Axies’ Breeding Cost Halved, AXS Pumps to New Highs with Coinbase Support But Volume Is Lacking

Axies’ Breeding Cost Halved, AXS Pumps to New Highs with Coinbase Support But Volume Is Lacking

AXS token is on a tear, hitting new all-time highs one after another.

Just this week, AXS hit a new ATH at $75.73 and is currently trading above $70 — up $58.5% in the past week, 293% in the past month, and recording returns of 55,665% since Nov. 2020 low, which was just nine months back.

However, this time, AXS’s spot trading volume isn’t keeping up with the price trend and has fallen dramatically.

Amidst this, Coinbase announced that it is listing AXS and REQ, TRU & WLUNA, which will begin trading on August 12 at 9 AM PT if liquidity conditions are met.

The exchange has begun accepting inbound transfers to Coinbase Pro, on which support will be offered for AXS-USD, AXS-USDT, AXS-EUR, and AXS-BTC pairs.

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Meanwhile, as the price of AXS continues to surge, the team announced the reduction in the AXS portion of the breeding fee to just 2 AXS, down from 4 AXS, worth about $140 at current prices. It tweeted,

“This is another move to demonstrate the attention and care we put into balancing the Axie economy. When making this decision, we looked at the relative value of AXS vs. SLP as a percentage of the breeding fee.”

While costs for breeding more Axies were halved, other changes included players earning fewer SLP rewards in Adventure Mode but more through competitive PVP.

AXS is an ERC20 token that powers the popular play-to-earn NFT game Axie Infinity, and its holders can claim rewards for staking their tokens, playing the game, and participating in key governance votes.

Axie Infinity is currently leading the NFT space, with its all-time figures coming in at $1.24 billion in volume, 370,557 traders, and $2.74 million in sales, as per Dapp Radar.

Monthly, Axie is recording $800 mln in volume, has just under 270k traders, and has $1.47 mln in sales.

The blockchain-based game also ranks at the top in revenue, coming at $366.7 million in the past 365 days. The second one is not even coming close at $91.6 million by PancakeSwap and then Etereum’s $91.4 million, according to TokenTerminal. Axis Infinity tops in every single time frame.

It had a record-breaking month in July with over $200 million in monthly revenue. “While distributions from the treasury will be decided by community governance, it’s expected majority the revenue will eventually be passed on to AXS stakers,” noted Delphi Digital, which has invested in the project.

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Author: AnTy

Derivatives Now Dominate Crypto Volume, Gaining Nearly 54% Market Share in June: Report

Derivatives Now Dominate Crypto Volume, Gaining Nearly 54% Market Share in June: Report CryptoCompare

Open interest on Bitcoin futures products dropped 31.8%, more than across ETH future’s 28.3% drop, according to CryptoCompare data. As for exchanges, Binance, which had the highest OI across all derivatives products, saw the biggest 38.4% drop.

Trading volume on spot cryptocurrency exchanges dropped by 42.7% to $2.7 trillion in June from the previous month amidst lower volatility and regulatory crackdown in China, according to CryptoCompare data.

“Headwinds continued as China persisted with its crackdown on bitcoin mining.”

“As a result of both lower prices and volatility, spot volumes decreased.”

The 15 largest top-tier exchanges saw a decrease of 51.6% on average, while lower-tier spot volumes declined by 53.2%. Top-Tier dominance has almost doubled since Dec. 2019, climbing from 47% to 88.4% “as more investors look to gain exposure to crypto with the lowest amount of risk.”

While Binance remains the largest top-tier spot exchange by volume, its trading volume also plummeted a whopping 56% to $668 billion in the wake of China’s cryptocurrency leverage trading and mining ban.

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Volume on derivatives exchanges in comparison dropped 40.7% to $3.2 trillion, noted the London-based researcher.

This resulted in derivatives gaining 53.8% market share in June, compared to 49.4% in May, as derivatives volumes surpassed those of spot for the first time this year.

Just like in the spot market, Binance was also the largest derivatives exchange which had its volume down 29.7% in June from $1.73 trillion in May.

Binance was followed by OKEx, whose volume at $508 billion was down 49.1%, then Bybit’s, which saw a 37% drop in its volume to $360 billion, and with $242 billion FTX comes at 4th place, whose volume dropped the most at 53.2%.

Open interest on futures fell, for the second month in a row, across all products by 40.9% to $16.4 billion, its lowest level since January.

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OI on Bitcoin futures products dropped 31.8% to $9.7 billion, while across ETH futures, the drop was 29.3% to $4.2 billion.

In terms of exchanges, Binance, which had the highest OI across all derivatives products, saw it drop by 38.4% since May to $5.6 billion.

In second place is OKEx with $2.5 billion OI which is down 30.8%, followed by Bybit’s $2.2 billion OI, representing a 37.2% decline in June from the previous month.

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Author: AnTy

The Global Crackdown on Binance which Accounts for Nearly 70% Spot Exchange Volume Market Share

The Global Crackdown on Binance which Accounts for Nearly 70% Spot Exchange Volume Market Share

The leading cryptocurrency exchange Binance is now being targeted by Thailand’s watchdog, which filed a criminal complaint against them on Friday for operating a digital asset business without a license.

Binance was actually warned by the SEC over its activities in a letter in April, but when they received no response, the Commission filed a criminal complaint with the police, it said.

This is just the latest in a string of crackdowns on the platform by regulators from all over the world.

This week, Cayman Islands’ financial regulator also said Binance wasn’t authorized to operate in the territory.

The Monetary Authority of Singapore (MAS) joined in, saying it would follow up with the local unit of Binance because of scrutiny from authorities elsewhere.

Before this, last week, Britain’s financial watchdog barred the company from carrying out regulated activities in the country, and before that, Japan’s regulator said the exchange was operating in the country illegally.

Binance has already restricted its services for Ontario, Canada users citing “compliance efforts,” after the Ontario Securities Commission (OSC) published a Statement of Allegations against other crypto exchanges viz. Bybit, Poloniex, and KuCoin, for failing to comply with its regulations.

In the US, it is under investigation by the Justice Department and Internal Revenue Service. Back in April, Germany’s watchdog also said it risked being fined for offering tokens connected to stocks.

Binance meanwhile maintains that it takes a collaborative approach to work with regulators and takes its compliance obligations seriously.

The concerns seem to be about Binance’s lack of a headquarters, with the UK’s Financial Conduct Authority (FCA) calling it a “huge issue.”

“Everybody’s definition of a headquarters of a company is slightly different,” reiterated Binance CEO Changpeng “CZ” Zhao at Ethereal Virtual Summit earlier this year. “Our leadership team are not sitting in one office, we don’t have a clear place where we can go.”

Launched in 2017, Binance has grown tremendously over this short period and now accounts for 69.7% of legitimate centralized spot exchange volume. Coinbase only accounts for 8%, followed by FTX at 4.3%, and Kraken at 4.1%.

While trading volumes at the exchange have fallen to $662 billion in June, they are still up 10x from a year earlier. Overall volumes in the market are also down 65% from the late-May peak to be at early February level but still up 15x from July 2020.

Amidst this crackdown, Binance’s native token BNB, the 5th largest coin with a market cap of $46.5 billion, has experienced a drawdown of 68% in line with the broad crypto market sell-off.

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Author: AnTy

Where’s Retail? Individual Investors Pouring Billions in Stocks But The Tide is Now Turning

Individual investors are now accounting for a bigger share of US equities trading volume with new brokerage accounts by them going above 10 million, already the first half of 2021 roughly matches the total accounts created throughout 2020.

Volume on cryptocurrency exchanges is drying fast, and gas fees on the Ethereum Network is staying at a single digit.

Mere $35 billion is currently recorded in exchange volume, down from nearly $90 billion in late May, representing a fall of more than 60%. The same is the case for Google Search volumes for crypto assets, NFTs, and centralized and decentralized exchanges. New Twitter followers in space have also gone down, much like the ranking of crypto apps on the App store.

The crypto market may have seen an exodus of retail, but the stock market is seeing an increased stream of retailers.

Retail has poured in a net $140.57 billion into the US market this year, up 33% during the same period a year ago and over six times the amount invested by them in 2019, according to data from Vanda Research.

Inflows surged again in recent weeks, but the tide is now turning, having fallen 17% over the past week.

“This is changing the way that one potentially trades these spaces—gone are the days when you can buy and hold a small-cap name and hope it yields 50% over time. It almost does that now in a matter of days,” said Viraj Patel, global macro strategist for Vanda Research.

Growing Share

The flood of new retail traders that started last year during the coronavirus pandemic has now turned into a leading indicator.

According to Goldman’s Derivatives Research group, retail trading activity is an indication of a large number of traders “paying attention” to a stock.

Because retail is not short-sellers and chooses between “buying” or “not-buying” the stock, it results in temporary net-buying flow from retail investors, pushing the stock up temporarily.

This volatility then attracts the institutional investors’ attention, who then uses their understanding of options market positioning, delta hedging requirements of market makers, and fundamental valuation to position for outsized profits.

And at some point, retail traders become a smaller percentage of overall volume resulting in a significant drop in retail trading as a percentage of total volume in the days ahead of the ultimate peak and subsequent decline.

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A WSJ report published Friday shared that new brokerage accounts opened by individual investors in the first half of 2021 have already roughly matched the total created throughout 2020.

These new individual brokerage accounts have hit more than 10 million, according to estimates from JMP Securities.

Individual investors’ share of US equities trading volume, which surged to 20% last year, roughly double the figure from a decade before, has also increased to 26%, according to data from Larry Tabb, head of market-structure research at Bloomberg Intelligence.

Some online brokerages account for a sizable chunk of this, with Robinhood Markets accounting for 4% and E*Trade estimated to be 2.4%.

While the traditional market is seeing increased participation from retail, the crypto market is getting institutionalized. However, it is possible this is a rotation of profits from crypto into stocks which may get rotated back into crypto after some time. But that’s to be seen, for now, the market is devoid of much activity, and prices are trading sideways in a “crab market.”

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Author: AnTy

Crypto Derivatives Market Now Represents 53.3% of Total Cryptocurrency Space: CryptoCompare Report

Total spot volume in May surged 26.5% to $4.8tn, and $5.5tn was recorded in the derivatives market, an increase of 40.4%, with CME paving the way for the institutionalization. DEXs also had a record month with $172.8 billion in volume.

Moving into June, volume across cryptocurrency exchanges is taking a hit, which makes sense given that prices are subdued.

Daily exchange volume has gone down from the high of $90 billion on May 25th to now about $42 billion. But it’s to be expected given that May was a particularly wild month. As prices pulled back significantly last month, volumes soared across the board.

Following a stable April, volume in May surged 26.5% on the spot market and a whopping 40.4% on derivatives, as per CryptoCompare report.

Total spot volume crossed $4.8 trillion with Binance, Huobi Global, and OKEx leading monthly trading volumes with $1.5tn (up 63.0%), $271bn (down 6.0%) and $242bn (down 14.6%), respectively.

Reacting to higher volatility, leverage-loving crypto folks sent the derivatives volume to $5.5tn. Here, Binance, OKEx, and Bybit are leading with $2.5tn (up 48.9%), $999bn (up 50.8%), and $574bn (up 24.0%) in monthly trading volumes respectively.

The derivatives market now represents 53.3% of the total crypto market, up from 50.2% in April.

In the futures market, regulated exchange CME remains the largest for Bitcoin derivatives, with 29.8% of open interest occurring on the exchange. In May, CME launched Micro Bitcoin Futures to attract smaller traders.

Besides Bitcoin, CME is now also paving the way for the institutionalization of Ethereum as it becomes the largest exchange for ETH futures as well, with its OI surging by 66.2% to $489 million compared to a decrease in OI seen on other derivatives platforms, as per the report.

In the options market, Deribit leads with 581,578 BTC options contracts traded in May 2021, down 0.8% from April, while ETH options jumped 43% from the previous month to record 4,891,831 ETH options contracts.

In the decentralized space, May broke the record by having a total volume of $172.8 billion, a whopping 110% jump from April, as per Dune Analytics.

In the previous months of 2021, volume on decentralized exchanges surged by $5 to $10 billion, but this time, the increase was $90 billion.

Interestingly, in May, Uniswap alone almost did the entire DEX volume of April, and the market share of popular DEX has now soared to 62.2%, up from 43.6% from late February. SushiSwap has the second-largest share at just about 11% based on weekly volume, down from 22.7% in Feb., while other DEXs account for less than 5% market share.

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Author: AnTy

NFT Volume Declines Sharply But Cheaper Sales Are ‘Extremely Important for Long Term Growth’

NFT Volume Declines Sharply But Cheaper Sales Are ‘Extremely Important for Long Term Growth’

With hype calming down and wallets trading cheaper NFTs, the market can now grow in a greed-free environment with more people and organizations coming in. It’s basically good for “more sustained” market development.

After exploding into popularity this year, non-fungible tokens’ growth has entered a slow-down phase in the past month or so.

If we look at the past 30-days statistics of the NFT space, it has experienced a huge drawdown.

Starting with the marketplace, the popular ones like OpenSea, CryptoPunks, Axie Infinity, NBA Top Shot, and Rarible have had their volume down 40% to 60% in the past 30-days. The number of traders has also dropped between 20% to 50%, as per DappRadar.

The volume on these marketplaces peaked in February. For instance, the most popular one, NBA Top Shot, did $48 million on Feb 22, and now it is down at $1.3 million though still up from less than 10k it was doing in December.

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This year, besides the DeFi ecosystem, the NFT market is one of the big ways the blockchain industry continues to develop.

But in May, a decrease of 5% in sales volume was recorded, the volume dropped for the second month in a row. Flow and Wax particularly drove this.

Overall, the trend of highly-priced NFTs seems to be cooling off, with relatively cheaper sales now fueling the market activity. However, such sales are “extremely important for long term growth as it gives a chance to attract masses to the industry.”

Despite the negative trend, Axie Infinity, Dark Country, and R-Planet had the best month this year so far, with their month-on-month growth of 201%, 659%, and 141%, respectively. Additionally, wallet activity and the count of sales saw an upward trend.

Well-known people like Paris Hilton, Eminem, Jack Dorsey, and many others have also joined in on the NFT trend, with more and more new organizations starting to test the NFT waters as well. Dapp Radar noted in its May report,

“It indicates that NFT hype has calmed down, at least in terms of large sales, and wallets are trading cheaper NFTs. As a result, this situation might lead to a more sustained stage of market development instead of one that’s filled with hype and greed.”

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Author: AnTy

DEX’s Record A New ATH in Volume; Decentralized Exchanges Hit First $100 Billion in May

Uniswap accounts for a monster share of DEXs volume, while in the spot market, Binance alone has jumped $110 bln. Deribit is leading the options market for both BTC and ETH, while CME did $6 bln for Bitcoin futures and $2 bln for Ether futures.

The last 24 hours have been wild, wiping out billions of dollars from the total market as the cryptocurrency prices crashed more than 50%. This, of course, resulted in the exchange volumes surging.

According to CoinGecko, in the spot market, volume on Binance surpassed $110 billion while Huobi and OKEx recorded $40 bln and $33 billion, respectively. South Korea’s biggest crypto exchange, Upbit, had about $27 billion in volume while Coinbase had just over $20 billion.

Binance, OKEx, and Huobi took the top three spots in the futures market.

In the Bitcoin futures market, $241 billion volume was recorded, rising from $84 billion the day before, as per Skew. From $53 billion on Tuesday, Ether futures volume soared to $141 billion.

Derivatives platform FTX surpassed $50 billion in volume. It was only a year ago that it hit its first $10 billion.

On CME, meanwhile, Bitcoin futures saw $6 billion in volume while Ether futures recorded $2 billion, down from over $2.5 billion on May 13.

In the options market, Deribit led the Bitcoin’s market with $2 billion in volume and Ether at $1 billion; neither was a new record.

Centralized cryptocurrency exchanges weren’t the only ones to see record volumes on such a volatile day.

With 10 days still left in May, the collective volume of DEXs hit a new record of $105 billion, up from $80 billion last month, as per Dune Analytics.

In the past 24 hours, DEXs did $11.51 billion in trading volume and $41 billion in the last 7-days.

Uniswap accounted for a monster share of this volume at $5.4 billion, followed by almost $3 billion by SushiSwap.

While Curve’s volume came up to just shy of $1 billion, 0x Native and Bancor both did just over half a billion dollars.

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Uniswap clearly remains the winner, having captured more than 50% of the market share, at one point hitting a new 2021 high of 61%.

Uiswap V3 is actually the largest DEX next to Uniswap V2 and is looking to surpass its own platform. As Mason Nystrom, a research analyst at Messari, puts it, “The only DEX that beats Uniswap is Uniswap.”

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Author: AnTy

Uniswap Collecting More than Double the Daily Fees Generated by Bitcoin

Decentralized finance (DeFi) project Uniswap’s V3 has achieved $1 billion volume in 24-hours in just a week of its launch.

In the past 24-hours, Uniswap v3 recorded $862 million in liquidity and $1.74 billion in volume. As of writing, the volume is at $916 million.

This surge in activity on Uniswap has been the result of Dogecoin-inspired meme coins such as SHIB, AKITA, and WOOF. With these coins not available on centralized exchanges, the retail crowd has been using the DEX to trade these coins.

Up until today, they all have been at the front page of Uniswap, accounting for most of the volume. Wrapped Dogecoin is now the only one left in the top 10 after Ethereum co-founder Vitalik Buterin dumped a ton of supply of these meme coins, which has been unwittingly sent to his address and sent the proceeds to the charity.

These retailers chasing the meme coins were the ones congesting the Ethereum network this time, unlike the Crypto Kitties in 2017, and sending the fees on the second-largest network and Uniswap flying.

This helped Uniswap surpass Bitcoin in daily fees. Compared to Uniswap’s nearly $9 million daily fees, Bitcoin only did almost $4 billion. The 7-day average fees for Uniswap and Bitcoin stand at $6.6 million and $5 million, respectively, as per Crypto Fees.

For four days in a row, the popular DEX has surpassed Bitcoin’s daily fees thanks to the retail’s dog meme mania.

Meanwhile, average fees on Ethereum hit a new ATH on Wednesday at $70, generating $107 million in daily fees with $65 million as the 7-day average.

Ethereum fees have gone 2x higher than the previous ATH with “increased competition for MEV should push fees even higher,” noted Lucas Nuzzi from Coin Metrics.

According to him, SHIB was the driver of this spike, but MEV had a clear role in pushing fees higher. MEV increases fees because bots are willing to pay higher fees to extract value and out-of-band payments decrease the certainty of what a “sufficient” gas price should be, leading to overpaying.

EIP-1559 that is coming with the London hard fork in July is expected to normalize some of this volatility.

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Author: AnTy

Stablecoins Facilitated $1 Trillion in Transaction Volume in Q1 2021

Stablecoins Facilitated $1 Trillion in Transaction Volume in Q1 2021

Stablecoin monetary base is also growing, on track to hit $100 billion after more than doubling so far this year.

Total stablecoin supply has nearly hit $80 billion. Starting the year just under $29 billion, these cryptos or fiat pegged stablecoins added about 33.33 billion to its supply in Q1 of 2021.

USDT remains the dominant stablecoin with a $51.86 billion market cap while doing 3.4x of bitcoin volume at over $68 billion, as per Messari. This week, the largest US exchange Coinbase announced support for Ethereum-based USDT.

Although USDT is still the king, its dominance is gradually decreasing over time.

USDC, BUSD, and DAI were the quarter’s biggest winners, growing their share to 17%, 6%, and 5%, respectively.

With a market cap of $10.85, USDC comes in second place, doing only a fraction of USDT’s volume at $2.3 billion.

Binance’s BUSD is also gaining momentum, as it records almost $10 billion in volume while having a market cap of $5.25 billion. DAI is a $3.58 billion market cap stablecoin handling $560 million in volume.

Overall, stablecoins facilitated $1 trillion in transaction volume in Q1 2021, which is more than the previous four quarters combined, noted Ryan Watkins, a researcher at Messari.

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Stablecoins had an incredible quarter, with their monetary base continuing to rise at an accelerating pace in line with the growing adoption.

This adoption is for a number of reasons including stablecoins being easy to accept as payments. These programmable digital currencies “allows developers to trivially build with them and deploy applications with global distribution.”

Moreover, they run on global public infrastructure that operates 24/7/365 while offering users stronger autonomy, privacy, and interoperability qualities than existing payments solutions which require KYC and often restrict access, said Watkins.

In the stablecoin realm, Facebook’s fiat-backed project, Diem Association is aiming to launch a pilot with a single stablecoin pegged with USD later this year. First proposed in June 2019 with the name libra, the project has received opposition from regulators around the world.

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Author: AnTy

Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be $0.5 Trillion Per Year

Leading decentralized exchange (DEX) Uniswap has hit a new milestone.

The weekly trading volume on Uniswap surpassed $10 billion for the first time ever. Daily volume, meanwhile, is $1.5 billion, which hit its all-time high at $2.2 billion in late October.

The latest milestone represents half a trillion-dollar volume every year.

“Uniswap weekly trading volume just passed $10b for the first time!!! $10b/week is over $0.5 trillion per year,” said Uniswap creator Hayden Adams.

The first time, Uniswap hit $1 billion in weekly volume was in early August in 2020, and ever since then, these numbers have only been going up. Much like volume, liquidity is ever-growing as well, keeping above $8 billion.

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Uniswap currently has more than half of the market share at 51.7% in terms of volume, followed by Cuve at 18.6% and SushiSwap’s nearly 15%. CRV -3.91% Curve DAO Token / USD CRVUSD $ 2.90
-$0.11-3.91%
Volume 233.76 m Change -$0.11 Open $2.90 Circulating 273.68 m Market Cap 794.35 m
4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 w Coinbase Accelerates Altcoin Listing Ahead of Going Public, Bringing Millions of Retail to DeFi 4 w Coinbase CEO Says Exchange is Open to CBDC Listings, Not Intimidated by DEXs
SUSHI -1.22% SushiSwap / USD SUSHIUSD $ 12.51
-$0.15-1.22%
Volume 482.49 m Change -$0.15 Open $12.51 Circulating 127.24 m Market Cap 1.59 b
4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 w Cross-Chain Decentralized Exchange, THORchain (RUNE), Launches After 3 Long Years of Development 1 w CipherTrace Releases DeFi Compliance Solution Built on Chainlink to Abide by OFAC Sanctions Requirements

Overall, $49 billion has been recorded by DEXs in monthly volume in April so far. In Q1, the best month was February, $76.7 billion monthly volume.

The token UNI, meanwhile, is a $17 billion crypto-asset trading above $32.

Earlier this week, eToro, which has 20 million registered users globally, added support for UNI and LINK on its trading network, bringing the total number of crypto assets available to trade on the platform at 18. LINK -6.15% Chainlink / USD LINKUSD $ 36.27
-$2.23-6.15%
Volume 2.05 b Change -$2.23 Open $36.27 Circulating 419.01 m Market Cap 15.2 b
2 h Oracle Service API3 Inks Deal With OBP To Merge Conventional Banking With DeFi 4 h Uniswap Hits $10B In Weekly Trade Volume; DEX’s Current Pace Would Be Half A Trillion-Dollars per Year 1 d Social Trading Platform, eToro US, Adds Chainlink (LINK) & Uniswap (UNI) For Trading

“Now is the right time to be adding new cryptos to eToro. We have seen an explosion in retail investor appetite for the asset class and strong demand to invest across a greater range of tokens.”

Doron Rosenblum VP of Business Solutions at eToro

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Author: AnTy