Posted on

Telegram And TON Foundation Collaborate With Alibaba Cloud In Quest For Fastest Blockchain

Telegram’s partner, the Open Network (TON) Foundation, in partnership with Alibaba Cloud, has announced plans to set up 256 servers for a performance testing event scheduled for October 31, 2023. 

Per the announcement, the objective of this event is to officially establish the TON blockchain as the world’s fastest blockchain to earn accreditation from the Guinness World Records.

TON’s  Upcoming Performance Test

According to a report by Yahoo Finance, the TON blockchain has experienced significant growth since 2022, witnessing a 20-fold increase in addresses from 170,000 to 3.5 million. 

The network has also expanded its validator nodes to 350, fostering a more decentralized network across 25 nations. The blockchain has maintained a track record throughout this expansion, with no major network disruptions reported.

Both parties view the upcoming performance test as a crucial step in showcasing the unique capabilities of the TON blockchain, which serves as a trusted infrastructure layer for the Web3 ecosystem within Telegram.

Anatoly Makosov, the Core Development Lead at the TON Foundation, expressed anticipation for the performance testing event, highlighting the TON blockchain’s technical superiority, particularly regarding scalability. 

Makosov emphasized that TON’s large-scale public performance testing is an exciting opportunity to witness significant results and validate the blockchain’s technical prowess. Makosov stated:

We look forward to October 31, 2023, to confirm that the TON blockchain technically stands out among any other blockchain, especially in its ability to scale. This is the first large-scale public performance testing of TON – we’re just as excited as you are to see the results.

MEXC Ventures Makes Major Investment In TON Blockchain

MEXC Ventures, a subsidiary of MEXC’s global cryptocurrency exchange, has also announced a significant investment in The Open Network. According to Yahoo Finance, this investment is MEXC’s largest Layer-1 funding and is accompanied by a partnership with the TON Foundation. 

Justin Hyun, Director of Growth at the TON Foundation, expressed enthusiasm about the partnership with MEXC, emphasizing their shared goal of offering global access to the decentralized Web3 ecosystem within Telegram. 

Per the report, the foundation is committed to delivering a “user-centric experience” for the community. MEXC’s support “significantly strengthens” its ability to develop new tools and services seamlessly integrating crypto with social media.

Steve Yun, President of the TON Foundation, highlighted MEXC’s belief in the TON blockchain’s potential for building a Web3 super-app ecosystem on Telegram. Yun expressed confidence in the TON ecosystem’s and MEXC’s mutual growth as they prepare for the next market cycle.

The collaboration between the Open Network Foundation, Alibaba Cloud, and MEXC Ventures underscores blockchain technology’s increasing recognition and adoption, particularly in the Web3 space. 

These partnerships aim to enhance the functionality, scalability, and accessibility of the TON blockchain while promoting global adoption and innovation within the decentralized ecosystem.

TON

At the time of writing, the native token of the protocol, Toncoin, is trading at $2,006, reflecting a marginal decline of 0.2% over the past 24 hours. Nevertheless, the token has experienced substantial growth year to date, boasting an impressive increase of 59% during this timeframe.

Featured image from Shutterstock, chart from TradingView.com 

Posted on

AVAX Enters The Green Zone After Losing Gains As Bulls Gain Momentum

AVAX is trading in the $15 price range today, continuing its week’s price volatility. The bears seized control of its price action from April 19, 2023, forcing it down to $18.99. Since then, AVAX’s volatility has placed it between $17 and $15 as the bulls seek to regain control.

Notably, its trading volume is up by 34.13% in the last 24 hours despite the price fluctuations in the market today. It also recorded price gains earlier today, May 9, before dipping again by over 3%. 

AVAX Price Analysis

AVAX has resumed a downtrend as the bears and bulls compete to control the market. It is trading below its 50-day and 200-day Simple Moving Averages (SMA), with bearish sentiment in the short and long term. 

Related Reading: Bitcoin To Drop Further? Whales Show Signs Of Dumping

Also, the Relative Strength Indicator (RSI) is 35.84, close to the oversold region of 30 and bearish. However, the RSI’s direction is sideways, suggesting that the bears and bulls are even. 

AVAX’s Moving Average Convergence/Divergence (MACD) is below its signal line and shows a negative value confirming the prevalent bearish trend in the market. 

The current downtrend is similar to the previous trend between February 22 and March 13, 2023. If AVAX’s RSI moves to the oversold region of 30, a retracement to the upside is possible. 

AVAX encountered stiff resistance at the $17.67 level, sending the asset into a downtrend. Despite trading above the $16.35 resistance level yesterday, the bears pushed its price below the $15.85 support level.

AVAX Enters The Green Zone After Losing Gains, Are Bulls Coming To Rescue?

Since the $15.85 support could not hold, expect further decline for the asset to the $14.40 support if the bears persist. However, AVAX might rally if it enters into the oversold region.

Recent Developments In Avalanche Might Foster Price Reversal

The digital technology and intelligence arm of the Alibaba Group, Alibaba Cloud, formed a partnership with Avalanche. The main aim of this partnership is to create a Cloudverse Launchpad. Cloudverse will help users to launch and manage their Metaverse spaces hosted on the Avalanche blockchain.

Also, MUA DAO is the third organization included in this innovative partnership. They are the service layer for implementation and integration on Metaverse customization. As a result, Avalanche Subnets can be customized to fit various needs on the blockchain.

The Avalanche network developers believe that this partnership will demystify the creation of Metaverse since it makes the process quick and seamless. Also, developers on the Cloudverse will receive support for visuals, meta-economics, events, interactions, and operations.

Notably, Alibaba Cloud and Avalanche partnered earlier in December 2022 to provide the tools and infrastructure for Asian-based users to launch network validators. 

Alibaba Cloud has around 4 million customers and 10 million developers, increasing Avalanche’s exposure and likely boosting AVAX’s price.

Featured image from Binance and chart from Tradingview.com