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DeFi starts year strongly, TVL rises by 4%

Towards the end of last year, the total value of assets locked in decentralized finance plunged to around $230 billion.　　However, since that low, the space has seen a steady rise of up to 12% in its TVL, with the first four days of this new year accounting for 4% of the rise — an early indication that DeFi is starting the year strongly.DeFi TVL has already risen by 4% in 2022　　According to available data from DeFiLlama, DeFis TVL stood at $228.13 billion as of December 11 but the figure had risen to $245 billion by January 1 and as of press time, it had risen to $256 billion. This means that the space TVL has gathered over $10 billion within the first 5 days of this year.　　Per the data, the TVL is shared across blockchain networks supporting smart contract features like Ethereum, Terra, Binance Smart Chain (BSC), Avalanche, Solana, Near, Harmony, Ronin, etc.　　A cursory look at the data will reveal that Ethereum leads with $160.96 billion across 383 protocols, followed by Terra with $19 billion. Binance Smart Chain (BSC) is third with $16.57 billion across 265 DeFi protocols.　　Other notable blockchains with massive TVL include Fantom with $6 billion while Osmosis

2022-01-06Deep Dive

Enjin to launch headquarters in Bloktopia metaverse

Enjin, a leading Polkadot project, has announced that it is launching its brand new headquarters in the Bloktopia metaverse. This new space is designed to show off its growing NFT ecosystem and projects. As more and more organizations pour into the metaverse, it is fast becoming trendy to have a dedicated office in the virtual world. Forget remote working, virtual working could be a key feature of 2022. 　　In 2021, Enjin‘s Efinity has won Polkadot’s sixth and last parachain auction with a contribution of over $214 million in DOT. Efinity is Enjins scalable, decentralized, and cross-chain NFT infrastructure. To expand its presence in the NFT markets, Enjin is now positioning itself alongside other crypto brands that have set up homes in the metaverse.　　Entering the metaverse by setting up its headquarters in Bloktopia is an interesting way to host events and explore new ways of keeping ongoing community engagement. In November, Enjin launched a dedicated $100 million US Metaverse Fund to support individuals and organizations working on the Enjin ecosystem, metaverse projects, gaming and NFTs. The team at Enjin works with pioneering projects that are immersive, decentralized environments.　　Acting as a bridge from the physical into the virtual world, Bloktopia is a

2022-01-06Deep Dive

Ethereum outperformed Bitcoin throughout 2021

It is an unarguable fact that Bitcoin and Ethereum are the two biggest cryptocurrencies in the world today. The battle between these two coins dragged on throughout last year and the silent competition between both assets continues to shape the world of cryptocurrency.Ethereum outperformed Bitcoin throughout 2021　　To be specific, based on multiple metrics, Bitcoin is currently the largest cryptocurrency in the world and it reached its new all-time high of above $68,000 within the just concluded year. This means that the asset had recorded a 58% growth in value when compared to 2020.　　However, despite this impressive return, the performance of Bitcoin is almost insignificant when compared to that of some other currencies, especially Ethereum.　　According to available data, the growth of the second largest crypto asset by market cap within this period outstrips that of its more illustrious partner.　　Per the data, Ether saw a growth of over 140% within the same period.　　A breakdown of this superior growth, based on the quarterly returns, indicates that in each of the four quarters of last year, ETH performed better than BTC. This included when the world was battling an unprecedented pandemic and when the entire crypto market suffered a sell-off.　　A cursory look at the

2022-01-06Deep Dive

Airbnb CEO Dabbles With Adding Crypto Payments in 2022

American home rental firm Airbnb Inc. might soon join the growing list of companies that accept cryptocurrencies as payment options for services.　　Airbnb to Accept Crypto Payments？　　The possibility of Airbnb supporting crypto payments comes after the companys co-founder, and CEO Brian Chesky asked users on Twitter to recommend anything they would like the home rental firm to do in 2022.　　Three days after he posed the question, Chesky sorted through nearly 4,000 comments and made a list of the top six recommendations.　　 Crypto Payments Tops List　　Apparently, many people want to be able to book an Airbnb apartment with digital assets as “crypto payments” topped the list of suggestions.　　Other recommendations in the top six include providing clear pricing displays, a guest loyalty program, updated cleaning fees, more long-term stays and discounts, and better customer service.　　Interestingly, the CEO added that some of the suggestions are already in the pipeline for 2022, and the firm will consider others.　　Although Chesky did not explicitly state his companys stance on adding crypto payments, his comments could mean one of two things. Either Airbnb was already planning to integrate digital asset payments into its services before the CEO asked for suggestions, or it will consider doing so before the

2022-01-06Deep Dive

Cryptowire Launches First Indian Crypto Index Fund

Cryptowire, a Ticker Plant unit, has launched the first Indian cryptocurrency index. The index, called IC15, will monitor the worlds top 15 cryptocurrencies listed on global exchanges.　　Cryptowire believes that the index will help create crypto ETFs and funds and believes it will contribute to research. They also hope that it will increase awareness of the cryptocurrency and blockchain ecosystem and provide solutions for those who wish to diversify their investment in cryptocurrencies. Jigish Sonagara, who is the Managing Director and CEO of Cryptowire, said, “We want all participants to utilize, to the fullest, this research-oriented, technology-powered opportunity for tracking the market,” he added.　　How index will be calculated　　The index value will be calculated by taking the total of the circulating market capitalization of the Index Basket divided by the Index Divisor, multiplied by the base value of 10000. The base date is April 1, 2018. The index is sitting at 71475.48 as of Dec. 31, 2021.　　The index will be monitored, reviewed, and rebalanced every quarter and will be managed by a committee of domain experts, industry practitioners, and academicians. The Index Divisor is multiplied by a normalization factor during the rebalancing period.　　A cryptocurrency needs to trade for a minimum of 90%

2022-01-06Deep Dive

Professor At Elon Musk’s Alma Mater On Why Bitcoin Is The New Gold For Millennials

A Wharton professor believes Bitcoin is now preferred as a long-term investment by young investors to gold.　　2021 was not the best year for gold as it struggled in its role as a hedge against inflation.　　Wharton launched a cryptocurrency course in Q4 of 2021 to teach the rudiments of blockchain technology.　　A finance professor at Wharton, University of Pennsylvania, said that Bitcoin was now the preferred inflationary hedge for young people. The professor said this in an interview with CNBC.　　Bitcoin Has Replaced Gold And Inflation Concerns　　Jeremy Siegel, Wharton finance professor, said younger market participants now look to bitcoin to protect themselves from asset devaluation in the face of inflation.　　“Lets face the fact, I think Bitcoin as an inflation hedge in the minds of many younger investors has replaced gold. Digital coins are the new gold for Millennials. I think that the story of gold is a fact that the younger generation regards Bitcoin as a substitute.” Siegel said.　　Jeremy Siegel said that gold, as well as other commodities, failed to meet expectations in the past year, while Bitcoin was increasingly becoming the preferred choice for the new generation of investors. Siegel reminisced that the trajectory of Bitcoin in the past year was similar

2022-01-06Deep Dive

Cryptocurrency Draft Law Presented in Peru

A draft of a new cryptocurrency asset law was introduced in Peru in December, seeking to regulate the cryptocurrency interactions that are already happening in the country. The draft law, besides defining what a crypto asset is and establishing the duties of virtual asset service providers (VASPs), also seeks to legalize the use of assets to incorporate and be held by companies.　　Peru Launches First Cryptocurrency Regulation Attempt　　A new piece of draft legislation called “Cryptoasset Marketing Framework” has been introduced in the Peruvian Congress under the number N° 1042/2021-CR, in the first attempt of the country to regulate cryptocurrency interactions. The project, which was presented December 10 by Jose Luis Elias Avalos, a member of the “Podemos Peru” parliamentary group, defines several key concepts in the cryptocurrency world, including crypto assets, virtual asset service providers (VASPs), blockchain, and cryptography.　　The law also proposes the creation of a public registry for VASPs, that users can consult anytime to find out if an exchange or platform is registered to do business on Peruvian soil. In addition, it establishes the conditions that each VASP must follow to operate lawfully in the country.　　The draft compels these companies to inform, in their contract of services to the

2022-01-06Deep Dive

LG to follow Samsung adding NFT features to flagship TVs

At the turn of 2022, numerous new year‘s letters from South Korean companies to the public included one trending term: NFTs (non-fungible tokens). While many chief executives promised a full-blown effort to develop NFTs in the new year, South Korea’s leading companies — Samsung, LG Electronics and Shinhan Card — have already rolled out plans incorporating the digital token technology.　　This week at the 2022 Consumer Electronics Show in Las Vegas, Samsung Electronics unveiled its new line of Smart TVs, which the company says is a breakthrough in television technology.　　“In 2022, Samsung is introducing the worlds first TV screen-based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and display your favorite art — all in one place,” the company said, explaining that it saw an opportunity in the rising demand for NFTs, and a need for a connection between those who purchase NFTs and those who view them.　　Apart from purchase and display features, potential buyers of the digital artworks are able to examine an NFT‘s history and blockchain metadata on the platform. Detailed information on whether Samsung’s NFT platform was constructed in-house or in partnership with an external company has not been disclosed.　　LG Electronics, one of

2022-01-06Deep Dive

13 NFT games to look out for in 2022

Call it GameFi, Play-to-Earn or NFT gaming, a new breed of games are coming, riding the tidal wave created by the success of pioneer games like Axie Infinity. In 2021, Axie went from basically zero to 2.3 million daily active players at the end of the year. During the same one-year period, the Axie Infinity‘s AXS token saw an increase in market value exploding from $0.57 per token a year ago, to $97 at the time of writing a year later – that’s a 170x appreciation in one year.　　However Axie being the obvious poster child of the emerging NFT gaming market, there are a number of games that gaming enthusiasts and investors alike should keep an eye on. According to Swedish YouTuber and NFT gaming expert Anders Björk, these are 13 NFT gaming projects, on various platforms like Ethereum and WAX, worth following and of course to play in the coming year.　　“I have this vision of fully functioning game economies where people make a living only by playing these games, having fun, and living in this virtual world. I think we are getting closer to a reality where normal people can play games for a living. This will change the

2022-01-05Deep Dive

Polymarket to shut noncompliant markets, pay $1.4 million fine

The Commodity Futures Trading Commission (CFTC) has fined popular crypto prediction market service provider, Polymarket, $1.4 million whilst also ordering it to shut markets that are not in compliance with regulations of the federal agency.Polymarket to pay $1.4 million fine　　According to a press release issued by the foremost financial regulator, Blockratize, the parent company of Polymarket, was accused of failing to register as a designated contract market (DCM) and as a swap execution facility (SEF) thus it was ineligible to offer off-exchange event-based binary options contracts.　　Per the press statement, Polymarket had been operating as an illegal events market while urging the public to “bet on your belief.” This action is a contravention of the CEA and CFTC regulations.　　Polymarket made its name as a decentralized information markets platform that allows users to bet on the outcome of real-world events, such as national inflation rates, political elections, reported cases of COVID-19 and political nominations.　　CFTC cited examples of some of these events on the site like: “Will $ETH (Ethereum) be above $2,500 on July 22？”; “Will the 7-day average COVID-19 case count in the U.S. be less than 15,000 for the day of July 22”; “Will Trump win the 2020 presidential election？”　　Speaking on

2022-01-05Deep Dive
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