• Synthetix’s [SNX] trading volumes and fees have increased significantly in the past few weeks. However, Total Value Locked (TVL) has remained stagnant.
• The network successfully deployed its v3 on Ethereum and Optimism, which could result in further increases in trading volume.
• Positive metrics such as DyDx funding rate, positive sentiment, and exchange outflows suggest SNX is well-positioned for further growth in the coming days.
Synthetix Trading Volume Increases
Synthetix’s trading volume went up considerably in the last few weeks. Token Terminal revealed that SNX’s trading volume registered a considerable uptick over the last few weeks, spiking during the second week of February when its price also pumped, reflecting strong investors‘ enthusiasm for SNX.
Recently, Syhthetix successfully deployed its v3 on Ethereum and Optimism, which can result in a further increase in trading volume in the coming days. As per the official announcement, cross-chain functionality and scaling will become a focus of the core contributors in future upgrades of the V3 core system.
Revenue Increase But DeFi Growth Stagnant
Fees and revenue also increased but TVL plateaued. Recently, DeFiLlama’s data revealed that Synthetix network’s fees also went up along with an increase in revenue; however, its DeFi ecosystem seemed to have remained stagnant with Total Value Locked (TVL) not showing much change over the past few weeks.
Santiment’s chart revealed that SNX’s metrics were positive and supported the network’s further growth in the coming days. For instance, SNX’s DyDx funding rate remained consistently high while positive sentiments around SNX also spiked – reflecting investors‘ confidence – as well as an increasing exchange outflow over recent days.
Conclusion h2 >All these factors suggest that despite TVL remaining flat recently; Synthetix’s [SNX] performance across other areas such as trading volumes and fees have been quite strong – suggesting it is well positioned for continued growth into the future.
• Osmosis recently launched the Mars Protocol, leading to an increase in adoption and usage.
• The rewards program eligible for depositors within 30 days, may de-incentivize new users and stunt growth.
• ATOM’s market cap dominance decreased along with a decline in development activity and increase in volatility.
Launch of Mars Protocol on Osmosis
The launch of the Mars protocol on Osmosis led to an increase in adoption and usage, largely due to its reward program. However, this growth could soon come to an end as the rewards program is only eligible for depositors within 30 days. This would de-incentivize new users from joining the platform and stunt the overall growth of the protocol.
Impact on ATOM
The Cosmos Hub’s token ATOM was also impacted by the launch of Mars Protocol on Osmosis. Overall volume of the token fell from 746 million to 243 million in a month and development activity has gone down significantly. Moreover, ATOM’s dominance declined by 4.39% over last month with its current market cap dominance at 0.38%. Volatility also increased which could turn away risk-averse investors from holding the token.
Increasing Optimism Over Future of ATOM
Despite all these indicators, traders are increasingly optimistic about ATOM’s future as 64.22% of accounts were long on it at press time according to Coinglass data.
Challenges Ahead for ATOM
ATOM still has many challenges ahead as it needs to overcome increasing volatility, declining dominance and stunted development activity before it can reach its full potential again.
Overall, although there are some challenges that need to be addressed, traders remain optimistic about the future of ATOM due to increasing number of long positions held by accounts on it despite a decline in overall volume and development activity since launching Mars protocol on Osmosis
• Uniswap’s transaction fees and daily active users have decreased in the last three days.
• BNB, which is the native token of Binance Chain, lost 10% of its value on Monday.
• Ethereum whales expressed interest in Uniswap’s native token UNI.
Transaction Fees Drop on Uniswap
Uniswap saw its transaction fees nosedive as users stayed away from the platform. According to a tweet by Glassnode, liquidity of dollar-pegged stablecoin BUSD dropped to a one-month low on the largest decentralized exchange in the crypto space. Moreover, data from Token Terminal showed that daily active users and transaction fees also declined in the last three days.
BNB Price Drop
The crypto market felt the pinch of an aggressive clampdown just as it was about to recover from 2022 bear market. The prospect of benefiting from Binance Chain’s large user base caused a surge in many of its key performance indicators (KPIs). However, this could be at risk with BNB losing 10% of its value on Monday according to CoinMarketCap data.
UNI Purchased by Whales
Despite the dip in key indicators, large addresses expressed interest in Uniswap’s native token UNI. A tweet by WhaleStats indicated that UNI was one of the top purchased tokens among huge Ethereum whales within 24 hours.
Uniswap V3 Launch
The Uniswap community became upbeat after getting a go-ahead for deploying version V3 on Binance Chain. This partnership could potentially bring more users and larger trading volumes to Uniswap’s platform but whether it will turn around their current situation remains to be seen.
Although transaction fees and daily active users are down, Ethereum whales still seem interested in Uniswap’s native token UNI which could be an indication that they expect better performance soon with uniSwaps version V3 launch on Binance Chain hopefully bringing more people and larger trading volumes back into their ecosystem.
• Axie Infinity (AXS) is finding it hard to attract users to its decentralized applications (dApps).
• The token might be undervalued, but whales seem uninterested in the token.
• There has been a decline in monthly new accounts created on the ecosystem since October 2021.
Overview of Axie Infinity’s Performance
Axie Infinity (AXS) is finding it hard to attract users to its decentralized applications (dApps). Despite being often mentioned as one of the most popular demands, the traction was impressive at some point in the first week of February 2023, leading the 30-day performance to a 233% volume hike. However, the last seven days have been rocky for the AXS ecosystem with transactions down 11.32% and volume decreased to $18.94 million—a 30% decrease within said time frame.
The token might be undervalued, but whales seem uninterested in it. At press time, whale interest had reached extreme ground level and AXS supply held by large holders had remained unchanged over a long period. Santiment noted that the AXS Market Value to Realized Value (MVRV) z-score was down to -3.48 which implies that AXS is likely undervalued at its current price.
Monthly New Accounts Created
According to Dune Analytics, monthly new accounts created on the Axie Infinity ecosystem could not recover significantly since October 2021 as there has been a downward trend month-on-month (MoM). This decline aligned with earlier notions that monthly usage and transacting addresses fell short of expectations and revealed how difficult it was for dApp with most user interaction.
Reasons For Poor Performance
There are several reasons why Axie Infinity’s performance has been poor recently such as other dApps attracting more users or gaming projects in crypto experiencing a revival while Axie Infinity was left behind among others. Additionally, whales‘ lack of interest in this token could also be contributing factor towards slow progress with no signs of recovery yet except for small glimmers here and there which are still far from its heights from 7 February.
Overall, despite being potentially undervalued according to metrics like MVRV z-score which suggests that AXS may be underestimated at its current price; due to various factors such as low whale invested interest combined with other dApps becoming increasingly popular; this blockchain gaming ecosystem seems unable able to fully capitalize on these developments yet and grow further as hoped for priorly
• Terra Classic [LUNC] announced its plans to launch a new upgrade, v1.0.5 on 14 February 2023.
• Binance revealed that it will support LUNC’s latest network upgrade.
• Despite the recent negative price action, LUNC’s daily chart remained mostly bullish.
Terra Classic [LUNC] Network Upgrade
Terra Classic [LUNC] announced its plans to launch a new upgrade, titled v1.0.5 on 14 February 2023. Binance also revealed its plan to support this network upgrade at the Terra Classic block height of 11,543,150 which is estimated to happen on 14 February as well. This upgrade is a state breaking fix made to the upgrade keeper that stores the current version map of modules in application’s memory.
Market Indicators and Metrics
Despite the announcement from Binance regarding its support for LUNC’s latest network upgrade, LUNC’s daily chart registered a decline according to CoinMarketCap with a 2% decrease in the last 24 hours and trading at $0.0001822 with a market capitalization over $1 billion. Data also revealed that over 38.67 billion LUNC had been burned until press time which accounted for 0.56% of total supply while Santiment’s chart showed an increased development activity indicating increased developer efforts to improve the network alongside an increase in social dominance and market dominance as reported by LunarCrush data respectively.
Money Flow Index (MFI)
The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover as the 20-day EMA flipped above 55-day EMA while Chaikin Money Flow (CMF) registered an uptick and was heading above neutral mark which was bullish and Price entered slightly high volatility zone as suggested by Bollinger Bands wherein Money Flow Index (MFI) also remained well above 50 mark suggesting strong buying pressure within LUNC market despite downward price movement recently – all these factors were working in favor of LUNCs prices overall showing potential for recovery soon if not already underway..
Bullish Market Indicators
Overall, despite recent negative price action LUNCs daily chart still remains mostly bullish with several positive indicators such as increasing development activity, social dominance & market dominance along with Bullish EMAs & CMF crossovers indicating possible upside movements soon enough if not already underway – all these factors together indicate potential bright future for LunaClassic holders if they remain patient through short term fluctuations & continue holding onto their tokens for long term gains..
In conclusion, despite recent downward trend in prices due to bearish sentiment around crypto markets lately – Terra Classic [LUNC]’s upcoming upgraded version v1.0.5 has been gaining attention & support from top exchanges like Binance which are all good signs of things improving moving forward – Additionally several metrics such as increasing development activity, social dominance & market dominance along with Bullish EMAs & CMF crossovers indicate possible upside movements soon enough if not already underway thus giving hope for brighter future for LunaClassic holders who remain patient through short term fluctuations & continue holding onto their tokens long term..
• TRON [TRX] continued to trade in a price consolidation range amidst a scheduled FOMC meeting on 31 January.
• The Relative Strength Index (RSI) and the On Balance Volume (OBV) exhibited fluctuations on the three-hour chart.
• Bitcoin [BTC] broke below the $23.5k level, accelerating its short-term price correction.
TRON [TRX] continued to trade in a price consolidation range as the market awaited a scheduled FOMC meeting on 31 January. At press time, TRX was valued at $0.06235. The asset witnessed a sharp drop after hitting a key supply zone. To assess the current market trend and determine the direction of TRX’s price action, traders should pay close attention to the behaviour of the Relative Strength Index (RSI) and the On Balance Volume (OBV), which were exhibiting fluctuations on the three-hour chart.
In addition, Bitcoin [BTC] had broken below the $23.5k level, accelerating its short-term price correction. The downward trend of BTC had also caused TRX’s demand to decrease slightly, but remain positive. Currently, the $0.06178 – $0.06368 range was seen as a supply and demand zone for TRX. A breach of this range could invalidate any long or short positions taken by traders.
In the event of a breach to the upside, TRX could retest the $0.06525 resistance level. However, any downward pressure could see the asset settling at the $0.06020 demand zone. Furthermore, Santiment’s data suggested that TRX’s investors were bearish on the asset.
Overall, the market seemed cautious amidst the upcoming FOMC meeting, which could further constrict the price action within this consolidation range. Therefore, traders should observe the behaviour of the indicators closely and take positions accordingly.