Bitcoin Price: U$42,202.01 (-2.02%)
Ethereum Price: U$3,209.67 (-0.29%)
Platypus’ Growth, Fantom Bridgoors, & BTC Fishes Accumulate
- Bridge data shows that deposits into Fantom have risen significantly since the start of this year. The token prices of various native dApps have risen substantially alongside this, attracting more yield farmers.
- In our last daily, we mentioned that Andre Cronje and Daniele Sesta, two prominent builders in the crypto space, have publicly voiced support for the Fantom chain, contributing to the flurry of activity. Andre is also working on a new DEX primitive for Fantom
- Fantom ecosystem tokens have trended upwards since the beginning of December. As the Fantom network gains traction, we’re seeing more capital flow into the entire ecosystem.
- But the inflow of TVL is driven by a specific catalyst. With ve(3,3) by Andre Cronje looking to launch soon, Fantom dApps have been trying to boost their TVL to gain a larger share of the ve(3,3) token. According to preliminary documentation, the project will distribute tokens to the top 20 Fantom dApps by TVL.
- Since removing their $10M deposit cap and launching their liquidity mining on Jan. 14, TVL on Platypus Finance has skyrocketed as investors flock for high APYs.
- Platypus is a stableswap protocol native to the Avalanche chain that allows single-sided liquidity provision. Depositors can stake its native token PTP in exchange for higher deposit weights and thus increased liquidity mining rewards.
- Big BTC accounts were accumulating BTC at the start of Dec. 2021, but this trend began to stagnate toward the end of the month. Smaller BTC accounts have started accumulating since the end of last year, which is usually indicative of further drawdowns.
- It’s easy to see retail accumulation as a positive sign, as it means retail buyers are re-entering BTC. Furthermore, supply held by bigger accounts is stable, which might indicate whales are holding their stack with diamond hands. However, it’s obviously an ideal scenario to see whales in accumulation, as this tends to coincide with positive price action for BTC. The lack of whales increasing their BTC holdings could suggest there’s more blood to come.
OpenSea surpasses $3.5B in monthly Ether trading volume setting new ATH
- With two more weeks left in January, nonfungible token (NFT) marketplace OpenSea has seen its monthly trade volume in Ether (ETH) exceed $3.5 billion for the first time ever.
- According to data from Dune Analytics, OpenSea has now surpassed the all-time high of $3.42 billion set in August 2021 to establish a new all-time high, surpassing the $3.5 billion mark in Ether trading volume.
- The surge in NFT trade volume appears to be fueled by the price increase in Bored Ape Yacht Club (BAYC) and its sibling collections, Mutant Ape Yacht Club (MAYC) and Bored Ape Kennel Club (BAKC). BAYC, which has a large number of celebrity owners, is still the most popular NFT collection on OpenSea, with 14,306 ETH (nearly $47 million in current market value) traded over the last 24 hours.
Singapore bars crypto service providers from advertising in public spaces
- The Monetary Authority of Singapore (MAS) issued a new set of guidelines for digital payment token (DPT) providers, barring them from marketing their services in public areas.
- The guidelines, which were issued on Monday, also warned the general public of the high risks associated with the crypto market in addition to prohibiting DPT companies from advertising their services in public places, such as public transportation, public transportation venues, public websites, social media platforms and broadcast and print media.
- The new set of guidelines will be applicable for all the registered crypto services providers as well as those who are in the transitional period.
Tonga accepts Bitcoin donations amid tsunami onslaught
- On Friday, the Kingdom of Tonga experienced the shockwave of a massive volcanic eruption of the Hunga Tonga-Hunga-Ha’apai volcano.
- More eruptions ensued after the first, leaving the citizens of Tongatapu, the main island of Tonga, to face down a tsunami.
- Amid the difficulties, crypto holders expressed their sympathy and intent to donate Bitcoin (BTC) to help with the relief operations. Twitter user Onair Blair urged Bitcoin supporter and former Tongan lawmaker Lord Fusitu’a to set up a wallet address where people can donate Bitcoin for Tonga’s relief funds.
CBDCs and stablecoins: EY advises banks to ‘prepare for what’s coming’
- Big Four accounting firm Ernst & Young has recommended that banks should change their regulatory perimeter to address the oncoming launches of state-backed central bank digital currencies (CBDC) and private stablecoins.
- EY’s “2022 Global Regulatory Outlook” highlighted the need for a policy change that can help financial services firms overcome business uncertainties amid mainstreaming of digital assets and cryptocurrency. While acknowledging the uncertainty regarding the digital assets market, the report states:
- “If customers can keep their money with a central bank, they have no need for a retail bank, and firms will see their interest rate margins contract precipitously.”
Is Walmart gearing up to enter the metaverse?
- It appears that retail giant Walmart is getting ready to enter the metaverse, with patent filings indicating that it plans to create its own cryptocurrency and nonfungible token (NFT) collection.
- The multinational retailer filed several new trademarks with the United States Patent and Trademark Office on Dec. 30, however, they remained unnoticed until a Sunday report by CNBC shed more light on Walmart’s ambitions.
- Walmart filed a total of seven patent applications at the time, including three under its existing advertising division “Walmart Connect.”
- The applications included plans to create and sell “virtual goods,” including the likes of electronics, toys, appliances, apparel and home decor. There’s also mention of a “digital currency” and “digital token” and opportunities to buy and sell NFTs.
Australian football league secures $25M deal with Crypto.com
- In what comes as the first major crypto sports sponsorship deal down under, the Australia Football League (AFL) has secured a partnership with Crypto.com to back its women’s league (AFLW).
- The deal is worth close to $25 million over the next five years, a marked increase from the AFL’s existing $18.5 million sponsorship contract with Toyota. Crypto.com is a Singapore-based crypto exchange offering digital wallets and crypto-backed debit cards.
- The partnership will mark Crypto.com’s first time sponsoring an Australian sports team. It will also be its first time sponsoring an elite women’s sports competition worldwide, a milestone of which AFL executive general manager customer and commercial Kylie Rogers said she’s “proud” to be part.
