Schlagwort: blockchain markets

Axie Infinity (AXS) is leading the metaverse and NFT tokens amid a wider crypto market recovery.

KEY TAKEAWAYS

• At press time, AXS was trading at $8.71 up 21.37% in the past 24 hours.
• According to CoinMarketCap, AXS is the biggest gainer today.
• The global crypto market cap has increased by 0.43% today to reach $857.46B.

Metaverse and NFT tokens including Axie Infinity (AXS) and the likes of Sandbox (SAND), and Decentraland (MANA) have made significant gains today. While it can be attributed to the recovery of the broader crypto market, The AXS price rise is so distinct and there is surely something behind the movement.

Here’s what is making AXS price rise

Axie Infinity’s native token has had a rocky 2022 and it seems it is up for a recovery in December. Although the token is still way far from its all-time high (ATH) of $164.90 recorded in November 2021, today’s price surge could be the beginning of a splendid rally towards the ATH.

But why is the AXS price rising? Well, according to data from NFT data platform CryptoSla, the Axie Infinity trading volume has reached a high of $48K over the past few weeks meaning there is an increased activity within the Axie Infinity ecosystem.

The increased activity is largely the one behind the current price surge.

Approx. $2.28M AXS short positions liquidated

According to data from Coinglass, about $2.28M worth of AXS short positions have been liquidated over the past 24 hours following the current price surge.

The post Why is Axie Infinity (AXS) price rising today? appeared first on CoinJournal.

According to a statement released on Thursday, Dec. 1, 2022, payment processor Stripe has launched a fiat-to-crypto payment service for Web3 businesses.

KEY TAKEAWAYS

• The fiat-to-crypto service will allow customers to instantly buy cryptocurrencies in Web3 apps.
• The services offer an easy Fiat-to-Crypto onramp.
• The new Stripe product is in form of a customizable widget that can be integrated into Web3 apps/platforms.

Web3 application developers will be able to customize and integrate the new Stripe widget into decentralized exchanges (DEXs), non-fungible token (NFT) platforms, crypto wallets, and other decentralized apps (DApp). This will allow customers to instantly buy cryptocurrencies in the Web3 applications.

According to Stripe, the new product offers flexible on-ramping services and manages know-your-customer (KYC) payments and compliance challenges. According to Stripe, the new product was designed to eliminate complications.

Increased Stripe partnerships

Since last year, Stripe has ramped up the number of crypto firm partnerships as more and more nations enable cryptocurrency payments.

USDC has been one of the cryptocurrencies that have received high adoption with corporations now being able to transfer USDC payments to individuals and organizations worldwide.

One of the recent Stripe partnerships is its partnership with the decentralized music discovery network Audius, making Audius one of the first companies to use Stripe’s new on-ramp. Audius announced that it accepted Stripe’s payment solution to allow users to use their credit cards to purchase their native AUDIO coin and tip their favourite musicians.

The post Stripe launches fiat-to-crypto payment service for Web3 apps appeared first on CoinJournal.

Terra Classic price has hit a daily high of $0.0001919 and it still has a bullish stance. At press time, LUNC was trading at $0.0001819; up 11.75% in the past 24 hours.

KEY TAKEAWAYS

• The Terra Classic community aims to burn large amounts of LUNC tokens to reduce its circulating supply and revive its price.
• The community has burned more than 29 billion LUNC tokens so far.
• About 150 million LUNC tokens were burned in November.

The LUNC token has been struggling ever since the collapse of the original Terra LUNA project which resulted in the creation of the LUNC token after a hard fork. However, the team behind the Terra Classic project has been burning large quantities of LUNC tokens to reduce its circulating supply in a bid to revive its price and it seems to be working though at a slow rate.

Binance burns 6 billion LUNC tokens in a day

Earlier this year LUNC staking and a 1.2% burn tax were introduced after the implementation of the v22 upgrade with various exchanges including KuCoin and Binance adopting the LUNC burn tax. The burn tax was however reduced to 0.02% after the community passed Proposal 5234, which also included redirecting 10% to finance Terra Classic ecosystem development and contributors.

However, Binance shifted its mechanism of burning LUNC tokens to burning the tokens on a monthly basis. Yesterday (December 1, 2022) the exchange burned a whopping 6 billion tokens yesterday, in what is its burn batch since introducing the monthly burn mechanism.

Yesterday’s burn is largely the main reason why the token price has surged to today’s highs.

In October, Binance burned about 13.72 billion LUNC tokens from trading fees on LUNC margin and spot trading. The main reason behind the decrease in the burned LUNC tokens is the reduction of the burning tax from 1.2% to 0.2%.

The post Why is Terra Classic price up today? appeared first on CoinJournal.

• SubQuery has integrated with the Flare Network after receiving a grant from the Flare Ecosystem Support Programme.

• Flare Network developers will benefit from the full SubQuery experience, including the open-source SDK and more.

• Flare Network is accommodated by SubQuery’s managed service. 

SubQuery integrates with the Flare Network

SubQuery, announced on Thursday, December 1st, that it had extended its data indexing support to Flare Network, the blockchain that aims to connect everything.

In a press release shared with Coinjournal, SubQuery said the collaboration was possible thanks to the grant it received from the Flare Ecosystem Support Programme.

Flare is a blockchain that allows dApps to serve multiple chains through a single deployment. The blockchain supports EVM-based smart contracts and has data and interoperability infrastructure built natively into the blockchain, providing dApps with highly decentralised price feeds and secure state acquisition from other blockchains. 

While commenting on this latest cryptocurrency news, Hugo Philion, Flare Co-founder & CEO, said;

“We admire SubQuery’s decentralized data indexing solutions and are excited for them to launch on Flare mainnet. This will complete another important piece of Flare’s developer engagement strategy.”

SubQuery, meanwhile, provides decentralised data indexing infrastructure to developers building applications on multiple layer-1 blockchains, including the Cosmos ecosystem, Polkadot, Algorand and Avalanche.

Flare Network developers will benefit from SubQuery’s features

The platform allows developers to organise, store, and query on-chain data for their protocols and applications. SubQuery added that it eliminates the need for custom data processing servers, helping developers focus on product development and user experience.

Marta Adamczyk, Technology Evangelist at SubQuery, also commented that 

“We’re proud to be supporting teams building on Flare Network with our fast, flexible and universal indexing solution. We are excited to deliver another integration that enables Flare developers to index their data faster and easier, and build complex dApps with the help of SubQuery.”

According to SubQuery, Flare Network developers would benefit from its full experience. Developers would have access to SubQuery’s open-source SDK, tools, documentation, developer support, and other features.

Furthermore, Flare Network is accommodated by SubQuery’s managed service, which provides enterprise-level infrastructure hosting and handles over 400 million requests daily. 

Flare is a blockchain built to connect everything. It presents developers with a simple and coherent stack for decentralised interoperability, allowing developers to serve multiple communities and ecosystems simultaneously through a single deployment.

Meanwhile, SubQuery is a blockchain developer toolkit facilitating the construction of Web3 applications of the future. A SubQuery project is a complete API to organise and query data from Layer-1 chains. 

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The price of GMX has been rising since mid-June 2022. The cryptocurrency has increased by more than 283% since June.

KEY TAKEAWAYS

• GMX price was $13.26 on June 17 compared to its current price of $50.89.
• GMX coin is the native token of the decentralized exchange GMX.
• The GMX DEX has evolved to be a major competitor to the likes of Uniswap in the wake of FTX’s collapse.

There are no major partnerships involving the GMX coin or any major GMX transactions by whales. As a result, crypto investors must be wondering why the coin has been rising as the majority of cryptocurrencies dived due to the ongoing crypto winter.

So, let’s take a look at the behind-the-scenes that have been pushing the price of GMX up for the past six months.

Why the price of GMX is rising

One of the main factors that have been driving the price of GMX high is considered to be the continuous rise of the decentralized exchange GMX which has now become a serious contender in the decentralized exchanges industry.

After a superb performance over the months, the trading fees collected by the GMX exchange on Monday (Nov. 29) surpassed that of the world’s leading decentralized exchange Uniswap. According to data tracked by Delphi Digital, the trading fees collected by GMX went above Uniswap’s $1.06 for the first time.

Why is the popularity of GMX DEX rising?

GMX exchange, which went live on Ethereum layer 2 system Arbitrum in Sept. 2021 and debuted on Avalanche in early 2022, allows users to trade perpetual using smart contracts without an intermediary. The DEX is most likely benefiting from a broader shift towards perpetual-focused decentralized platforms triggered by the collapse of FTX.

GMX also offers relatively low transaction fees which could also be why investors are flocking to the DEX platform. Also, GMX token holders receive 30% of all the trading fees collected by the exchange.

In the past four weeks, the GMX exchange earned $15.7 million in trading fees becoming the 5^th largest decentralized application ahead of major players like AAVE and dYdX. And in the past 30 days, the DEX has distributed about $4.7 million to GMX token holders which is the fourth-largest payout among decentralized applications.

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