- The Blur protocol has seen a massive spike in its TVL as more people become interested in the protocol.
- OpenSea has been able to outperform Blur in terms of daily activity, despite the growth of Blur.
- The success of blue chip NFTs such as BAYC and MAYC have helped contribute to the growth of both marketplaces.
This article discusses the recent growth seen by the Blur protocol and how it has impacted OpenSea’s market dominance. It also highlights how successful blue chip NFTs such as BAYC and MAYC have contributed to this growth.
Blur’s TVL Witnessed a Huge Spike
Delphi Digital reported that the TVL for Blur managed to reach an all-time high over the last month. Despite this, OpenSea was still able to have more daily active users on its network, as per Token Terminal’s data. It is hypothesized that wash trading might be playing a role in Blur lagging behind in this area.
OpenSea Outperforming Blur
At press time, OpenSea managed to capture 46.1% of all NFT trades made in the ecosystem, with Blur coming in at second place with 42.5%. This indicates that both platforms are experiencing considerable amounts of growth due to their success in marketing blue chip NFTs.
MAYC Collection Doing Well
According to data provided by NFTGO, it can be observed that the average price of the MAYC collection increased by 10.73% over the last three months while its volume went up by 222.79% within 24 hours. This indicates strong demand for these collections within the community.
APE Token Struggling
Unfortunately, not all tokens related to blue chip NFTs are doing well – like APE token associated with MAYC collection which saw its price fall significantly along with its network growth over last month which implies lack of interest from new addresses towards APE token according to Santiment’s data .
- Polkadot (DOT) has been siding with the bulls recently, registering an almost 17% hike in the last seven days.
- Deutsche Telekom bought a large amount of DOT tokens in December 2021, and its subsidiary T-Systems Multimedia Solutions also purchased a large number of tokens to help groups staking on the Polkadot network.
- The Polkadot team recently released updates on their Roadmap Roundup, aiming to reduce the duration of parachain blocks to six seconds and increase the amount of block space available by a factor of 5-10.
Polkadot is a proof-of-stake blockchain that raised over $144.3 million through an ICO held in October 2017. DOT was trading at around $6.30 in August 2020 and remained volatile throughout 2020, reaching an all-time high of $55 in November 2021 before dropping below $6 during the crash in early 2022. The Polkadot team recently released updates on their Roadmap Roundup, aiming to reduce the duration of parachain blocks to six seconds and increase the amount of block space available by a factor of 5-10. In December 2021, Deutsche Telekom bought a large amount of DOT tokens while its subsidiary T-Systems Multimedia Solutions purchased more tokens to support staking activities on the Polkadot network.
Polkadot has been capitalizing on the bullish sentiment seen across other markets lately. It registered an almost 17% hike over the last seven days and is currently trading at just above $6 after hitting an all time high value back in November 2021 at $55 per token. Despite Ethereum emerging as serious competition for Polkadot, Robert Habermeier – Co-Founder – claims he’s happy to see Ethereum transition from PoW to PoS mechanism, viewing Polkadot as „ETH collaborator.“
The Asynchronous Backing update aims to reduce the duration of parachain blocks to six seconds, increase block space available by a factor 5-10 and allow blocks that don’t make it onto relay chain first try be reused. This is evidence for consistent level development activity around project such as Bifrost announcing liquid staking via Polkadot blockchain on Twitter or transactions per second capacity increasing up 100 000 – 1 000 000 thanks upgrade.
Deutsche Telekom Investment
Deutsche Telekom made notable investment into polka dot ecosystem when buying large amount DOT tokens in December 2021 . Subsidiary company T Systems Multimedia Solutions followed suit with additional purchase helping out groups staking network .
Price Predictions for 2023/24
Currently polka dot still pretty volatile with market performance largely depending other crypto trends . Price could go either way but due recent investments from Deutsche telekom , progress roadmap roundup , higher transaction capacities more optimistic scenarios are more likely long run .
- The U.S. SEC rejected investment manager VanEck’s application to create a spot Bitcoin exchange-traded product (ETP).
- The SEC alleged that no exchange has demonstrated its fund’s resilience to fraud.
- Commissioners Mark Uyeda and Hester Peirce criticized the Commission’s decision.
VanEck’s Application Rejected by U.S. SEC
The United States Securities and Exchange Commission (U.S. SEC) yesterday rejected the investment manager VanEck’s application to create a spot Bitcoin exchange-traded product (ETP), reported Reuters. Commissioners Mark Uyeda and Hester Peirce immediately issued a statement criticizing the Commission’s decision not to approve the listing and trading of VanEck’s product on the grounds that since there is no underlying regulated market, VanEck does not have a comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot Bitcoin.
Previous Denial for Cboe BZX Exchange Proposal
When Cboe BZX Exchange applied to the SEC last month to list Wise Origin Bitcoin Trust, it was also denied due to inadequate information provided by the exchange in demonstrating that its fund is designed to prevent fraudulent and manipulative acts as well as protect investors and public interest from any cross-market pricing differences caused by arbitrage across different Bitcoin platforms.
SEC Requirement for Market Surveillance Agreement
For months, the SEC delayed making a decision on VanEck’s current, and third, application for an ETP until recently when it concluded that since there is no underlying regulated market, VanEck does not have a comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot Bitcoin which meets its criteria for approval of any commodity-based ETPs listed on exchanges.
Criticism from Commissioners
Commissioners Mark Uyeda and Hester Peirce criticized this decision citing that they had previously not required any connection between the spot and futures markets for other commodity-based ETPs while stating that “the Commission is using a uniquely burdensome definition of ’significant‘ in its analyses of spot Bitcoin ETP filings“.
In conclusion, as authorities begin controlling crypto markets further, it may take some time before approval can be granted for crypto spot ETFs listing on exchanges due to stringent requirements imposed by regulators such as providing evidence demonstrating funds’ resilience against fraud or manipulation which requires an extensive surveillance sharing agreement with an adequately sized relevant market.
- Bone ShibaSwap [BONE] was recently in the limelight as it entered the list of top 100 cryptocurrencies by market capitalization.
- However, BONE’s rank has since declined and is currently at the 104th position.
- BONE’s on-chain metrics suggest that its adoption has increased, but its price is declining and whales‘ confidence in the token is waning.
Bone ShibaSwap [BONE] Price Analysis
Bone ShibaSwap [BONE], a token in the Shiba Inu [SHIB] ecosystem, was recently celebrated for entering the list of the top 100 cryptocurrencies in terms of market capitalization. The hype around this token got a further push when Crypto.com announced that it had listed BONE on its platform. However, BONE’s rank has since declined and is now at the 104th position in terms of market capitalization.
CoinMarketCap’s data reveals that BONE has not had a comfortable week as its price registered a decline of more than 19% over the past seven days. At press time, it was trading at $1.58 with a market capitalization of over $363 million. Despite this price dip, BONE’s on-chain metrics have been commendable over recent weeks including an increase in gas used by its contract which implies increased usage for this token.
A look at BONE’s exchange flows suggests that the overall sentiment towards this asset is bearish. Exchange inflow for BONE spiked while exchange outflow declined which indicates an advantage to sellers rather than buyers. Additionally, whales’ confidence in BONE appears to have decreased as supply held by top addresses went down last week.
Price Prediction 2023-24
As per CoinCodex’s Bone ShibaSwap [BONE] Price Prediction 2023-24 report, experts anticipate that BONE’s price will go up to $3 during 2023 and reach $5-$6 mark by 2024 if everything goes fine with SHIB adoption rate increasing significantly during next months and years to come.. However, given current bearish sentiments related to SHIB investors might be worried about their investments going forward.
Despite an increase in adoption for Bone ShibaSwap [Bone], its overall health doesn’t seem to be great according to current exchange flow and whale activity metrics . Although there are certain optimistic predictions regarding Bone’s future performance , investors should always do their own research before investing .