M3TA Recap
Author
Trang Nguyễn
Published
13 Feb 2023
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SUMMARY
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Top performers (7D)
◉ Camelot Token - GRAIL: +288.3%
Price as of time of writing: GRAIL/USDC - 2541.9
The launch of GRAIL, the native token of Camelot DEX, on MEXC (February 07, 2023) and Bitget (February 08, 2023) was a factor in its surge in price.
◉ Findora - FRA: +246.9%
Price as of time of writing: FRA/USDT - 0.004347
Findora is a public blockchain that utilizes zero-knowledge technology to: (1) issue confidential assets and smart contracts, (2) build dApps for DeFi, (3) offer customizable privacy and confidentiality for on-chain transactions of stablecoins, wrapped tokens, NFTs (non-fungible tokens). All can be run multi-chain. FRA is the native token of the Proof-of-Stake Findora & is used as rewards for validators.
◉ ZigZag - ZZ: +158.7%
Price as of time of writing: ZZ/USDT - 0.7272
ZigZag is an order book DEX that is powered by ZK Rollups. On order book DEXs, your buying or selling orders will sit on the order book until the DEX system automatically matches one suitable with yours. On the other hand, ZK Rollups help increase the speed of exchanging transactions.
◉ Panther Protocol - ZKP: +128.7%
Price as of time of writing: ZKP/USD - 0.0536
Panther is a decentralized protocol that enables privacy in DeFi using zero-knowledge proofs while also enabling institutional investors to meet required compliance.
Last week's trend in zero-knowledge technology possibly was the reason behind the value increase of FRA, ZZ and ZKP.
◉ Gifto - GFT: +238.6%
Price as of time of writing: GFT/USD - 0.1310
Gifto is a blockchain-based platform that allows users to create, store, and gift digital presents to friends. The recent surge in price of the Gifto token is attributed to its listing on top exchanges including Bitget, MEXC, Binance and Biconomy.
Top losers (7D)
◉ Fantom - FTM: -22.8%
Price as of time of writing: FTM/USD - 0.43892
◉ Optimism - OP: -22.4%
Price as of time of writing: OP/USDT - 2.273
◉ WEMIX - WEMIX: -21.5%
Price as of time of writing: WEMIX/USDT - 1.0956
◉ FLOKI - FLOKI: -21.5%
Price as of time of writing: FLOKI/USDT - 0.00002242
◉ Mask Network - MASK: -19.9%
Price as of time of writing: MASK/USDT - 3.69
The recent price decrease of certain tokens should not be a ‘cause for alarm’ as it could simply be a genuine adjustment after a prolonged period of growth and positive performance in the market.
News Highlight
1. Gemini and Genesis Step Closer to Recovering Earn’s User Money
Twitter - February 07, 2023 at 5:04 AM EST
◉ DCG will trade $1.1B debt for ‘convertible preferred stock’ due in 2032, meaning in 2032, this amount of debt Genesis is owing users can start being converted into DCG's shares.
Convertible preferred stock is a hybrid security that gives holders the option to convert their preferred stock into common shares after a defined date.
◉ Refinance two sets of loans worth $500M by giving money to creditors
◉ Gemini will contribute $100M for Earn users as part of the plan
◉ Committed to helping Earn users achieve full recovery
2. Lido Releases V2
Lido Blog - February 07, 2023 at 9:19 PM EST
◉ Liquid staking protocol Lido launches V2 with expanded Ethereum Node Operator (ENO) configurations. As a PoS chain, Ethereum is secured by computer nodes, which are run by humans called operators.
Configurations of ENO include the amount of storage and computing power required to run the node, as well as network and security settings.
By providing clear and defined ENO configurations, Lido V2 aims to make it easier for users to operate a node on the network and contribute to its overall stability and security.
◉ Effects: increase transaction processing times, reduce downtime, enhance seamless and user-friendly experience for users,and secure Ethereum infrastructure
◉ One in 2 main upgrades, Staking Router smart contract, introduces a staking module where users who stake their tokens can earn a portion of the platform's transaction fees, or be paid a fixed amount of rewards at regular intervals while maintaining the network’s security. The more people participate in staking, the more secure the network.
◉ The update also allows for testing of 1:1 stETH-ETH withdrawals, which may not be that exciting, considering the process may take at least a couple of hours and at max under a week. The worst part is you would have to remain in the network during this process in order to receive the full reward.
3. DCG Sells Grayscale Shares for Fundraising
Financial Times - February 08, 2023
◉ Digital Currency Group (DCG) is selling shares of cryptocurrency funds, including Grayscale, at a deep discount.
◉ They are raising funds to support the collapsed lending units under crypto broker Genesis.
◉ DCG is also considering letting go of CoinDesk since their goal is to preserve cash-generative businesses.
4. SEC Imposes $30M Fine on Kraken, Bans Staking in US
Decrypt - February 10, 2023
◉ Allegation: Kraken failed to register crypto asset under staking-as-a-service program
◉ Kraken is made up of Payward Ventures and Payward Trading Ltd.
◉ Kraken has agreed to halt staking service for US clients, but did not admit or deny SEC allegations.
◉ SEC Chair Gary Gensler stated staking-as-a-service providers must register and provide full disclosure and protection for investors.
5. Trust Wallet Users Got Hacked
Twitter - February 08, 2023 at 11:19 PM EST
◉ Trust Wallet suffered a security breach resulting in a loss of $4M.
◉ The hack was carried out by a criminal organization based in Rome.
◉ The hackers gained access by tricking victims into downloading malware disguised as an NDA PDF and then acquiring their KYC information.
Macro
1. FOMC (Federal Open Market Committee)
The FOMC - one of the most important governmental financial agencies of the US - holds meetings eight times each year. At these meetings, the Committee reviews economic and financial conditions, determines the appropriate stance of monetary policy, and assesses the risks to its long-run goals of price stability and sustainable economic growth. Open market operations (OMOs) - the purchase and sale of securities in the open market by a central bank - is managed by the FOMC.
◉ Fed Chair Jerome Powell believes disinflation has started in the FOMC meeting - stocks rallied.
◉ Higher than expected December consumer prices may lead to consideration of a bigger rate hike in the next FOMC.
2. Stock Market - Alphabet (Google Parent Company) Pays a High Cost over an AI Error
◉ AI chatbot Bard from Google - a rival to OpenAI’s ChatGPT made a factual error in its very first demo.
◉ Error caused Google parent Alphabet to lose $100B in market cap and shares dropped 10% for the week.
3. Stock Market - Chinese Espionage Balloon Prevents their Stocks to Swell
◉ Chinese stocks declined due to the spy balloon controversy and increased tensions with the US. The incident raises the prospect of further sanctions on China from the US.
◉ Shanghai Stock Exchange Index and CSI 300 Index both show slight declines for the 2nd straight week.
Micro
1. Cardano DeFi TVL Boosted Over 100% in a Month
NewsBTC - February 07, 2023
◉ Cardano TVL was $48.95 million at the start of the year. Total value locked (TVL) in Cardano DeFi is now $103 million (2X from Jan 1).
◉ Uptick in TVL may be due to crypto market recovery and rise of Bitcoin (from $15,000 to $24,000 in Feb). The boost in Cardano's native currency ADA also contributed to the rise of TVL.
2. AGIX Surges 26.84% with Cardano Partnership
Bitcoinist - February 08, 2023
◉ AGIX price experienced uptick due to an increasing popularity of AI-based platforms
◉ AI-related crypto tokens like Ocean Protocol (OCEAN), SingularityNET (AGIX), and Fetch (FET) were among top 100 cryptocurrencies. They also received Increased valuations amid consolidation among major cryptocurrencies.
◉ SingularityNET announces partnership with Cardano for Haskell programming language. Partnership aims to enhance applications for developers using AI-DSL MeTTa for autonomous interoperability of AI services.
3. BNB Planning to Implement zk-SNARK to Their Proof-of-Reserve (PoR)
Twitter - February 10, 2023 at 4:06 PM EST
◉ Upgraded PoR system with zk-SNARK for improved privacy and security.
◉ Zero-knowledge proof systems are considered unbreakable with current computational power.
M3TA Insights
Bitcoin (BTC) is facing its first downturn in 2023. On February 9th, the price of BTC dipped below $21,700. There are several possible factors contributing to this dip. One of the key factors is the investigation by the U.S. Securities and Exchange Commission (SEC) into the Kraken exchange for possible violations of securities laws. This has raised concerns among investors and could have impacted the overall crypto market. Additionally, the SEC is reportedly considering a ban on crypto staking for retail customers in the U.S., which could also contribute to the dip in BTC's price.
There are varying opinions among investors and analysts about where BTC's price might head next. Some have stated that it could drop even lower, potentially below $20,000. Meanwhile, Rekt Capital has predicted that the price of BTC will drop below $20K this month, with a target of $18,100.
It is important to note that these are just observations and opinions, and not financial advice. Readers should conduct their own research and due diligence before making any investment decisions.
Disclaimer
The views expressed herein are for informational purposes only and should not be considered as investment advice. They may not necessarily represent the opinions of M3TA. As every investment and trading opportunity carries risk, you should conduct your own research before making any decisions. M3TA assumes no responsibility for our users' investment activities or their profits or losses. The articles, data, and content provided by M3TA should not be relied upon for any investment-related decisions. We do not advise investing funds you cannot afford to lose.
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