This Week in Blockfolio Signal - Solana, Tezos, Avalanche, Elrond, Yearn, IoTeX, Injective Protocol
Every week we comb through hundreds of Blockfolio Signals to bring you the most significant team updates with brief analyses to help you understand the latest developments in blockchain.
Macro Crypto News This Week
FTX Raises $990M at $18B Valuation in Largest Crypto Raise Ever
Blockfolio Announces 8% APY on All Crypto and Fiat
Bank of America Approves Trading BTC Futures for Some Clients
Goldman Sachs Says Nearly Half of Family Office Clients Want Crypto
Alameda Research Buying ‘a lot more’ Bitcoin Under $30,000
Square to Build Decentralized Finance Services Using Bitcoin
JPM Says Demand for Bitcoin is High, Most Clients See it as an Asset Class
Ark Invest Purchased 310,000 Shares of the Grayscale Bitcoin Trust
Elon Musk, Tesla and SpaceX Own Bitcoin, Tesla May Accept it Again
Anthony Scaramucci Predicts Bitcoin Will Reach $100,000 by Year-End, Calling it “Amazon of 1997–2000.”
Top Blockfolio Signals of the Past Week
Neon Labs is Bringing Ethereum Virtual Machine (EVM) to Solana
Tezos Chosen by Ipocamp for IP Solution
Avalanche Mainnet Integrates Chainlink Price Feeds
Elrond Partners with Stobox for Asset Tokenization
Yearn’s Market Share Rises, to be Added to Compound
IoTeX Mainnet v1.3 Goes Live
Injective Protocol Launches Canary Chain Spot Trading to Mainnet
Neon Labs is Bringing Ethereum Virtual Machine (EVM) to Solana
“Big news — today Neon Labs announced they are bringing Ethereum Virtual Machine (EVM) support to Solana!
This allows any EVM compatible code to take advantage of Solana’s high transaction throughput and low cost.
As of today, their ETH scaling solution is live on testnet, with a mainnet beta launch sometime in Q3.”
— Raj Gokal, COO
Summary
Neon Labs announced today that it will be deploying its Ethereum Virtual Machine (EVM) solution on the Solana testnet.
Neon’s implementation will let users port Ethereum-based applications to Solana.
Neon plans to implement its solution on mainnet in Q3 of 2021 after taking some time for transaction optimization.
Significance
This will be the first time Solana can run Ethereum smart contracts through a bridge network. It makes it significantly easier for EVM projects to take advantage of the low fees, ultra-fast speeds, and future-proof scalability of Solana.
Price at the time of Blockfolio Signal: $24. View SOL on Blockfolio.
Tezos Chosen by Ipocamp for IP Solution
“Ipocamp, a company providing solutions to protect your creations, announced it will build on the secure and upgradable Tezos blockchain.
Ipocamp provides quick and easy solutions to protect your personal and business documents, photos, videos, and more, anywhere in the world. Ipocamp, with over 10,000 users worldwide, chose the Tezos blockchain because it can meet the technical demands of the time-stamping process to certify users’ intellectual productions.”
— Amer Justice, Community Director
Summary
Ipocamp, a company providing solutions to protect creations, announced it will build on the secure and upgradable Tezos blockchain.
Ipocamp provides quick and easy solutions to protect personal and business documents, photos, videos, and more.
Tezos’ scalable and energy-efficient architecture promises the reliability that Ipocamp demands to offer their products at scale while maintaining world-class security.
As part of this transition, Ipocamp is supported by Nomadic Labs, the Paris-based research and development company specialized on the Tezos blockchain. Nomadic Labs helps other companies and institutions wishing to use the Tezos blockchain while providing them with technical support
Significance
Tezos’ scalable and energy-efficient architecture has once again been cited as a reason for building on their blockchain. This partnership will help to further showcase the capabilities of Tezos and raise awareness of their platform.
Price at the time of Blockfolio Signal: $2.12. View XTZ on Blockfolio.
Avalanche Mainnet Integrates Chainlink Price Feeds
“Chainlink is live on Avalanche Mainnet! Build smart contracts utilizing Chainlink-powered decentralized oracle networks, to create highly scalable, low-cost dapps with strong security, reliability, and data quality.”
— Kyle Dineen, Social Media Director
Summary
Chainlink Price Feeds are now live on the Avalanche mainnet, giving ecosystem developers seamless access to the most secure and highest quality price reference data across a variety of asset classes.
Developers can now start building externally connected smart contracts on Avalanche utilizing Chainlink-powered decentralized oracle networks.
The integration was made possible by a Chainlink Community Grant awarded to Protofire — a leading development workshop and Avalanche validator — who adapted, tested, and implemented Chainlink oracles natively into the Avalanche mainnet.
Significance
DeFi is already flourishing on Avalanche, but Chainlink’s data will unlock an enormous amount of development across the community and expand Avalanche’s edge. The team views this as a watershed moment that will spark the explosion of DeFi activity on the network.
Price at the time of Blockfolio Signal: $10.36. View AVAX on Blockfolio.
Elrond Partners with Stobox to Offer Compliant Tokenization of Real Estate, Equity, Securities
“Compliant Tokenization Of Real Estate, Equity, Securities, And Other Assets On The Elrond Blockchain Via StoboxStobox combines digital products, legal, compliance expertise to deliver tokenization to class-A businesses worldwide. Real Estate, Agricultural, Startup accelerators, Crypto-related businesses, SMEs, and several other companies are in the Stobox pipeline for tokenization.
The first item on our collaboration roadmap will be to facilitate integrating the Elrond mainnet into Stobox Digital Securities Dashboard, enabling companies to raise funds using Stobox to issue their assets as tokens on our blockchain.”
— Daniel Serb, Head of Business
Summary
Elrond has started a collaboration with Stobox, a technology company that is part of a new wave of digital services, offering their customers technology and consultancy for digital assets and tokenized security.
The first item on the collaboration roadmap will be to facilitate integrating the Elrond mainnet into Stobox Digital Securities Dashboard, enabling companies to raise funds using Stobox to issue assets as tokens.
As a further step, a portion of the Stobox utility token STBU will be bridged to Elrond as an ESDT token, enabling STBU utility token holders to engage in DeFi opportunities on the Maiar Exchange.
The company also has several other products, such as the DS Swap for trading securities and the Stobox Crypto Exchange, all of which are in the long term scope for the collaboration, as future integrations.
Significance
Decentralized digital assets are unforgeable, more secure, faster, and more inexpensive to own and transfer. The tokenization of everything is unavoidable. Elrond was selected for its ability to offer lower costs and increased efficiency, giving customers a fast and inexpensive way to tokenize businesses and assets.
Price at the time of Blockfolio Signal: $71.50. View EGLD on Blockfolio.
Yearn’s Market Share Rises, to be Added to Compound
“The $YFI Weekly Newsletter #41 is out now
-Celebrating YFI’s First Year
-Yearn’s Market Share In The Aggregator Market Rises
-Yearn To Be Added To Compound
-YFI Borrowing Rate Lowered At MakerDAO”
— Facu Ameal, Lead Communications
Summary
In Q2 2021, Yearn’s market share in the yield aggregator market rose from 29% to 69%. They saw an impressive 136% growth in AUM, as it reached over five billion dollars.
A proposal has been created and contracts have been deployed to add YFI as a market to Compound Finance. Each token will have a zero collateral factor (initially), the same interest rate model (as COMP/LINK), and a reserve factor of 25% for each market (which is standard).
In the near future, collateral factors will be increased and users will be able to supply YFI on Compound and borrow coins with that collateral.
Significance
The sharp increase in market share of the yield aggregator market from 29% to 69% and more than doubling of assets under management during Q2 is a testament to the power and ease of use of Yearn Vaults. The addition of YFI as a market on Compound Finance further cements its position as a DeFi leader.
Price at the time of Blockfolio Signal: $28,500. View YFI on Blockfolio.
IoTeX Mainnet v1.3 Goes Live
“Mainnet v1.3 supports all Web3 dApps via EVM Istanbul, with reduced gas fees for EVM storage and zk-SNARKs computations. With full Web3-compatibility, IoTeX is now one of the most robust, flexible, and user/dev-friendly blockchains in the industry!”
— Raullen Chai, Co-founder
Summary
This major network upgrade brings the latest EVM Istanbul to IoTeX and supports all Web3 DApps with minimized gas costs for storage + zk-SNARKs computations.
Mainnet v1.3 complements the full Web3-compatibility introduced via Mainnet v1.2 in June 2021. Together, IoTeX is now one of the most robust, flexible, and user/dev-friendly blockchains in the industry.
In addition to the EVM Istanbul upgrade, Mainnet v1.3 delivers optimized block sync, a patch that makes API queries much faster, and a patch to ensure network connectivity is not lost if a node goes dow
Significance
This upgrade is significant to bring IoTeX up to speed with the latest EVM for full Web3 DApp compatibility. It brings new efficiencies and reduced costs, which should open the doors to new developers building on IoTeX.
Price at the time of Blockfolio Signal: $0.019. View IOTX on Blockfolio.
Injective Protocol Launches Canary Chain Spot Trading to Mainnet
“Mainnet Canary Chain spot trading has launched! We’re extremely excited to see that the community voted to launch spot trading on the Injective Mainnet Canary Chain! This release will enable individuals to have the first look at the Injective exchange as well as various exchange frontend relayers.”
— Eric Chen, Co-Founder
Summary
Spot trading was enabled via a decentralized governance process with the community voting to release spot trading accompanied by 17 initial spot markets.
The initial markets will include the following: Injective, Sushi, Graph, Polygon, Aave, USDC, Ethereum, USDT, Uniswap, and Chainlink.
Lighting fast transactions with zero gas fees are enabled by a layer-2 structure that is also able to achieve instant finality due to their Tendermint-based PoS consensus mechanism.
Spot trading will serve an integral role as Injective also looks to launch perpetuals and futures trading in the coming weeks.
Significance
This is a big step for Injective toward expanding their DeFi offerings and benefits investors with fast transactions and zero gas fees.
Price at the time of Blockfolio Signal: $5.74. View INJ on Blockfolio.
Quote of the Week:
“Government interference is a source of error in money as an information system.”
— Elon Musk
Chart of the Week:
Thanks for joining us and we look forward to bringing you our top Blockfolio Signals again next week.
Jason Hamlin
Ecosystem Insights & Development @ Blockfolio
Blockfolio Signal is a first-of-its-kind communications platform built exclusively for token teams to connect and engage with their communities. Over 500 token team CEOs and team leaders actively use the platform to provide relevant project updates directly to Blockfolio’s 6 million+ users. Learn more at www.blockfolio.com/signal.
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