- Move To Earn trend got attention as MoveZ released its official app.
- The Fantom Ecosystem showed weakness as some of its projects got hacked and one of its whales got liquidated.
- NFTs projects on Solana are getting hot with many projects developed.
Welcome back to "On The Road", a series to summarize the week through Infographic images to provide market insights in the most intuitive way for you. Last week we have: Move To Earn trend got attention, the Fantom Ecosystem slowed down, and Solana NFT expanded.
Market overview for week 27/2022
Tokens that received the most attention in week 27
Last week, the MoveZ project unexpectedly took the top spot of the most searched tokens on CoinGecko. On July 5th, the MoveZ app was officially released, allowing users to start downloading it from Google Play or the App Store.
Users can connect the MoveZ app to Trust Wallet, MetaMask, or establish a new wallet using the app's 12-word password. To utilize the app, users must have a referral code or stake the MOVEZ token. Users can also sign up for a waitlist in order to earn a referral code.
The EVMOS token came in second place. Despite not being on the list last week, the CEEK VR token unexpectedly gained third place. CEEK VR's price increased roughly 1.5 times from $0.26 to an all-time high of $0.36. It is expected that CEEK Smart VR will hold a land sale in the CEEK Metaverse on July 15th.
Notable events in week 27
Here are the notable events that took place in the past week:
- Launch and partnerships events: HTC launched its metaverse phone, Solana Mobile introduced Dialect, Polkadot introduced a new staking dashboard, Circle Ventured introduced, Shiba Inu planned to launch Stablecoin, and Velodrome was receiving a 3 million OP token grant from Optimism.
- Mainnet events: ETH off-ramp was available for Immutable X powered platform developers.
- Other events: Cream Finance was hacked, AAVE created a proposal for GHO, and GameStop chose 0x API to power DEX swaps in its new digital asset wallet.
We now have 2 projects that released their Web3 smartphone: HTC and Solana Mobile. It seems that the market is in a race of producing Web3 smartphones. Besides, many projects introduced new products last week.
Highlights in DeFi Categories from week 27
Top 10 most mentioned NFT projects on Twitter
NFT is a completely unique digital asset that cannot be replaced by another token. It can be used for demonstrating ownership or tokenizing works of art by artists, game developers, and so on, due to their characteristics.
Tezos was cited as the most mentioned project on Twitter with 8,491 mentions. This happened as Tezos hosted the #1of1 event in the first week of July to promote and honor rare and precious works of art. More than 5,000 NFTs were minted in just three days, and 1,180 NFTs were sold for more than 62,000 TEZ.
The following projects were all well-known, such as Pancakeswap, StepN, Rarible…
Two new projects on the list were:
- HODL Token: This project allows users to stake NFT to receive HODL token, then utilize HODL to receive BNB rewards.
- XCAD Network: This project allows users to earn and trade tokens that are released by their favorite Youtubers.
TVL on multiple blockchains overview
Ethereum continued to be the dominant blockchain in the DeFi space with a TVL of $47.9B, down $15.9B from June. BNB Chain was in second place with a TVL of $6.4B, down $1.4B since last month.
TRON was in third place with a TVL of $5.3B, down $0.8B compared to June. Notably, Cronos surpassed Fantom and took 7th place, although its TVL decreased by $0.2B from last month. Polkadot also took 8th place on the list with a TVL of $0.9B.
Recently, many projects on the Fantom ecosystem have been attacked by hackers, such as Deus Finance and Fantasm Protocol. This resulted in significant financial losses. Furthermore, a big Fantom whale was being liquidated a large amount of assets on Scream also caused the Fantom ecosystem to shake and investors to be concerned. As a result, the Fantom ecosystem has weakened and dropped out of the TVL rankings of major blockchains.
Highlights from ecosystems in week 27
Solana is a third-gen blockchain platform specifically designed for decentralized applications (Dapps) such as DeFi or NFT projects. The Solana blockchain is an open-source project that uses Proof-of-History (PoH) consensus mechanism
AMM is a transaction technique in which the token price is calculated using an algorithm at the time of purchase.
The table below compared the percentage change in TVL of AMM projects on the Solana ecosystem between June 2022 and July 2022.
Saros was an AMM protocol that has shown incredible TVL growth, with a 233% increased. This is a DeFi product suite developed by Coin98 Labs that includes multiple products such as SarosSwap (AMM), SarosFarm (Pool), SarosStake (Staking), and SarosPad (Launchpad) with SarosSwap being the core element. Other AMM projects on Solana have poor or even negative TVL growth.
In early July, Saros allowed users to stake a number of tokens, including GMT, GST, SNTR, FOXY, DUST... with an APR of up to 700%. (It is recommended that users carefully evaluate several factors such as liquidity, market situation, and so on before deciding to stake.)
NFT Legos in Solana
On the Solana ecosystem, NFT is experiencing rapid expansion. Solana currently has numerous NFT projects in various categories such as Marketplace, DeFi, Infrastructure, Collectible, Social, and Gaming. Some notable NFT protocols on Solana include Magic Eden, StepN, Aurory, Chillchat, DeGods...
Magic Eden, for instance, has a total trading volume of more than $1.5B, with over 14 million transactions last month and an NFT floor price of $214. OkayBears also made $18M in revenue only one day after listing their NFTs.
Upcoming NFT mints on Magic Eden
Magic Eden is the leading NFT marketplace on Solana with over 90% market share. Allowing users to mint and trade NFT easily with low transaction fees, high liquidity and an intuitive user experience, Magic Eden has become the destination for discovering, trading, and creating NFTs for everyone.
Next week, we have 10 upcoming NFT mints on Magic Eden. Attack on Meta is the project that has the highest upvotes with 3060 upvotes, followed by SolKids and Shrouded Playground.
NEAR Protocol Ecosystem
Near Protocol is a blockchain platform allowing developers and entrepreneurs to build applications and secure high-value assets such as money or identity, etc. while making them friendly and usable enough for consumers to access.
Top-tier blockchain metrics comparison
The table below provides an overview of the metrics between the leading blockchains in the market.
The NEAR blockchain was officially launched in April 2020. It has a stake ratio of 69% and an APR of 10.88%. The Nightshade Proof-of-Stake consensus mechanism, the WASM, and Aurora virtual machine are used by NEAR. It also currently has 66 validators, with governance taking place on-chain.
This platform can perform 100,000 transactions per second, which is comparable to Ethereum. The average transaction fee for the NEAR is $0.05, making it one of the lowest transaction fees blockchains in the market, besides Cosmos and Fantom.
When compared to other blockchains, NEAR offers a relatively rapid transaction processing speed with low costs. This is the foundation for NEAR further development in the future.
Learn more: Near Ecosystem Overview.
Polygon ecosystem overview
Polygon is known as Ethereum's Internet of Blockchains which acts as a framework for connecting Ethereum-compatible chains. Polygon solves the scalability problem of Ethereum when the cost and time for each transaction on Ethereum are incredibly high.
More than 19,000 dApps with a TVL of $1.6B have been launched on Polygon. Previously, this ecosystem also established a $1B fund to develop the ZK-Rollup solution.
Polygon currently has 129 members in its ecosystem, including notable partners such as Coinbase, Nansen, OpenSea, Sandbox, and others. Coin98 wallet is also one of the Polygon ecosystem's partners.
Next week's events
- July 11th: SWP token will be launching IEO on GateExchange. StepWatch is a project that allows users to make money from walking.
- July 12th: OGV will hold an Airdrop on July 12th.
- July 19th: SQT token will be launching Public Sale on TokenSoft. SubQuery Network is a project that offers tools for Web3 developers.
- July 21st: GEMS token will be launching IDO on Polkabridge. GEMS is an Esports 3.0 platform in the O2O ecosystem. This platform integrates Gamefi, Metaverse and Socialfi.
- July 25th: AURA token will be launching IDO on Impossible Finance. Aura Network is a Layer-1 blockchain platform which focuses on developing and expanding NFT.
- July 25th: TAO token will be launching IDO on Poolz. Fusotao is a verification protocol for orderbook-based matching system using the paradigm of "execute off-chain, verify on-chain".
Market overview for week 27
The Move To Earn trend has not subsided as the MoveZ project officially released its application last week. Tezos was also quite active in the fields of NFT and Metaverse, frequently ranked first on the list of the most mentioned NFT projects on Twitter.
Fantom's ecosystem shows signs of weakening as it was constantly plagued by difficulties. AMM and NFT projects on Solana continued to thrive as Saros had a breakthrough in TVL growth. NEAR Protocol and Polygon were also thriving and had a solid market position.
The market has seen a lot of activities last. Many projects will also launch their tokens on multiple platforms next week. This demonstrates that developers are very active in working on their products.