minted on Avalanche. 

Today, the Avalanche Foundation introduces Avalanche Vista, a $50M initiative to pioneer tokenization on #Avalanche

Tokenization is poised to be one of the most impactful blockchain innovations of the next decade, and Avalanche is uniquely equipped to power these systems. pic.twitter.com/ZWy109CMCi

— Avalanche 🔺 (@avax) July 25, 2023

Eyeing tokenization on Avalanche

“Avalanche Vista,” is meant to demonstrate how tokenization is a valuable process in the creation of an on-chain digital representation of real world assets, the team noted. The allocation will help accelerate the growth of on-chain finance, with tokenization showcasing the critical role of blockchain across use cases such as asset issuance, settlement, and transfer.

Per the announcement, Avalanche Vista will apply across all types of assets, both traditional and blockchain-native. For the former, the program will consider equity, real estate, commodities, and credit. 

“Asset tokenization isn’t just the future of capital markets, it’s a critical driver of the present,” Ava Labs President John Wu said. 

He noted that the industry is seeing greater momentum from institutions building on-chain, and that Avalanche Vista is a milestone for Avalanche Foundation with regard to promoting this initiative.

Avalanche’s program follows a number of key developments within the asset tokenization space. Among these was the tokenization of interest in the KKR fund and the launch of tokenized assets marketplace IntainMARKETS.

A recent report by Security Token Advisors revealed that about 77% of participants across the capital markets see traditional securities being digitized over the next five to ten years. Meanwhile, the tokenized securities market is projected to grow to $20 trillion by 2030.

The post Avalanche Foundation allocates $50M to new tokenization program appeared first on CoinJournal.