Schlagwort: crypto business

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Synthetix price prediction: Here’s why SNX just soared to $4

Synthetix price continued soaring on Thursday as demand for DeFi tokens surged. SNX, its ecosystem token, rose to a high of $4, which was the highest level since May 9th of this year. It has jumped by over 180% from its lowest level this month, bringing its total market cap to over $855 million.

Why is SXN soaring?

Synthetic Network is a leading blockchain platform that describes itself as the derivatives liquidity protocol. It allows users to create synthetic assets that offer unique exposure to real-world assets on the blockchain.

The concept behind Synthetix is easy. Users can create derivatives in assets like forex, commodities, shares, and exchange-traded funds (ETFs). For example, a developer building a DEX can incorporate assets like Apple, crude oil, and copper. Some of the most popular synths in its network are sUSD, sEUR, and sAAPL.

Synthetix price has done well in the past few days for several reasons. First, its developers launched perpetual futures in its platform. Perpetual futures are similar to those in the stock market, with the difference being that they don’t have an expiry date. This product launched and expanded on Optimism, which is a level 2 project.

Second, the developers introduced atomic swaps, which are a new exchange function that allows users to atomically exchange assets with reasonable fees by pricing synth exchanges via a combination of Chainlink and DED oracles. This feature has been incorporated in Curve and 1Inch.

Further, the developers are building the third version of the platform that will be much faster and more efficient. The price also rose after the recent partnership with Jump Crypto.

Third, the Synthetix price has risen because of the booming DeFi industry. The total value locked in all DeFi platforms like Uniswap, Lido, and Curve Finance has jumped to over $84 billion. This is a significant increase from the YTD low of about $70 billion. 

Synthetix price prediction 

The daily chart shows that the SNX price has staged a strong recovery in the past few days. And now, the coin rose to the highest level since May. It has managed to move above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved close to the overbought level of 70.

Therefore, the coin will likely continue rising as buyers target the next key resistance level at $5. A drop below the support level at $3 will invalidate the bullish view. 

The post Synthetix price prediction: Here’s why SNX just soared to $4 appeared first on CoinJournal.

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CRO price steady as Cronos unveils winners of its accelerator program

CRO price moved sideways on Thursday after the developers announced the first cohort of its accelerator program. Cronos is trading at $0.1317, which is about 14% above the lowest level this month. 

Cronos accelerator program 

Cronos is a leading smart contract platform that was unveiled in 2021 by Crypto.com. It is an EVM-compatible platform that has superior speeds, lower transaction costs, and strong compatibility with other chains. Cronos is built on top of Cosmos SDK. 

In just a few months, Cronos has grown its ecosystem rapidly. It now has over 300 projects in all industries like gaming, non-fungible tokens (NFT), and decentralised finance (DeFi). According to DeFi Llama, apps in its ecosystem like MM Finance, VVS Finance, Tectonic, and Ferro have a combined total value locked (TVL) of over $1 billion.

In a statement on Thursday, Cronos unveiled the first cohort of developers who will receive funding as part of its $100 million accelerator program. These developers are spread across all industries like Web3 Gaming, Social Fi, and DeFi among others. Some of those developers are Eyeball Pool, The New Resistance, Wild Forest, and Bubble Maps.

Bubble Maps is a platform that provides auditing and analytics visualization tool for tokens and NFTs. Meshlink, on the other hand, is an all-in-one smart-contract management and transaction analytics platform for Web 3 teams. Glass Finance is a DeFi protocol that offers a Discretised-Liquidity-AMM model to improve efficiency. In a statement, Ken Timsit, Managing Director of Cronos Chain said:

“Cronos is dedicated to supporting a vibrant and growing ecosystem of dApps and users of DeFi, GameFi, SocialFi, and infrastructure analytics. Ultimately, this first cohort of the Cronos Accelerator Programme established a precedent for our program to champion projects that have the potential to lead the way in engaging and onboarding the next generation of Web3 users.”

More smart contract platforms have launched accelerator products worth billions of dollars. For example, Avalanche has two programs known as Rush and Multiververse that are providing over $600 million to developers. Just this week, Kadena Eco announced its inaugural list of its grants recipients.

CRO price prediction

The four-hour chart shows that CRO price rose slightly after the Federal Reserve decision. This performance was in line with that of other cryptocurrencies like Ethereum and Solana. It has crossed the 25-day and 50-day moving averages. The two have even made a bullish crossover pattern. 

Cronos has formed an ascending channel shown in blue. It also moved slightly above the important resistance at $0.1285, which was the chin of the double-top pattern. Therefore, the coin will likely continue rising as buyers target the key resistance at $0.15.

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Mercedes Benz taps Polygon for a data-sharing platform

Daimler South East Asia, part of the Mercedes Benz Group announced that it shall build its blockchain-based data sharing platform on Polygon, an Ethereum Layer-2 scaling solution.

The choice of using Polygon adds to the widespread adoption of Polygon across various sectors around the world.

The Acentrik platform

The new data sharing platform by Daimler South East Asia will be called Acentrik and will enable enterprises to buy and sell data in a decentralized environment.

In addition, although the platform is a product of the Mercedes-Benz associate, the blockchain platform will also be used to trade data from a wide range of industries including insurance data, clinical trials, and many others.

And unlike most other similar decentralized data platforms, the data on Acentrik will not be stored on the blockchain. A non-fungible token (NFT) will instead be used to represent each data set on the blockchain. Each of the NFTs will store specific metadata.

Why Mercedes-Benz settled on Polygon

According to reports from Daimler South East Asia, the buying and selling of data will be conducted on Polygon and Ethereum Rinkeby testnet. Additionally, to protect the monetary value of data, businesses will be expected to use stablecoins to make payments.

But since the transactions will need to be done on Polygon, users will also be required to pay gas fees using the MATIC token, which is the native token of Polygon.

Once a user makes all the necessary payments, they can access the data which will be accessible on AWS 53 or IPFS.

While commenting about the development, the co-founder of Polygon, Sandeep Nailwal, celebrated the feet through a tweet that said:

“Mercedes Benz is the latest brand to be Powered By Polygon Onwards!”

And following the news, the price of MATIC jumped by 10% to hit a daily high of $0.9078. At the time of writing, the coin was still bullish and was trading at $0.8734.

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Algorand appoints interim CEO to replace Steven Kokinos

Algorand announced on Wednesday, 27 July that COO Sean Ford was replacing outgoing CEO Steven Kokinos.

Algorand has announced the firm’s COO W. Sean Ford as the Interim Chief Executive Officer (CEO), replacing G. Steven Kokinos as the outgoing exec moves “to pursue other interests.”

The appointment of Ford takes immediate effect (from July 27, 2022), the blockchain firm notified its community of users and investors. Meanwhile, Kokinos, who has been at the company for four years, is set to offer his services as a senior advisor to the firm until mid-2023.

“We thank Steven for his time and dedication to Algorand. He has been instrumental to the initial success of our business, and we appreciate his commitment to a seamless transition,” said Algorand founder and MIT professor Silvio Micali.

Kokinos, who also confirmed his exit on Twitter, thanked the company for the opportunity to serve as CEO, noting that he was confident in the blockchain platform’s future.

He said in a statement: “It has been a pleasure serving as CEO of Algorand. As we move into this next phase, I am excited about the company’s future and am confident that the team will keep things running smoothly.”

Ford, an MBA holder from Harvard University Graduate School of Business, joined Algorand in 2018.

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Magic Eden launches SFT marketplace and minting for Genopets

Solana-based NFT marketplace Magic Eden has announced the launch of its first Semi-Fungible Token (SFT) marketplace, a platform that will allow gamers on the Free-to-Play, Move-to-Earn NFT game Genopets to mint and trade in-game SFTs.

Magic Eden said in an announcement on Wednesday that the SFT marketplace is set to boost the Genopets ecosystem, adding to the growth of Web3 by intersecting Web2 gaming.

“We are excited to partner with Genopets to power their new SFT marketplace which will bring familiar Web2 trading mechanics to players looking to build and grow their in-game assets,” said Tony Zhao, the head of Gaming Investments at Magic Eden venture arm Magic Ventures.

What are SFTs?

Semi Fungible Tokens, or SFTs, are tokens that start off as fungible – say like Bitcoin (BTC) – but then can take on non-fungible properties to function like an NFT. These types of tokens are only just starting to get popular in the crypto space and are mainly helping to bridge Web2 and Web3 in the gaming sector.

GameFi is thus finding SFTs crucial in bringing things such as “stackable” assets into a Web3 gaming environment.

Developers are using SFTs to tap into low minting requirements and in-play transactions. This is what Magic Eden brings to its community, with Solana-minted SFTs sharing a “Mint Account“, allowing for a significant reduction of storage needs and minting fees.

Magic Eden is Solana’s largest NFT marketplace, accounting for the vast majority of the NFT volumes on the blockchain. 

The platform is also focused on becoming a key player in Web3 gaming, a goal it hope to achieve via its recently launched Magic Ventures initiative.

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