Unglaubliches Polygon | Cardano-Wale bewegen ADA | ChatGPT in Krypto 🚀 🤯

Unglaubliches Polygon | Cardano-Wale bewegen ADA | ChatGPT in Krypto 🚀 🤯

Table of Contents:

1. Introduction
2. Bitcoin's Bearish Mood
3. The Soft Landing Debate and Bitcoin Wallets
4. Visa's Plans for Digital Asset Conversion
5. Burbank's Decentralized Finance Platform
6. Ethereum's On-chain Activity and BNB Chain Growth
7. Binance's New Tax Tool for Users
8. Tron's Blockchain and AI Payment Framework
9. Polygon's ZK EVM and Testnet
10. UniSwap V3 Deployment on Boba Network
11. Cardano's Recent Activity and ADA Whale Transactions
12. Conclusion

Bitcoin's Bearish Mood

Bitcoin's start to the Second week of February has been marked by a bearish sentiment, as it failed to hold multi-month highs. The price of Bitcoin has dropped below the $23,000 mark, making lower lows on an hourly timeframe. Although the Current trend is comparatively strong at just under $23,000, the weekly close failed to beat the previous one, indicating a rejection at a key resistance level from mid-2022. Traders are predicting a major price correction, and breaking below $22,500 would confirm a bearish trend.

The current bear market rally has created an environment where people are eager to buy all the dips. However, some experts caution that this Scenario could lead to a capitulation event in the coming weeks. Not everyone believes that the US will achieve a soft landing in terms of lowering inflation. Investor Andy West, co-founder of Long Lead Capital Partners, believes that the term "soft landing" may linger for a while before a recession hits in Q3 or Q4 of this year.

On-chain research from sentiment reveals that there has been a surge in the number of smaller Bitcoin wallets since the cryptocurrency crossed the $20,000 mark again on January 13th. In fact, 620,000 new wallets with a maximum of 0.1 Bitcoin each have appeared. This event is seen as the moment when FOMO (fear of missing out) returned to the market, as it represents the highest number of wallets since November 19, 2022.

The crypto fear and greed index, which measures market sentiment, still shows a greedy sentiment among investors. On January 30th, the index reached its highest level of greed since Bitcoin's all-time highs in November 2021. This greediness in the market is reflected in the sentiment among crypto users, with many preferring to put $10 million in crypto for the next bull run.

Visa's Plans for Digital Asset Conversion

In a major development for the crypto industry, payment company Visa has announced plans to enable customers to convert digital assets to fiat currencies on its platform. During a presentation from the company's crypto division head at StarkWare Sessions 2023, it was revealed that Visa has been testing the acceptance of settlement payments from issuers in USDC (USD Coin) on Ethereum. This move highlights Visa's interest in investing in global settlement with digital assets in fiat currencies.

Visa aims to build muscle memory in converting digital tokenized dollars to traditional dollars, similar to how they can convert dollars to euros on cross-border transactions. While Visa has been exploring the incorporation of blockchain technology into its existing network to facilitate faster money transfers, settlements still mainly occur through traditional systems like the Society for Worldwide Interbank Financial Telecommunication (SWIFT). Visa's experiments in this field Show their determination to move towards more frequent and efficient money transfers.

Burbank's Decentralized Finance Platform

Russia's largest bank, Burbank, is making progress in launching its decentralized finance (DeFi) platform. Currently being tested in a private beta, Burbank's upcoming DeFi platform is set to be fully open by the end of April, allowing users to conduct commercial transactions. The blockchain platform will be compatible with the Ethereum blockchain, enabling customers to use major wallets such as MetaMask to manage their assets.

Regulation remains a challenge for the upcoming platform, as Russia has yet to establish clear digital currency regulations. However, the head of the State Duma's Committee of Financial Markets in Russia has stated that the country will adopt crypto regulations in 2023. This news comes after Burbank faced multiple delays in launching blockchain tools over the past few years due to registration delays by the Russian Central Bank. Burbank's approval by the Bank of Russia in Spring 2022 marked a significant milestone for the bank.

Ethereum's On-chain Activity and BNB Chain Growth

Ethereum has been experiencing improved on-chain activity, particularly driven by increased interest in NFTs since the start of the year. The launch of a mini-game by Yuga Labs has contributed to daily fees on the Ethereum blockchain more than doubling from around $2 million to $4-6 million. Additionally, each supply on Ethereum has hit a new deflationary Record at a negative 0.2% per year.

Meanwhile, Binance's native blockchain, BNB Chain, has shown steady growth in activity despite the bear market. According to the BNB Chain Q4 2022 report, the Binance network has aggressively deployed financial and human capital across its ecosystem. As a result, average daily active addresses and transactions grew by 30% and 0.2% respectively. The BNB smart chain now boasts an all-time high of 250 million unique addresses, with a 41.3% year-on-year growth in average daily new unique addresses. The growth is attributed to the adoption of ecosystem protocols such as web3 onboarding protocol Hooked, the surge of DeFi activity on the Venus protocol, and increased NFT activity on the OpenSea marketplace.

In addition, Binance has recently launched a new tax tool for its users. The Binance Tax platform aims to simplify the process of calculating crypto taxes for Binance users. It is currently available for users in Canada and France, with plans to expand to other regions in the near future.

Tron's Blockchain and AI Payment Framework

Tron founder Justin Sun has announced plans for a Tron blockchain and artificial intelligence-oriented decentralized payment framework. This new framework aims to set a new standard in decentralized finance by integrating AI systems like Chat GPT and OpenAI. The framework includes a smart contract system Based on the Tron blockchain, a payment layer protocol, an underlying calling SDK, and the AI payment gateway.

Justin Sun believes that the Tron-based payment framework will Create a decentralized payment system that is secure, trustworthy, tamper-proof, and anti-censorship. The integration of AI systems will enhance efficiency and convenience in payment systems, ultimately leading to the development of a new decentralized intelligent financial ecosystem.

Polygon's ZK EVM and Testnet

Polygon's ZK EVM (Zero-Knowledge Ethereum Virtual Machine) is making significant progress, with its testnet showing promising results. ZK EVM aims to execute smart contracts using zero-knowledge technology, offering a scalability solution for Ethereum through zero-knowledge Roll-ups. The final Polygon ZK EVM testnet, launched last year, has seen a surge in developers and users eagerly embracing Ethereum's future scaling solution.

The testnet has demonstrated improved performance, with the time to produce a proof of a batch of transactions reduced to four minutes from 10 minutes. Moreover, each batch now has a larger throughput, generating proofs faster and at lower costs for users, at less than 4 cents per transaction. The testnet is currently being audited by two firms, indicating that the mainnet launch is expected in the coming weeks, possibly in time for the Shanghai upgrade.

UniSwap V3 Deployment on Boba Network

The Boba Foundation has successfully passed a governance vote to deploy UniSwap V3 on the Boba Network, a layer 2 scaling solution for Ethereum. The majority of the community voted in favor of the proposal, backed by significant organizations such as Franklin Dao, GFX Labs, Blockchain at Michigan, Gauntlet, and ConsenSys. This deployment will enable UniSwap, a leading decentralized exchange, to expand its reach to users in Boba's multi-chain ecosystem, primarily in key Asian markets.

The Boba Network is an optimistic-based multi-chain layer 2 scaling solution that aims to unlock the potential of roll-up technology and facilitate flexible blockchain communication. By being fully compatible with EVM-based tools, the Boba Network has already deployed multi-chain support for Avalanche, Binance Smart Chain (BSC), Moonbeam, and Phantom. The UniSwap V3 deployment is expected to significantly increase the total value locked and transaction volume, further strengthening UniSwap's presence in the decentralized finance space.

Cardano's Recent Activity and ADA Whale Transactions

Cardano has been seeing significant activity, with ADA whales moving substantial amounts of the cryptocurrency. AdaWhale on Twitter shared that Cardano had the highest daily volume since its launch a year ago on the MinSwap Dex (decentralized exchange), with 11 million ADA traded. Furthermore, there has been a surge in the number of large transactions (100K+) on the Cardano network. Such spikes historically indicate upcoming price shifts, making them closely monitored by traders.

Additionally, Sand Cement shares a Chart highlighting the recent activity of three polarizing assets in the crypto industry: Cardano, Shiba Inu, and Hex. These assets have been experiencing major spikes in large whale transactions, further intensifying the focus on price movements and overall market sentiment.

Conclusion

Crypto markets have been witnessing various developments and trends recently, ranging from Bitcoin's bearish mood and the ongoing debate about a soft landing for inflation to significant advancements in digital asset conversion by Visa. The rise of decentralized finance platforms like Burbank's upcoming DeFi platform and the increasing on-chain activity of Ethereum and BNB Chain indicate the continued growth of the crypto industry. Moreover, the integration of AI in Tron's blockchain and the progress of Polygon's ZK EVM and UniSwap's deployment on the Boba Network contribute to a more decentralized and scalable future for cryptocurrencies. Lastly, Cardano's recent activity and ADA whale transactions showcase a growing interest in the project and its potential price movements. Overall, the crypto industry remains dynamic, with new developments shaping its future.