TRON Blockchain thrives, Ethereum still a dominant blockchain, Terra after the hard fork
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.
Market overview for week 23/2022
Tokens that received the most attention in week 23
Over the past week, the most searched token was OP after Optimism airdropped for its early users.
The second token on the list was LUNC, Terra's token. Third on the list was DOME, token of the Digital Frontier's first hyper-realistic metaverse.
In this week's list, there are 2 new tokens: USDS, a stablecoin of the Stably project, and CCT, a token of the project developed on the Algorand ecosystem.
Notable events in week 23
Here are the notable events that took place in the past week:
- Launch events: Introduced Sphere Merit Circle marketplace, Coinbase Talent hub launched, Majar DEX went offline, Ethereum's Ropsten proof-of-stake test merge went live.
- Other events: Binance faced US investigation over BNB token, a bug was found on Osmosis Zone.
Highlights in DeFi Categories from week 23
Top 10 most mentioned NFT projects on Twitter
When it comes to providing authentication and ownership rights in the digital world, NFT is what people think of. Most significant cryptocurrency projects now contain NFT in their product suite.
In the past week, Tezos was the most mentioned NFT project on Twitter with 11,620 mentions. Since its launch in 2017, Tezos has grown tremendously, bringing its total market cap to $1.8 billion.
Tezos has recently participated in and co-organized many NFT shows all around the world, including Art Basel in Hong Kong, Fabriclondon in the United Kingdom, Sonarplusd in Barcelona...
Tezos also introduced the metaverse project tz1land and the ArtusNFT tool, which allows users to transform TVs, tablets, and monitors into frames and NFT art displays. Besides, Tezos also collaborated with GAP, a well-known fashion company in the United States, to launch an NFT fashion collection.
Second on the list was Stepn, the Move To Earn project that rocked the market with 6,374 mentions. Rarible, a decentralized NFT exchange that supports Ethereum, Tezos, Flow, and Polygon, came third in the list.
Blockchain Games with the highest Social Signal
Play to Earn continued to be a popular trend among the community. Here is a list of the top 10 games that the community was most interested in in the past week.
LoserChick, a humorous game about chickens built on Polygon blockchain, continued to garner the most attention.
Following that are well-known games such as Decentraland and Axie Infinity.
Three new games: DungeonSwap, TAROVERSE, and Multigame, were included in the list. All of which were role-playing or metaverse games launched on Binance Smart Chain.
Blockchains with the highest wallet addresses
The table below compared the number of wallets created in different chains. In this regard, Ethereum was the blockchain with the highest wallets created, followed by BNB Chain and Polygon.
Furthermore, Optimism and Near were the two blockchains with the highest pace of wallet creation.
TVL on multiple blockchains overview
Ethereum continued to be the dominant blockchain in the DeFi space with a TVL of $63.8B, down $47.2B from May.
Surpassing Terra and rising to second place was BNB blockchain with a TVL of $7.8B, despite a $4.2B down. This occurred as a result of UST's peg loss in May, which caused the Terra blockchain to collapse and brought the market down.
Going from sixth place with a TVL of $4.3B in May, the TRON blockchain has climbed to third place with a TVL of $6.1B this month. After launching the algorithmic stablecoin USDD and allowing users to earn up to 30% interest rates depending on the time and holding period, TRON has attracted a large number of users to it.
However, using volatile assets like BTC and TRX as reserve assets exposes the TRON blockchain to risks of having the same fate as the Terra blockchain.
Chainflip overview
Chainflip is a decentralized, trustless protocol that enables cross-chain swaps between different blockchains like Ethereum, Polkadot, Solana, Cosmos… without using collateral, specialized software, or a custom wallet. Chainflip token is FLIP, which is used as collateral by Validators. For each cross-chain swap on the Chainflip protocol, users only need to pay fees ranging from 0.1% to 0.2%.
Below is a one-page overview for Chainflip compiled by the Coin98 Insights team.
Highlights from ecosystems in week 23
Terra 2.0 Ecosystem
Terra 2.0 is Terra's new blockchain, which runs in parallel instead of replacing the old one.
After the successful hard fork, 55 projects, more than half of DeFi projects built on Terra Classic, were migrated to Terra 2.0. These projects include Mars Protocol, Sigma Protocol, Knowhere, Swapper, Neptune Finance, and others.
The growing number of projects on Terra 2.0 demonstrates Terra's rapid recovery and development.
Solana Ecosystem
The Solana ecosystem has seen numerous notable events in the last week, including the collaboration with Chainlink, OpenSea, and Alchemy, as well as the launch of a $100M investment fund for Web3 startups in Korea.
Furthermore, Chillchat, Aurory, and DeFi Land soared to become the week's three featured games.
Near Protocol Ecosystem
Cross-chain bridge is a bridge that allows users to transfer crypto assets, tokens or data from one Blockchain to another, including layer 1, 2, sidechains and childchains.
The Near Protocol ecosystem has been growing rapidly, with 7 cross-chain bridge projects, including Rainbow Bridge, Multichain, and Allbridge... This enables users to transfer assets between Near and other ecosystems, including Ethereum, Binance Smart Chain, Polygon, Solana and others.
Conclusion
Those were all the remarkable events compiled by the Coin98 Insights team. If there are errors in information analytics or any other problems, please leave a comment.
Thank you for spending time reading this article, and see you in the next episode of “On The Road”!
Learn more: Binance Concentrates On Web3, Avalanche Ecosystem Agitates The Market