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70% Of Solana DEFI Wiped Out As Cardano DeFi Remains Stable | These Coins Are Also Doing Well

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70% Of Solana DEFI Wiped Out As Cardano DeFi Remains Stable | These Coins Are Also Doing Well

Looking at the Solana DeFi performance on DefiLlama, it is clear that it has been one of the biggest losers in the crypto market this month. Solana TVL declined from $1B to around $320m at the time of this writing, which is about a 70% tanking. This makes Solana the biggest loser in the top 10 crypto projects this November.

This is at a time when Cardano (ADA), as well as Bitgert (BRISE) and Centcex (CENX) TVLs, remained stable. The Solana DeFi collapse was triggered by the FTX fallout. The situation around the FTX crash has greatly affected the Solana price performance, and the Solana DeFi became one of the most affected.

Most of the DeFi products on the Solana ecosystem have experienced massive withdrawals over the last few days, and this can be seen from the overall Solana price performance. But the fall in the Solana TVL seems to be stabilizing, and we might see the project recover in the next few days.

However, Solana rivals, Cardano (ADA) as well as Bitgert (BRISE) and Centcex (CENX), were not affected heavily by the recent TVL crash. The fact that they were not labeled ‘Sam coins’ like Solana made them withstand the massive crash. It is also important to note that Cardano, Bitgert, and Centcex have been growing their DeFi ecosystem faster than Solana over the last few months.

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Bitgert DeFi Ecosystem

Bitgert project has had one of the fastest growing DeFi ecosystems in the industry due to the huge number of DeFi products in its ecosystem. Important to note are the recent Bitgert DeFi products released and have been experiencing massive adoption. The Bitgert swap, BriseSwap, and Bitgert exchange are some of the recent DeFi products released.

The Bitgert Paybrise is another DeFi product the team plans to release in the next few days. More DeFi projects are also joining the chain. These are developments that have the potential to make the Bitgert TVL skyrocket by a massive percentage before the end of the year

 

Cardano DeFi TVL

The Cardano (ADA) TVL is also doing well, especially after the successful Vasil hard fork. The number of DeFi products on the Cardano chain increased. More DeFi projects are also joining this chain. These are reasons why Cardano TVL has remained stable despite the minimal plunge.

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In conclusion, as Solana TVL crashes, Cardano, Bitgert, and Centcex have remained quite stable in a bearish market. This is expected to remain in the next few days.

The post 70% Of Solana DEFI Wiped Out As Cardano DeFi Remains Stable | These Coins Are Also Doing Well appeared first on Analytics Insight.

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Arbitrum

Game7 Launches $100 Million Grants Program To Push Web3 Gaming Development

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Game7 Launches $100 Million Grants Program To Push Web3 Gaming Development

Game7, a blockchain gaming-focused DAO (decentralized autonomous organization) has announced the launch of a $100 million grants program. The objective of this grants program is to support the Web3 gaming community in these times of market downturn and to advance the adoption of blockchain gaming on several chains.

Game7 to Support Blockchain Gaming With $100 Million

Game7, a Web3 gaming-dedicated project which has already supported projects on different chains including Arbitrum, Polygon, Immutable X, and Solana, has announced the launch of a $100 million grants program to support Web3 gaming companies. The chain-agnostic project announced that the objective of this move is to offer support to these initiatives to push the Web3 gaming ecosystem forward even in unfavorable times for the crypto industry.

The organization, which is a DAO supported by Bitdao and Forte, aims to distribute these funds over the next five years to the best projects presenting their initiatives. The grants will be distributed among five different areas, including technology, events, diversity, education, and research.

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On the direction of these funds, Game7 contributor Ronen Kirsh declared:

Improving smart contract standards, tooling, interoperable wallets, and scaling solutions will be crucial on the path to global adoption of Web3 games. We have allocated 20% of our committed treasury to fund each of these crucial components so the gaming industry can focus on building sustainable game economies.

Direction and Similar Web3 Programs

The first sector to receive grants will be the tech area, which will focus on supporting teams preparing open-source development in certain key areas, including game development tooling, smart contracts and standards, core infrastructure, and community tooling. Game7 grants support goes beyond just economic assistance, as it includes access to tech support, mentoring, and early access to Game7 initiatives.

Game7 believes in Web3 gaming as a force that can empower gamers and gaming companies alike, allowing them to benefit and grow together. This is according to John Allen, a representative of Bitdao, who stated:

We believe this new model of games within a world where users and developers are aligned, has the potential to grant greater distribution of equity and ownership.

Web3 gaming has been one of the few areas of the cryptocurrency world that have continued to grow even amid the economic woes the industry faces, according to a report issued in September by Dappradar. Companies and VC funds such as Griffin Gaming Partners, Forte, and A16z have launched millionaire funding initiatives for companies involved in these types of projects throughout 2022.

Tags in this story

Arbitrum, Bitdao, Blockchain, chain agnostic, forte, Game7, Gaming, Griffin Gaming Partners, Immutable X, Polygon, Ronen Kirsh, Solana, Web3 gaming

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What do you think about Game7’s $100 million Web3 gaming grants program? Tell us in the comments section below

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Solana Asset Volatility Balloons To 260% As ROI Nosedives – Here’s Why

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Solana Asset Volatility Balloons To 260% As ROI Nosedives – Here’s Why

The Solana ecosphere, unsurprisingly, is also suffering as a result of the current market contagion. SOL fell to its lowest performance in recent weeks.

CoinGecko reports that its native token SOL has dropped in value by 58.3 percent over the course of a month.

Here’s a quick glance at how the token has been performing:

  • SOL experiencing high volatility and low return on investment
  • An ascending triangle with a hint of a bearish break is noted
  • SOL NFT will be released in the third quarter.

As a result, the risk and volatility of SOL are not showing signs of any improvement just yet and has in fact grown to 259 percent combined. Right now, according to Messari, SOL has a volatility of 2.08, which is its all-time high in that category, and a Sharpe’s ratio of -3.67.

When the value of the latter is negative, it indicates that the return on investment (ROI) from purchasing and holding SOL is so low that doing so could result in a loss.

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Despite this, the coin’s value has been rising on a daily and weekly basis. Even though market sentiment is very negative, SOL’s market cap domination is increasing. Is SOL showing signs of improvement?

Solana Glow Fading?

SOL is currently in a weak position. Previous price moves lead to the construction of a rising triangle, which is a bearish pattern. With a Pearson’s R value of 0.7235 for the regression channel, greater suffering may be anticipated.

At $13.97, which is the middle band of the Bollinger band, the coin was rejected. The Bollinger band appears to be approaching its breaking point. This would inevitably drive the price down below SOL’s current support level of $13.10.

With a bearish crossover, RSI values also confirm the upcoming decline. In addition to confirming the present price trend, the money flow index gives the bears further strength. The EMA ribbon is also bearish as it prevents further upward movement.

With SOL’s volatility and Sharpe’s ratio at all-time highs, a move below $13.10 and a possible short-term break of the 78.60 Fib level is possible.

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Bearish But Yet Acceptable

Despite extremely negative market conditions, SOL’s NFT market domination and market capitalization have increased.

As of this writing, SOL’s market cap has decreased from yesterday’s 0.62 percent to today’s 0.61 percent, but this is still a positive sign for the future.

Despite this, investors and traders should be cautious with SOL and monitor the market condition. Currently, a short position at the current market price would generate profits for investors and traders.

SOL total market cap at $4.9 billion on the daily chart | Featured image from Business 2 Community, Chart: TradingView.com
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Solana (SOL) Struggles As Investor’s Eye Bonanza Price; Is $5 Possible?

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Solana (SOL) Struggles As Investor’s Eye Bonanza Price; Is $5 Possible?

  • SOL’s price struggles to reclaim the key demand zone of $20 as the price trades around $13.5
  • SOL’s price remains weak as bears dominate the market; the price fails to break and close above $20 with so much uncertainty in the market
  • SOL’s price trades below get the 50 and 200 Exponential Moving Averages as the price continues in bearish movement (EMA)

Solana (SOL) continues to trade below $20 after facing rejection due to the FTX fiasco and the current market downtrend affecting the price to a low of $13.5.

In the high timeframe, the price of Solana (SOL) looks weak, with a probable result of a downtrend movement compared to an upside. Despite the relief bounce and uncertainty surrounding the crypto market, the FTX fiasco continues to act as a catalyst for the market to bottom out.

The Domino effect of the FTX saga and other large investors has stalled the market, as it has yet to make a significant move, raising concerns about the market’s direction. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart

Despite the relief bounce across the market, with the price of SOL rallying from a weekly low of $11 to a high of $14.5, the crypto market remains uncertain and turbulent, affecting the price of Solana (SOL) the most. Many altcoins are struggling for survival, trying to stay afloat as the prices of altcoins continue a downward price movement.  

With so much news of a capitulation imminent for all crypto assets coupled with the FTX and other crypto projects suffering from bankruptcy, the bottom could be in soon.

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SOL’s price had a weekly close below a crucial area of $20 after showing so much strength rallying from a weekly low of $11 to a high of $14.5 as the price was unable to break above $20. 

The price of $20 remains the key area of interest for SOL to resume a relief bounce; trading below this range isn’t good enough for bulls.

Weekly resistance for the price of SOL – $20.

Weekly support for the price of SOL – $10.

Price Analysis Of SOL On The Daily (1D) Chart

Daily SOL Price Chart | Source: SOLUSDT On Tradingview.com

The price of SOL remains considerably weak in the daily timeframe after closing below $20. With SOL’s price unable to break and close above $20, there are growing chances of price retesting the regions of $5.

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SOL’s price currently trades at $13.5 below the 50 and 200 EMA, acting as resistance for the price of SOL from trading higher. The price of SOL needs to break above $21 and $40 for the price of SOL to kickstart the price recovery plan.

Daily resistance for the SOL price – $15.

Daily support for the SOL price – $10.

Featured Image From zipmex, Charts From Tradingview 

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