Around the World
Here are some highlights and interesting crypto stories we are tracking:
WAX (WAXP +342% past month)
Here’s something you probably didn’t know. Of the top 10 NFT sales by sales volume, 6 are based on Ethereum and the other 4 are based on WAX (WAXP is the token on Abra.) That’s right, 40% of the top 10 are WAX based! Not only that but of all the top 50 NFT’s almost all of the big sales gains in the past 24 hours have been via the WAX based NFT! Wait what?? Well, what’s WAX you ask? WAX is a protocol especially designed for exactly this! The original idea was for in game items but in game items are basically the same thing as digital collectibles which is just another type of NFT. Hmmm. Why is WAX not getting more attention? I don’t know but I just bought some WAXP on Abra.
Cardano (ADA +80% past month)
Cardano is on track to become a completely decentralized protocol by the end of March. Since the Shelley update back in July, Cardano has been moving from a federated system of approved validator nodes, to a system that relies on community nodes verifying the blockchain. Pushing the network live and then moving it from a very controlled and somewhat centralized model to a completely decentralized network is an interesting means of launching a technology like this. It’s not my preferred mechanism but as long as users know what they’re getting then “caveat emptor” should rule the day. I’ve been mentioning Cardano on our daily Crypto Bites because its development and market moves recently have been super exciting to watch. (You can find the daily show on our YouTube channel).
Ethereum (ETH +14.86% past month)
CoinDesk put out an interesting analysis looking at the suitability of adding ETH to corporate balance sheets. In what seems like years ago, but was only really weeks ago, big corporations from outside of the crypto space, like MicroStrategy and Tesla, started adding bitcoin to their balance sheets. Since then there has been a lot in the news about the role of bitcoin on corporate books — and it seems like every blue chip CEO interview now has some kind of question related to bitcoin. But the CoinDesk piece is interesting because it asks whether it’s a good move for companies to hold Ethereum too. The short version is that while ETH does not pass the store of value test in the same way that Bitcoin does, it is becoming the protocol standard for the rapidly growing DeFi movement (not to mention NFTs, another hot topic recently). Or, according to the CoinDesk analysis: “…ETH is likely to also benefit from a growing recognition of its role as a consumable commodity.”
And in fact, we are already seeing this. This weekend news came out that the Chinese app maker, Meitu, made substantial buys of BTC and ETH into their corporate treasury.
Doge (DOGE +8% past month)
If it’s a dog-eat-dog world, then Doge will never die. Whether you love it, hate it, or don’t give a dog’s bone about it, Doge is a crypto project that has been around since the beginning, and really shows the impact of community-driven movements. And for some reason, it seems like the sports world in particular loves Doge (maybe it’s the love of the underdog), but we saw headlines this week from the Dallas Mavericks accepting Doge, and a Doge-sponsored NASCAR race car is returning to the track.