Hello, crypto enthusiasts, are you staying with us for more bullish/bearish signals and industrial insights? This week, we are starting with a crazy sale in the NFT market, and then talk about Bitcoin, DeFi and Coinbase’s direct listing.
NFT artist Beeple crashed the crypto art marketplace MakersPlace on 28th Feb.
At $1 a piece, and limited to only 105 pieces on the blockchain, Beeple’s latest drop was feverishly anticipated.
Unfortunately, the traffic the immensely popular digital artist brought to MakersPlace completely crashed the website, leading to “504 Gateway Time-out” notifications for anyone hoping to snap up the limited edition. Most of the 105 editions remain unsold.
Knowing that the crash was unfair on fans who’d gone onto the website at the right time, Beeple will sell the remaining editions of The 5000 Day Selects via a raffle. All collectors who showed up on time with a registered and verified MakersPlace account will be considered for the raffle.
MakersPlace’s volume didn’t go up much on 28th Feb due to the crash. And the popularity of this sale was completely reflected by the active users, which increased sharply on that day and broke ATH 2K, of course exceeding the website’s capacity. Users continued to rush to the platform, wishing they would be picked for the later raffle.
Strategists at Wall Street banking giant JPMorgan have suggested that a 1% portfolio allocation to Bitcoin would serve as a hedge against fluctuations in traditional asset classes such as stocks, bonds, and commodities.
According to Bloomberg, JP Morgan strategists Joyce Chang and Amy Ho stated in a note to clients: “In a multi-asset portfolio, investors can likely add up to 1% of their allocation to cryptocurrencies in order to achieve any efficiency gain in the overall risk-adjusted returns of the portfolio.”
Although Bitcoin has slid a bit these days, it is up 60% since the beginning of this year. A long list of major investment institutions has entered the market in 2021, including Paul Tudor Jones, Stan Druckenmiller, Tesla, and MicroStrategy.
1inch, the DEX aggregator, is now live on Binance Smart Chain (BSC), hedging its bets on Ethereum’s ability to handle more transaction volume.
1inch users will now get access to PancakeSwap (CAKE), BakerySwap (BAKE), Venus (XVS), BurgerSwap (BURGER), and other BSC-based DEXs and lending protocols. This can help users avoiding the high gas fee on Ethereum.
(The black dot line represents 1INCH token price)
1INCH token price increased by 6.7% in the past 24 hours. It shows a similar trend as its users and transactions.
You can search Binance Smart Chain on dapp.com to check all the DeFi, DEX, and many other products. Next week, we will list Binance Smart Chain and support tracking all the dapps and tokens live on the blockchain. You can monitor the projects’ TVL, volume, users, etc, as well as all the tokens on BSC for your trading analytics including active wallet address, holders, value locked, etc.
To celebrate the listing, new campaigns are also on the way. Stay tuned for good news next week!
Digital asset manager Grayscale is considering 23 cryptocurrencies for new investment products, revealing the shortlist of cryptocurrencies that it's choosing from in a press release.
The list of 23 cryptocurrencies includes several high market cap coins, some DeFi coins and a few VC-backed projects.
The most well-known projects are Polkadot and the blockchain platform EOS. VC-backed products include decentralized file storage platform Filecoin and Bitcoin-based smart contract platform Stacks. It also includes Chainlink, an oracle network that underpins many decentralized apps.
(The black dot lines represent token prices)
Aave and MakerDAO have had great on-chain performance in the past 7 days. Their active users, transactions and volume all increased. Aave’s 7d volume increased by 86.41% and MakerDAO’s 7d volume increased by 69.35%.
(The peak volume on 5th Feb is due to the Yearn Finance hack)
(The black dot lines represent token prices)
However, Yearn.Finance and Synthetix seem to have total difference data performance. Both projects’ active users, transactions and volume decreased. Yearn.Finance’s 7d volume decreased by 37.89% after the hack on 5th Feb. While Synthetix’s 7d volume decreased by 33.46%.
It’s important to track a DeFi or DEX’s on-chain data, because the token price possibly correlates to its performance.
Coinbase, the largest crypto exchange in the United States, has filed with the Securities and Exchange Commission (SEC) to become a publicly-traded company through a direct listing, not an initial public offering.
Early reports suggest the company will be worth around $104 billion. That figure has led Bloomberg and Axios, among others, to note that the cryptocurrency giant's public listing will be the most valuable of any U.S. tech company since Facebook.
Coinbase shares to be debut on the Nasdaq in the coming weeks, FTX allows you to trade Coinbase’s stock shares before listing by issuing a pre-listing futures contract market.
Since Coinbase posted its S-1 regulatory filing, pre-listing shares on FTX are going up in price. The shares, under the representation of CBSE tokens, now trades at about $402 in FTX. When it was originally issued last December, it was worth just $239. The price went up by 68.2%. Before you trade Coinbase stocks, don’t forget to get a $30 fee voucher here.
Besides Coinbase, you can trade over 40 tokenization stocks on FTX.
Apart from FTX, you can trade stocks and earn interest from stocks in the crypto world by staking real stock shares in Mirror Protocol, an innovative synthetic + mining DeFi protocol, for a rather high APY. So far, the pools in Mirror Protocol support many leading global companies’ stocks including Tesla, Twitter, Netflix, Amazon, Microsoft, Alibaba, Google, Apple, etc. (This DeFi Protocol Becomes Whales’ Next Target?)