Bitcoin Price: US$ 37,311.61 (+1.13%)
Ethereum Price: US$ 2,695.46 (+0.55%)
BitDAO Accumulates, CowSwap Soars, & Azuki’s Recent Rise
- BitDAO is an investment DAO that supports builders in the decentralized ecosystem through partnerships and funding. BitDAO benefits from its successful investments that will contribute back to the BitDAO treasury.
- Since its inception, ByBit has pledged to contribute 2.5bps of its futures trading volume towards the BitDAO treasury. The contributions from ByBit have exceeded $500M in value since it started on July 21st and are continuing to grow at $1-2M daily contributions.
- BitDAO’s treasury currently sits at $2.1B, making it one of the largest DAO treasuries.
- Recently, BitDAO has passed two notable initiatives. The first was a $200M commitment to zkDAO, which aims to promote the development and adoption of zkSync. In addition, it approved a $400M commitment to Game7, a blockchain gaming acceleration DAO.
- CowSwap has achieved another record-breaking month, crossing $2B in swap volumes on Jan 2022. CowSwap’s simple and gasless UI makes it easy for users to trade even without holding ETH to pay for gas. Their unique design allows for Coincidence of Wants (CoWs), which matches P2P trades that reduce swap fees, transaction batching that optimizes gas usage and MEV protection that prevents sandwich attacks for their users.
- SandBox land transfers have become much more active over the past week, peaking at 10k daily transfers a few days back. However, the volume is still well below November’s “Meta” season, when Facebook announced its major initiative.
- SandBox recently partnered with Warner Music Group, giving fans hope for a potential metaverse concert by their favorite artists.
- In addition, they announced their $50M Metaverse Accelerator program alongside Brinc and Animoca Brands to support the metaverse development.
- In less than 20 days since mint, Azuki has cracked the top 10 list of collections by all-time trading volume. Its floor price has more than doubled in the past 7 days, breaking 10 ETH and hitting a high of almost 15 ETH. There were several large 150 ETH sales, including this fire-hair to Arthur0x. There is a growing consensus that the anime art in the collection is top-notch.
- The parabolic rise in Azuki price has led to a price surge for PFP collections inspired by Asian comic book styles, as speculators try to catch the “next Azuki.” This includes Zipcy’s SuperNormal (Korean Manhwa-style), Lives of Asuna & Killer GF (Japanese Anime-style). This trend will likely continue so long as Azuki remains a popular collection.
Immutable X (IMX) price soars after GameStop partnership and new project launches
- One project that has benefited from the persistent bullishness in the NFT space is ImmutableX (IMX), a layer-2 scaling solution for NFTs on the Ethereum network designed to offer near-instant transactions and zero gas fees for minting and trading
- Three reasons for the price turnaround in IMX include the announcement of a new partnership with GameStop, the listing of the IMX token on Binance and the continued strength of the NFT space as a whole.
NFT project blankets Texas capital city in pro-crypto billboards
- The founder of a website guiding readers through the digital asset market started a campaign in Austin to increase awareness of Bitcoin and other cryptocurrencies.
- Speaking to Cointelegraph, marketcap.guide founder Sam Feldman said he had deployed more than 100 billboards around the Texas capital city since July, each sharing a different message on Bitcoin (BTC), nonfungible tokens and other aspects of the crypto space. Though the ads are aimed at encouraging adoption, funding for many of them came from tokenizing drone photos of the billboards and selling the resultant NFT.
- The project claims to have spent more than $624,000 on the existing billboards before fully launching sales of the NFTs on Solana (SOL). According to Feldman, he plans to use 70% of the revenue from sales — bids are as high as $450 at the time of publication — to fund future billboards, with the remainder going to his team.
Web3 developer growth hits an all-time high as ecosystem matures
- “Web3” may be one of the biggest buzzwords of 2022, but the idea of creating an entirely decentralized platform to host decentralized applications has long been a vision of the crypto community. While it’s notable that some blockchain companies began building out Web3 applications four or five years ago, the Web3 space has only started gaining traction recently.
- The recent growth of Web3 was highlighted in a new report from Electric Capital, a venture capital firm that has been investing in Web3 companies since 2018. The “Electric Capital 2021 Developer Report” analyzed data from nearly 500,000 code repositories and 160 million code commits across Web3, finding that over 34,000 new developers committed code to Web3 projects in 2021 — the highest number of developers in history according to the document.
- Moreover, the report pointed out that 65% of active developers and 45% of full-time developers started working on Web3 last year. The document also found that over 18,000 monthly active developers commit code to open-source crypto and Web3 projects today, primarily building on the Ethereum network.
