Ethereum’s scalability solution Polygon will implement this network update in its fee model via EIP-1559. According to an official post, this upgrade will introduce a burning mechanism for MATIC and will improve its fee visibility. Related Reading | Polygon Expands Its Footprint As Evolving NFT And Gaming Ecosystems Seek Ethereum Alternatives Ethereum introduced EIP-1559 with Hard Fork London back in 2021. The update was highly anticipated as it was supposed to aid mitigate Ethereum’s congestion issues and made fee more predictable. Some users even claimed the update was going to significantly reduce Ethereum fees which has proven to be false. However, as seen below, data from Messari suggest that fees on Ethereum have actually increased since the implementation of EIP-1559. At least in a one-year period and comparing the period pre-London, and the posterior months. According to Polygon, their team is got ready to roll out the update today January 18th. As the post claims, EIP-1559 changed Ethereum’s first-price auction model for fee calculation to establish a fixed fee to include a transaction on a block. This base fee can vary and its burn once the transaction has been validated. The post explained: The burning is a two-step affair that starts on the Polygon network and completes on the Ethereum network. The Polygon team has created a public interface where users can monitor and become part of the burning process. The team behind Polygon will publish a link to the monitor at a later time. As seen below, users will be able to see the amount of MATIC that has been burned and watch the burning process live. Polygon To Improve Fee Mechanism, Will EIP-1559 Deliver On Its Promise? The team behind Polygon claims users, validators, delegators, and everyone on the MATIC ecosystem will benefit. A burning mechanism will contribute with the token’s appreciation as it creates deflationary pressure on its supply. Some experts believe EIP-1559 was one of the reason for ETH’s price year of continuous appreciation and its bullish momentum. Others have expressed disappointment; they believe the issues present on Ethereum, allegedly to be fix by this update, persist. The inventor of Ethereum Vitalik Buterin recently defended EIP-1559. Based on a study conducted by two major academic institutions, Buterin claimed this update has achieved its objective of decreasing average waiting time to process transactions on the network. Excellent paper by some researchers at Peking University and Duke University on the consequences of EIP 1559. Particularly appreciate the confirmation that EIP 1559 has greatly decreased average waiting times for transactions.https://t.co/2rvzx93Yar pic.twitter.com/nPtnAJNle9 — vitalik.eth (@VitalikButerin) January 17, 2022 In an interview for NewsBTC, the co-founder of the non-profit organization Aleph Zero, Adam Gagol, talked about the MEV problem on Ethereum, its impact on the fee cost for users, and the advantages and tradeoffs of EIP-1559. Gagol told us: (…) the EIP-1559 implementation in London upgrade made the problem even worse. Although it put mechanisms in place to lower fees and protect them against volatility, it did so at the expense of miners. Block production revenue was cut by something like a third, so MEV is more incentivized than ever. Related Reading | Polygon ’s Side Of The Story: Hard-Fork Resolved A “Critical Vulnerability” As of press time, Polygon (MATIC) trades at $2,09 with a correction to the downside in the past 24 hours.
Cardano managed to enter the top 5 cryptocurrencies by market cap and take the number 4 position, not including USDT. The cryptocurrency has seen important appreciation in 24 hours (5%) and during the past week (25%) following an explosion in its ecosystem. Related Reading | Cardano’s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend As of press time, ADA trades at $1.47 as it bounces up its lows in the 4-hour chart. Cardano was heavily impacted by recent months price action in the crypto market. After reaching an all-time high north of $2,20, the cryptocurrency lagged and dipped back into its critical support zone just above $1. Economist Michaël van de Poppe believes ADA has begun an upward trend after bouncing back from the lows with continuation but could yet present a buying opportunity. The analyst has been bullish on ADA for a while and believes $1 will remain critical support. As seen below, Cardano (ADA) has constantly bounce back from these levels on every major dropped including March and July 2021 when the entire crypto market saw a crash of over 50%. At the moment, ADA’s price approaches resistance near $1.53 and could yet give traders an opportunity to take a long position. Van de Poppe claimed the following on Cardano’s potential future price action: If you want to get into Cardano and you didn’t really get the chance you were looking for (…). In that case, we are looking at long entries at the lower boundaries so around $1.3. We are looking at support here on a daily timeframe. On lower timeframes, van de Poppe believes traders shouldn’t be chasing positions, but $1.41 could provide an “aggressive” opportunity to take a long. In that sense, Cardano must break above $1.55 to continue its bullish momentum. Cardano Experiences Ecosystem Explosion Even if ADA manages to break above the aforementioned resistance, the price could form a consolidation zone above those levels which could present a more efficient opportunity to take a long position. Should Cardano sustain those levels, its price could start targeting former highs at around $2 and $2.33. Although Cardano has been trading with more strength than some of the other cryptocurrencies in the market, Bitcoin must maintain its current levels or trend upside to prevent ADA for re-testing its support levels. At the moment, Bitcoin seems to be leaning for more downside for the short term. ADA’s recent bullish price action seems to have been driven due to a growth in the number of projects building on the network. As NewsBTC reported a week ago, there are currently over 200 projects leveraging the network smart contract capabilities. Related Reading | Cardano Set To Enter The Babbage Era After Alonzo HFC Milestone
In 2021, Ethereum based OlympusDAO and its native token OHM exploded as the protocol onboarded new users seeking to leverage its high annual percentage yield (APY). At its peak, the price of OHM went from $330 to an all time high of $1,639, but the asset seems to be on a downward trend since October last year. Related Reading | Why This Token Thrives With A 38% Profit While Bitcoin And Ethereum Bleed According to Wu Blockchain, a OlympusDAO Whale triggered a cascade of liquidations on the protocol during today’s trading session. This led to a 44% crash in OHM’s price within an hour. At this time, the APY offered to OHM holders stood at around 190,000%. As reported by NewsBTC, OlympusDAO is an algorithmic currency protocol that was classified in 2021 as high risk, but with the potential to display a “countercyclical” price behavior by research firm Delphi Digital. In other words, OHM’s price could move against the general sentiment in the market. However, OHM seems to have been unable to meet its potential or at least seems to have failed at appreciating as the crypto market trends to the downside. OHM’s price action has been driven by early investors taking profits on their gains. User Freddie Raynolds identified the Ethereum transaction used by a “savage” OlympusDAO user to dump $11 million in OHM. The transaction caused a 25% slippage and $5 million in liquidations for this asset, as Raynolds reported via his Twitter account. Recorded on the Ethereum blockchain 12 hours ago, the OHM holder used decentralizaed exchange SushiSwap to swap over 82,526 OHM tokens for $11 million in DAI. The transaction was tracked down to a pseudonym holder called “el sk”, @shotta_sk, on social network Twitter. The OHM whale apparently sold part of his funds to “survive” the current crypto market conditions. Via Twitter, he claimed the following: Derisked some of my OHM to ensure my family can weather any economic outcome. Remaining risk on with the rest indefinitely. Perfect Time To Get Into OlympusDAO? OlympusDAO experienced an increase in its number of users, its treasury assets, and total value locked (TVL) during 2021. Thus, some users claimed that today’s OHM crash should be leverage as a buying opportunity. The protocol and its team behind have set out to create “the reserve currency for DeFi” with their 3,3 mechanism and the introduction of new features, including an incubator and a pro version of the platform. However, the protocol has seen a lot of criticism. Related Reading | Why this OlympusDAO’s product could be amongst DeFi most lucrative The CIO of Selini Capital Jordi Alexander published a two-part article on OlympusDAO, OHM, and its 3,3 mechanism. Therein, Alexander refers to the protocol as a “ponzi”. Addressing the possibility that his article affected OHM’s performance, he said: Only selling affects price, there’s no shorting so only whale holders can sell lots. So, you can ask them if they cared, but I imagine they were looking for an exit anyway- Price has been in a big downtrend for weeks.
IOTA was selected as one of the projects that will take part in the European Union Blockchain Pre-Commercial Procurement. The platform will be competing with four projects in a second round for this EU program for a chance at improving the European Blockchain Services Infrastructure (EBSI). Related Reading | IOTA Smart Contracts Enter Beta Phase To Circumvent Network Flaws Announced by the IOTA Foundation (IF), the network has reached stage two out of three after it was selected from around 35 applicants. This second phase will last around six months, per the announcement, and will have a special focus on research, development, and lab testing. The IOTA Foundation will receive support from the European Commission in order to investigate and develop “blockchain innovations in the context of testing how future evolutions of EBSI could evolve towards a more scalable, energy-efficient, secure and interoperable architecture”. In that sense, the IOTA Foundation revealed that it will partner with Software AG to implement the developed solution. After, the EU Commission will launch an evaluation phase to test the results of its program’s second phase and the progress each participant has accomplished. The IF added the following: (…) based on this evaluation, a minimum of three projects will be selected to move on to Phase 2B, final solutions development and field testing, which is expected to last another year. Therefore, the non-profit organization will start testing blockchain solutions based on IOTA, specifically they will test a use case for digital product passports for digital waste recycling and a cross-border management of IP rights, the announcement said. Besides Software AG, the IF will rely on other partners and will attempt to growth its partner network. In the past, the organization has worked with major companies from around the world to help them develop multiple use cases. This includes software giant IBM, Dell Technologies, Jaguar Land Rover, and others. IOTA To Power EU Supported Blockchain Solutions? In its final stage, the EU program will require projects to field test the capabilities of their proposals. The IF claimed to be “excited” about its role on this European driven initiative and added: We very much support the strategic focus placed by the European Commission on blockchain and distributed ledger technology as a driver for innovation and growth. We are privileged to be part of this pre-commercial procurement procedure to develop a Europe-wide infrastructure based on blockchain and DLT for use in public services (…). IOTA will dedicate resources to develop solutions and use cases on Scalability, and the implementation of sharding on the EBSI infrastructure. The objective is to improve the protocol’s scale capabilities to onboard and support the users that will leverage the EBSI network. The IF will attempt to develop its sharding solution with a “root network” approach. In other words, a main network will be connected to a series of leaf or branch smaller networks. In addition, the organization will work on its consensus and governance mechanism, its interoperability, and potential to implement identity solutions. Related Reading | IOTA to Release Smart Contract Network ‘Assembly’ And Distribute ASMB Token At the time of writing, IOTA trades at $1,11 with a 1.9% loss in 24 hours.
Bitcoin has been rejected near the $44,000 price and has been moving sideways since earlier this week. The benchmark crypto could make another attempt to break this resistance levels but will most likely remain range bound until $50,000 and $53,000 are reclaim. Related Reading | Bitcoin Aims For $48K? BTC Reacts Upward To U.S. Inflation Report As of press time, Bitcoin trades at $42,341 with a 3.5% loss in the past day. BTC’s price has performed positively after the U.S. Consumer Price Index (CPI) print, a metric used to measure inflation. Before the report came out, the order book for Bitcoin was clear and has been re-arranging during the week forming new levels of support near $38,000 and $40,000. Data from Material Indicators shows an important cluster of bid order below BTC’s price current levels which suggest, at least for the short term, that bulls will continue to defend the $40,000 price mark. As seen below, there are over $20 million in bid orders around those levels. In that sense, analyst firm Jarvis Labs believes Bitcoin could see some weeks of relief and less selling pressure. This is supported by a bullish divergence in their 30-Day Returns for Bitcoin, as seen below whenever this metric returns to the 0% in that threshold BTC trends to the upside. The bounce has been driven mainly by retails investors, according to the firm, as measure by Bitcoin’s Accumulation Trends for the past month. Jarvis Labs added the following: The accumulation trend scores on a 30D basis show that retail has confidence in accumulating on the bottoms whilst the whales are more reluctant to do so. Scores on a 7D basis indicate the same behavior in contrast to the divergence we saw in December. Bears Can’t Shake Bitcoin Long Term Holders Two of Jarvis Labs’ metrics remain in the red, specifically those related to the amount of Bitcoin coins on the move and the amount of BTC compared with the amount of stablecoins in the market. This suggest some investors are selling at a loss and others are taking profits as the price reached $44,000. Furthermore, Jarvis Labs was able to determine that long term holders haven’t been shaken by the bearish price action. Short term holders have dropped their average or realized price from $53,000 to $50,900 which poses no immediate threat to a relief bounce, but as the firm said, will contribute with future corrections. Takeaways (3): – Oculus drop alerts for BTC (43900) and ETH (3370) levels will likely lead BTC to consolidation before rising to 46-48k resistance levels. – Q1 rally would be a profit-taking period for most investors, as many VC unlocks and Fed activities are to come in Q2. — JarvisLabs (@Jarvis_Labs_LLC) January 13, 2022 As NewsBTC reported, Jarvis Labs has been waiting for some impact on the derivatives sectors in order for BTC to trend higher. That time seems to be here with negative funding for futures contracts on exchanges Binance, FTX, and most crypto platforms. Related Reading | TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K If this metric continues to move into negative territory as prices trend to the upside, it could suggest a more sustainable rally. In that sense, Jarvis Labs added the following on Open Interest (OI), the number of total contracts traded across exchanges, and their impact on BTC’s price: Open interest/market cap change has been rising up to match the summer highs of 2021. As the price begins to rise now, this metric is starting to drop, indicating that a further short squeeze is possible.
Bitcoin has seen some relief in the past couple of days with a 4.5% profit in 24-hours. The first crypto by market cap trades at $42,947, after climbing back from the lows at around $39,000. Related Reading | TA: Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K The recent bullish price action comes at the heels of the most recent Consumer Price Index (CPI) report published in the U.S.; the metric has become one of the top issues for investors around the world. Used to measure inflation in U.S. dollars, the CPI printed a 7% for December 2021. The metric recorded a percentage below investors’ expectations and was mostly one of the reasons Bitcoin saw a quick recovery. However, it stood at a 40 year high suggesting the issue will remain a priority for financial institutions across 2022. As seen below, individual inflation data paints a different picture with many sectors reaching double digits for their year-over-year periods. This includes medical care with 37.3%, transportation with 21%, and energy with 29.3%. The whole inflation misery in one chart! US inflation of 7% is highest since 1980s. Monthly price increases come in higher than expected. Used cars, food, clothing drive price gains. (Chart via @MOstwald1) pic.twitter.com/mJOCun6UOK — Holger Zschaepitz (@Schuldensuehner) January 12, 2022 Inflation has caused the U.S. Federal Reserve and its Chairman Jerome Powell to hint at tapering and an increase in interest rates. At the moment, inflation fears have been reduced, but could soon return to justify a shift in the financial institution’s monetary policy. According to Yuya Hasegawa, analyst for bitbank: (…) if the CPI and PPI turn out to be higher than the market expects, they could rekindle inflation fear and, in turn, also justify the first-rate hike as early as this March. According to the CME’s FedWatch, almost 70% of the market participants are expecting the March rate hike, so bitcoin may be able to defend $40k in case of another sell-off, but it certainly is not the time for optimism in the short run. Bitcoin, More Blood In The Short Term? Therefore, the analyst believes $44,000 to $48,000 to operate as short-term important resistance levels. A break above the latter could push Bitcoin to the high of its current range, near $50,000, otherwise, the crypto could re-visit the lows, as it has been moving over the past weeks. Data from Material Indicators indicates very little support for Bitcoin below its current levels. Over $12 million in bid orders are stacked in the $39,000 to $40,000, with around the same amount in ask orders around the $44,000 to $45,000 area. This goes to show the uncertainty in the market, but with Bitcoin still holding on to some bullish price action. If the inflation metrics in the U.S. continue to trend to the downside or below investors’ expectations, the first crypto could resume its upside trend with more strength in the coming months. Related Reading | President Bukele Predicts BTC At $100k With Hope That More Countries Adopt It As Legal Tender Jan Wüstenfeld, analyst for CryptoQuant, wrote the following on the CPI and its potential impact on BTC’s price in the long term: (…) if it (inflation) continues coming down in the next months this would be the perfect excuse for the FED to reverse its hawkish stance, which would be bullish for Bitcoin.
Via an official blog post, the Stellar Development Foundation (SDF) announced a new account model called Muxed. Created to remove friction and facilitate user interaction with the account model based on this network, and the multiple services build on top of it, the Muxed accounts seem to be an important improvement for the entire ecosystem. Related Reading | Stellar Network Processes 1.8 Billion Transactions, Was 2021 Its Best Year Ever? According to the post, a Muxed account is one that combines the GABC and 64-bit integer ID to create a “virtual” account under a traditional address. Due to its characteristics, a muxed account can be identified within a real account. Thus, if there is a service or product using Stellar to pool multiple accounts, they can now manage them with more ease and will be able to eliminate burdensome issues, such as meme problems. The SDF has called on “products and services built on Stellar” to check if the validators are compatible with the new account model and asked them to “come up with a plan to implement” muxed accounts into their system. The organization said: Custodial services generally use muxed accounts to map incoming payments to an internal customer database. Businesses may use muxed accounts to map incoming payments to an invoice or customer account. Other characteristics for muxed accounts, as revealed by the SBF, are the differences in its encoding, they will be 69 characters long and not 56 as a traditional account, and in their base values. As a result, Muxed accounts will have M as their first character rather than G. Muxed To Improves Transaction Experience On Stellar Per its GitHub repository, Stellar’s new account model could open more possibilities for the users, and all actors operating on this network and could finally remove the limitations of using a memo-based model: Experience shows that people frequently forget to include the memo ID, resulting in either lost funds or onerous support calls. Moreover, memo IDs are per transaction, not per occurrence of an account ID, which imposes restrictions on the use of multiplexed accounts. (…) By adding an optional memo ID to the account ID type, we make multiplexed (Muxed) accounts a first-class abstraction that can be used anywhere a normal account ID can be used. This could significantly improve the way exchanges and custodial services operate with Stellar transactions, and users will save time and money as they will no longer need to manually participate in a transaction. The SBF revealed that muxed accounts was implemented in the Protocol 13 update. This update was introduced in 2020, but muxed accounts remained hidden until yesterday, January 10th, 2022. Due to its incompatibility with older versions of the Stellar software, projects on this network were given time to update and adjust to the new model. Related Reading | How Stellar Will Host Ukraine’s CBDC Pilot Test With Tascombank As of press time, XLM trades at $0.22 with sideways movement in the 4-hour chart, as seen below.
Famous for his motto “I test in prod”, Andre Cronje, inventor of Yearn Finance and other DeFi protocols, will launch a new platform. Called ve(3,3) it has been designed as an Automated Market Maker (AMM) to operate with a “protocol for protocols” architecture. Related Reading | Solana DeFi Goes Stratospheric as Hubble Protocol Announces $3.6M Raise In other words, this new AMM will be easy to integrate with other platforms to incentivize their own liquidity and without tradeoffs. The protocols that decide to add ve(3,3) won’t lose fees, volumes, or liquidity, as the creator of Yearn Finance explained in an official post. Cronje believes AMMs utility has undergone a change, from primarily serving as a tool for liquidity providers to serving as an addition to projects. Thus, ve(3,3) seeks to meet the demand of AMM’s new users; other protocols. His new project, ve(3,3), will remove friction from the process of adding token incentives to a protocol’s liquidity, will make it simpler for projects to accrue fees from incentives, and will operate as a permissionless platform. The Yearn Finance developer said: With the above in place, any protocol or project can easily incentivize their own liquidity, be it for their token, their stable coin, or even other derivatives, and while doing so, they fully accrue fees. Cronje’s new protocol will have multiple features, including the capacity to natively support swaps between closely correlated assets, and uncorrelated assets, Uniswap v2 compatibility which will let projects deploy its interface, the possibility to permissionless create pools, gauges, and bribes. In addition, the protocol will operate with a 0.01% fee to be paid in base assets. Cronje’s protocol for protocols will let other platforms support delegation, increase “holdings proportional to emission”, and conduct locks with capital efficiency, amongst many other features. Yearn Finance Inventor To Take AMM Utility To Its Next Phase? As an additional incentive for projects to implement Cronje’s protocol, the platform will reward them with ve(3,3) tokens. Those projects that occupy the top 20 by total value locked (TVL) will receive these rewards two weeks after the protocol launches. The launch could take place next week, as Cronje announced via Twitter. By the end of next week, the platform will take a snapshot to determine the projects that will receive a percentage of the 2,000,000 ve(3,3) available for rewards. Cronje added: It is up to them (the selected projects) to decide what they will incentivize, be it their own token, stable coin, or other liquidity. The timeline for this will thus be 2 weeks post protocol launch until distribution starts. Final commit sent off for peer reviews, audits, and third party reviews. Target of TVL snapshot end of next week. One week for voting (and bribes), and then emission starts. Website will be up next week. Launching on 👻 — Andre Cronje 👻🐸 (@AndreCronjeTech) January 11, 2022 As of press time, Yearn Finance native token YFI trades at $32,139 with a 2.7% profit in 24-hours. Related Reading | Yearn Finance Launches New Vault, While YFI Retakes Bullish Momemtum
Bitcoin starts yet another 2022 week in the red with a 2% loss in 24 hours and a 13.5% loss in 7 days. The benchmark crypto has been on a downtrend since the end of 2021 and could potentially dip further due to macroeconomic factors. Related Reading | TA: Bitcoin Key Indicators Suggest A Strengthening Case For More Downsides At least, the above seems to correspond with the general sentiment in the market. The U.S. Federal Reserve is turning more hawkish due to a rise in inflation metrics, hitting new highs for the first time in 40 years. Thus, turning potential price expectations for Bitcoin bearish as many believe risk assets will suffer in the short term from a shift in the FED’s monetary policy. Economist Alex Krüger recently presented a thesis in favor of the bulls. Via Twitter he said: This has been extraordinarily bearish due to the speed of the Fed’s turnaround. Raising rates or tapering quantitative easing (QE) should not be bearish enough to change the upwards trend across assets. The economist claims the recent price action to the downside has been triggered not just by the FED’s intention to modify its policies in light of the rise in inflation metrics, but mostly due to the speed in its decision. In a short period, the U.S. financial institution changed its position from no interest rates hike to several rate hikes planned for 2022, a reduction in its asset purchase program, and balance sheet normalization. The latter is the most bearish for global markets. To normalize its balance sheet, the FED would begin a Quantitative Tightening (QT) program which could lead it to sell around $50 billion worth of assets every month. Krüger added the following on the potential implications for the crypto market: Simple. Crypto assets are at the furthest end of the risk curve. Just as they benefited from extraoridnarily lax monetary policy, they suffer from unexpectedly tight monetary policy, as money shifts away into safer asset classes. What’s Bitcoin Fate As FED Turns Hawkish? Under these conditions, Krüger believes Bitcoin could follow the following scenarios in the short term and through the first months of 2022. Depending on the upcoming CPI metrics, to be published this week, BTC’s price could react with a bounce or with a retest of 2021 major support at the lows of $30,000. A high CPI would trigger the latter, a low the former, but there is a higher chance that Bitcoin could stay in its current range with another attempt to reclaim the mid area around its current levels. This would put BTC’s price close to $45,000 in the short term, but with more uncertainty for Q2, 2022. Related Reading | Why Bitcoin Could Frustrate Bulls And Bears In 2022 As of press time, BTC took another sweep at the lows and re-visited the $39,000 levels only to quickly bounce into $41,000. Remains to be seen if this price action will be sustainable or if Bitcoin would return to lower levels. In any case, 2022 will be a year full of surprises.
Cardano (ADA) has followed the general trend in the market and records losses across the board. The seventh crypto by market cap trades at $1.22 with a 2.2% and 10% loss in the past 24 hours and 7 days, respectively. Related Reading | What’s Beef? Reviewing The Historic Battle Of Ethereum vs. Cardano However, Cardano continues to be one of the most active ecosystems in the crypto industry. This won it the title for most active project on GitHub in 2021 as developers rushed in to explode its smart contract and interoperable capabilities. As the Marketing and Communications Director for Input Output Global (IOG) Tim Harrison reported, the Cardano project has over 67 active repositories, with 106 releases, over 38,000 GitHub commitments, and more. Harrison wrote the following giving credit to the community: (Cardano) is the most active project to date. That’s just core work. With community tools, scripts, APIs & a fast expanding dApp ecosystem, there are 100s more repos out there, steadily filling with code from every corner of the community. Still, the network has seen backlash from users and critics claiming that it has failed to quickly introduce dApps, and projects capable of leveraging its smart contracts capabilities. Deployed with Hard Fork Combinator (HFC) event “Alonzo”, these capabilities have been lived for over four months. In that sense, IOG released a list with the projects already building use cases on Cardano which included: decentralized exchanges (DEX), identity, blockchain gaming, an oracle service, and others. The company claimed that developers “have been working restlessly” on these implementations. Amongst the listed project, the company mentioned Adax, a decentralized exchanged built on Cardano and audited by cibersecurity firm BTC Block. In addition, DripDroz, a platform for token distribution parameters, and Martify, a platform to deploy blockchain solution, made it to the list. Cardano DeFi, An Expanding Ecosystem? As NewsBTC reported, Cardano has been deploying dApps since the implementation of HFC event Alonzo. In addition to the aforementioned projects, IOG mentioned AnetaBTC, a project to roll-out a synthetic version of Bitcoin (BTC) on this network, and Minswap, a multi-chain DEX. There were many other projects on the list as the company attempted to demonstrate the level of activity and the number of projects building and already deployed on this network. IOG added the following: We could go on and this would be a lengthy thread indeed Hopefully this gives you a flavor of all the work going on with projects busy Building On Cardano. Massive thanks to all projects for sharing their news (…). Related Reading | Cardano Deploys First DEX, Why ADA’ s Price Could Receive a Boost The growing ecosystem build around this network seems poised to contribute with ADA’s long-term appreciation. In the short term, the cryptocurrency could see further downside if Bitcoin is unable to find support and bounce from its current levels.