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Home » Maker, Flow and Solana are at the forefront of the rise of cryptocurrencies

Maker, Flow and Solana are at the forefront of the rise of cryptocurrencies

Important facts:
  • DAI will be officially expanded to other networks and MAKER’s price will be increased accordingly.

  • At Flow, an update to the stakeout protocol was welcomed by the market.

Bitcoin (BTC) price has fluctuated between $29,800 and $31,250 for the past seven days. Growing institutional acceptance and demand from major investment firms for ETFs in the US are helping the price stay above the $30,000 support for the most part.

As reported by CriptoNoticias, the momentum towards $31,250 came on the night of July 5th based on statements from BlackRock’s CEO described BTC as digital gold. Several altcoins have mimicked this move, including the Bitcoin forks: eCash, Bitcoin Cash, and Bitcoin Satoshi Vision.

Then, after the initial excitement, according to the businessman, the price of BTC was again near the support zone and many altcoins fell as well.

But a handful of cryptocurrencies and tokens managed to end the week with substantial growth, even exceeding 10%. Let’s look at some of them:

DAI expands outside of Ethereum and favors the price of MAKER

The price of Maker (MKR), the governance token of the MakerDAO organization, is up nearly 15% over the past week. At the time of writing, it has gone from $819 to $934.

Manufacturer price in the last 7 days. Source: CoinMarketCap.

The fact that has led to the rise of this token is as follows DAI (stablecoin issued by MakerDAO) will officially reach other networks. As CriptoNoticias reports, this will be done via the Spark protocol, which is also a MakerDAO creation.

Flow update leads to price increase

The Flow Network’s Native Cryptocurrency Sees Nearly 12% Price Increase in the last week. Last Friday the price was $0.54. At the time of writing, it is trading at $0.61.

FLOW price in the last 7 days. Source: CoinMarketCap.

The update that this network received on July 5th seems to be the trigger for the price increase. Since that day, too All delegates with fewer than 50 FLOW bets will have their tokens taken away.

In the Flow twitter accountOn June 28th, it was announced that “Delegates with fewer than 50 tokens will stop generating rewards once their tokens are no longer wagered.” If you want your tokens to remain wagered, you must wager additional FLOW to meet the minimum of 50 FLOW before upgrades.”

The novelty was positively received by the market. The thing is The change addresses issues of security and network efficiencyas stipulated by the governance proposal approved:

Why is this change happening? Delegates with very low participation consume a lot of network computing resources with little benefit. A minimum participation obligation prevents this.

Flow network governance proposal

Interestingly, as can be seen in the chart above, the price increase for Flow occurred a few days before this update. At that time, a trading volume of more than $100 million was made in this currency. On the day of the update, the price was declining, although it marked a higher minimum than the previous one. Such a situation can be interpreted as a “buy the rumor, sell the news” event..

Liquid staking is growing in Solana

Solana (SOL) is another cryptocurrency whose price has increased significantly in the last 7 days. The price went from $18.99 to $21.30.

Solana price in the last 7 days. Source: CoinMarketCap.

This cryptocurrency was hit hard in late 2022 by the crash of the FTX exchange that promoted it. In 2023, Solana found an ally in liquid staking pools. These are platforms that allow staking of SOL and offer the possibility to withdraw the investment at any time. Additionally, there is no minimum deposit and no technical knowledge is required to run a node.

all platforms Solana liquid insert have increased the value of their deposits since early 2023. These logs represent the 70% of the value of the entire Solana network.

Value locked in Solana Liquid stake pools. Source: DeFiLlama

Because of this, such a situation can be considered bullish for the cryptocurrency These are not tokens in circulation or available in the market while deployed. In other words, the larger the number of tokens wagered, the less likely it is that SOL selling pressure will increase.

Filecoin’s board of directors joins the board of a large organization

Another cryptocurrency that stood out over the past week was Filecoin (FIL). The price went from $3.92 to $4.40.

Filecoin price in the last 7 days. Source: CoinMarketCap

One fact that may have led to the price increase this week is that Martha Belcher, President of the Filecoin Foundation, supposed Roles on the Creative Commons Board of Directors. It is one of the most important copyright organizations in the world.

Additionally, the Filecoin Foundation celebrated the fact that this has already happened more of 1,600 companies have joined to this network since its inception. These entities include, but are not limited to, companies, universities and non-governmental organisations.

BitDAO surges ahead of upcoming launch

BitDAO (BIT), the governance token of the DAO of the same name, saw a price increase of more than 11% in the last 7 days. It rose from $0.40 to $0.44.

BitDAO price in the last 7 days. Source: CoinMarketCap.

A tweet published on the organization’s official site was the spark that rocketed BitDAO to $0.52. Then the price slowly fell. He tweetincluding video, gives hints Mantle, a second-tier scalability solution for Ethereum, is coming soon:

While it doesn’t give an exact date and only says that the countdown has started, it was enough to spark FOMO from investors in this governance token.

The Graph benefits from the artificial intelligence trend

The price of The Graph (GRT) token has also enjoyed great popularity over the past few days. The In a week, it went from $0.10 to $0.11, up just over 10%.. It hit its weekly high of $0.14 on July 3.

Price of the graph in the last 7 days. Source: CoinMarketCap.

The native currency of the Graph protocol Added to AI related tokens that have been trending for the past week. you can see CoinMarketCap how more than half of the crypto assets ranked in the “Artificial Intelligence” category have seen significant price increases recently. Some of them – with small market caps – saw a price increase of more than 50%.

Tokens related to artificial intelligence have been trending. Source: CoinMarketCap.

The trade newspaper ETH News hypothesizes that “Twitter’s decision to enforce read restrictions due to concerns about data mining and system manipulation drew attention to decentralized data storage protocols like Filecoin and The Graph.”

eCash benefits from SEC decisions

On June 30th, CriptoNoticias reported how eCash (a bitcoin fork) surged 50% in one day. This week the uptrend continued on the same fundamentals The Altcoin Seen a Price Increase of Nearly 12%. Although it ended in profit, you can see in the chart below that there was a significant correction mid-week:

eCash price in the last 7 days. Source: CoinMarketCap.

This relatively little-known Bitcoin fork gained notoriety after a new US exchange backed by Wall Street giants decided to list Bitcoin Cash (BCH). This happened because years ago the SEC mentioned that BCH was not a security. So, in a broader sense, It can be assumed that eCash will not fall into this category eitherso that it could be traded freely in the United States.

Expectations for the new version of Uniswap are increasing

UNI is the governance token of decentralized exchange Uniswap. In the last week its price increased from $5.28 to $5.48.

Uniswap price for the last 7 days. Source: CoinMarketCap.

The High expectations for version 4 of this exchange seem to be the driver for the price of this token. The report of Twitter Uniswap officials continue to publish papers on the subject. In addition, in the blog From Uniswap, describe some improvements that this update will bring. Among them are: a time-weighted market maker; dynamic fees based on volatility; on-chain limit orders; custom oracle; and liquidity deposits outside the range provided for in the lending protocols.

On the other hand it has in the last week The decentralized exchange has passed the milestone of 200 million transactions.

Aave distances itself from TUSD

Finally, AAVE was another crypto asset whose price has increased significantly over the past week. It is the governance token of the lending platform of the same name. A week ago the price was $70.87 and at the time of this writing it is $73.9.

Aave price in the last 7 days. Source: CoinMarketCap.

On July 4th, CriptoNoticias announced that after a community vote The platform no longer accepts deposits in the stablecoin TUSD. This was positively received by the market, which sees a risk in the aforementioned stablecoin due to, among other things, the difficulty of maintaining parity with the dollar.

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