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Elrond: A year-to-date look into the performance of EGLD

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Elrond: A year-to-date look into the performance of EGLD

In its newly published weekly ecosystem report, Elrond, the scalable smart contract blockchain network, informed users of the developments within its network in the last week. 

With a total address of 1,852,288, Elrond registered a 1% growth in the index of addresses on the network last week. Within the same period, transactions completed on the blockchain grew by 1%. As for EGLD staking on the network, an increment of 0.14% was recorded. 

As of this writing, a total of 13,442,146 EGLD coins were staked on Elrond. This represents a 20% growth in EGLD staking rate on the blockchain on a year-to-date (YTD) basis.

Source: Elrond Explorer

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With consistent growth in EGLD staking on Elrond, has there been an all-around growth on the blockchain? Let’s have a look.

A YTD look at Elrond 

According to Elrond Explorer, 56,940,493 transactions have been completed on the network from launch to date. The year so far has been marked by a decline in daily transactions on Elrond. With 71,436 at the time of press, daily transactions on the network have declined by 117% since 1 January.

Source: Elrond Explorer

With a consistent fall in daily transactions on Elrond, data from Token Terminal revealed a consequential decline in daily revenue on the network since March.

As of 11 September, the blockchain network saw a daily revenue of $1,437. According to Token Terminal, in the last 180 days, Elrond’s daily revenue had dropped by 82%, 71% in the last 90 days, and 20% in the last month.

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Source: Token Terminal

Interestingly, despite the decline in transactions and daily revenue on the network, users continue to flock to Elrond.

This, however, suggests that the growth in addresses on Elrond has failed to translate into more transactions on the network. Total addresses on Elrond stood at 1,852,372, having grown by 36% since the year started.

Source: Elrond Explorer

What about EGLD? 

Although EGLD staking on Elrond has grown by 20% since the year started, the price of EGLD has failed to see similar growth.

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At $53.51 during press time, the price per EGLD coin has gone down by 78% since the year started.

According to data from CoinMarketCap, EGLD traded at $243 at the beginning of the year. With a steep decline in the price per EGLD, daily trading volume for the coin has also dropped over time.

So far this month, the asset’s price has gone up by just 1%.

Source: Santiment

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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

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This Tether update may finally bear some good results in the weeks to come

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This Tether update may finally bear some good results in the weeks to come

Tether, the firm behind USDT, the largest stablecoin made some key changes to its asset reserves. On 3 October, Chief Technology Officer (CTO) Paolo Ardoino informed the Tether community about the changes to its portfolio.

#tether portfolio update. Tether as of 30 September 2022 holds ~58.1% of its assets in US t-bills. Up from 43.5% on June 30 2022.
CP exposure is

— Paolo Ardoino 🕳🥊 (@paoloardoino) October 3, 2022

A word from the CTO

 As per the Twitter announcement, Tether increased its Treasury Bill holdings all the way up to 58.1%, as compared to 43.5% in June earlier this year. Furthermore, the company’s exposure to commercial paper dramatically witnessed a dramatic drop. The figure accounted for less than $50 million of the total $67.9 billion. 

When asked about an update in the transparency report, Ardoino stated that although the usual deadline was 45 days, the hiring of a new auditor should witness a reduced timeline.

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A long-awaited move

This reduction was in line with Tether’s statement made in June, where the company revealed it plans to completely eliminate commercial paper from its reserves. Additionally, Tether repeatedly claimed that it is 100% backed, which works well for its stability since stablecoins need to be guaranteed by assets equivalent or greater than their total market capitalization.

Commercial paper is an unsecured, short-term debt instrument issued by corporations. In contrast to this, Treasury Bills were a safer option. This was because that they are backed by the U.S Treasury Department and mature within one year. Furthermore, an independent report published by BDO Italia earlier this year noted an interesting fact. Commercial papers along with certificates of deposits, made up over $8 billion of Tether’s reserves that collateralized USDT.

Tether’s efforts to stabilize USDT reflected since March 2022 and the issuer brought the exposure to commercial paper down to $50 million. Furthermore, in addition to commercial papers and Treasury Bills, Tether’s reserves contained various other assets. These included Corporate Bonds, Funds and Precious Metals (5.25%), Secured Loans (6.77%), and other investments including digital tokens (8.36%).

Tether in the news

The company also made significant efforts to increase the transparency surrounding its dollar reserves and backing. In August, Tether announced that the monthly proof-of-reserve reports will be conducted by popular accounting firm BDO Italia. BDO would also conduct quarterly attestations for the firm. 

On 19 September, the United States District Court for the Southern District of New York had ordered Tether to prove 1-to-1 backing of USDT. Furthermore, as per the court order, Tether was to provide “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.”

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According to data from CoinMarketCap, USDT was trading at $1 at press time. The market capitalization stood at $67.9 billion, with a 24 hour trading volume of $41.9 billion.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

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MATIC – The how and why of this buying opportunity

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MATIC – The how and why of this buying opportunity

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

  • MATIC sees a surge past a key resistance following an announcement
  • Price action needs to develop further but a buying opportunity could arise 

The native token of Polygon has posted rapid advances on the price charts over the past couple of days. This bullish move came at a time when Robinhood announced a partnership with Polygon as the trading app looked to move into the Web3 space. MATIC was able to zoom past the resistance at $0.78, but will a retest of the same offer another buying opportunity?


Here’s AMBCrypto’s Price Prediction for MATIC for 2023-24


MATIC clears liquidity pocket, further gains in sight

Source: MATIC/USDT on TradingView

In yellow, a range was highlighted for MATIC. It extended from $0.72 to $1.03, with the mid-point at $0.877. The price has traded within this region since mid-July, which added to the significance of the range.

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The RSI climbed back above neutral 50 after spending a good portion of September under the line. This suggested that the bearish momentum had flipped bullish. However, this might not signal that a move to or past $35 was on the cards.

At press time, the $0.788-zone was a liquidity pocket, one where a bullish order block could form over the next few days. Thereafter, a revisit to this zone could offer a buying opportunity.

MATIC could rise to $0.88 and $0.95 after such a retest, which can be used as take-profit levels.

Lack of inflows spotted this past week

The inflows chart revealed that inflows have fallen over the month of September, compared to August. In July, the amount of MATIC moving onto exchanges was much greater, yet the price did rally from $0.5 to $1 throughout that month.

Overall, the fact that inflows were somewhat subdued in September raised a bullish question. Could whales be accumulating MATIC? Even if the answer is yes, that might not stop the asset from sliding beneath the range lows in the event that Bitcoin plunges past $18.5k.

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Patience would be the key for longer-term traders and investors in MATIC. $0.788 is a key level and it could present a buying opportunity over the next week or two. This would require Bitcoin to remain near the $20k-mark or even rally past the $20.8k-resistance.

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Can MakerDAO’s latest development drive MKR towards its next bull rally

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Can MakerDAO’s latest development drive MKR towards its next bull rally

MKR holders that aped in towards the end of September are pleased with their decision considering the healthy run-up in the last two weeks. The Maker DAO native token earned its way into the list of top gainers after a 43% upside from its September lows.

MKR’s current upside was aided by Maker DAO’s stabilizing total value locked (TVL). The latter peaked at $19.75 billion at the start of December 2021 but has fluctuated since then. It went into free fall from April as seen in the DefiLlama chart below.

Source: DefiLlama

The TVL outflows were exasperated by FUD triggered by the LUNA and UST crash in May. This outcome reflects the impact of the bull and bear markets on the total value locked in lending pools and liquidity protocols.

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Protocols, bridges, and lending pools require a lot of liquidity to function.

Unfortunately, unexpected market events that trigger a market crash tend to cause liquidity pool outflows. The UST and LUNA crash in May are ideal examples of instances affecting the protocols’ total value locked (TVL).

Running from the bears

Maker DAO’s TVL took a severe hit as the market crash in Q2 forced many investors to pull their funds. Fortunately, the protocol’s TVL has been stabilizing in the last few weeks.

So much so that it started off this week as Ethereum’s largest protocol by TVL.

Maker DAO’s TVL assessment reflects some on-chain observations. For example, MKR’s supply in smart contracts tumbled from a 6-month peak of 45.52% (of MKR’s circulating supply) at the end of April. It fell as low as 39.38% by mid-June.

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Source: Glassnode

Meanwhile, most of MKR’s supply was still held by the top 1% of addresses. Unlike most of the aforementioned metrics, the supply of top 1% addresses was the only metric that registered an inverse performance in the last six months.

Top addresses increased their balances from as low as 95.63% to as high as 95.96% during the six-month period.

Additionally, the supply on the top 1% of addresses confirmed that whales took advantage of the situation and increased their balances during the turmoil.

MKR’s price traded at $0.81 at press time, a significant recovery from its $0.31 2022 low. It was up by 7.81% at press time since the start of October.

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Source: TradingView

Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicated higher strength in the last few days. Investors should also expect some selling pressure ahead as the price approaches overbought territory.

Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael’s writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.

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