Polygon became "hot" again, Tezos actively developed, BNB burning mechanism
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, Tezos continued to be the most mentioned NFT project on Twitter, while Polygon received a lot of attention from the market.
Key insights:
- Tezos continued to be the most mentioned NFT project on Twitter.
- Cardano overtook Ethereum to become the project with the highest number of active developers.
- The Sandbox will soon host The Sandbox Alpha season 3.
- Binance Smart Chain's BNB token burned overview.
- Cronos ecosystem overview.
Market overview for week 28/2022
Tokens that received the most attention in week 28
Last week, MATIC was the most searched token on Coingecko despite being in the 6th place last week. Polygon was mentioned as one of the most robust Web3 projects launched on Binance in “A Letter from Our CEO: 5 Years of Protecting Users and Supporting the Global Digital Asset Ecosystem” by Changpeng Zhao. On July 18th, Polygon will host Polygon Connect event, exclusively for developers in the Polygon ecosystem in Paris, France.
EVMOS was the 2nd most searched token on CoinGecko and CEL took the 3rd place. After Celsius Network actively paid its creditors and got back the collateral, the project unexpectedly filed for bankruptcy in the US Court on July 14th.
The following tokens are well-known ones such as GMX, OP, HNS…
Notable events in week 28
Here are the notable events that took place in the past week:
- Launch and partnerships events: BNB Chain launched dApp aggregator platform with anti-scam alarm, Uniswap v3 deployed on Celo, Introduced Arbitrum Nova and Empiric Network.
- Mainnet events: GameStop went live, The Guild of Guardians Demo went live, Friktion portfolio manager went live, Nitro Gorli testnet for Arbitrum was live.
- Other events: Celsius Network filed for Chapter 11 Bankruptcy, Defiance Capital statement on recent events.
Highlights in DeFi Categories from week 28
Top 10 most mentioned NFT projects on Twitter
NFT is a one-of-a-kind digital asset that cannot be replaced by another token. They can be used to demonstrate ownership or tokenize works of art by artists and game developers, and so on, due to their characteristics.
Last week, Tezos was the most mentioned project on Twitter with 8,491 mentions. On July 13th, Tezos partnered with the voting platform Electis, one of the most popular voting platforms among government agencies and non-profit organizations.
Electis focuses on sustainability, climate change, and carbon footprint. The partnership would help to bring blockchain technology to the Electis platform and take voting accuracy and transparency to a new level.
In addition, Tezos held an event with the participation of Proof Of People and Vertical Crypto in Fabric London from Jul 6th to Jul 8th. Tezos was also the Silver Sponsor of CoinGecko's The Decentralized Future GeckoCon2022 event. Tezos will host the Tez/Dex event to gather developers in the Tezos ecosystem for Web3 in Paris, France from Jul 21st to Jul 23rd.
The following projects are GoCryptoMe, Hold, StepN, PancakeSwap…
Top 10 projects by developer activity in the last 30 days
Cardano, a blockchain generation 3.0 using the decentralized proof-of-stake (PoS), had the highest active developers in the crypto space.
Flow, a developer-friendly blockchain serving as a foundation for games, apps, and the digital assets that power them, ranked 2nd on the list.
Polkadot, a platform that allows blockchains to connect with each other to share data and form a decentralized network, ranked 3rd on the list.
Notably, Ethereum, a decentralized and open-source blockchain platform that allows the usage of smart contracts, ranked 5th on the list despite having the highest market capitalization.
Top 10 blockchain games by social signal in the last 7 days
Play to Earn is the method in which players can earn rewards and money while playing games. Just like how it’s called, it allows everyone to make money simply by playing games.
The Sandbox, an NFT game, unexpectedly took the top spot on the list last week. The project partnered with Code Green, Bushidos and will soon host The Sandbox Alpha season 3.
In second place was Axie Infinite. Last week, the project hosted the Lunacia event, which allowed players to create new Axies. 3rd place belonged to Decentraland. This project partnered with Mountain Dew to organize a metaverse festival for its users.
The following projects are familiar ones such as Yooshi, ZED RUN, PLANET IX…
Highlights from ecosystems in week 28
Solana Ecosystem
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.
Upcoming NFT launch on Magic Eden
Magic Eden is the leading NFT marketplace on Solana with over 90% market share. Allowing users to mint and trade NFTs 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.
Below is a list of upcoming NFTs launch on Magic Eden. In which, BLXCKOUT, a project that builds an oracle service to help bring Public Sector datasets on-chain, enabling Decentralised Applications (dApps) to perform new functions, has the highest NFT mint price with 2.75 SOL. The Loop Benders project has the lowest NFT mint price with 0.5 SOL.
After allowing users to mint NFT successfully, Mystic Men NFT floor price is now at 2.55 SOL, higher than its mint price 0.8 SOL. The Liberty Square also has its NFTs floor price higher than its NFT mint price 1.22 SOL.
Binance Smart Chain Ecosystem
BNB Smart Chain is a blockchain built by Binance Exchange - one of the biggest Centralized Exchanges at the moment. In 2022, Binance combined Binance Chain (BEP2) and Binance Smart Chain (BEP20) into BNB Chain.
BNB, formerly called Binance Coin, now stands for “Build and Build.” BNB is not only the native coin of both Binance Chain and BSC but also the native token of Binance.
Below is an overview of the Binance Smart Chain’s BNB token burn process. The first time BNB tokens were burned was in October 2017, just 4 months after BNB held its first ICO sale. At that time, each BNB costed $1.5.
The price of BNB peaked at $691 on the 15th BNB token burn in April 2021. As of now, the BNB token has undergone 20 burns, representing 23.8% of the total supply. According to statistics, nearly 40,000,000 BNB was burned with a value of over $4.2M
Find out more: BNB Smart Chain (BSC) Ecosystem Overview
Cronos Ecosystem overview
Cronos is an EVM-compatible sidechain running in parallel with the Crypto.org Chain. Before launching Cronos, the Crypto.com ecosystem encompasses the Crypto.com chain and Crypto.com centralized exchange.
Cronos currently has 87 members in its ecosystem including major partners such as Metamask, Multichain, Chainlink, Band Protocol… The products on the Cronos ecosystem have expanded to many fields such as Wallet, Lending, Bridges, DEX, Derivatives… Coin98 Wallet is also one of Cronos' partners.
Find out more: Cronos Ecosystem Overview
Market overview for week 28
In the past week, Polygon became one of the most mentioned projects in the market after being mentioned in “A Letter from Our CEO: 5 Years of Protecting Users and Supporting the Global Digital Asset Ecosystem” by CZ. The project will also hold the Polygon Connect event in France on Jul 18th.
The NFT Tezos project had been the most mentioned project on Twitter for 2 weeks in a row. It has done a great job promoting its products and connecting its developers, allowing its users to have the best experience.
Cardano was the project with the highest number of active developers in the last 30 days. The Sandbox kept its pace of development, especially with the launch of The Sandbox Alpha season 3.
Many NFT projects on Solana will be launched on the Magic Eden platform, with floor prices often higher than mint prices as these projects have been carefully checked before being launched.
Binance Smart Chain continuously burned its BNB tokens regardless of the price of BNB in order to maintain the value of BNB. Cronos ecosystem also witnessed substantial growth with 87 members in its ecosystem.
Next week's events
- Jul 19th: SQT token will be launching Public Sale on TokenSoft. SubQuery Network is a project that offers tools for Web3 developers.
- July 19th: SLG token will be launching the IEO sale on BybitLaunchpad. Land of Conquest is an MMOSLG game. The project will also allow its users to buy land in its metaverse.
- July 25th: TAO token will be launching the IDO on Poolz. Fusotao is a verification protocol for an orderbook-based matching system using the paradigm of "execute off-chain, verify on-chain".
- July 25th: AURA token will be launching the IDO on Impossible Finance. Aura Network is a Layer-1 blockchain platform focusing on developing and expanding NFT.
- July 27th: WOMBAT token will be launching the IDO sale on Polkastarter. Wombat is an NFT game marketplace that allows players to participate and own NFT in the game.
Conclusion
The market last week was quite bustling as projects continuously received attention and held many events worldwide. Over the next week, a lot of quality NFT projects will be launching on Magic Eden.