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Home > News
Published: 18/03/2024
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Author: Leexim
Solana DeFi TVL Skyrockets by 80% in One Month
Despite the overall market downturn, demand for SOL remained resilient, driving Solana's DeFi TVL to soar by more than 80% in the past month.
Azcnews (1)
The DefiLlama data reveals a remarkable surge of over 80% in the Total Value Locked (TVL) of Solana’s decentralized finance (DeFi) ecosystem over the past month. This impressive growth has propelled Solana’s DeFi TVL to its highest point in two years, currently standing at $3.8 billion. Among the top 5 DeFi networks by TVL, Solana ranks as the blockchain with the highest growth rate in the past month.
The surge in Solana’s TVL over the past month can be attributed to a significant increase in trading volume on Layer 1 (L1) DeFi protocols within the network. Since the beginning of the month, the total daily trading volume recorded on these protocols has surged by 125%. In fact, on March 15th, trading volume on Solana’s DeFi reached its highest level in years at $3.7 billion.
The network’s total fees reached $3.61 million on March 16th, marking the highest daily fee collection since its inception. Revenue generated from these fees amounted to $1.6 million, representing the network’s highest daily revenue.
Blockchains ranked by DeFi TVL
Source: DefiLlama
Related: Ethereum and Solana Follow Bitcoin’s Trend
SOL Challenges Market Trajectory
At the time of writing, SOL has traded hands at $187. According to CoinMarketCap data, the altcoin’s value has surged by 72% over the past month. While the rest of the market grapples with price reversals, SOL bucks the trend as optimism grows. Analysis of its daily chart movement indicates a stable increase in demand for SOL.
Solana DeFi
Source: DefiLlama
For instance, the On-Balance Volume (OBV), which tracks buying and selling pressure of the coin, is showing an upward trend at press time. At 591.42 million at the time of reporting, SOL’s OBV has surged by 16% since the beginning of March. When a coin’s OBV witnesses such growth, it indicates increasing buying momentum.
SOL/USDT 1-Day Chart
Source: TradingView
The rising trend in SOL’s Chaikin Money Flow (CMF) further confirms this growth. This indicator measures the flow of money into and out of an asset. Currently standing at 0.27, up from 0, SOL’s CMF indicates a growing influx of liquidity into the market.
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Avatar of Lucien Razafindrafeno
Lucien Razafindrafeno
18/03/2024 at 4:24 am
Thanks for your support ofduty
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Home > News
Published: 18/03/2024
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Author: Leexim
Short-Term Bitcoin Investors Have Reaped Profits
Bitcoin has dropped below $69,000 amid short-term investors taking profits.
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Table of Contents
Bitcoin (BTC) is recording significant profit fluctuations, especially from short-term investors. The price of this digital currency is currently hovering at $68,740.53, having shown signs of recovery and significant growth in recent times.
Short-term investors take advantage of the profits
However, blockchain data and market analysis show a notable profit-taking trend among investors holding BTC for less than five months, according to data from CryptoQuant. The Spent Output Profit Ratio (SOPR) points to a significant move parallel to the profit-taking trend observed in previous bull markets.
Short-term investors are taking advantage of this opportunity to withdraw profits. Analysis of SOPR data shows that short-term BTC holders are actively taking profits, creating a trend similar to what the market has seen in the past.
This marks a pivotal period for Bitcoin, reflecting market sentiment from record high prices. Crypto Dan emphasized that, “This opportunity only comes around every few years,” given its rarity and importance given the current market situation.
Regardless of the potential effects of this trend, the launch of a spot Bitcoin ETF and the expected inflows from institutional and individual investors are creating a complex landscape, making it difficult to interpret the activities. This profit-taking action in the current bull market context becomes a challenge.
Bitcoin’s Resilience
The analyst argues that Bitcoin is set for a strong resurgence in 2024 after a short correction period. Bitcoin’s resilience has been highlighted by crypto experts such as James Check, who is known as @Checkmatey on social media, giving further insight into the market’s behavior.
By analyzing Bitcoin’s Market Value to Actual Value (MVRV) ratio and Actual Price, Check reveals the psychological valuation patterns that influence investor decisions. He noted that the +1 standard deviation, currently at $70.8k, serves as an incentive for many investors to secure their profits.
Related: Miners Exert Pressure Leading to Bitcoin Price Drop
This resulted in the re-introduction of approximately 735k BTC into the market, with an estimated 60% coming from the Grayscale Bitcoin Trust (GBTC) and the remainder from individual holders. Regardless of this selling activity, the Bitcoin market only recorded a 20% correction from the FTX lows, showing the strength and demand-driven nature of the current bull market. “This is one of the strongest BTC emergences in spot demand in bull market history,” he added.
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Published: 18/03/2024
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Author: Kane
Canto Abandons Plan to Become Layer-2
Canto has decided to abandon its plan to become a Layer-2 solution on the Ethereum network and return to Cosmos Layer-1, resulting in an immediate significant price increase.
The layer-1 blockchain Canto made a surprising turnaround when it decided to abandon its plan to become a layer-2 solution on the Ethereum network as previously announced.
The plan to switch to layer-2 was disclosed by Canto in September last year. At that time, Canto collaborated with Polygon to utilize the CDK toolkit of the Polygon blockchain. However, this decision has been scrapped. The latest announcement from the project stated:
In the past few months, we have closely collaborated with Polygon to explore integration and decided to use their Type-1 prover to maintain the essence of layer-1, instead of transitioning to layer-2 as initially planned. This decision has been unanimously agreed upon by the project team.
In the same announcement on March 15, Canto introduced a new update named the “Cyclone Stack,” aiming to expand the scale and enhance the performance of the blockchain. This update includes 3 main upgrades: Calristo, Kallichore, and Elara.
Canto stated that their Cyclone Stack will be fully compatible with all current EVM tools and applications. They assessed this comprehensive upgrade as a significant step towards achieving high performance and scalability for Canto.
Canto was launched in September 2022 with the goal of developing DeFi solutions. This layer-1 blockchain is built on the Cosmos infrastructure and has integrated EVM to seamlessly connect with the Ethereum network. The protocol peaked in early 2023 when the CANTO token saw significant price increases and entered the top 10 blockchains with the highest DEX trading volume.
Related: Layer-2 Networks Begin to Reap Benefits from Dencun
CANTO chart after this announcement
Chart Canto
Chart CANTO
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#canto
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Avatar of Dibyendu patra
Dibyendu patra
18/03/2024 at 8:55 am
Very good platform
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Home > News
Published: 18/03/2024
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Author: Kane
What is Book Of Meme? Information about BOME Token?
Book of Meme - a memecoin project on Solana that caused a sensation by being listed on Binance within 3 days of its launch. So what is Book of Meme? Is the BOME Token worth investing in? Let's find out right away!
Azcnews Breaking
Table of Contents
What is Book Of Meme?
BOOK OF MEME (BOME) marks the emergence of a new generation memecoin project by combining elements of memecoin, social media, and developing a digital storage repository for memes.
The project’s goal is to revolutionize the operations of the Web3 cultural market by integrating memes, decentralized storage models, and minimizing unreliable transaction activities. Specifically, the project is utilizing the BOME meme token on Solana along with technology from Arweave and IPFS to develop the primary storage location for BOOK OF MEME. Additionally, the project plans to expand in the future to utilize Bitcoin Inscription for long-term storage.
Interface (41)
BOME functions as a representative organization for the continuous development of meme culture, encapsulated within a digital collection known as the “BOOK OF MEME,” ensuring the perpetuity of each artwork on the blockchain.
Book of Meme with the BOME token has created a historic frenzy as within just 2 short days, the project has been listed on both Spot and Future markets on the Binance exchange and rapidly achieved a market capitalization of $1 billion. Book of Meme has truly propelled the development of Memecoin in the current period (late Q1/2024).
Related: Binance Announces Listing of Book of Meme (BOME)
What is BOME Token?
BOME Token Key Metrics
Token Name: Book Of Meme
Ticker: BOME
Blockchain: Solana
Standard: SPL
Total supply: 69,000,000,420
BOME Token Allocation
Community: 20%, gradually released over 3 months.
Liquidity Pool: 30%
Pre-Sale: 50%
Development Team
Dev Book Of Meme
The development team of BOOK OF MEME receives support from Darkfarms, the artist behind the Pepe the Frog meme.
Project Information
Website
Twitter
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#BOME
#Book of Meme
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Avatar of Muhammad Irfan Ali Ali
Muhammad Irfan Ali Ali
18/03/2024 at 5:14 am
Very nice project
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Anonymous
18/03/2024 at 9:41 am
Great project
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