Schlagwort: crypto business

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Why LINK could be a great investment for 2022 and beyond

Chain Link Image on a cell phone

  • Chainlink is the most dominant player in the platform blockchain market. 

  • Chainlink is interlinked with all major platform blockchains as it’s needed for smart contracts to execute correctly.

  • Chainlink is currently in a breakout after consolidating for weeks. 

On the weekly charts, the market continues trading in a consolidation pattern, which makes now a perfect time to accumulate high-potential cryptocurrencies. With fundamentals increasingly taking center stage in the crypto market, there is a pretty high chance that fundamentally strong cryptos could outperform the market long term.

For this reason, Chainlink (LINK) easily stands out as one of the cryptos that are worth accumulating at current prices. One factor that makes LINK strong is its dominance in the oracles market. Chainlink commands over 65% of the decentralized oracles market compared to all its competitors. Essentially, it has a chokehold on this market and is unlikely to be dethroned, just like Bitcoin is unlikely to be displaced as the number one crypto.

However, it is not just about being number one in its niche, but also that Chainlink’s core market is essential. Decentralized oracles are at the center of all smart contracts. Without them, it would be impossible for smart contracts to run. For this reason, Chainlink is intertwined with all the major platform blockchains ranging from Ethereum to Solana.

Given that smart contracts are increasingly becoming the backbone of the crypto market and pretty soon the entire world economy, the use case for decentralized oracles like Chainlink will only get stronger. By extension, this means higher demand for LINK, which will reflect in its long-term price.

LINK is in a breakout; can it sustain momentum?

Source: TradingView

After trading in a range between $12.68 and $13.38, LINK is currently in a breakout, following a similar price action in the broader market. If Bitcoin can hold above $40k and buying volumes increase, LINK could easily test $20 in the short term. 

Summary

Chainlink is one of the strongest cryptos in the market when you consider fundamentals the primary analysis metric. It has more than 65% of the decentralized oracles market and is needed for smart contracts to run as required. With the broader market showing some upside momentum, LINK has broken out of a multi-week range and high volumes.

The post Why LINK could be a great investment for 2022 and beyond appeared first on Coin Journal.

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MakerDAO community leader proposes the governance token, MKR, to be replaced

The MakerDAO community leader ‚monet-supply‘ on March 14 made a proposal on the MakerDAO forum outlining an alternate token economic mechanism. The proposal seeks to introduce a new token stkMKR to replace the current governance token, MKR.

If the proposal goes through, it shall present a tokenomics shift in MakerDAO.

Immediately the proposal was made, the community erupted and very many responses were made and most of them were in support of the proposal.

Following the development, the proposal will need to be passed as a MIP (Maker Improvement Proposal) for it to be voted by the MKR holders, a process that takes two weeks.

What the proposal seeks to address

The proposal seeks to address several issues affecting the current MakerDAO tokenomics that use the “buyback and burn” mechanism. Monet-supply said that the proposal shall address issues like lack of targeted incentives since all the capital is returned to the MKR holder through the buyback and burn mechanism.

Monet also says that the current system has limited deterrence against governance attacks especially when it comes to voting manipulation.

The proposed solution

Besides an overhaul of the tockenomics mechanism, the ‚monet-supply‘ proposal proposes introducing a new token stkMKR to replace the MKR as the governance token of the MakerDAO.

According to the proposal, the stkMKR token shall act as a bonding or staking token and shall be issued to those who deposit MKR for governance purposes only.

A section of the proposal reads:

“stkMKR will be non-transferable and represents MKR staked in governance. Staked tokenholders will receive a share of MKR tokens purchased through surplus auctions, so stkMKR will be backed by an increasing amount of MKR over time.”

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Aave launches V3 of its DeFi protocol, expands to six blockchains

Aave V3 sees the leading DeFi lender expand beyond Avalanche, Ethereum, and Polygon.

Aave, one of the leading decentralized finance (DeFi) platforms in the market, has announced V3 of its protocol.

The third version sees Aave expand its liquidity pool to six other blockchains, the platform said in a release.

As per the announcement, V3 going live allows access to the lending protocol’s features to Avalanche, Polygon, Fantom, Optimism, Harmony and Arbitrium. Other than these six blockchains, Aave is set to deploy the latest iteration of its protocol to the Ethereum mainnet.

„Aave V3 is the result of continuous iteration resulting from community involvement and ecosystem growth,“ said Stani Kulechov, founder and CEO of Aave Companies. 

On what next for the DeFi protocol, Kulechov added:

“V3 brings new and existing Aave community members to participate in the Aave DAO, which will continue to shape the future of DeFi.”

What’s new with Aave V3?

According to Aave, “V3 brings groundbreaking new features that span from increased capital efficiency to enhanced decentralisation.”

Among the new features, Aave users will benefit from enhanced cross-chain asset flow and a 20-25% reduction in transaction costs via gas optimisation. An “isolation mode” will enhance security, while high efficiency will unlock the user’s ability to access even higher borrowing.

Compatibility with different blockchains means DeFi investors on the protocol can seamlessly deposit and borrow assets from one network to another.

For example, a user could deposit on the Polygon chain and proceed to borrow on the Avalanche network. If they wish, they could repay the loan on another blockchain, say Ethereum.

“Along with the launch of V3, there’s also a fully redesigned & refreshed Aave app on IPFS where users will be able to access simplified transaction flows, enjoy faster load times, & gain enhanced visibility into their holdings,” the platform said in the announcement.

Users can also access Aave V3 via multiple wallet integrations, including Instadapp, 1inch, DeFiSaver and ParaSwap.

The post Aave launches V3 of its DeFi protocol, expands to six blockchains appeared first on Coin Journal.

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The Sandbox metaverse token SAND jumps 10% on Paris Hilton and HSBC bank partnership news

The Sandbox, a gaming platform launched on the Ethereum blockchain to leverage non-fungible tokens (NFTs) and cryptocurrencies, has become the center of attraction for big brands venturing into the metaverse.

As a result, the price of its native token, SAND, has started rising again. Today, for example, saw the price of SAND jump 10% to trade at $2.97 after the HSDC bank and American celebrity Paris Hilton choose The Sandbox for their metaverse debut.

However, SAND still remains 65% below the all-time high it set in November 2021.

HSBC partnership with The Sandbox

This morning, HSBC, Europe’s second-largest bank, announced its new partnership with The Sandbox platform.

HSBC aims to buy some virtual plots of LAND on The Sandbox that can be used by the bank’s customers to create gaming activities and build different esports.

In a prepared statement HSBC’s Asia-Pacific branch chief marketing officer Suresh Balaji said:

„Through our partnership with The Sandbox, we are making our foray into the metaverse, allowing us to create innovative brand experiences for new and existing customers…. We’re excited to be working with our sports partners, brand ambassadors, and Animoca Brands to co-create experiences that are educational, inclusive, and accessible.“

Animoca Brands Company has been the one behind the success of The Sandbox and has invested a lot in gaming and cryptos. The main difference between The Sandbox and the other popular platforms like Minecraft or Roblox is that in The Sandbox, players can customize the platform designs, avatars, and objects, and virtual land plots can also be bought or sold.

Paris Hilton featured on The Sandbox SXSW concert

On Tuesday night, Paris Hilton, an American celebrity, also initiated her partnership with The Sandbox in this year’s SXSW festival concert that was held virtually by The Sandbox.

In a press release she said:

„I am a huge believer in the metaverse and the way web3 technologies are empowering creators, gamers, and artists…It’s such an important movement and community that I’m proud to be a part of. I can’t wait for people to see what amazing experiences The Sandbox and I bring together to the metaverse.“

The rising metaverse adoption among corporations

The rising popularity of metaverse within the virtual world has attracted major corporations.  A good example is Facebook which was rebranded to Meta by the Zuckerberg social media empire with the desire to own metaverse.

Other brands like Red Bull, Walmart, Nike, McDonald’s are also filling trademarks with terms like ‘NFTs’ and ‘cryptocurrencies’ for use in virtual worlds, where their metaverse is likely to be tokenized.

We have also seen major celebrities and companies venture into the metaverse either by creating virtual headquarters or minting and selling NFTs.

The post The Sandbox metaverse token SAND jumps 10% on Paris Hilton and HSBC bank partnership news appeared first on Coin Journal.

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Highlights March 16: Cryptos in the green, US markets higher

The crypto markets were mostly higher this morning, with the majority of the top 10 cryptos registering gains over the past 24 hours. 

US stocks bounced back yesterday, with beaten-down tech firms leading the way. Investors will be closely following a few major releases coming out of the US today.

At 12:30 GMT, the Census Bureau will announce retail and core retail sales. At 18:00 GMT, the Federal Reserve will release its FOMC Economic Projections, FOMC Statement and Federal Funds Rate, followed by FOMC press conference at 18:30.

Top cryptos

Bitcoin climbed around 1%, trading above $39,000 at time of writing. Ethereum was up around 3%, and Cardano saw small gains while XRP recorded small losses.

Top movers

The Graph added 17% to its value. Its price has been rebounding recently, which may be due to the ongoing migration to its platform. Graph developers note that many Ethereum builders are embracing its network.

1inch has broken through the resistance line. The 99th biggest coin gained 16% today.  

Waves gained another 15%. With the unceasing support of the global community, the cryptocurrency created by Ukrainian-born Alexander Ivanov reached 39th position by market cap size. It’s currently trading for around $29.

eToro has listed Theta and Fantom. Fantom is up 16% today, but Theta Network’s gains are more moderate.  

Other winners include BAT (+11%), Chainlink, AAVE, and SAND (each +9%), UniSwap (+8%), and Elrond (10%).  

The ThorChain price bounced back a few days ago after the developers launched a series of new features, including synthetic assets, the THORFi platform, and more. RUNE, its native token, was trading at $7 yesterday, which is about 126% above the lowest level this year. 

Despite the current jump, the coin is in a bearish trend, which is expected to continue in the coming days. It has lost 12% of its value in the last 24 h.

Trending

The native token of COVID Cutter (CVC), the first ever themed play-to-earn, Web3.0 and blockchain-enabled game project, gained 709% today.

The post Highlights March 16: Cryptos in the green, US markets higher appeared first on Coin Journal.