💰 Solana Records Biggest Loss on One DeFi Metric As BNB Chain Shows Resilience: DappRadar

DappRadar report finds that last month’s crypto market meltdown caused the total value locked (TVL) on smart contract platform Solana (SOL) to freefall. The data acquisition and analysis firm reports that Solana saw a 71% decrease in TVL month-on-month from October to November, crashing to $366 million.

The TVL of a blockchain represents the total capital held within its smart contracts and is calculated by multiplying the amount of collateral locked into the network by the current value of the assets. SOL is trading for $13.70 at time of writing. The 18th-ranked crypto asset by market cap is down more than 57% since November 1st when it was trading at $32.24.

Bybit Launches Merkle Tree-Verified Proof of Reserves

ByBit has joined the ranks of major crypto exchanges such as Binance to publicly provide its proof of reserves. 

The Dubai-based platform announced the launch of a Merkle Tree-based proof-of-reserve system to enable users to verify their assets deposited into the exchange as well as Bybit’s holdings.

The verification is available in both trading and funding accounts.

Bybit said that the new feature will also allow verification of the exchange’s wallet ownership and that assets are held with a 1:1 ratio.

Bitcoin will find its real price if major crypto exchanges fail, investor says

Former Brighterscope CEO Mike Alfred believes that paper Bitcoin (BTC) trading is what’s keeping the cryptocurrency’s current dollar price in place.

“Counterfeit bitcoin”

In a Dec. 12 tweet, the self-described “value investor” claimed that people were trading Bitcoin that didn’t exist on the chain and that the activity was artificially propping up BTC prices in the interim.

In the tweet, Alfred also contended that Bitcoin would only find its actual market price in the event of the failure of crypto exchanges such as Nexo, KuCoin, and Crypto.com, which serve as fractional reserve platforms for BTC.

FTX Japan Has Until March 2023 to Cease All Operations

 The Kanto Local Finance Bureau will supposedly halt FTX Japan’s activities on March 9, 2023.

The Japanese authorities reportedly extended the business suspension order to FTX Japan until March 9, 2023.

Initially, the company had to cease all services on December 9.

$51 million Chainlink (LINK) locked in 30 minutes after staking launch December 11, 2022 at 9:25 am by Ifeanyi Egede ALTCOINS

 On Tuesday, Chainlink opened staking options for its users. Statistics show that the oracle provider saw 7 million LINK worth $51 million staked 30 minutes after the option was activated.

Sergey Nazarov, the founder of Chainlink, announced the staking of LINK on the network’s platform on Tuesday. Shortly after the announcement, users locked about 7 million LINK worth $51 million on the platform to provide more liquidity.

According to reports, the amount staked accounted for about 28% of the 25 million stake pool. In addition, the spokesperson said the firm decided to launch the token stake pool as starters to determine how well the operation would fare. He added that they planned to increase the stake pool capacity to accommodate 75 million LINK token in the future.

Blockchain Life 2023, Dubai, February 27 – 28

 The 10th Global Forum on blockchain, cryptocurrencies and mining Blockchain Life 2023 takes place on February 27 – 28 in Dubai.

Having started in 2017, the forum quickly became one of the TOP-3 events worldwide in the cryptocurrency industry.

The forum is attended by key industry players, government representatives, heads of international companies and funds, investors, promising startups teams and beginners.

What to expect?

Networking with 4000 attendees from all around the world and meeting  business executives from top companies in the industry

Exhibition area with 100 booths of digital companies

Speeches by world-leading experts  in the conference hall

The greatest AfterParty on the luxury yacht “LOTUS”

Participants will find promising startups to invest in, meet new business partners and learn about all the relevant ways to make money with cryptocurrencies from industry leaders. The event program also includes a discussion about profiting on the latest trends: the metaverse, NFTs, DeFi, P2P trading, cryptocurrency arbitrage and more. 

Attendees

Beginners in cryptocurrencies will be able to take their first step in the industry, while professionals will significantly expand their network of business contacts and find new business partners. Blockchain Life is a universal platform for development in the industry of cryptocurrencies.

Where and when?

February 27 – 28, Dubai, Atlantis the Palm.

Buy a ticket now: https://blockchain-life.com/asia/en/#tickets-row 

Axie Infinty (AXS) Explodes 20% Weekly, Bitcoin Remains Stable Above $17K

 The cryptocurrency market remains calm through the day, but some coins are already pulling ahead on a weekly basis.

The broader cryptocurrency market didn’t see a major change in the past 24 hours, as its total capitalization remains the same.

As we go into the weekend, it becomes clear that some cryptocurrencies performed really well throughout the week, so let’s dive in.

Bitcoin Stable Above $17K

The BTC price didn’t go through any major moves in the past 24 hours and remains above $17K. It’s worth noting, however, that it had increased up to $17,360 in the early afternoon yesterday, but the bulls were unable to continue the push and the price was sent back toward $17,100.

This puts BTC on a 0.4% loss for the past 24 hours and a 0.4% increase for the past week, showcasing the markets’ inability to break away from the current trading range.

Altcoins Stagnate Toward the Downside

The majority of the altcoin market has also been stagnating in the past day, but toward the downside, as seen in the heatmap below.

One of the best performers for the day is OKT, which is 8%, followed by Axie Infinity’s AXS – up 7%. This puts the total gains for AXS upwards of a whopping 20% for the week, which is considerable, given the current market conditions.

On the other hand, XCN seems to be the worst performer for the day, followed by BTSE token, both of which are down by some 4%.

All in all, the day failed to produce any meaningful movements in either direction and it appears that this is reflected in the overall trading volume, which sits at around $38 billion for the past 24 hours. Typically, such periods of calmness and lack of volatility lead to explosive moves in either direction.