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The Blur Airdrop Unveils NFTFi On CoinEx: The DeFi Platform That's Taking NFTs To The Next Level

16 Feb 2023

Crypto prices have surged in value over the past few days, and the total value locked (TVL) in decentralized finance (defi) has surpassed the $50 billion mark for the first time since the collapse of FTX. As of Feb. 16, 2023, the TVL in defi is $51.1 billion, with the liquid staking protocol Lido accounting for 17.18% of the total.

In the past 24 hours, the entire cryptocurrency market has risen more than 5% against the U.S. dollar, and the market capitalization of the top smart contract platform tokens has increased by 7%. During the same period, ethereum increased by 6.5%, BNB rose by 4.2%, cardano increased by 2.4%, and polygon rose by 8.3% against the U.S. dollar. Solana saw a 3.9% increase, polkadot rose by 3.6%, and avalanche gained 5.7%.

The aforementioned price increases have propelled the total value locked (TVL) in decentralized finance (defi) above the $50 billion mark for the first time since Nov. 8, 2022. As of Feb. 16, 2023, statistics show that the TVL is approximately $51.1 billion, with $8.78 billion held by Lido. Lido is the largest protocol in terms of TVL, capturing 17.18% of the total. The liquid staking protocol is followed by Makerdao, Curve, Aave, and Convex Finance, respectively.

This week, more than 60% of the total value locked in defi, amounting to $30.98 billion, is tied to Ethereum. Tron is the second-largest blockchain in terms of TVL size, commanding 10.39% of the total value locked. Binance Smart Chain (BSC), which used to be the second-largest chain in terms of TVL size, is now in third place, with 9.57% of the total value. After Ethereum, Tron, and BSC, the next largest blockchains by TVL are Arbitrum, Polygon, Avalanche, Optimism, Fantom, and Cronos.

The largest protocol bridges in terms of value locked include WBTC, Multichain, Justcrypto, and Portal. As of Feb. 16, 2023, the top decentralized exchange (dex) platforms include Uniswap, Curve, Sunswap, Pancakeswap, Balancer, Trader Joe, Spookyswap, Velodrome, and Orca. Dex platforms processed $3.7 billion in global trade volume over the past 24 hours. The largest lenders in defi include Aave, Venus, Justlend, Radiant, Geist Finance, Solend, Tectonic, and Pando Rings.

What do you think is driving the recent surge in crypto prices and the growth of decentralized finance, and where do you see the industry headed in the coming months? Share your thoughts in the comments below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

Crypto prices have surged in value over the past few days, and the total value locked (TVL) in decentralized finance (defi) has surpassed the $50 billion mark for the first time since the collapse of FTX. As of Feb. 16, 2023, the TVL in defi is $51.1 billion, with the liquid staking protocol Lido accounting for 17.18% of the total.

In the past 24 hours, the entire cryptocurrency market has risen more than 5% against the U.S. dollar, and the market capitalization of the top smart contract platform tokens has increased by 7%. During the same period, ethereum increased by 6.5%, BNB rose by 4.2%, cardano increased by 2.4%, and polygon rose by 8.3% against the U.S. dollar. Solana saw a 3.9% increase, polkadot rose by 3.6%, and avalanche gained 5.7%.

The aforementioned price increases have propelled the total value locked (TVL) in decentralized finance (defi) above the $50 billion mark for the first time since Nov. 8, 2022. As of Feb. 16, 2023, statistics show that the TVL is approximately $51.1 billion, with $8.78 billion held by Lido. Lido is the largest protocol in terms of TVL, capturing 17.18% of the total. The liquid staking protocol is followed by Makerdao, Curve, Aave, and Convex Finance, respectively.

This week, more than 60% of the total value locked in defi, amounting to $30.98 billion, is tied to Ethereum. Tron is the second-largest blockchain in terms of TVL size, commanding 10.39% of the total value locked. Binance Smart Chain (BSC), which used to be the second-largest chain in terms of TVL size, is now in third place, with 9.57% of the total value. After Ethereum, Tron, and BSC, the next largest blockchains by TVL are Arbitrum, Polygon, Avalanche, Optimism, Fantom, and Cronos.

The largest protocol bridges in terms of value locked include WBTC, Multichain, Justcrypto, and Portal. As of Feb. 16, 2023, the top decentralized exchange (dex) platforms include Uniswap, Curve, Sunswap, Pancakeswap, Balancer, Trader Joe, Spookyswap, Velodrome, and Orca. Dex platforms processed $3.7 billion in global trade volume over the past 24 hours. The largest lenders in defi include Aave, Venus, Justlend, Radiant, Geist Finance, Solend, Tectonic, and Pando Rings.

What do you think is driving the recent surge in crypto prices and the growth of decentralized finance, and where do you see the industry headed in the coming months? Share your thoughts in the comments below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

Polygon rallied to a ten-month high on Thursday, as the token rose for a third straight session. Overall, cryptocurrency markets rebounded from recent losses, with the global market cap up 5.90% at the time of writing. Avalanche also surged, hitting a one-week high.

Polygon (MATIC) surged to a ten-month high earlier in the day, as prices rose for a third consecutive session.

MATIC/USD moved to a peak of $1.39 earlier in today’s session, which comes a day after trading at a low of $1.27.

As a result of Thursday’s high, MATIC/USD jumped to its strongest point since April last year.

Looking at the chart, polygon has had a mini-bull run this week, after bouncing off a floor at $1.20, leading up to a move to a ceiling at $1.35 today.

Earlier gains have marginally eased, however, with the relative strength index (RSI) moving close to a ceiling at 70.00.

At the time of writing, the index is tracking at 68.22, with MATIC/USD at the $1.37 mark.

Avalanche (AVAX) extended recent gains on Thursday, leading to prices hitting a one-week high.

Following a low of $18.39 on hump-day, AVAX/USD raced to an intraday high of $20.31 earlier in the day.

This resulted in avalanche climbing to its highest point since February 8, when the token last collided with a ceiling at $21.00.

Looking at the chart, the initial surge took place following a break beyond a resistance at 55.00 on the RSI indicator.

However, at the time of writing, price strength appears to be moving back towards this level.

Should bears continue to push momentum lower, there is a strong chance AVAX could fall to a floor below $18.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Avalanche, AVAX, matic, Polygon

Do you expect avalanche to hit $21.00 this week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

Polygon rallied to a ten-month high on Thursday, as the token rose for a third straight session. Overall, cryptocurrency markets rebounded from recent losses, with the global market cap up 5.90% at the time of writing. Avalanche also surged, hitting a one-week high.

Polygon (MATIC) surged to a ten-month high earlier in the day, as prices rose for a third consecutive session.

MATIC/USD moved to a peak of $1.39 earlier in today’s session, which comes a day after trading at a low of $1.27.

As a result of Thursday’s high, MATIC/USD jumped to its strongest point since April last year.

Looking at the chart, polygon has had a mini-bull run this week, after bouncing off a floor at $1.20, leading up to a move to a ceiling at $1.35 today.

Earlier gains have marginally eased, however, with the relative strength index (RSI) moving close to a ceiling at 70.00.

At the time of writing, the index is tracking at 68.22, with MATIC/USD at the $1.37 mark.

Avalanche (AVAX) extended recent gains on Thursday, leading to prices hitting a one-week high.

Following a low of $18.39 on hump-day, AVAX/USD raced to an intraday high of $20.31 earlier in the day.

This resulted in avalanche climbing to its highest point since February 8, when the token last collided with a ceiling at $21.00.

Looking at the chart, the initial surge took place following a break beyond a resistance at 55.00 on the RSI indicator.

However, at the time of writing, price strength appears to be moving back towards this level.

Should bears continue to push momentum lower, there is a strong chance AVAX could fall to a floor below $18.00.

Register your email here to get weekly price analysis updates sent to your inbox:

Tags in this story
Analysis, Avalanche, AVAX, matic, Polygon

Do you expect avalanche to hit $21.00 this week? Let us know your thoughts in the comments.

Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

PRESS RELEASE. On February 14, the highly anticipated Blur airdrop was finally kicked off. According to Dune Analytics, as of February 15, over 40,000 addresses have claimed the Blur airdrop, with 8.2% of them receiving over 10,000 tokens. Most users received between 1,000 and 10,000 BLUR tokens, with 7,000 tokens distributed to every user on average. On CoinEx, the BLUR price stood at about $0.8 on the distribution day. Based on that figure, the Blur airdrop provided users with $5,600 worth of tokens on average, making it another airdrop legend following the Aptos airdrop.

Behind Blur’s boom: The NFT blue ocean

As a newcomer to the NFT market, Blur has captured the spotlight over the past year. Since its launch in March 2022, the project has gained a massive following through its airdrop announcement. Meanwhile, its aggregation system, which enables frequent trading, has earned extensive recognition among active NFT traders. In fact, Blur has surpassed OpenSea, which is the No.1 NFT marketplace, in terms of trading volume, demonstrating the fierce competition in the NFT market.

The popularity of Blur indicates that while there is a huge demand for NFTs, the market and its derivative tools remain underdeveloped. Data from NFTGO shows that the market cap of three top projects, specifically BAYC, CryptoPunks, and Otherside, has already reached 2 million ETH, which is worth over $3.1 billion according to the real-time ETH price on CoinEx.

That being said, the unique characteristics of NFTs make it difficult for us to accurately capture the value of each NFT. Like traditional collectibles, different NFTs come with varying features, and the attribute preferred by collectors may offer an NFT a different price tag. The lack of clear valuation methods makes NFT trading more challenging than FT trading, which also blocks the market circulation of NFTs and results in poor liquidity.

Moreover, blue-chip NFTs are often expensive and inaccessible to retail investors, hindering the development of the NFT market. Although the No.1 crypto Bitcoin is quoted at $20,000, retail investors get to purchase 0.01 or even a smaller amount on exchanges. However, the floor price of Bored Ape Yacht Club (BAYC) stands at 67 ETH, which is worth over $100,000, making it unaffordable to ordinary investors.

The NFT market has continued to explore new ways to address those problems, which triggered the appearance of the NFTFi category, spanning NFT marketplaces and aggregators, lending, renting, derivatives, fragmentation, and oracles.

NFT marketplace and aggregator

NFT marketplaces are considered the core of the entire NFT ecosystem. With an NFT marketplace, users can list their NFTs or purchase NFTs from others at any time. Moreover, most NFT trading platforms offer multiple sales models, including fixed-price sales, Dutch auctions, English auctions, and private transactions. Right now, trending NFT marketplaces include OpenSea, Rarible, LooksRare, and X2Y2. Except for OpenSea, all of these projects have issued their own tokens, and you can always check them out on CoinEx if you are interested in trading these tokens.

Aside from centralized marketplaces, some decentralized projects are working to solve NFT’s poor liquidity. For instance, Sudoswap introduced the AMM mechanism of DEXs into the NFT market. This allows users to provide liquidity and benefit from instant pricing through trade matching on Sudoswap, which addresses the liquidity problem in the decentralized NFT market. However, this method is more suited for NFT projects ranking in the middle or bottom of the market because the AMM mechanism eliminates rarity differences. Meanwhile, AMM is not applicable to blue-chip NFT projects, as they are subject to greater price differences.

In the NFT market, if a seller listed an NFT on OpenSea, users who only use LooksRare will not be able to see that NFT. As a result, when buyers are searching for their favorite NFT, they may have to switch between multiple NFT markets, which significantly drives up the time cost.

This has led to the rise of aggregators, which have become a major channel for buying NFTs. For example, in addition to its own marketplace, Blur also aggregates OpenSea, LooksRare, and X2Y2, allowing traders to quickly comb through the essential statistics of the relevant NFTs on just one platform. For professional traders, aggregators like Blur are much more efficient than regular marketplaces like OpenSea.

Many top projects are trying to deploy their own aggregator. Uniswap, a well-known DEX, recently acquired Genie and launched its own NFT aggregator, which supports popular NFT marketplaces such as OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, Foundation, NFT20, and NFTX. OpenSea has also acquired NFT marketplace aggregator Gem, aggregating platforms that include OpenSea, Rarible, LooksRare, X2Y2, NFTX, and NFT20.

NFT lending

NFT lending has emerged as an essential part of the NFTFi category. Many NFT holders hope to obtain temporary liquidity without selling their assets, which has led to a growing demand for NFT lending. At the moment, NFT lending mainly includes two models: Peer-to-Peer and Peer-to-Pool.

NFTfi is a typical provider of Peer-to-Peer lending services. This lending model allows borrowers and lenders to negotiate all the lending conditions, including the amount, term, interest rate, and liquidation method. As such, Peer-to-Peer lending features smaller interest rate spreads, and since no external oracles are needed, users are not exposed to oracle risks. That said, Peer-to-Peer lending is subject to high time costs, and borrowers may need to spend a long time finding suitable lenders.

Many NFT lending platforms have leveraged AAVE’s lending model, employing the Peer-to-Pool approach, in which the protocol matches the two sides and makes decisions on behalf of lenders. This approach is more efficient and enables quick matching but lacks capital efficiency and is subject to significant interest rate spreads. For instance, if there is 1,000 ETH in the pool, but the borrower only wants to borrow 500 ETH, the interest he/she paid will be evenly distributed among all lenders, meaning that the lenders would receive a much smaller interest payment. As a result, most of the funds in the pool are not fully utilized. Moreover, under the Peer-to-Pool model, the platform might be run by users. For example, the well-known NFT lending platform BendDAO experienced liquidity crunches due to the liquidation of NFTs during a market downturn.

NFT renting

Last year, Ethereum approved the ERC-4907 smart contract standard, which introduced the concept of “expires” to enable collateral-free NFT renting through contracts. Collateral-free renting allows NFTs to be wrapped in a way that preserves their original features, but the wrapped NFT will be destroyed when the rental period expires. Since the release of ERC-4907, collateral-free renting has become the mainstream approach in the NFT rental market, replacing conventional collateralized renting, and most platforms including reNFT have adopted collateral-free renting. Despite that, NFT renting remains a small market, as the demand for renting blue-chip NFTs is limited, and most application scenarios for NFT renting are in fields including gaming and metaverse land.

NFT derivatives

In the financial sector, derivatives are indispensable products, and NFTFi’s experiments with derivatives have also attracted market attention. Many platforms are working on NFT-based futures and options, despite their lack of popularity. For example, nftperp provides NFT futures, allowing investors to go long or short on NFTs, while NiftyOption offers NFT options. Right now, the NFT derivatives market is still in its infancy, but as the relevant products are upgraded, investors will be able to use hedge against price swings in the NFT market through various strategies.

NFT fragmentation

As NFTs are indivisible, blue-chip NFTs like BAYC and CryptoPunks are extremely expensive, making it a challenge for retail investors to join the game. To address the problem, many projects are exploring NFT fragmentation, i.e., splitting NFTs into multiple fragments that investors can purchase and share the returns. Fractional.art, a leading NFT fragmentation project, offers Uniswap-based trading functions that allow users to trade fragmented NFTs anytime, anywhere. Despite its advantages, NFT fragmentation also faces challenges, such as potential disputes over the distribution of airdrop benefits.

NFT oracles

Accurately capturing NFT prices has always been one of the biggest challenges in the NFT market because prices affect a wide range of operations, including borrowing and liquidation. In light of that, NFT oracles were launched to solve the problem of NFT valuation. For instance, Abacus oracle uses a peer incentive pricing mechanism and the Abacus Spot liquidity valuation to provide NFT pricing services, which accurately capture the value of an NFT. Other platforms like Upshot and Banksea are also exploring their own pricing mechanisms. With a focus on accurate real-time NFT pricing, oracle projects are competing fiercely in the sector.

Conclusion

NFTFi is an essential part of the NFT market, and NFT segments are striving for a shared goal: achieving the large-scale circulation of NFTs and making them more accessible. At the moment, many NFTFi projects are still in a nascent stage and may present impressive innovations that will lead to the exponential growth of the NFT market. For instance, Blur’s third airdrop triggered a rapid increase in the transaction volume and floor price of blue-chip NFTs such as BAYC and Azuki. By the same token, the advancement of NFT infrastructure will also attract more users to the market.

BLUR and many innovative NFTFi tokens are now available on CoinEx (https://www.coinex.com/), you can go to the exchange to trade the latest NFTFi token at any moment. In addition, CoinEx has announced the “NFTFi Special Event: Join Trading Volume Ranking, 5,000 USDT For Grabs” promotion, starting from Feb 16 to Feb 22, 2023 (UTC).

Link:https://www.coinex.com/activity/trade-rank/9

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Tony Hawk's Latest NFTs to Come With Signed Physical Skateboards

Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.

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