Kategorie: Crypto Analysis

Avalanche and Solana’s core metrics give them a clear path for growth.

Key Points:

• Avalanche subnets make the network attractive for use cases in Web 3.0. 

• Avalanche’s double-digit price jump last week point to its high potential if bulls retake the market this year.

• Solana network remains stable, a factor that could be a confidence booster now that the market is trading at record lows. 

As the market bounces from seemingly the worst cryptocurrency meltdown in years, it is time to start looking for cryptocurrencies that hold the most potential in the future. That said, the market is not entirely out of the woods yet. As such, it would be best to focus on the big cap low-risk cryptocurrencies for now. Among those that hold the most potential for gains are Avalanche and Solana. Here’s why. 

Avalanche – A scalable and reliable layer-1

Avalanche (AVAX) is proving to be one of the more successful layer-1 blockchains in the market today. It can comfortably handle over 4500 transactions per second and is always stable. Over the last year, these traits have seen the number of Dapps opting to run on Avalanche increase significantly.

At the same time, Avalanche is working on upgrades that could see it scale even better going into the future. One such upgrade is the subnets, which allows users to customize how they can use the blockchain to suit their purposes. 

For instance, with the Avalanche subnets, it is possible to create a network limited to a specific geographical area or features such as KYC. These features could open up a whole load of use cases for Avalanche, especially in the finance world. 

It is not surprising that Avalanche emerged as one of the top performers in last week’s mini-rally. It’s an indicator that if the market makes a full bullish recovery, AVAX could emerge as one of the year’s biggest winners.

Solana – Beyond the 2021 issues

Like Avalanche, Solana (SOL) rallied quite strongly in last week’s mini-rally, indicating that it is on the investor’s radar. Solana’s potential to rebound in 2022 is not just a matter of speculative buying. There are a lot of fundamentals behind it.

In the platform blockchains space, scalability is critical, and Solana is a winner on this front. The Solana network can handle up to 50k transactions per second at a negligible cost of just $0.01 or lower. 

This has seen Solana’s uptake rise sharply, especially for minting NFTs. Solana DeFi projects are on the rise, too. This growing demand will play a significant role in the value of SOL tokens going into the future.

Most importantly, the Solana network seems to have overcome the issues it was dealing with last year, mainly related to network outages. This is a big deal as the network outages were a big contributor to Solana’s price drop, over and above the broader market correction.

The post Large cap cryptocurrencies to watch in H2 of 2022 appeared first on CoinJournal.

Mangata Finance, the decentralised exchange (DEX) on Kusama, has been valued at $13 million following the conclusion of a bootstrapping event. Of particular note is the timing, as the funding comes as the crypto market continues to trend sharply downward. 

“The whole team is very proud of the result. Against all odds of the bear market, we have shown that hard work and relentless focus on capital efficiency and fairness pay off,” said Peter Kris, founder of Mangata Finance. 

The goal

­The goal is ambitious, but one that has thus far been elusive in the world of decentralised exchanges: to offer a solution where all chains are offered on a single platform. Bear markets are the time to build – many of the current blue-chip projects were assembled during the last bear run, and there is no reason to believe that this time will be different.

A downtrending market isn’t fun, but it does offer the benefit of being able to focus more on utility and a roadmap rather than price-watching, while only the formidable projects tend to stick around.

“We have laid the groundwork for a DEX that serves the whole Dotsama ecosystem. We will bring liquidity and token velocity to all Web3 projects on a single platform. The Mangata X community now has over 1,000 members. All of you are now co-owners of Mangata X,” Kris continued. 

Details

More than 12,000 KSM have been contributed to Mangata X bootstrap, bringing the total value locked in the protocol to $1.25 million and $3.27 million in market cap. 

The Mangata team estimates the initial liquidity mining rush to offer a 78% APR. This rate is expected to further increase to as high as 129% APR once the protocol turns on its “Stake Once, Earn Twice” Proof-of-Liquidity mechanism. Over the long term, tokenomics will emit 67.5% of the maximum supply to liquidity provision.

These are large numbers, and ones that investors will be warier of now given some of the death spirals experienced by various crypto projects over the last few months. While it is too early to give judgment on this project yet, the technicals are interesting, even if investors need to be cautious here.  

As a next-generation DEX, Mangata is a Layer 1 app-chain building on Substrate, and it is not bound by legacy restrictions. Parity Technologies’ Substrate modular framework allows developers to select particular components that suit their application-specific chain best. This is why Mangata claim they can customize the rules of the chain to optimize the whole ecosystem, theoretically improving capital efficiency and fairness. 

Miner-Extractable Value

Miner-Extractable Value (MEV) is a dynamic where blockchain miners extract profits at the expense of users by arbitrarily reordering, including, or excluding transactions within a block. Because miners can determine the order of transactions processed on the blockchain, this can obviously be exploited. 

Many projects have been trying to solve this issue. Mangata, if successful, hopes the project can prevent MEV insider trading and inhibit this censoring or affecting the order of transactions by miners. 

Additional Features

The project is also slated to open channels to parachains like Karura, Bifrost, Turing, Statemine, and many others.

Regarding the Mangata X community, they will be involved in all of these steps through user experience interviews and community calls that allow users to have a say in the prioritization of features, with genuine decentralisation as the aim.

Mangata is also striving to fill the gap as a cross-chain trading platform, enabling the trading of Ethereum ERC20 tokens with native Polkadot assets. Additionally, the project looks to improve efficiency by a rather novel consensus Proof of Liquidity. 

 Besides solving key insider trading problems, Mangata is focused on DEX adoption by mainstream and institutional finance, which requires reliable and transparent rules and brings open access to DeFi to the people.

 A summary of the overarching goals can be seen in the ownership of the network. The distribution of 19% of MGX supply is far superior to the usual 1-2%, allowing the ecosystem to have a genuine stake in the Kusama DEX. 

The post Mangata Finance valued at $13 million following bootstrapping event appeared first on CoinJournal.

The Mirror Protocol price has crawled back in the past few days as investors cheer the strong performance of the UST stablecoin. MIR price is trading at $0.2210, which is about 50% above the lowest level in May this year. The rebound brings its total market cap to more than $34 million. 

What is Mirror Protocol?

Mirror Protocol is a blockchain derivative project that was among the biggest players in Terra’s ecosystem. Unlike Anchor Protocol, Mirror has a platform that enables people to buy and sell a variety of derivatives. 

For example, users can buy and sell derivatives like stocks and commodities. The network uses oracles to ensure that data on stocks and other assets is highly accurate. Instead of trading using fiat currencies, the network adopted UST, the algorithmic stablecoin that collapsed last month.

Therefore, the collapse of Terra UST stablecoin led to its collapse as the prices of its assets became unstable. It has not recovered since then.

Mirror Protocol has made headlines in the past few weeks. For example, a report published in May claimed that Mirror was a scam that was set up to scam retail investors. The claim alleged that the platform was created by Do Kwon and his associates to route funds from investors.

Meanwhile, Mirror was recently hacked. It is reported that the hackers stole over $22 million of assets in the network. This was the second hack after the network lost $90 million in October.

The MIR price is rising after the strong performance of UST. The stablecoin is trading at $0.020, meaning that it has risen by over 85% in the past 24 hours. Similarly, the Luna Classic price has risen by 31% in the same period. Still, they remain substantially below their all-time high.

MIR price prediction

The hourly chart shows that the MIR price has made a strong recovery in the past few days. The coin has moved above the important support shown in black. It has moved above the 25-period and 50-period moving averages while the MACD has continued rising.

Therefore, despite the recent jump, there is a likelihood that the coin is still bearish. If this happens, the next key support level to watch will be at $0.20. A move above the key resistance level at $0.25 will invalidate the bearish view.

The post MIR Price Prediction as the Mirror Protocol Rebounds appeared first on CoinJournal.

The BIFI price has crawled back as yield-optimizing blockchain projects bounce back. Beefy Finance’s token is trading at $0.0082, which is a few points above the intraday low of $0.0077. The current price is about 92% below the highest level in 2021. As a result, its total market cap has crashed to more than $37 million.

Yield optimizer token jumps

Beefy Finance is a leading player in the decentralized finance (DeFi) industry. Its business model is that it offers a multi-chain yield optimizer that allows users to earn compound interest on their crypto holdings. 

By comparing yields of various platforms, Beefy then selects the coin with the biggest yield. It simply maximizes returns from various liquidity pools and automated market-making projects. Beefy is compatible with the leading blockchains like Fantom, BNB Chain, Polygon, Avalanche, and Arbitrum among others.

According to DeFi Llama, the total value locked in Beefy Finance has been in a downward trend. It has crashed from an all-time high of over $1.22 billion to the current $259 million. This decline is in line with that of other DeFi protocols.

BIFI is the governance token for Beefy Finance. The BIFI token has jumped in the past few hours as other yield optimizers rebound. For example, YFII price has jumped by more than 300% in the past two days. Similarly, Yearn Finance has also jumped. Other DeFi tokens like Uniswap and AAVE have also rallied.

This performance is mostly because of the overall rebound of cryptocurrencies and US equities. The Dow Jones index has rallied by more than 3%. Another reason is that investors are simply buying the dip after the coin crashed hard in the past few months.

BIFI price prediction

The four-hour chart shows that the BIFI price has been in a strong bearish trend in the past few months. The sell-off accelerated after the coin moved below the important support level at $0.0133, which was the lowest level in May. It has also crashed below the 25-day and 50-day moving averages.

Therefore, Beefy Finance price will likely continue falling as bears target the next key support level at $0.0070. A move above the resistance at $0.01 will invalidate the bearish view.

The post BIFI Price Prediction as Beefy Finance Crawls Back appeared first on CoinJournal.

Cryptocurrencies are doing well into the weekend. Bitcoin has surged to $21,000 while Ethereum has moved above $1,200. In total, the top market cap of all cryptocurrencies has jumped to over $948 billion. This performance is mostly because of the strength of American equities, with the Dow Jones and Nasdaq 100 rising by more than 711 and 302 points respectively. Here are the best small-cap cryptocurrencies to trade during the weekend.

ARPA (ARPA)

ARPA is one of the best crypto trade during the weekend. It is an extremely small cap coin that has a market cap of $40 million. ARPA is a security-focused blockchain project that is used in industries like fintech and insurance, digital advertising, personal data wallet, and AI among other industries. 

Some of its funders are well-known companies like Arrington, Connect Capital, Genesis, and GBIC among others. ARPA is a layer 2 or sidechain network that supports secure and verifiable computation. Some of the top projects built using ARPA are LINA, MDX, CERE, and CHESS among others.

ARPA is a good crypto to trade because of its price action. The ARPA price formed a strong bottom at $0.025 this week. It has then soared by as much as 123% and reached a high of $0.055. Therefore, there is a possibility that the coin will show more price action during the weekend.

Yearn Finance (YFI)

Yearn Finance is a leading blockchain project in the DeFi industry. It is a DeFi project that allows people to maximize their returns in the market. After depositing tokens, Yearn moves the funds across multiple protocols as it seeks for the highest yield. According to DeFi Llama, Yearn Finance has over $578 million in total value locked (TVL). This is significantly lower than its all-time high of over $5.7 billion. 

Like YFII, the YFI price has surged in the past few days. It has risen by more than 84% from its lowest level this year. This means that it will have some volatility during the weekend, which makes it a good coin to trade.

Navcoin (NAV)

Navcoin is an extremely small-cap cryptocurrency that has a market cap of over $8.6 million. It is a cryptocurrency that was established in 2014 with the goal of enhancing privacy. It is an interoperable coin that can be used outside its ecosystem. 

The Navcoin price has surged in the past few days as investors cheer the launch of a new market-making DAO, The goal is to introduce new professional market-makers to the network in order to get the coin listed in other exchanges. Therefore, the Navcoin price is a good buy because of the expected volatility.

The post Top 3 small-cap crypto to trade this weekend: ARPA, YFI, NAV appeared first on CoinJournal.