Wednesday, January 24, 2024
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In today's news:
Read on! | | 24h Hot Searches Worldwide 🔥 | | | Buckle up and get ready! CoinGecko's Virtual Meetup is back again! For Meetup #30 we'll be diving into our 2023 Annual Crypto Industry Report and join our speakers as they share their thoughts on the State of Crypto Markets in 2024! 2023 Annual Crypto Industry ReportWhen considering the entire year of 2023, the crypto market witnessed substantial growth, more than doubling its total market cap from $832 billion at the beginning of the year. This remarkable expansion was primarily driven by Bitcoin's impressive resurgence, experiencing a 2.6x increase. After the challenges and stagnation experienced in 2022, 2023 proved to be a robust year of recovery for the crypto industry. Join us and our Head of Research, Zhong Yang Chan, as he presents key highlights of our 2023 Annual Crypto Industry Report – from an overview of crypto markets, to analyzing Bitcoin and Ethereum, deep diving into DeFi and NFT ecosystems, and finally CEX and DEX performances. State of Crypto Markets in 2024After a review of the past year, we'll shift gears to discuss the State of Crypto Markets in 2024. Join us as we take a look back at the top highlights of 2023 and the primary trends in 2024 to watch out for. Date: Wednesday, 24 January 2024 Time: 07:30 AM EST (UTC -5) [Check your local time]
Tune in for our Virtual Meetup #30, featuring an exciting panel of speakers: | | | 2023 Annual Crypto Industry Report | | Dive into our comprehensive 2023 Crypto Industry Report which covers everything from the crypto market landscape. | |
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| The Chicken and the Egg 🥚 After releasing a teaser of their latest product last Friday, UMA and Flashbots have teamed up to launch Oval, a solution for DeFi protocols to capture value during oracle updates.
According to UMA, this kind of MEV, also known as oracle extractable value (OEV), arises when an oracle update occurs, creating a brief window for users to take advantage of price discrepancies, especially for lending and borrowing platforms.
Interestingly, a big chunk of MEV activity is made up of OEV, which means that protocols are potentially losing out on millions of dollars extracted every year. As such, Oval was created to help protocols capture and retain value rather than losing it to MEV bots.
The Oval architecture will have MEV searchers participate in an auction for the right to access Chainlink oracle data for a specific protocol. The proceeds from the auction are then distributed back to the protocol.
Since UMA first hinted about Oval, the price of its similarly-named governance token (UMA) has surged by 195% from $2 to $5.90 today.
Editor's Take:
It's refreshing to see one of the OGs of DeFi make their return with a very interesting and niche product. It will also be interesting to see how projects could implement OEV revenue collected into their existing incentive programs for users and governance token holders. | | | Many brands from various industries have continued venturing into Web3 despite the bear market - learn about the top ones in this video! | | | Making the cut ✂️
Just a couple of months back, the Avalanche Foundation declared they were ready to invest $100M into memecoins.
Yesterday, the team provided more details by releasing a set of criteria for memecoins or 'community coins' to become eligible for the fund. Below are the eligibility criteria as outlined in their latest blog post: Fairly Launched Snipe Bot Resistant Secure High Holder Count (>2,000 unique holders) Low Concentration (Top 100 token holders own <60% total token supply) Broad Liquidity Provisioning (50 or more liquidity providers, unless majority renounced) High Liquidity (Total liquidity >$200,000) Minimum Lifespan (Existed >1 month) Minimum Market Cap (FDV> $1M) Daily Trading Volume (average daily volume >$100,000 for at least 2 weeks) Native to Avalanche
With this comprehensive list, it should be fairly simple to narrow down potential candidates that may be picked up by the Avalanche Foundation.
In fact, the Foundation has revealed that they have 'already started' to purchase some of these meme coins.
As the top meme coin on Avalanche at the moment, it should be no surprise that all eyes would be on Coq Inu, which surged by 27.3% today. | | | What are Stamps and SRC-20 tokens on Bitcoin, and how do they differ from ordinals and BRC-20 tokens? | | | | | 🦎Tell us what you think! We've just revamped our newsletter with a new and fresh format!
Whether you're a long-time subscriber or just passing by, do let us know if you like the changes and what we can improve on! | |
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