This weekly recap is for informational purposes, not investment advice. Readers will be responsible for all their actions.
Data on-chain
Daily Transaction
Daily Transaction has increased significantly over the past week, reaching the $1.25M mark. The reason given is because a significant rally in the value of BTC led to a subsequent increase in the value of ETH.
Daily Active Address & Newly Created Address
Both the number of Daily Active Addresses & Newly Created Addresses increased strongly this week. This signals show that investors are returning to the market and embracing the upcoming rally, which has been heralded in the media.
Ethereum’s Adjusted On-Chain Volume
Ethereum’s Adjusted On-Chain Volume had a wild swing in the $5.7B – $6.7B zone. The growth and positive signals coming from the market may have created more On-Chain activities. Based on the current situation, it is possible that Ethereum’s Adjusted On-Chain Volume is on track to return to the milestones of April and May.
Average Transaction Fee
Average Transaction Fee is showing signs of increasing, reaching the highest level since June. Maybe shortly, when ETH reaches new milestones in value, the Average Transaction Fee will also increase sharply.
ETH Performance
(Source: OptimoomFX, Tradingview.com)
ETH has risen up to 80% from $1700 at the bottom. At this point, the coin is facing strong $3200 resistance. There is a high chance of positive correction at $2600 support, which may be a good time to buy. But please note this is not investment advice; it is for informational purposes only.
Important Updated
Saffron Finance has revealed the roadmap of Saffron V2 including many new features.
Just name some major changes:
– Perpetual $SFI staking: Users will no longer need to unstake and restake their SFI at the end of every epoch. This way is more convenient and allows users to save their ETH by not continually paying gas fees.
– Price Protection Expansion: This helps protect participants against downward price movements for Bitcoin
– New Product Offering: Developing a product offering that implements a new tranche-based risk management mechanism for Saffron Finance will benefit holders of $SFI.
– Additional Stablecoin Offerings: Insuring and mounting new stablecoin products with more details to come in the upcoming months.
– Saffron Finance Expansion: The project will bring its risk management system to the ground floor of upcoming ETH competitors and ecosystems. This will allow Saffron to expand their userbase massively and further cement Saffron Finance as the de-facto choice for risk tranching across the entire cryptocurrency industry, not just on the Ethereum Network.
– AMM tranche-based product offerings: Having some new pools joining in the project for V2, and among those offerings will be market-based fixed interest rate pools, and enhanced interest rate pools.
Binance has listed Clover Finance (CLV)
Binance listed Clover Finance (CLV) and opened trading for CLV/BTC, CLV/BNB, CLV/BUSD, and CLV/USDT trading pairs at 2021-07-29 06:00 AM (UTC).
Binance supports currently support $CLV with ERC20 & BEP20. Using a bridge to transfer to ERC20 or BEP20.
Fetch.ai (FET) is now available on Coinbase
$FET tokens are now available for trade, send, receive, or store on Coinbase. Fetch.ai is a rare project running machine learning platform power by blockchain. Fetch.ai’s first decentralized finance application helps Uniswap users automate trading according to predefined conditions.
The Impossible Finance IDIA Token Whitepaper
Impossible Finance has just released its white paper to show the community of the vision, value proposition, tokenomics, launchpad, and project roadmap. You can read the detail here: $IDIA White Paper
Celer Network cBridge Launches
The mainnet of cBridge v1.0 from CelerNetwork is finally launched for faster and cheaper txn. Participants can run a cBridge node to join the cBridge Network and provide cross-chain and cross-layer liquidity while generating yields through transaction fees. This is an important milestone for Celer to create a key interoperability infrastructure to unite all the fragmented liquidity back together in the future of a multi-layer-2 and multi-chain blockchain ecosystem. cBridge is utilized for transferring tokens in between different ecosystems including Ethereum, Arbitrum, Binance Chain, and Polygon
Paxos has finished series D Funding Round up to $300M
Paxos is the first regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. It has added strategic investors, including Bank of America, Coinbase Ventures, Founders Fund, and FTX, to its Series D round of funding.
This action follows the initial announcement of $300 million in Series D funding on April 29, 2021, led by Oak HC/FT with participation from previous investors, Declaration Partners, PayPal Ventures, Mithril Capital, and more. To date, Paxos has raised more than $540 million in funding, became one of the fastest-growing fintech startups in the world, with a valuation of $2.4 billion.
Partnerships
Orion Protocol x Chainlink
Orion Protocol has partnered with Chainlink to provide real-time trading data. This development comes as the second stage of integration for the 2 protocols.
Compound Finance x dYdX Protocol
You can now long or short on Compound Finance (COMP-USD) with up to 10× leverage on dYdX Protocol. With $COMP being the 21st market, dXdY commits to launching new market on a weekly basis
Circle x Mastercard
A big move from Circle and Mastercard toward DeFi. $USDC is now crossing between Crypto & the real world. The crypto-to-fiat conversions program will use $USDC to enable customers to spend their crypto assets.
Hedera Hashgraph x Filecoin
Hedera and Filecoin are finally collaborating, focusing on Web3 Interoperability. The program starts with $200,000 to initialize demo implementation for NFT use cases. While Hedera brings highly efficient DLT capabilities, Filecoin has a robust, flexible large-scale storage layer. The combination of both networks provides new possibilities to verify the provenance, ownership, and validity of both transactions and their underlying data.
Filecoin x Outlier Ventures
Outlier Ventures and Protocol Labs are collaborating in launching the Filecoin. Base Camp event is a 3 months fully remote accelerator program with up to $250,000 funding available per team.
Source : bscdaily
