Lido DAO Token [LDO] is back to doing what it has done for its investors—make their profits. The altcoin, also the native token of crypto staking provider, has been on top of performance in the last 24 hours. At press time, LDO had registered a 35.57% price increase from its previous day’s high.
Besides its current situation, LDO has made its investors highly profitable since the start of July. According to CoinMarketCap, LDO traded at $0.47 on 1 July. Fast forward to 17 July, one LDO was worth $1.75.
Despite the uptick, it dipped to $1.29 on 26 July. Now, the token has outperformed almost every cryptocurrency in the top 50. After starting on 27 July at around $1.42, the LDO price increased and was $2.14 at the time of this writing. So how has LDO bullied through in the face of an offer rejection?
Before the price uptick, cross-border investment firm Dragonfly Capital offered to buy 1% of LDO tokens. In exchange, Lido Finance was supposed to get $14.5 million worth of DAI. However, the Lido DAO community rejected the offer.
The Lido DAO has voted on a recent governance proposal to diversify the treasury, with the outcome being ‘No – Proposal needs more work’.https://t.co/RrahXqTbXM
— Lido (@LidoFinance) July 26, 2022
Some quarters would have expected the refusal to lead to an LDO downtrend. Interestingly, it was the other way around. Apart from the community’s belief in the project, some additional metrics have been vital in influencing the price uptick.
So much for one day
Data from Santiment showed that LDO had gained momentum in many aspects. Besides its price increase, the exchange supply had moved up significantly. At press time, it was 45.19 million.
It was even more impressive in terms of volume — increasing from 52.81 million on 27 July to 221.76 million in the early hours of today (28 July).
Based on the four-hour chart, LDO seems strong in its hunt for more uptick. The Relative Strength Index (RSI) revealed that buyers were in control. However, LDO appears to be approaching the overbought level, which could lead to a short reversal.
Looking at the 20 EMA and 50 EMA, the projections of the RSI may be close to accurate. This is because the 50 EMA (orange) looks pretty close to meeting the 20 EMA ( blue).
If LDO draws back, it would certainly not be because of the proposal refusal. However, investors and Lido DAO at large may want to watch out for levels that could trigger a price fall.
Axie Infinity holders have reasons to celebrate market drawdown
The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has been a nightmare for many. But not for the Axie Infinity holders.
These GameFi token holders stand to be some of the most thriving individuals when compared to the investors of other cryptocurrencies.
Axie Infinity, no worries
The altcoin marked its all-time high of $160 back in November 2021. However, it has consistently been on a downtrend.
Down by almost 90%, AXS was seen trading at $17.8 on 9 August after rising by about 40% from the lows of the June crash.
Now, in such a case, at least a majority of the investors would be bound to take a hit in some or the other way. But surprisingly, not a lot of investors are suffering losses.
This is because even before Axie Infinity came anywhere close to its all-time high (ATH), the investors were already in profit since they had been accumulating for a very long time.
Consequently, in November, not even 1% of the investors were at a loss. However, as prices began falling, their profitability did too.
Plus, the ones who bought their supply around the time AXS was at its highest point are a part of the cohort which noted losses. Their FOMO purchase is taking a hit as the price has returned to its 15-month lows.
At the moment, after a 40% recovery over the month, Axie Infinity investors are noting a slight improvement, although 22.29% of them are still at a loss, which is still a far lower concentration in comparison to the market.
But even for these 22.29% investors, profits do not lie millions of miles away from the ATH.
As the loss-bearing holders’ concentration would come down to just 6%, AXS would be a profitable investment once again.
USDC, USDT, BUSD caught in the midst of tornado- Here’s how
The invention of Bitcoin [BTC] in 2008 led to the idea of decentralization which became the mantra of the entire crypto ecosystem. However, it was necessary to involve regulators and central authorities because of some illegal activities and their negative effect on unsuspecting investors.
The latest is the money laundering enterprise set up by Tornado Cash, which has somehow pointed to some defects around stablecoins. The mission behind the platform creation was to let users make private transactions using the Ethereum [ETH] network. However, they went beyond their jurisdiction.
According to a New York Times report on 8 August, Tornado Cash has been involved in laundering over $7 billion worth of stolen cryptocurrency.
This led the United States (US) treasury department to blacklist the company. Similarly, Circle, the company behind stablecoin, USDC, froze the accounts of its users linked to the platform.
This action led to conversations around the true nature of crypto decentralization. Crypto investor and Bankless CEO Ryan Adams referred to the action as an “assault on crypto.”
Today the US sanctioned Ethereum addresses associated w/ a privacy service called Tornado cash.
Circle immediately froze the USDC in those accounts. GitHub suspended contributors to Tornado.
If you were waiting for the opening shot of big brother’s assault on crypto this was it
— RYAN SΞAN ADAMS – rsa.eth 🦇🔊 (@RyanSAdams) August 8, 2022
In response to the same decision, a researcher at Proximityfi, a NEAR-based DeFi platform, said that the crypto community needed actual decentralized stablecoins.
According to him, the trio of Circle [USDC], Tether [USDT], and Binance USD [BUSD], were past their relevance.
After recent events, it is time the crypto space develops a new stablecoin that is
– 100% decentralized
– censorship resistant
– truly resilient
In this thread I’ll explain and summarize one interesting idea to issue a BTC/ETH-backed stablecoin using derivatives contracts 🧵👇
— Res ®️ (@resdegen) August 8, 2022
In the thread, he explained that the top three stablecoins in market value do not align with the ideas behind decentralization.
Additionally, he mentioned that there were genuinely decentralized stablecoins that were not as popular, including RAI and LUSD, revealing that Ethereum Founder Vitaik Buterin was a big fan of the former.
He went further by proposing the idea of a stablecoin backed by BTC or ETH to achieve true decentralization.
Interestingly, there have been debates about USDC superseding USDT. So will this latest proposal bring an end to both stablecoins?
At press time, the Tornado cash website had been brought down with its developers booted out of GitHub. However, there was no response from the camps of Circle, Tether, or Binance regarding the proclamation.
In conclusion, the recent actions of Circle may contrast with its earlier claims.
On 18 June, CEO Jeremy Allaire debunked claims that the company could freeze accounts at any point.
With the recent happenings, it may seem that the concerns of EthHub founder Anthony Sassano were valid. The future will tell where USDC, BUSD, and USDT go next or make improvements.
Assessing the odds of Polkadot [DOT] sustaining its growth
Polkadot has been grabbing headlines recently with its performance. The latest updates on the network have added fuel to DOT’s uptrend in the crypto market.
This has made DOT the highest performing crypto asset among CoinMarketCap’s top 10 tokens. DOT, at press time, was trading at $9.01 after gaining a significant bull charge over the week by 16.35%.
The token has, however, lost momentum since 8 August and has taken a hit of 3.34%.
Dotting the map
According to data from Lunar Crush, Polkadot has scaled new heights during this week. In a weekly review update, Polkadot Insider has provided information to support this claim.
Social signals of the network suggest that Acala, Moonbeam, and Astar are the most influential projects on Polkadot right now.
Social mentions of Polkadot have clocked around 211.29k while social dominance has racked up at 0.40% over the period under review.
Impressively, social engagements surrounding Polkadot have crossed more than 700 million during the first week of August.
Furthermore, the Polkadot-based Astar network has announced a partnership with Alchemy Platform to accelerate dApp development.
This news release will certainly be a boost for Polkadot as it will promote user growth on it.
Another Polkadot-based network, Phala, has launched a stake pool description function on its application.
It will allow pool owners to access social channels such as Discord and Twitter directly from the application.
1/ Last week the Polkadot ecosystem continued building, deploying and growing. Check out some of the announcements from the ecosystem and hear the latest news from the parachain teams, infrastructure providers, and wallets in this week’s #PolkadotRoundup.
Read the 🧵below
— Polkadot (@Polkadot) August 8, 2022
Well, Polkadot has certainly shown growth in several on-chain metrics. The market-wide sentiment has provided a timely boost to support Polkadot in its future.
However, a report suggests that DOT could yet see a near-term setback. It followed bears at press time after noting a negative change in the past day.
A sudden setback has shifted the course of network volume which was still 36% up on 9 August.
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