Schlagwort: crypto business

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Decision time as Axie Infinity holds support amid weak momentum

  • Axie Infinity has dipped 2.62% in the past day.

  • Google Cloud recently joined the list of Axie Infinity validators.

  • AXS has retested $12.8 support amid a sluggish momentum.

Axie Infinity AXS/USD has dipped 2.62% in the past 24 hours to trade at slightly above $13. The drop comes despite Google cloud recently joining the list of firms validating transactions on the blockchain.

Google’s entry makes the number of validators on Ronin 18. Ronin is Axie’s gaming-based Ethereum sidechain. The platform was breached in March in one of the largest DeFi hacks of all time. About 10% of the more than $500 million worth of crypto losses has since been recovered.  

Part of the security intervention by Sky Mavis has focused largely on decentralization. The developer aims to expand validators to 21. The effort is yet to have a significant impact on the price of AXS token, which tanked from $75 to $13 after the exploit.

Axie Infinity is a battling game powered by collectible NFT assets. To date, the blockchain game has recorded more than $4 billion in NFT asset sales. Much of the success was registered last year before play-to-earn platforms lost momentum. Axie Infinity is now expanding to free-to-play models, and it remains to be seen how profitable the move will be. On the technical side, AXS is facing a correction. 

AXS retests $12.8 support in a market correction

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Source: TradingView

According to the daily chart above, AXS has retraced from a high of $15.3 to the $12.8 support level. Despite the MACD indicator showing bullish signals, momentum to the upside is weak. RSI is at 40, meaning the bears are still controlling the market. However, a price above the $15 resistance invalidates the bearish sentiment, and AXS could set on recovery.

Concluding thoughts

AXS has retraced to a make-or-break support level. A price below the support could open more weakness, and the token could trade even lower. Concerns around the security of the Ronin network remain a challenge for Axie Infinity in the long run.

The post Decision time as Axie Infinity holds support amid weak momentum appeared first on CoinJournal.

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Web3 platform MYTH becomes the latest project to be adopted by TDeFi

TDeFi, a startup incubator for DeFi assets projects, has announced that it will add MYTH, a Web3 platform built for fantasy, sci-fi, and horror fans. TDeFi works closely with companies and projects as a startup incubator and advisor while MYTH allows the fans to connect with each other through Web3 technology.

MYTH will join more than 45 other projects that are currently using TDeFi’s incubation program. Examples of projects that are in the TDeFi incubation program include Vulcan Forged, Gari, Biconomy, MetAmazonia, Bridge, and Sinverse among others.

MYTH joining TDeFi ecosystem

By joining TDeFi’s ever-growing ecosystem, MYTH will achieve its goal of becoming the go-to ecosystem for sci-fi, fantasy, and horror in the Web3 space.

Besides being adopted by TDeFi, MYTH has been on an upward trajectory with 14 partnerships featuring top names in Web3 gaming, NFT comics, gamified collectibles, and the metaverse. Through this diversification, MYTH is able to deliver original comprehensive fantasy-based content to its community members.

MYTH also has a native token called MYTH token, which is used as a governance token, for incentives and for empowering users to build their creations.

MYTH’s ecosystem is built around community-directed projects, play-to-earn (P2E) fantasy games, digital publishing, and fantasy art collectibles. All these facets support the creation of a unified pop-culture metaverse.

TDeFi’s incubator

TDeFi’s incubator helps projects from the launch phase and through every other phase of a project’s lifecycle until the project becomes a success. It provides startups with access to world-class mentors, necessary tech and tools, marketing, community-building techniques, exchanges, liquidity, partnerships, and industry connections.

One of the main advantages of TDeFi’s incubator program is that it does not require projects to make any upfront payments to join. TDeFi acquires a fixed percentage of a project’s token supply rather than charging a fee.

In addition, every project that qualifies for the TDeFi incubator program automatically becomes a partner to all the events that are hosted by TDeFi like the global hackathon BizThon that is scheduled for October.

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Eastern Europe crypto exchange giant Zonda expands to Denmark

Zonda recently expanded into Italy and secured a regulatory nod to operate in Canada.

Zonda, a regulated cryptocurrency exchange registered in Estonia, has expanded its services to Denmark, according to a news release.

According to the company, its Danish office will be in Copenhagen, with a team of developers at the location working under Zonda CTO Jakob Lundqvist. 

The team will use the new location to advance Zonda’s technological ambitions and market tools as it caters to both retail and corporate clients.

Zonda eyes European expansion

Founded in 2014, the exchange is one of the largest in Eastern and Central Europe, currently serving over 1 million users and offering more than 60 cryptocurrencies.

Customers can buy or swap any of the supported coins and tokens with crypto (Bitcoin (BTC) and Ethereum (ETH)) and major fiat currencies Euro, the British Pound, the US dollar and the Polish Zloty (PLN). The exchange also supports stablecoins Tether (USDT) and USD Coin (USDC).

The exchange also offers a retail-focused service via ZondaPay app and provides training and other educational services on crypto via its Zonda Academy.

The expansion into Denmark therefore opens the platform to further growth across the continent. Recently, the exchange expanded into the Italian market and is eyeing registration and licenses for the United Kingdom and Switzerland.

Beyond the continent, the company has regulatory approval to offer its services and products in Canada.

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ETH Merge: Ethereum co-founder Lubin expects no disruption for end users

  • Ethereum will transition from a proof-of-work (PoW) network mechanism to proof-of-stake (PoS) consensus at the merge.
  • Joseph Lubin, ETH co-founder and founder of ConsenSys, says the upgrade will be seamless.
  • The Merge is expected on 15 September 2022.

Ethereum (ETH) co-founder Joseph Lubin says he does not expect the highly anticipated Merge, which is less than 24 hours, to come with post-event disruptions for users.

Lubin, who also founded Ethereum software company ConsenSys, was speaking in an interview with Bloomberg Crypto on Wednesday.

According to the industry expert, his outlook for the Merge is “a 10” on a scale of 1 to 10 in terms of his confidence about Ethereum’s switch from proof-of-work to proof-of-stake consensus mechanism.

“Probably nothing”

The Merge has attracted a lot of attention as it stands as one of the most profound game-changing upgrades in the history of cryptocurrency. And while its success can only be gauged post-merge, Lubin says nothing suggests end users will be disrupted.

“We think it’s gonna be probably nothing and ‘probably nothing’’ is a playful phrase in our ecosystem that indicates that sarcastically, we think it will be enormously impactful. But it’ll also be very likely nothing in the sense that there’s no disruption that’s going to be experienced by end users,” he told Bloomberg.

In terms of how smooth the whole upgrade is likely to be, he notes no disruption so far to software developers. For users, the merge will be “as smooth as if your iPhone or your laptop has upgraded its operating system automatically overnight,” he added.

Lubin agrees that the real proof of how smooth the merge will be can only be gauged once the Beacon Chain and the Ethereum mainnet converge into one chain. 

However, as happened so far, all the testing suggests an “overwhelmingly” seamless transition – even if the testing hasn’t been “it in the context of the whole big ecosystem becoming an economy in its own right.”

So what could go wrong? He points to a potential impact to “small projects.”

“There are lots of little projects that, maybe, read from the blockchain or depend on it,” he opined, that in some ways may not have “upgraded what they need to upgrade to in order for their own smooth transition.” He believes such projects could face some hiccups. 

“But all the major services that depend on the blockchain have already done the work.”

As previously highlighted by CoinJournal, the merge is expected on 15 September 2022 and will see Ethereum’s energy consumption cut by 99.95%. The change is also expected to lead to greater scalability and network performance.

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Is Solana a good investment?

Solana price has not been left behind in the ongoing cryptocurrency sell-off. SOL dropped by over 78% between January and September 2022, bringing its market cap to about $11.6 billion. It is also one of the worst-performing large-cap cryptocurrencies during the year.

Solana faces an uphill task

Solana is one of the top Ethereum-killers in the blockchain industry. It is a smart contract platform that is known for its use of the proof of history (PoH) consensus framework. According to its developers, Solana has better features than Ethereum. For example, it has super-fast speeds and extremely low gas fees.

As a result, Solana is a leading player in some of the biggest industries in the blockchain industry like Decentralized Finance (DeFi) and non-fungible tokens (NFT). Some of the top applications that have been created in Solana are StepN, Solend, Audius, and Marinade Finance. 

Solana has also been used widely in the NFT industry. For example, it was used to build Magic Eden, one of the biggest NFT marketplaces in the world.

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Solana, like other blockchain networks has faced numerous challenges in the past few months. For one, activity in its key platforms has dwindled. Its total value locked in DeFi has crashed from over $10 billion to slightly above $1.3 billion. Similarly, its NFT activity has also dropped.

Another key challenge is that Solana is widely known for its outages. In 2022 alone, the network has had several severe outages that impacted its entire ecosystem. 

Still, there are several catalysts for Solana price. First, its network has been used to build some of the most popular web3 networks around like Audius, StepN, and Brave Browser. Second, the developers have made progress on fixing the regular outages. Further, it has a strong market share in key industries, meaning that its price will likely rebound in the future.

Solana price prediction

The daily chart shows that SOL price has been in a strong downward trend in the past few months. As a result, the coin has moved below all moving averages. A closer look shows that it has found a strong support at around $30. This support seems like a form of a double-bottom pattern whose neckline is at $48.46.

Therefore, at this stage, the outlook oF Solana is neutral. A drop below the support at $30.42 will signal that bears have prevailed. As a result, the coin will drop to the next key support at $25. On the other hand, because of the double-bottom pattern, a rebound to $50 cannot be ruled out.

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