Altcoin Roundup: JunoSwap, Solidly and VVS Finance give DeFi a much-needed refresh

March 4, 2022 Coin Telegraph

DeFi is undergoing a revival and this time, it’s happening on Ethereum network competitors.

Decentralized finance (DeFi) was the talk of the town in early 2021, but it has since taken a back seat to more appealing sectors like nonfungible tokens (NFTs), memecoins and blockchain gaming.

Now that cross-chain bridges and interoperability have allowed for the easier migration of assets to competing chains, a new class of DeFi protocols is arising to challenge those left from 2021.

Here’s a look at three DeFi projects that have launched on some of the up-and-coming layer-1 blockchain networks, catching the eye of the crypto community.

VVS Finance

VVS Finance is the largest DeFi protocol on the Cronos network, a project that emerged out of the Crypto.com ecosystem which has since been fully rebranded to Cronos (CRO).

The goal of VVS Finance is to offer instant swaps with low fees, low slippage and attractive yields for liquidity providers (LPs).

As a reward for providing liquidity, two-thirds of swap fees collected on the exchange are distributed to the LPs of the respective pools and LP tokens can also be locked in the protocol’s Crystal Farms to earn VVS rewards.

VVS holders also have the ability to single stake their tokens in the “Glitter Mines,” where they can currently auto-compound for 65.78%. Future plans include the addition of VVS rewards for those who swap tokens through the exchange.

According to data from DefiLlama, the current TVL for VVS finance is $1.35 billion, accounting for more than half of the $2.37 billion in value locked on the Chronos network.

*Total value locked on VVS Finance. Source: DefiLlama*

The steady rise in TVL on VVS has come as the protocol has added support for new assets including Dogecoin (DOGE), Shiba Inu (SHIBA), TrueUSD (TUSD) and Cardano (ADA).

Solidly

Solidly is a decentralized exchange (DEX) on the Fantom network and it claims to offer “low fees, near-zero slippage on correlated assets and a strong focus on secondary markets for tokenized locks as NFTs.”

In simpler terms, Solidly is designed to function as an interface for swapping stablecoins and other crypto assets.

The DEX is the latest creation by Andre Cronje, DeFi architect and founder of Yearn.finance. It was launched in January 2022 with the goal of offering fair and balanced access to decentralized finance.

The protocol’s focus on stablecoins has thrust it into the Curve Wars debate with its own twist. This comes at the time when Solidly Wars have broken out among the Fantom DeFi community, with the Solidex protocol currently accounting for 33.74% of all Solidly emissions.

Despite launching just a little over a month ago, the total value locked (TVL) on the protocol recently hit a high of $2.19 billion and saw more than $317 million in volume on March 3 as the wider crypto market experienced a sell-off.

*Total liquidity and 24-hour trading volume on Solidly. Source: Solidly*

SOLID, the native token, holders can stake their tokens on the network for varying lock-up periods ranging from one week to four years. They are also able to receive vested equity nonfungible tokens (veNFT) that represent the staked assets and confer voting rights.

Liquidity providers are also rewarded with veNFTs and earn between 40% and 100% based on their own ve-token balance. Fees generated from activity on the Solidly exchange are distributed to veNFT token holders.

Juno

Juno is a decentralized, public and permissionless network for cross-chain smart contracts that is part of the Cosmos ecosystem. While it is not necessarily a DeFi-specific protocol, Juno has enabled the creation of multiple decentralized applications (DApps) and DeFi protocols like Junoswap with others currently in development.

The protocol was created by a group of developers, validators and delegators within the Cosmos ecosystem to become a kind of sister hub to the Cosmos Hub, which can help “preserve the neutrality of the Hub by offloading smart contract usage/congestion to a designated contract zone.”

Juno is also home to CosmWasm, a program that enables WebAssembly (WASM) virtual machines in the Cosmos SDK. The addition of WASM allows software to be written in many different coding languages, making it so that developers don’t need to learn a new language just to build on Cosmos.

Activity for the JUNO token saw a noticeable uptick near the end of December 2021, climbing from a price of $7.70 on Dec. 20 to a record-high of $45.85 on March 3.

*JUNO/USD 1-day chart. Source: CoinGecko*

Alongside interest in the cross-chain smart contract capabilities of Juno, investors have also been attracted to the protocol for several high-profile airdrops that have been distributed to JUNO holders and stakers such as the GovDrop for Neta (NETA) and Marble DAO.

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Rune’s upcoming mainnet launch and Terra (LUNA) integration set off a 74% rally

March 1, 2022 Coin Telegraph

Altcoin Watch

RUNE and its entire ecosystem is showing a few bullish signs, resulting in a 74% rally ahead of a long-awaited mainnet launch and recent integration with Terra.

2021 was a roller coaster of a year for THORChain (RUNE), which saw its price top out at $20.31 only to come crashing down below $4 as a series of hacks and declining interest in decentralized finance had the token limping into 2022.

Data suggests that investors could be taking a closer look at Rune and a few potentially bullish factors could include the protocol's recent integration with the Terra and Cosmos ecosystem, an upcoming mainnet launch and the attractive yields offered to liquidity providers.

*RUNE/USDT 4-hour chart. Source: TradingView*

Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $3.00 on Feb. 24, the price of RUNE has rallied 74.2% to a daily high at $5.23 on March 1 amid a 388% surge in its 24-hour trading volume.

Rune integrates with Terra

One development that has excited the RUNE community is the integration of Terra (LUNA) into the THORChain protocol. This integration also enables the platform to support all Cosmos-based projects.

To clear up any uncertainty: The Terra integration is complete.

We're now working with @TerraSCV to review the integration before pushing things.

Once we receive the green light and handle any comments, $UST and $LUNA will be live on @THORChain. https://t.co/DsTw1qbUDV
— Nine Realms (@ninerealms_cap) March 1, 2022

Terra integration brings LUNA token, along with the TerraUSD (UST) stablecoin to the THORChain ecosystem and gives users more trading and staking options.

THORChain now supports six wallet types and eight blockchains on its THORSwap cross-chain decentralized exchange. THORChain is also in the process of adding support for Haven and Monero.

*Wallets and blockchains supported by THORSwap. Source: Twitter*

As part of the rollout for Terra and the Cosmos SDK, THORChain will be updated via a hard fork, which will be fully tested in the testnet and followed by further testing in Stagenet after the Terra launch and on ChaosNet before the mainnet launch.

Bulls anticipate the next mainnet launch

A second reason for the increased attention to RUNE could be the upcoming mainnet launch on THORChain. This event has been highly anticipated since late 2021 when the launch was originally planned but delayed due to a variety of factors.

With Mainnet on the horizon, there will be push towards greater integration. https://t.co/gWIXVHC5FK will allow this. Watch this space. Watch the integration grow!$RUNE #LUNAISCOMING
— THORChain #LUNAISCOMING (@THORChain) February 28, 2022

The specific date for the mainnet launch has yet to be disclosed, but there is no shortage of interest from community members who have remained loyal throughout the struggles and hacks over the past year.

The requirements for mainnet launch are meeting all testnet goals, which includes the rehearsal of adding and removing chains, removing Bitcoin (BTC) and Litecoin (LTC) from the testnet, and several test runs with forking the chain.

High staking yields attract new deposits

A third factor helping to attract users and liquidity to THORChain is the high yields offered to liquidity providers on the protocol.

*APRs offered on THORSwap. Source: THORSwap*

Some of the highest yields offered include 55% for Binance USD (BUSD) and 30% for the DAI stablecoin. LTC deposits earn 26% and Dogecoin (DOGE) is set at 24%.

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for RUNE prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

*VORTECS™ Score (green) vs. RUNE price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for RUNE spiked to a high of 78 on Feb. 25, around 57 hours before the price began to increase 55% over the next two days.

Top 5 cryptocurrencies to watch this week: BTC, LUNA, AVAX, ATOM, FTM

February 27, 2022 Coin Telegraph

Avalanche

Crypto markets are expected to remain volatile for the foreseeable future, but BTC’s battle to reclaim $40,000 could be followed with rallies from LUNA, AVAX, ATOM and FTM.

The geopolitical news flow is likely to result in volatile moves in Bitcoin (BTC) and altcoins in the next few days. News of Russian President Vladimir Putin ordering the nuclear deterrence forces on high alert may be viewed as a negative, but reports of talks between the warring nations could be positive as it raises hopes of an end to the conflict.

The crypto community came into focus as the Ukrainian government called for help and sought crypto donations. Some individuals on social media said their Ukrainian credit cards had stopped working and they were not able to withdraw money from their banks. They highlighted how crypto was the only money left with them.

*Crypto market data daily view. Source:* *Coin360*

While some analysts are projecting that Bitcoin may have bottomed out, Cointelegraph contributor Marcel Pechman warned that derivatives data remains inconclusive. Similarly, Ether futures data was also not painting a hugely bullish picture.

The near-term price action will be dictated by the developments in the Russia-Ukraine war. Let’s study the charts of the top-5 cryptocurrencies that may lead the recovery on news of a peaceful resolution to the ongoing conflict.

BTC/USDT

Bitcoin’s rebound off the Feb. 24 intraday low at $34,322 reached the moving averages on Feb. 26 where the bears are mounting a strong resistance. However, a minor positive is that the bulls have not given up much ground.

The moving averages are flattening out and the relative strength index (RSI) is attempting to rise to the midpoint, signaling that bulls are making a comeback. If bulls drive and sustain the price above the moving averages, the BTC/USDT pair could rally to the overhead resistance at $45,821. This level is likely to attract strong selling by the bears.

Contrary to this assumption, if the price turns down from the moving averages, the pair could consolidate between $39,600 and $36,250 for a few days. A break and close below this support could open the doors for a possible drop to $32,900.

*BTC/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the price has been trading in a tight range between $38,200 and $39,600. The rising 20-exponential moving average and the RSI just above the midpoint indicate a minor advantage to buyers.

A breakout and close above $39,600 could push the price to $41,000 and thereafter to $42,000. The bears are likely to mount a strong resistance in this zone.

If the price turns down from this zone but does not dip back below $39,600, it will suggest that the sentiment has changed from sell on rallies to buy on dips. That could increase the prospects of the continuation of the up-move.

Conversely, a break and close below $38,200 will indicate aggressive selling near $39,600. The pair could then again drop toward $36,250.

LUNA/USDT

Terra’s LUNA token picked up bullish momentum after breaking and closing above the downtrend line. Strong buying pushed the price above the minor resistance at $70 on Feb. 25.

The moving averages are on the verge of a bullish crossover but the RSI is near the overbought zone. This suggests that bulls have the upper hand but the LUNA/USDT pair could witness a minor correction or consolidation in the near term.

On the downside, the bulls are likely to defend the breakout level at $70 and below that the 20-day EMA ($60). If the price rebounds off either support, the pair could extend its rally to $90 where the bears may again offer stiff resistance. This bullish view will be negated on a break and close below the 20-day EMA.

*LUNA/USDT 4-hour chart. Source: TradingView*

The 4-hour chart shows that the pair had been trading between $47 and $60 for many days. A break and close above $60 signaled the start of a possible new up-move. The 20-EMA is sloping up and the RSI is in the positive zone, indicating advantage to buyers.

If bulls defend the 20-EMA, the possibility of the continuation of the uptrend increases. The pair could then rise above $80 and later rally to the overhead resistance zone between $84 to $87. Conversely, if the price turns down and slips below $70, the pair could drop to $64.

AVAX/USDT

Avalanche (AVAX) has been trading inside the descending channel for the past few days. The price broke below the moving averages on Feb. 20 but the bulls reclaimed the level on Feb. 25, indicating strong buying at lower levels.

The bulls will now attempt to push the price to the downtrend line of the descending channel. This is an important level to watch out for because a break and close above it will indicate a possible change in trend. The AVAX/USDT pair could first rally to $100 and thereafter start an up-move to $120.

Alternatively, if the price turns down from the downtrend line, the pair could drop to the moving averages. If the price rebounds off this level, the possibility of a break above the channel increases.

This bullish view will invalidate if the price turns down from the current level or the overhead resistance and breaks below $70.

*AVAX/USDT 4-hour chart. Source: TradingView*

The price has been trading between the overhead resistance at $83 and the moving averages. The 20-EMA is flattening out and the RSI is near the midpoint, indicating a balance between supply and demand.

This balance will shift in favor of the bears if they pull the price below $76. The pair could then drop to the next support at $73. Alternatively, if the price rebounds off the current level and breaks above $83, the pair could pick up momentum and rally to the overhead resistance zone at $97 to $100.

ATOM/USDT

Cosmos (ATOM) rebounded from the strong support at $20 on Feb. 24. This indicates that traders are attempting to keep the $20 to $45 range intact.

The price rose above the 20-day EMA ($27) on Feb. 26 and the bulls are attempting to sustain the ATOM/USDT pair above this level. The 20-day EMA is flattening out and the RSI is just above the midpoint, indicating that bulls are attempting a comeback.

If bulls drive and sustain the price above the 50-day simple moving average ($31), the pair could rally to $37. Contrary to this assumption, if the price turns down and slips below the 20-day EMA, it will suggest that bears are defending the overhead resistance at the 50-day SMA. The pair could then drop to $24.

*ATOM/USDT 4-hour chart. Source: TradingView*

The bulls have pushed the price above the moving averages and the downtrend line on the 4-hour chart. The 20-EMA has started to turn up and the RSI is in the positive territory, indicating that bulls have the upper hand.

If the pair sustains above the downtrend line, the bulls will attempt to clear the barrier at $31 and push the price to $34. Contrary to this assumption, if the price turns down and slips below the 20-EMA, the pair may drop to the 50-SMA.

FTM/USDT

Fantom (FTM) has been trading inside a large range between $1.24 and $3.38 for the past several months. The price rebounded sharply off the support of the range on Feb. 24, indicating that bulls continue to buy at this level.

The rebound has reached the 20-day EMA ($1.82) which is acting as a strong resistance. If bulls drive and sustain the price above this level, the FTM/USDT pair could reach the 50-day SMA ($2.18). A break above this level could clear the path for a possible up-move to $2.60.

Contrary to this assumption, if the price turns down from this level, the pair could consolidate between the 20-day EMA and $1.24 for a few more days. The critical level to watch on the downside is $1.24 because if this level cracks, the pair could start a new downtrend.

*FTM/USDT 4-hour chart. Source: TradingView*

The moving averages have completed a bullish crossover on the 4-hour chart indicating that the short-term downtrend could be over. If the price rebounds off the moving averages, it will suggest that traders are buying on dips.

The buyers will then attempt to push and sustain the price above the downtrend line. If they manage to do that, the pair could rise to $2.14 and then to $2.40. This positive view will invalidate in the short term if the pair sustains below the moving averages. Such a move will indicate that bears are active at higher levels.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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3 reasons why Bluzelle (BLZ) could be GameFi’s next unicorn project

February 22, 2022 Coin Telegraph

Altcoin Watch

BLZ is positioning itself for the next GameFi surge by launching its own play-to-earn game and integrating with emerging networks like Cosmos.

The cryptocurrency market has had a less than stellar start to the year and it appears that the downtrend that began after the November 2021 market peak has been extended thanks to a multitude of negative developments, including the expectation of rising interest rates and the threat of a war between Russia and Ukraine.

While many traders have little appetite to risk capital during bearish conditions, contrarian investors looking to buy while “there is blood on the streets” have several viable options with data from Cointelegraph Markets Pro indicating that Bluzelle, a decentralized storage network for the creator economy, is one token with an increasingly positive outlook.

*Top 3 on the VORTECS scoreboard. Source:* *Cointelegraph Markets Pro*

According to data from Cointelegraph Markets Pro, market conditions for BLZ have been favorable for some time.

*VORTECS™ Score (green) vs. BLZ price. Source:* *Cointelegraph Markets Pro*

As seen in the chart above, the VORTECS™ Score for BLZ began has been on the rise since Feb. 19 and reached a high of 89 on Feb. 22 as its price hovered just below a major support and resistance zone at $0.17

Here’s a look at three factors backing the building momentum for BLZ.

The launch of Denomination

One of the main developments helping drive interest in BLZ has been the launch of Denomination, the first play-2-earn (P2E) game on the Bluzelle network.

With the #Denomination launch upnext, we’ll be releasing exciting updates from the Denomination Whitepaper every week to help you with:

Core Game Progression
Combat system
Breeding System
Tokenomics

Stay tuned!
— Bluzelle (@BluzelleHQ) January 17, 2022

Denomination is a real-time card battle game where gamers can fight against each other in player versus player (PvP) mode or against the environment in player versus environment (PvE) mode to receive tokenized rewards that can be used for governance or to purchase non-fungible tokens (NFTs)

The game was developed in collaboration with Starloop Studios, a professional game studio that has worked with some of the biggest game publishers in the world. It also includes a social system comprised of factions, a game shop, NFT marketplace, loot boxes and a treasury.

Collaboration with Cosmos

Another development helping build momentum for BLZ is the project's ongoing collaboration with Cosmos to help build out GameFi on the Cosmos Network.

With our continued development with @cosmos, we will also discover new ways to build out game finance in the Cosmos ecosystem

We’ll explore methods to work with other chains as we go through production.

Stay tuned, good things are on the way!
— Bluzelle (@BluzelleHQ) February 15, 2022

Cosmos has been one of the hottest networks over the past couple of months despite the overall weakness in the cryptocurrency market thanks to its rapidly expanding ecosystem of interconnected projects and newly launched protocols that have rewarded early adopters with airdrops.

The GameFi capabilities of Bluzelle could help the Cosmos ecosystem make its mark on the blockchain gaming sector.

Developers behind Bluzelle have also expressed interest in integrating with other networks that could benefit from the addition of GameFi capabilities.

The popularity of blockchain gaming

A third factor making the case for BLZ is the overall popularity of blockchain-based gaming and the P2E model.

Gaming has long been one of the most popular and widespread segments of the traditional economy and the success of Axie Infinity shows that blockchain gaming could vastly outperform traditional gaming.

Soon the same endless hours you spent playing video games growing up will be spent on blockchain games.

Here are the top 5 #GameFi projects under 50M market cap@DeRaceNFT @BluzelleHQ @splinterlands @RealChainGames @raini_coin pic.twitter.com/qXqDtuKXFC
— BSC News (@news_of_bsc) February 1, 2022

A focus on helping to build out GameFi on multiple networks and the ability to process 10,000 transactions per second are helping to establish the bullish case for BLZ moving forward.

Technical Analysis: ATOM Hits 1-Week High — AXS, LEO, THETA Dip Lower

February 17, 2022 Bitcoin.com

Cosmos