Wednesday, 1 September 2021

Market Summary

Market Summary 1 September 2021

Fiery Incentive Programs and a Silver Lining for BTC

  • Both Fantom and Avalanche took a leaf out of Polygon’s playbook and introduced incentive programs this month im a bid to increase visibility for their respective chains. This has been effective, as evidenced by the sharp growth in TVL and transaction count.
  • Avalanche DeFi tokens entered a price slump admist Fantom’s announcement of a new liquidity mining program. This competitive nature of these liquidity mining programs is resulting in mercenary capital moving from ecosystem to ecosystem.
  • BTC is trading sideways again, but on-chain accumulation data suggests the HODLers are still buyers at these levels.

 

Data suggests Uniswap is 36% overvalued and SushiSwap trades at a discount

  • An exchange token valuation methodology suggests that SUSHI trades at a 33% discount and that UNI price is 36% overvalued.

 

Surge in activity and token prices show ‘DeFi Summer 2.0’ already started

  • DeFi platforms have seen a steady surge in user activity and token prices, leading some analysts to say that the ‘DeFi Summer 2.0’ is well underway.
  • According to data from Dune Analytics, the number of new participants coming into the DeFi ecosystem has risen non-stop over the past year reaching a record 3,285,643 total users as of Aug. 31.
  • With Bitcoin still struggling to gain momentum below $50,000, it’s possible that the market is headed toward an altcoin season and if that occurs, the top DeFi protocols with strong long-term fundamentals are likely to benefit from the bullish momentum.

 

El Salvador approves $150 million trust fund to support bitcoin ambitions

  • According to an announcement from El Salvador’s Legislative Assembly, the fund will aid in rolling out the $30 bitcoin bonus that citizens will receive when they sign up for Chivo, which supports the conversion of cryptocurrency to dollars. 
  • El Salvador estimates it has 50,000 bitcoin users today and expects to increase that number to 4 million, according to that announcement. 

 

FTX US to Launch Crypto Derivatives After LedgerX Acquisition

  • FTX.US is set to acquire crypto derivatives exchange LedgerX, bringing Bitcoin and Ethereum futures and options to its U.S. customers.
  • The terms of the deal, which are expected to be completed by October 2021, have not been disclosed, and it will have no impact on LedgerX’s operations as the exchange will continue to provide its current offerings to the existing customer base.

 

a16z shines the spotlight on DAOs by leading Syndicate’s Series A

  • Syndicate’s vision for decentralized autonomous organizations was one of the biggest selling points for Andreessen Horowitz.
  • Ali Yahya, one of Andreessen’s general partners, said that the company was attracted to Syndicate’s vision of DAOs being at the center of economic coordination between people. 
  • DAOs, which are internet-native organizations that are collectively owned and managed by community members, have the potential to replace the archaic legacy systems currently in use.

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