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This Little Known DeFi Token Is Attracting Investors – Find Out Here

This DeFi token, which only ranks 138th among cryptocurrencies according to total market capitalization, is starting to make some real loud noise in the crypto space this ‘Uptober.’

Even though the market continues to struggle to recover from its dismal September performance, SUSHI – the native token of SushiSwap – is making impressive leaps over the past couple of days.

At press time, according to data from CoinGecko, SUSHI is trading at $1.33 and has been up by 3.5% for the past 24 hours.

It currently carries a 20.1% price increase for the past seven days while its performance for the past 30 days has been equally impressive, recording a 15.5% uptick in value.

While it is still in the lower ranks of cryptocurrencies due to its $255 million market cap, SUSHI is currently the subject of tremendous interest among investors.

SUSHI Sounds Delectable To GoldenTree

Asset management powerhouse GoldenTree recently announced it has invested $5.3 million to SUSHI – a move that was instrumental for the governance token’s recent bullish rally.

During a SushiSwap forum held last Wednesday, the firm admitted they have been following the digital asset for a while now and that they are more excited about it with the upcoming rollout of their crypto-focused GoldenChain Asset Management Arm.

GoldenTree went on to say that the crypto asset has incredible potential and that it “represents the best of DeFi, both in origin and in community.”

The $50 billion privately owned asset manager has full trust in SUSHI as it iterates and innovates “without artificial barriers to completion.”

DeFi Token No Longer Just A Clone

As a digital token, SUSHI had a hard time earning respect from crypto aficionados as it was created as a copy of Uniswap.

Although it attempted to be better than the asset where it was based through liquidity mining and governance features, the token ended up lagging behind its competitors.

But the $5.3 million GoldenTree investment speaks volumes of how much interest the digital currency is now commanding.

The multi-billion dollar company did not dismiss the challenges that plagued SUSHI in the past but at the same time said they are amazed by the resiliency of the core team and the asset’s community of supporters. 

GoldenTree took notice of the top-tier products that SushiSwap has built and released, becoming one of their reasons for the game-changing investment.

SUSHI market cap at $168 million | Featured image from Japan Centre, Chart: TradingView.com

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Lido Gets All-Clear Signal From Blockchain Auditing Experts Statemind

The firm behind the recent success story, where $350M in damages were prevented from hitting the Avalanche blockchain, has released an in-depth audit report of the popular Ethereum liquidity staking solution, Lido. 

The report has ultimately given Lido an all-clear signal, noting that no significant vulnerabilities were discovered. Here is what newcomer blockchain auditing firm Statemind did find in their Lido report. 

Lido Tasks Statemind With Keeping Billions At Stake Secure

Lido is designed to provide liquidity for staked assets with daily rewards and no lock up periods. Lido staking solutions are available for Ethereum, Solana, Polygon, Terra, Kusama, and Polkadot.  When staking Lido you mint staked tokens which are issued 1:1 to your initial stake. With Lido, your staked tokens can be used across the DeFi ecosystem as collateral, for lending, yield farming, and more.

As Lido expands its stronghold over liquid crypto staking solutions, the need for the underlying code to be squeaky clean and without any potential complications becomes imperative. Billions of dollars in value are at stake across millions of users. Lido has tasked blockchain auditing firm Statemind with reviewing its code and ensuring no critical vulnerabilities exist — and if they do, snuff them out before they become an issue. 

Statemind Makes Huge Splash At Launch, Saving Avalanche $350M

Statemind did just this but outside of its regular clientele, while simultaneously making a huge splash across the cryptocurrency development community. A proactive review of several top blockchains revealed that Avalanche and associated chains were exposed to a critical vulnerability. Estimated damages top over $350M that Statemind was able to save. 

In the more reactive Lido research prompted by the client themselves, Statemind, fortunately, discovered zero critical, high, or medium-severity bugs. Only informational bugs were found, which are easily patched and pose no threat, said Statemind. 

The Results And Recommendations Of The Lido Audit Report

Statemind further outlined the results of the MEV-Boost relay allowlist project and Lido audit in a nine-page report. According to the report, the on-chain relay allowlist is “used by Node Operators participating in the Lido protocol after the ETH Merge to extract MEV.” Node Operators use the contract to ensure up-to-date software configuration at all times.  

“Key recommendations involve checking the number of relays right after the msg.sender check, removing the zero address check for msg.sender, checking if the token address is a contract in the function _safe_erc20_transfer, and utilizing mapping that maps URI to index of relay in the array,” Statemind explained in a blog post. 

What You Need To Know About Statemind Blockchain Safety Audits 

Lido is just one of many of Statemind’s clients, which also include 1INCH and Yearn.Finance. Statemind is a brand new blockchain security auditing firm with over 100,000 LoC of Solidity and Vyper experience combined. Thus far, Statemind audits have secured over $10B in TVL, and the examples above have only added to this rapidly-growing number. To learn more, visit Statemind.io.

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Aave (AAVE) Attracting Whales Over Past Few Months – Will It Spur Price Rally?

The number of “whale” addresses in AAVE has recently increased. Whale addresses are digital currency addresses that store 1 million or more of a particular coin. AAVE is currently riding a wave of whale-like popularity.

AAVE is currently riding a wave of whale-like popularity. A 55 percent of the AAVE coins are held by addresses with 1,000 to one million tokens, per Santiment. That’s a big jump from the 48% investors saw in the first half of June.

This increase in whale addresses may be attributable to new AAVE features. AAVE recently tweeted on the company’s recent achievements in the present DeFi industry.

We may expect an increase in the number of services that make use of the AAVE ecosystem over the coming years, as funding has been awarded to more than 26 different beneficiaries.

Staking the token on the ecosystem can now generate instant returns thanks to the company’s cooperation with Flashstake.

AAVE TVL Increasing As Well

Using the governance token, users may lend and borrow cryptocurrencies and real-world assets (RWAs) directly from one another, cutting out the need for a trusted third party. Investors gain interest when lending money and lose it while borrowing money.

The TVL of the system has increased to $1.17 billion, from $1.09 billion on September 14th, since tweets describing current changes in the ecosystem were released.

When the TVL number goes up, trade volume goes up with it. The token’s 24-hour trading volume increased from $74,494,475 on September 18 to $145,288,857 on September 20, according to publicly available data. This represents a massive growth of nearly 49 percent.

As of the time of writing, this figure decreased by 19.5 percent to $116,733,735. Although the long-term outlook for AAVE may be favorable, the short-term outlook is not promising.

Despite the significance of the advancements, the token is still subject to market conditions. The token has already lost 14 percent of its September 17 gains.

Positive Developments Help The Token Recover

The price decline can be attributed to the deteriorating macroeconomic conditions in the first half of September. Due to the market’s climate of dread, the crypto winter will persist until the end of the year before conditions improve.

Recent economic developments will influence the broader financial markets, particularly the cryptocurrency market. But recent developments can assist AAVE in recouping its losses.

Recently, NASDAQ announced its entry into the cryptocurrency market. Their justification was that institutional investors’ interest in digital assets has increased.

Despite the fact that their approach is still cautious because crypto exists in a legal murky area, this is still a big milestone in the crypto industry.

AAVE has been a part of the cryptocurrency market as a lending and borrowing platform. As the crypto winter persists, services such as AAVE will become indispensable for surviving the current market conditions.

AAVE total market cap at $1.02 billion on the daily chart | Source: TradingView.com

Featured image from The Coin Republic, Chart: TradingView.com

(The analysis represents the author’s personal views and should not be construed as investment advice).

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Valkyrie Crypto Trusts Gather Nearly $74 Million In Funding Amid Bear Market

An alternative investment company, Valkyrie, has added $73.6 million in capital into two crypto-focused trust funds. Valkyrie initially had $1.2 billion in assets under management at the end of the second quarter. This information is in amended filings with the United States Securities and Exchange Commission (SEC).

Over the years, crypto investments and Decentralized finance have proven to be a great alternative to the traditional finance system. It could be because DeFi has a way to boycott the bureaucracy in the financial system.

Decentralized Finance (DeFi) allows the use of digital ledger technologies. Digital technology enables investors to access and control their assets and financial data in global financial transactions.

With DeFi, developers have created financial instruments that can operate digital assets without limitations. Loan collateral and debt obligations can all be tokenized with Decentralized Finance.

Since blockchain technologies are transparent and accessible, many investors now channel their finance into the Crypto industry. As a result, traditional finance keeps flowing into the crypto industry, even with the bear market.

Details Of The Valkyrie Tron Trust

According to reports, the oldest fund was launched in 2021. The Valkyrie Tron Trust offers eligible investors access to the TRX cryptocurrency. According to the SEC filings, the trust has raised $50 million from a small sum of $57 in sales in July 2021.

Tron is a blockchain-based decentralized digital platform with its cryptocurrency known as TRX. It aims to host entertainment applications and enable content creators to sell their work directly to consumers.

Tron has been increasingly gaining recognition in the crypto market recently. A spokesman of Valkyrie noted that Investors are taking note of the continuous transaction growth recorded recently by the Tron network.

Valkyrie Avalanche Trust Increased AVAX Exposure

Meanwhile, the Valkyrie Avalanche Trust is bringing exposure to the AVAX token. The trust appeared in an SEC filing in January, but no sale has been recorded. The trust has raised $24 million out of the $25 million target mentioned by Valkyrie in May.

Valkyrie’s Spokesperson commented that the Avalanche adoption rate is increasing significantly. He referred to KKR’s deal with Securitize for tokenization of a private equity fund on Avalanche blockchain announced earlier this week.

A Brief On Valkyrie

Valkyrie is a Tennessee-based investment company. The company offers trust funds based on eight protocols, three Nasdaq-listed exchange-traded funds (ETFs), Decentralized finance (DeFi), and protocol treasury business management.

The SEC approved Valkyries’ XBTO Bitcoin Futures Fund in May. The crypto investment firm announced plans to enter into venture capital with a $30 million fund two months after the approval.

Bitcoin bulls are trying to push above $20,000 l BTCUSDT on Tradingview.com

The fund’s targets are new start-up companies in Israel. Valkyrie’s customer base is mainly from the U.S, and this may help assist the Israeli teams.

Valkyrie also closed a deal of an $11 million strategic funding round in July. Top traditional finance companies BNY Mellon and Wedbush are backing the fund.

Featured image from Pixabay, Charts from TradingView.com

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Solana Nears 100 Billion Transaction Milestone As Price Aims For $40

Solana has made a name for itself in the decentralized finance (DeFi) and non-fungible token (NFT) space over the last few years. Its growth has seen it become one of the largest contenders for the leading smart contract network Ethereum, as it presents faster and cheaper transaction options. Its transaction count had quickly multiplied in light of this, and now, the cryptocurrency has neared another important milestone.

Almost 100 Billion Transactions

With only two years of operations under its belt, Solana has quickly grown in prominence among crypto investors. With an average of 3,000 transactions per second (TPS), the total transaction count on the Solana blockchain is like a runner on steroids.

Presently, the total transaction count on the network has surpassed 97.1 billion. This was the count as of Friday when this report was written. Given that the number was around 96 billion on Thursday, Solana’s transaction count is growing at around 1 billion per day. This rate would see the network hit the 100 billion mark before the weekend is over. 

To put this in perspective, the current daily transaction count on the Ethereum network is a little over 1 million at 13 TPS. The upgrade to ETH proof of stake will reportedly allow Ethereum to process 100,000 TPS, but for now, it continues to lag behind competitors such as Solana in terms of speed and capacity. 

Solana Looks To Grow Further

Over the last day, digital assets across the cryptocurrency market have seen some impressive gains. Solana grew more than 7% in this 24-hour period to bring its price above $35, but even this point does not look to be the highest for the cryptocurrency.

Since SOL is now sitting above its 20-day moving average, the selling pressure in the short term has begun to ease up, giving the digital asset room to establish support at $35 and target the $40 level from this point. 

SOL breaks above $35 | Source: SOLUSD on TradingView.com

Solana’s growth in other aspects besides its transaction count is also working to prop up its price. Most notably, the growth of NFT trading on the blockchain. Magic Eden, the leading NFT marketplace on Solana, is fast catching up to OpenSea. 

In the last 7 days, OpenSea saw a total of 149,488 unique traders, where Magic Eden saw 101,349 unique traders. The popularity of collections, such as Okay Bears, DeGods, and now Yoots, has also helped to increase the popularity of the blockchain and bring new demand to the market. 

This demand for the digital asset for trading activities has been the biggest driver of its recovery. If the momentum holds up, then SOL is likely to test $40 before the weekend is over.

Featured image from CNBCTV18, chart from TradingView.com

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Bitcoin Bulls Aim Past $20,000 Level – How Hard Can They Charge Forward?

Bitcoin bulls have their hands full in the next days to carry out a strong advance to lift BTC out of the pit.

Throughout today’s trading session, the market’s performance has been bullish. CoinGecko reports that bulls are driving prices higher for nearly 80 of the top 100 cryptocurrencies. The site has only flagged six coins as the biggest losers so far.

CoinGecko has identified Bitcoin as one of the top advancing currencies. With a 24-hour market volume of $34.7 billion the currency has seen a massive increase in value in the last few hours.

This increase in price is consistent with the bullish trend seen in the market for other cryptocurrencies Friday, which includes Ethereum.

But looking at the big picture, Bitcoin is still far below its August high of $25,000, when it first reached its current value, but in fairness, it already has its sights past the  $20K barrier.

As shown in the graph, Bitcoin attempted to consolidate its price range over the course of 45 days.

Chart: TradingView.com
Bitcoin Bulls Resisting Downward Pressure

Bitcoin attempted to reduce volatility between August 19 and August 26. Bitcoin’s price fluctuated between $21,897 and $20,790.

Despite the bulls’ best efforts to stabilize the price of the coveted token on August 26, its value continued to decline.

Investors and traders were frightened by these previous price movements, as their indicators transmitted strong bearish and sell signals. But recently, bulls sped up and gave Bitcoin the push it needs to attempt a big run.

Chart: TradingView.com

Using the Fib retracement tool, the $19,141 support line can be identified at the 78.60 Fib level. As of the time of writing, Bitcoin bulls have broken through the 61.80, 50, 38.20, and 23.60 Fibonacci levels.

In addition, real-time data indicates that bulls are attempting to consolidate their gains. As they attempt to settle above the next likely support line at $20,321, they are also testing the strength of the next resistance range at $20,821.

Gunning Past The $20K Mark

Additionally, we can identify two levels that will be significant in the coming days. Prior to Bitcoin’s entry onto the scene with bullish activity, two support ranges sustained this movement.

The highlighted regions are the Fibonacci levels 100 and 71.80. The fate of the current market reversal will be decided at these two upcoming junctures. If the bears push the price below these levels and break through, a Bitcoin recovery may not occur at this time.

If the bulls persist and overcome the $20,828.14 resistance, the current price reversal will be the relief rally that investors and traders have been anticipating for months.

BTC total market cap at $399 billion on the daily chart | Source: TradingView.com
Featured image from TechSpot, chart from TradingView.com