DApps
What is CeDeFi, and why does it matter?
Among the advantages of CeDeFi are lower fees, better security, accessibility, speed and lower cost. CeDeFi’s innovative approach to decentralized banking enables users to trade CeDeFi crypto assets without requiring a centralized exchange. This implies that users may transact directly with one another, removing the need for an intermediary. Among CeDeFi’s major advantages is lower fees. CeDeFi transactions cost lower than those on comparable platforms since there are fewer middlemen involved, especially on networks that are not Ethereum-based. Ethereum has very high gas fees, for instance, with DEX transactions running into hundreds of dollars. It also often causes network congestion issues, leading to delays. Binance CeDeFi, on the other hand, has much lower fee...
Celestia: Launching a blockchain to be as easy as deploying a smart contract
Developers and communities will be able to deploy their own sovereign, custom-made blockchains at the “click of a button” says Celestia co-founder Ismail Khoffi. Speaking with Cointelegraph at Korean Blockchain Week 2022 last week, Khoffi said that the project’s vision is to decouple the consensus and application execution layers to unlock new possibilities for decentralized app builders. Celesita is basically a stripped back minimalist layer one blockchain that offers users the infrastructure that makes it easy to deploy their own blockchain, or layer two rollup. in the future, we’ll all be able to have our own blockchains. and it represents one of the biggest social revolutions of our lifetimes. here’s 10 ways it could change technology, finance, work, and entire political systems ...
Decentralized apps on Polygon hit 37,000, rocketing 400% this year
The number of decentralized applications (DApps) on Ethereum-scaling-platform Polygon has topped 37,000, marking a 400% increase since the start of 2022. The Polygon team shared the figures via an Aug. 10 blog post, which was sourced from partnered Web3 development platform Alchemy, noting that the figure represents the cumulative number of applications ever launched on both the testnet and mainnet. It also noted that the number of monthly active teams — a measure of developer activity on a blockchain — reached 11,800 at the end of July, up a whopping 47.5% from March. The project team also highlighted a breakdown of dApp projects which notably showed that “74% of teams integrated exclusively on Polygon, while 26% deployed on both Polygon and Ethereum.” Polygon’s EVM compatible ...
BNB rallies 39% despite smart contract deposits dropping 28% — Should investors be worried?
Cryptocurrencies’ total market capitalization bounced from $860 billion on June 30 to the current $1.03 trillion, a 20.6% relief in five weeks. Ether (ETH) might have been the absolute leader among the largest smart contract chains, but BNB managed to gain 39% over that period. BNB (blue) vs. Ether (orange), AVAX (cyan), SOL (yellow). Source: TradingView BNB token’s year-to-date performance remains negative by 43%, but the current $49.5 billion market capitalization ranks it the third largest, excluding stablecoins. Furthermore, the leading decentralized application (DApp) is PancakeSwap — 843,630 active addresses in the past seven days — which runs on BNB Chain. The token serves primarily as a utility asset within the Binance exchange ecosystem, enabling traders to earn discounts or ...
Polygon gains 83% in a month, but data show project has been losing traction
Polygon (MATIC) had a promising July, gaining an impressive 83% in 30 days. The smart contract platform uses layer-2 scaling and aims to become an essential Web3 infrastructure solution. However, investors question whether the recovery is sustainable, considering lackluster deposits and active addresses data. MATIC/USD on FTX. Source: TradingView According to Cointelegraph, Polygon rallied after being selected for the Walt Disney Company’s accelerator program to build augmented reality, nonfungible token (NFT) and artificial intelligence solutions. Polygon announced on July 20 plans to implement a zero-knowledge Ethereum Virtual Machine (zkEVM), which bundles multiple transactions before relaying them to the Ethereum (ETH) blockchain. In a recent interview with Cointelegraph, Polygon...
Avalanche (AVAX) price drops 45% in a month and data points to further downside
Avalanche (AVAX) is down 45% in 30 days and in the same time the cryptocurrencies’ total market capitalization shrank by 29%. Despite the recent downturn, this decentralized application (DApp) platform remains a top contender in the layer1 and layer2 race and it ranks high in terms of smart contract deposits and active addresses. Yet, the lackluster token price is still causing investors to rethink whether the network remains a “serious” competitor. AVAX token/USD at FTX. Source: TradingView The brutal sell-off on risk assets caused AVAX to test the $14.80 support multiple times, while the current market capitalization stands at $4.8 billion. It’s important to also note that the network’s total value locked (TVL) holds an impressive $3.2 billion. As a comparison, Solana (SOL) o...
Metaverse tokens up 400% year on year despite altcoin bloodbath
Metaverse tokens are vastly outperforming every other crypto category in the current bearish condition, up by nearly 400% year-on-year. Leading the gains are Decentraland (MANA) up 41%, Sandbox (SAND) up 470%, Axie Infinity (AXS) up 511%, and STEPN (GMT) up 746% according to data from the May 2022 market report by Kraken Intelligence and CoinGecko. Metaverse tokens can be used to pay fees, buy land, and participate in governance. The #NFT boom of 2021 has not only drawn mainstream attention to digital art investments, it has also popularized the crypto metaverse. Kraken Intelligence’s report takes a closer look at how the crypto metaverse will change the way we communicate: https://t.co/kjrf6Pu8yg pic.twitter.com/YHpljpBJR9 — Kraken Exchange (@krakenfx) June 7, 2022 The next highest ...
Finance Redefined: Samson Mow’s DeFi question, Fireblocks expands to institutional and more
The week was filled with several new project developments and key updates from leading decentralized applications (DApps) and decentralized finance (DeFi) protocols. Fireblocks has expanded its institutional access to Terra’s DeFi ecosystem and Solana partnered with the Notifi network to improve the abysmal participation rates in governance votes. We will also look into the Cointelegraph research into the Terra ecosystem’s future and see if it can sustain the current growth. Samson Mow, the former executive at Blockstream, questions the decentralized aspect of the DeFi ecosystem. Top DeFi tokens saw another week of bearish price action despite several new developments and barring a few, the majority of the tokens in the top-100 registered double-digit losses over the past week. Fireblocks ...
Avalanche (AVAX) loses 30%+ in April, but its DeFi footprint leaves room to be bullish
Avalanche (AVAX) price is down more than 30% in April, but despite the negative price move, the smart contract platform remains a top contender for decentralized applications due to its scalability, low-cost transactions and its large footprint in the decentralized finance (DeFi) landscape. AVAX token/USD at FTX. Source: TradingView The network is compatible with the Ethereum Virtual Machine (EVM) and unique in that it does not face the same operational bottlenecks of high transaction fees and network congestion. Avalanche was able to amass over $9 billion in total value locked (TVL) by offering a proof-of-stake (PoS) layer-1 scaling solution. This indicator is extremely relevant because it measures the deposits on the network’s smart contracts. For instance, the BNB Chain, running since S...
Crypto Bahamas: Attendees talk the future of NFTs
The crypto community headed to Nassau in the Bahamas this week for the inaugural Crypto Bahamas conference. Like most conferences, panels fill up the agenda and on Wednesday the topics at Crypto Bahamas ranged from NFTs to crypto in sports and to asset allocation in Web3. During one particular conversation, titled Evolution of NFTs: Culture, Utility and Regulation, panelists had some insightful musings on the NFT market. To put the Crypto Bahamas conference into context, Sam Bankman-Fried’s cryptocurrency exchange FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021. It recently inked a multi-year partnership with Anthony Scaramucci’s investment firm SkyBridge Capital, and its events arm SkyBridge Alternatives, or SALT. They jointly presented the conferenc...
Crypto Bahamas: Attendees talk the future of NFTs
The crypto community headed to Nassau in the Bahamas this week for the inaugural Crypto Bahamas conference. Like most conferences, panels fill up the agenda and on Wednesday the topics at Crypto Bahamas ranged from NFTs to crypto in sports and to asset allocation in Web3. During one particular conversation, titled Evolution of NFTs: Culture, Utility and Regulation, panelists had some insightful musings on the NFT market. To put the Crypto Bahamas conference into context, Sam Bankman-Fried’s cryptocurrency exchange FTX moved its headquarters from Hong Kong to the Bahamas in Sept. 2021. It recently inked a multi-year partnership with Anthony Scaramucci’s investment firm SkyBridge Capital, and its events arm SkyBridge Alternatives, or SALT. They jointly presented the conferenc...
Ethereum on-chain data hints at further downside for ETH price
Analyzing Ether’s (ETH) current price chart paints a bearish picture, which is largely justified by the 11% drop over the past month, but other traditional finance assets faced more extreme price corrections in the same period. The Invesco China Technology ETF (CQQ) is down 31% and the Russell 2000 declined by 8%. Ether price at FTX, in USD. Source: TradingView Currently, traders fear that losing the descending channel support at $2,850 could lead to a stronger price downturn, but this largely depends on how derivatives traders are positioned along with the Ethereum network’s on-chain metrics. According to Defi Llama, the Ethereum network’s total value locked (TVL) flattened in the last 30 days at 27 million Ether. TVL measures the number of coins deposited on smart contr...
