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Here is why Ethereum’s dominance in DeFi is falling

Ethereum is undoubtedly the leading blockchain in DeFi, but this could be about to change as analysts at JPMorgan have noted that the dominance of the asset in the space could already be fading.　　According to the analysts, the rise of smart contract-enabled protocols like Terra, Avalanche, and Solana have shown that the lead of Ethereum is not absolute in DeFi.　　These projects, it was revealed, have eaten into its dominance, and they could potentially charge further impact in this new year.Ethereum is losing dominance in DeFi　　To put this in perspective, Ethereums market share of DeFi TVL was almost at 100% at the beginning of 2021. However, that figure had dropped to around 65% towards the end of the same year.　　Nikolaos Panigirtzoglou, the team leader of the analysts, wrote that the major cause of the lost ground could be tied to the scalability of the ETH network.　　Per the note, the scaling upgrade needed by Ethereum to maintain its dominance of the space might arrive too late.　　“Ethereum is currently in an intense race to maintain its dominance in the application space with the outcome of that race far from given.”　　Due to this scaling problem, other independent blockchains like Terra, Avalanche, and Solana have

2022-01-09Deep Dive

Meta’s Recent Virtual Concerts Flops Severely, Is Facebook’s Rebrand Becoming Disastrous?

Mark Zuckerbergs dream of building the metaverse with the rebranding of Facebook to Meta may be off to a rocky start already. Meta hosted a series of virtual concerts on its Horizon Venues app, where people can watch concerts, sports, and more together. According to reports, the event failed to draw much attention.　　The virtual concerts featured performances from Grammy award-winning artists including rapper Young Thug on Boxing day, and DJ and producer David Guetta, and EDM duo The Chainsmokers on new years eve. However, Futurism, a science and technology new platform, reports that the concerts were a flop as far as viewers count were concerned.　　According to Futurism, despite being free, the performance by Young Thug got just a little over 100,000 viewers while David Guitars got close to a million viewers. The performance of the Chainsmokers seems to have been removed according to the report. Even worse, the report notes that the concert failed to generate much attention from the media and social media users and also had technical issues.　　Meta is forging on with its metaverse dreams despite stiff competition　　Despite the relatively mellow VR concert turnout, the move is a bold one from Meta which can be considered to be

2022-01-09Deep Dive

The SEC Files A Strike Against Ripple’s Defense. Could It Drown XRP?

The U.S. Securities and Exchange Commission (SEC) made a surprise attack on the Ripple case by filing a letter of supplemental authority to strike Ripple‘s “fair notice” defense. Simultaneously, the token XRP is down 2.33% in the last 24 hours to $0.7 following the market’s downtrend.The SECs Surprise Move　　As the popular SEC vs. Ripple case is expected to be resolved around April this year, the SEC has made a new move that left many wondering if previous expectations could change.　　The American regulator is using a winning move from another case to strike at Ripples key arguments.　　The SEC had taken John M Fife and five entities controlled by him to court in September 2020 for selling $21 billion of penny stocks and gaining a profit of $61 billion without registering as security dealers.　　FIFE‘s defense adopted an argument similar to Ripple’s, alleging the SEC hadnt given them a fair warning and the term “dealer” can be widely interpreted. Last month, the court denied this argument.What Does It Mean For The Ripple Case？　　Naturally, the regulator now aimed to use this denial to strike at Ripples “fair notice” key defense.　　Similarly, Ripple‘s “fair notice” defense alleges the regulator failed to notify them about a possible

2022-01-08Deep Dive

Cardano’s Ecosystem Explodes, Why ADA Could Be Quick To Resume Bullish Trend

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.　　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. Thats 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

2022-01-08Deep Dive

What 2022 may have in store for the cryptocurrency investor

The first week of 2022 hasnt been kind to bitcoin, as the cryptocurrency lost 11% of its value in mere days and finished this week at about $42,000 — down almost 40% from its all-time high last fall.　　Analysts closely watching crypto said the Federal Reserves hint at raising interest rates sooner than expected caused many investors to sell off their bitcoin holdings and turn toward safer investments. Other digital coins including ethereum and ripple also plunged this week, down 13.5% and 9%, respectively.　　Thats par for the course in the ultra-volatile crypto market, with investors expecting the big swings to continue in 2022.　　“Its part of the game,” Ryan Firth, a financial planner with Mercer Street Financial, told CBS MoneyWatch. “Youve got to hold on tight and go in with eyes wide open. You could see 80% declines in a matter of a few months.”　　For investors, 2021 marked an action-packed year for of cryptocurrency. Bitcoin saw its price top out at $69,000 in November, while ethereum notched a record high of $4,404 in October. 　　In a sign of cryptos growing importance, a number of major retailers began accepting the currency as payments. Some athletes and politicians began receiving parts of their salary

2022-01-08Deep Dive

WHY CHINA’S BAN WAS THE BEST THING FOR BITCOIN IN 2021

When Chinas bitcoin crackdown came into effect, many speculated that the industry would never recover. Amazingly, though, the ban served to highlight both the resilience of the sector and the entrepreneurial spirit of the miners who keep the wheels of the blockchain turning.　　Despite the Peoples Bank of China (PBOC) deeming crypto-related activities illegal in September, bitcoin enjoyed a banner year in 2021, smashing its previous all-time price high (ATH) as institutional players joined the party. Far from representing a death knell, the much-hyped ban barely had an impact in the larger scheme of things.DISSECTING CHINA‘S WAR ON CRYPTO　　Anyone who has paid attention will know that China has never been positive about bitcoin. As CoinShares’ chief strategy officer Meltem Demirors cheekily noted in September, “This has to be the 20th time that China has banned bitcoin.”　　So, why was this particular clampdown different？ In essence, because all cards were now on the table and all of the powers of the state were brought to bear to enforce the ban. While in the past, Chinese financial institutions were forbidden from providing crypto-related services, now all cryptocurrency-related activities — including trading and mining — were outlawed.　　In what has been dubbed the great mining migration,:

2022-01-08Deep Dive

Australian Open embraces blockchain tech, incorporates NFTs and metaverse

The adoption of blockchain technology by various industries in the world is on the rise, the sports industry just took another step in that direction. This step was taken by the organizers of one of the biggest Grand Slams in the world, Australian Open. 　　According to organizers of the competition, the tournament is set to become the first-ever Grand Slam to incorporate non-fungible tokens (NFTs). This was first revealed by a Gizmodo report. Australian Open to incorporate NFTs into the tournament　　An analysis of the plan indicated that there are multiple dimensions through which NFTs would be incorporated into the sporting competition. 　　To start with, a collection of 6,776 NFTs will be made available to the public. This collection has been dubbed “Art Ball NFTs.” Aside from this, there are also clear indications that several small plots would be tied to each Art Ball.　　Further analysis indicated that the incorporation of the NFTs would be designed in a way that ensures that for every winning shot made from the tournaments 600 matches, verified owners will get an airdrop. 　　This airdrop would also include a film of the point, virtual wearables, Australian Open merchandise, among other things. 　　It is important to note that

2022-01-08Deep Dive

Bitcoin sinks to 14 week low, but some analysts say $100,000 in 2022 is still on

Following Wednesdays downturn in Bitcoin, a continuation of selling dipped the price as low as $41,000 today. Marking a 14-week low for the leading cryptocurrency.　　But as far as drawdowns go, this dip isnt as severe as past ones, most notably in recent memory, the crash of May 2021, which saw a 45% drop in price over seven days.　　Theres every possibility the current decline may worsen. But as things stand, the macro bull structure remains intact, leading to some analysts holding their calls for a $100,000 Bitcoin in 2022.　　Then again, theres a debate to be had on the efficacy of technical analysis. Those with a good memory will recall that $100,000 calls were being made for the end of 2021. Yet Bitcoin still closed the year falling way short of that, at $47,700.　　Add to that a backdrop of weakening appetite for risk-on assets, and some would say a $100,000 price target is outright hopium.Speculative Bitcoin has it all to do　　Bitcoin‘s stuttering start to the new year was blamed on the discovery of a new variant and civil unrest in Kazakhstan, which serves as a major mining hub. But perhaps most consequential of all was the Fed’s new hawkish narrative.　　Wednesday saw the

2022-01-08Deep Dive

Which are the most vibrant blockchain ecosystems currently?

A recent report by Electric Capital, which analyzed nearly 500 thousand code repositories and 160 million code commits across Web3, uncovered the top blockchain ecosystems based on one of the key “indicators of value creation”–developer engagement. 　　To create its 2021 Developer Report, the early-stage venture firm focused on open-source repositories only, inferred non-original commits and credited only original authors and ecosystems that produce code–not counting no-libraries and eliminating machine-generated code.65% of active developers in Web3 joined in 2021　　Web3 development is at an all-time high, as 65% of active developers hopped on board during the past year alone. The number of new developers who committed code in 2021 topped 34.000–the highest in history–a 14% bump compared to 2018, which thus far counted as the year of the highest engagement.　　Since January 2021, 7.895 monthly active developers flooded to Web3–a 75% increase in a year. According to the report, the number of monthly active devs increased in periods when prices were up, however, remained steady during bearish times. 　　More than 18.400 monthly active developers commit code in open source crypto and Web3 projects, revealed the report, noting that more than 4.000 of them work on Ethereum, while the number of those working on

2022-01-08Deep Dive

GameStop Turn To NFTs, Plans To Launch Marketplace Later In The Year

Video game retailer GameStop has entered the non-fungible token (NFT) space. According to the Wall Street Journal, it is forming a division to develop a marketplace for non-fungible tokens and form cryptocurrency partnerships with crypto firms.　　GameStop To Build NFT Marketplace　　According to the WSJ story, the company has employed more than 20 individuals to oversee the unit, which is developing an online hub for buying, selling, and trading NFTs of virtual videogame artifacts like avatar clothing and weaponry.　　GameStop launched its NFT website last year and has been inviting creators to join the platform.　　The company is also close to signing deals with two crypto startups to exchange technology and co-invest in the creation of blockchain and NFT-based games, as well as other NFT-related initiatives. According to the report, the store plans to get into similar deals with a dozen or more crypto startups this year and invest millions of dollars in them.　　GameStop restructured its leadership team and board of directors last year, appointing activist investor Ryan Cohen as chairman.This has has pushed GameStop to become more tech-focused.　　GME Price Rise In Response　　Last January, GameStops stock skyrocketed after Reddit stock traders began buying the shares. The stock began trading at $18 in 2021 and

2022-01-08Deep Dive
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