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DeFi problems and opportunities in 2023: Market Talks

Join us as we discuss decentralized finance, how it performed in 2022, and what its potential is in 2023.

On this week’s episode of Market Talks, Cointelegraph welcomes Grant Shears, founder of Blocmates — an educational and consultancy company that aims to create crypto, decentralized finance (DeFi) and Web3 content that anyone can understand.

This week, to kick things off, the show takes a look at the emerging trends of 2023 and what people should look forward to. What industries could really take off this year, and which sector could have the most potential to grow?

It’s no secret that 2022 was not a great year for DeFi, an industry that arguably imploded on itself by offering unsustainable high yields that eventually caused the model to collapse. Host Ray Salmond, Cointelegraph’s head of markets, asks Shears if there are any projects this year that plan to fix this problem, and what that fix might look like.

Traditional finance (TradFi) seems to have caught up to DeFi since yields have increased from about 1% to 3.5% — and in some cases 4.65%. Plus, TradFi comes with a sense of security and safety. There are lower risks involved when compared with DeFi, where in order to get higher yields, users must also take on higher risks. Salmond asks Shears to shed some light on how DeFi can make a case for itself in this environment.

Ever heard of “NFT-Fi?” No? You’re not alone. Although it’s been around since 2020, not much has been discussed about it or its potential. On this episode, Salmond and Shears discus what it is and what problems it aims to solve. 

Next up is some good ol’ technical analysis. The show looks at Bitcoin (BTC), Ether (ETH) and a few altcoins to see what fundamentals Shears is currently tracking and how he’s trading this current market. Salmond and Shears also discuss Bitcoin’s recent price rally and whether it was a shift in trend or just another bull trap. 

People are getting excited about the new staked ETH unlocks coming with the Shanghai upgrade. Salmond gets Shears’ views on the upgrade and whether this could be another “buy the rumor, sell the news” situation like the Merge was or a catalyst for the next DeFi bull run.

And finally, the age-old question: What is going to bring people back into crypto? Will 2023 be the year investors get interested in the space once more, or will we have to wait until 2024 for any sort of real action in the space? 

Make sure to stay tuned until the end to get all of these insights and more. Cointelegraph wil also be taking your questions and comments throughout the show, so be sure to have them ready to go.

Market Talks streams live every Thursday at 12:00 pm ET (5:00 pm UTC). Each week, it features interviews with some of the most influential and inspiring people from the crypto and blockchain industry. So, be sure to head on over to Cointelegraph’s YouTube page, and smash those like and subscribe buttons for all our future videos and updates.

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1inch launches Fusion upgrade to improve swap security and profitability

As a decentralized trading and matching system, the 1inch Swap Engine connects DeFi users and provides liquidity for crypto trades through professional market makers.

Leading decentralized finance (DeFi) aggregator 1inch Network announced a major upgrade — Fusion — around its 1inch Swap Engine. The Fusion upgrade aims to deliver cost-efficient, secure and profitable swaps for crypto investors. 

The Fusion mode in 1inch Swap Engine allows DeFi investors to place orders with a predecided price and time range without paying network fees. In addition, the upgrade includes network improvements such as updated staking contracts and tokenomics.

As a decentralized trading and matching system, the 1inch Swap Engine connects DeFi users and provides liquidity for crypto trades through professional market makers. Explaining the intent behind the Fusion upgrade, 1inch Network co-founder Sergej Kunz stated:

“Fusion makes swaps on 1inch dramatically more cost-efficient, as users won’t have to pay network fees, plus, an extra layer of security is added, protecting users from sandwich attacks.”

Going against the traditional centralized approach, 1inch’s latest upgrade allows investors to perform secure non-custodial swaps, which are executed in a totally permissionless and trustless way.

According to the announcement, 1inch offers limitless liquidity and uses a new type of decentralized order-matching approach based on the Dutch auction model, as shown below.

The Fusion mode allows users to exchange tokens on various DEXes without paying any network fees. The upgrade also allows users to choose the order execution time as per their unique requirements.

Moreover, the Fusion mode provides protection against the maximum extractable value (MEV), which refers to the maximum value that can be extracted from block production in excess of the standard block reward and gas fees.

Alongside the upgrade, 1inch launched the 1inch Resolver Incentive Program, which will help resolvers get a refund on the gas spent on filling users’ orders in Fusion mode until Dec. 31, 2022.

Related: 1inch releases new tool to protect traders against ‘sandwich attacks’

Security experts believe that bridge attacks will still pose a major challenge for the DeFi sector in 2023.

Speaking to Cointelegraph, Theo Gauthier, founder and CEO of Toposware, pointed out that bridges have an “inherent vulnerability” because they rely on the security of the chains it connects to.

In this regard, one of the major technologies available is zero-knowledge proofs (ZKPs), which allow data to be verified and proven as accurate without revealing further information.

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OpenSea blocks Cuban artists from the platform due to US sanctions

OpenSea’s terms of service explicitly prohibit individuals and organizations from sanctioned regions from using its platform.

Nonfungible token (NFT) marketplace OpenSea has been banning artists and collectors from Cuba, citing United States sanctions as the key reason behind its action.

According to a report published by Artnet, 30 artists and collectors have been banned from the popular NFT marketplace until now. The most noted artist to face the axe includes well-known Havana-based artists Gabriel Guerra Bianchini and Fábrica de Arte Cubano.

OpenSea marketplace has mentioned in its terms of service that it explicitly prohibits sanctioned individuals and individuals in sanctioned jurisdictions. The NFT marketplace’s adhesion to United States sanctions was widely known and included countries such as Venezuela, Iran and Syria. However, the recent blocking of Cuban artists adds the country to that list as well.

"We continue to holistically evaluate what other measures need to be taken to serve our community and comply with applicable law," an OpenSea Spokesperson told Cointelegraph.

A Twitter profile called NFT Cuba Art revealed earlier in December that OpenSea had blocked them from viewing or listing their art while they still had access to their wallets. Erich García Cruz, the founder of Bit Remasa, responded that their NFT collections were banned too. Cryptocuban founder Gabriel Bianchini added that the future of Web3 doesn’t look decentralized.

Apart from OpenSea, several crypto platforms had to shut down their services for Russian customers in the wake of the new European Union sanctions issued after the war in Ukraine began earlier this year.

Related: Proactive sanctions can help spare the ecosystem: Chainalysis exec

While the cryptocurrency ecosystem is built on the ethos of decentralization, the majority of the intermediaries and firms facilitating various services still very much work like most centralized Web2 companies. 

The crypto community was not very pleased with the auctions of the NFT marketplace and called for an end to intermediaries. Another user said that there is a need for real decentralized platforms that don't care about nationalities

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New OECD report takes lessons from crypto winter, faults ‘financial engineering’

The Organisation for Economic Cooperation and Development found regulation and retail consumer protections lacking in a highly complex trading environment.

The Organisation for Economic Cooperation and Development (OECD) analyzed the crypto winter in a new policy paper titled “Lessons from the crypto winter: DeFi versus CeFi” released Dec. 14. The authors examined the impact of the crypto winter on retail investors and the role of “financial engineering” in the industry’s current problems and found a lot not to like.

The paper from the OECD, an intergovernmental body with 38 member states dedicated to economic progress and world trade, concentrated on events in the first three quarter of 2022, and placed the blame for them squarely on a lack of safeguard due to “non-compliant provision of regulated financial activity” and the fact that “some of these activities may fall outside of the existing regulatory frameworks in some jurisdictions.”

The report noted that institutional market participants exited their positions sooner than retail investors, who may have even continued to invest as the market collapsed. Investors in TerraUSD (UST), for example, had “little understanding of the circular and reflexive character of the so-called stablecoin, which had no tangible value.” Meanwhile, contagion spread through the industry due to its high interconnectivity.

The crypto winter also “exposed new forms of financial engineering” that had a negative effect on the market. According to the report:

“Developments such as liquid staking, creating derivatives backed by illiquid locked assets, create extreme liquidity transformation risk and maturity mismatches. Consecutive rounds of re-hypothecation of crypto-assets that are considered by platform clients to be lent and/or ‘locked’ as collateral create risks related to high leverage and liquidity mismatches in crypto-asset markets.”

Many of those practices derive from the “composability” of DeFi, that is, the ability to combine smart contracts to create new products, and the practices continue unabated, the report said.

The authors wade into the CeFi/DeFi divide within crypto, noting that DeFi worked “without issues” in the first half of the year, although DeFi’s automated liquidations could lead to greater market volatility. Both types of platform may lack regulation or regulatory compliance, and CeFi and DeFi are highly interconnected in a concentrated ecosystem.

Related: OECD releases framework to combat international tax evasion using digital assets

More faults were found in DeFi. The report documents an oracle failure during the Terra ecosystem collapsethat created opportunities for abuse on some exchanges. Differences in information access led to DeFi and CeFi platforms behaving markedly different during that crisis. The report noted:

“CeFi and DeFi markets work better in bull markets.”

The report stressed the need for educated retail investors. “When appropriate disclosure about risks is not provided by market participants, policy makers could provide warnings to investors, and in particular to retail investors, about the increased risks of such activities,” it said. It added that crypto market crises will have greater potential to spill over into tradition markets as the industry develops, and international coordination would be necessary “to avoid regulatory arbitrage opportunities currently exploited by some non-compliant crypto-asset firms.”

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Bank of England Deputy Governor Cunliffe on DLT securities settlement: Not so fast!

In a lengthy appraisal of distributed ledger technology, Cunliffe weighed its technical implications, which will be examined in greater detail when the FMI Sandbox premiers in 2023.

There’s more to crypto than just assets, Bank of England deputy governor Sir Jon Cunliffe reminded the Association for Financial Markets in Europe Conference in London on Sept. 28. The distributed ledger technology (DLT) behind crypto assets has far-reaching implications for traditional markets and interoperability. 

DLT will touch on trading, clearing, settlement and custody as it is integrated into capital markets, Cunliffe said. One of the biggest differences Cunliffe identified in DLT was its speed. Instantaneous settlement can reduce risk by removing the chance of drastic market movements while a transaction is being processed, but:

“The development of instantaneous settlement also poses challenges for the management of liquidity as it requires all cash and securities to be in place at the time a trade is struck […] though I should stress that it [settlement] need not be instantaneous or decentralized.”

Smart contracts combine activities and thus reduce the number of intermediaries and the fees associated with them, Cunliffe said. They could increase resilience in the system for the same reason and incorporate related services like the payment of coupons on bonds or “management of more sophisticated securities trades.”

Cunliffe, a longtime advocate of greater crypto regulation, had a number of caveats to share. First, he said, DLT is relatively unproven. In addition, decentralization may need to be constrained:

“It is very difficult to see how risks can be managed to the right level without a legal entity accountable for the services provided and responsible for the proper functioning of the system.”

Currently, “central banks provide the rails on which those [settlement] assets are transferred in their jurisdictions,” Cunliffe said, and the Bank of England could create its own DLT to accommodate transactions in the future or create ways to “plug in” the current real-time gross settlement system to DLT systems. European Central Bank executive board member Fabio Panetta discussed the same options at a symposium held on Sept. 26.

Related: BoE official compares current crypto market regulation to 'unsafe aeroplanes'

The Bank of England, the Financial Conduct Authority and HM Treasury will have a Financial Markets Infrastructure (FMI) Sandbox in place by 2023 to explore performance and regulatory issues, Cunliffe said.

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Zircon Finance launches mainnet to mitigate impermanent loss on Moonriver

Impermanent loss relates to a condition wherein investors end up losing assets they had previously dedicated to providing liquidity to a liquidity pool.

Zircon Finance, an automated market maker (AMM) and a decentralized exchange on Moonbeam, announced the launch of a mainnet network to address investor’s challenges related to impermanent loss in decentralized finance (DeFi).

Impermanent loss relates to a condition wherein investors lose assets they hadpreviously dedicated to providing liquidity to a liquidity pool for earning profits via yields. The mainnet network, dubbed Zircon Gamma, aims to counter such losses through single-sided liquidity over the Moonriver network, which tranches or splits risks between a volatile cryptocurrency and a stablecoin.

For example, in the case of an ETH/USDC pool, Zircon allows Ether (ETH) to maintain full exposure while ensuring safety through USD Coin (USDC) stablecoin. In addition, the mainnet allows both sides to earn swap fees.

As explained by Zircon, Float liquidity pools like ETH double their gains over regular pools but remain at the risk of impermanent loss. However, the AMM’s in-house Async LPing mechanism reduces the risk by at least 90%.

The mechanism does this by incentivizing liquidity pools to restock lost ETH funded via the earned fees. Speaking to Cointelegraph, Andrey Shevchenko, co-founder of Zircon, revealed that his inspiration to create such a system stems from the traders' need for a flexible and permissionless solution, stating:

Too many people got burned by teams making fantastic but misleading claims about removing or compensating impermanent loss. In some cases, the mechanism (involving dynamic fees) they offer just doesn’t really do anything.

Shevchenko acknowledged the obvious failure conditions in case a token nosedives to $0, but argued that "but Zircon reduces it enough to make impermanent losses a non-issue. What’s more, we can weaponize it for creating options."

When compared to existing players that pitch protection against impermanent loss, Shevchenko stressed the numerous fail-safe mechanisms that help rebalance the liquidity pools. However, he recommended users do their research when selecting their trading pairs, adding that "It’s an incentive-based economic system that you can expect to work 99% of the time."

In addition to protecting users from impermanent losses, Zircon's differentiating factor includes providing liquidity directly for stablecoins and cheaper swap fees. "Overall, we’re going to be the cheaper and more liquid option for swapping anything outside of really popular pairs on Uni V3," concluded Shevchenko.

Related: Liquidity protocol uses stablecoins to ensure zero impermanent loss

A whitepaper recently released by Trader Joe, an Avalanche-based DeFi protocol, too claimed to have solved the issue of impermanent loss.

The whitepaper outlined the use of Liquidity Book (LB), which introduces variable swap fees to “provide traders with zero or low slippage trades.”

Voyager’s $1B sale to Binance.US put on hold by US court

Resistance is futile! 3 reasons why Bitcoin mining will never go away

Numerous governments have tried to ban Bitcoin mining, but data and insights from those in the mining industry suggest that this is easier said than done.

In the summer of 2021, the Chinese government banned Bitcoin (BTC) mining and cited the typical concerns of harmful environmental effects and money laundering. Now, the Chinese government is working toward establishing its own digital yuan currency. This raises the question as to whether the original reasoning was merely a Trojan horse.

This ban could easily have been a huge blow to Bitcoin’s momentum. After all, close to 75% of all Bitcoin mining had been conducted in China by late 2019, according to Cambridge Alternative Finance Benchmarks. If the network teetered under the weight of China’s nationwide ban, other governments might have begun to think that Bitcoin could be defeated after all.

China’s ban was Bitcoin’s stress test

For a brief period, the ban worked as intended — by the end of June 2021, the Bitcoin network’s hash rate had dropped to 57.47 exahashes per second (EH/s), down by a few multiples. However, the hash rate rebounded to 193.64 EH/s by December 2021 and by February 2022, it reached an all-time high of 248.11 EH/s.

The entire ordeal was a test that Bitcoin passed with flying colors: Banning Bitcoin mining proved as effective as the Prohibition era was at killing drinking culture in the United States.

In early 2022, the obvious explanation for the hash rate recovery was that miners who had set up shop in China had simply fled to the Western Hemisphere. There was plenty of evidence that seemed to support this hypothesis — primarily that the United States’ share of the global hash rate exploded from 4.1% in late 2019 to 35.4% in August 2021.

Share of global Bitcoin hashrate. Source: University of Cambridge, Reuters

The ban created a decentralized black market

However, the so-called “great migration” may not have been the only unintended consequence of China’s ban. As of May 2022, miners in China accounted for 22% of the global hash rate — a figure that is not as dominant as before, but no small slice of the pie, either.

As the Cambridge Centre for Alternative Finance reports:

“It is probable that a non-trivial share of Chinese miners quickly adapted to the new circumstances and continued operating covertly while hiding their tracks using foreign proxy services to deflect attention and scrutiny.”

Indeed, it’s likely that there is now a massive black market of Bitcoin mining in China.

Try as they might, one of the most authoritarian regimes on the planet cannot prevent its citizens from mining Bitcoin. In economic terms, the potential benefits to the China-based miners outweigh the costs associated with getting caught red-handed.

Despite the concern and skepticism that “experts” broadcast about Bitcoin, miners in China value the activity so much that they’re willing to risk breaking the law to get their hands on the future global reserve asset.

International competition for miners rises

Despite China’s black market surge, there is no doubt that the United States’ economy benefited from China’s ban. Just outside Kearney, Nebraska, a company called Compute North runs one of the United States’ largest data centers for cryptocurrency mining. Around the time of China’s ban, the company received a deluge of calls from operations that were trying to move their mining equipment from China into the United States.

Compute North welcomed its new partners with open arms. “We doubled in size,” said their lead technician. “We were busy nonstop for the whole summer. [...] And there’s just continuing more and more demand all the time.”

Other towns, such as Rockdale, Texas, and Massena, New York, are also witnessing growth in their cryptocurrency mining ecosystems.

All of this migration could cause a vicious cycle for China and a virtuous cycle for the United States, which means that all sorts of other Bitcoin-related opportunities shift from China to the United States as well. Lamont Black, finance professor at DePaul University, believes that the recent influx of Bitcoin mining into America could bolster the country’s broader blockchain economy.

And that logic works both ways — to the extent that Bitcoin miners are leaving China, then ancillary Bitcoin activities will travel along with them.

Although fleeing miners considered countries other than the United States, it seems that miners prefer America because of its relatively robust respect for property rights. One miner migrating from China said, “Maybe the governments [of countries such as Russia or Kazakhstan] are not only shutting down the operation, but they also take [...] all your machines. You might lose everything, so the United States is a safe choice.”

The takeaway for world governments

This black market phenomenon should be a lesson to Western politicians: If the Chinese government can’t ban Bitcoin mining out of existence, neither can you.

As the United States forges ahead in studying the regulatory implications of the industry, traditional financial institutions are closely monitoring its movements. Retail and institutional investors are also paying close attention to the market swings as they battle inflation at home. At this point, trying to put the toothpaste back in the tube is nothing but a waste of energy. Bitcoin mining is not going away.

The United States and other world leaders must learn from the mistakes of others so that they don’t have to repeat them. China wasted its efforts so that others don’t have to.

Disclaimer. Cointelegraph does not endorse any content of product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

William Szamosszegi is the CEO and founder of Sazmining, the world’s first clean energy Bitcoin mining platform for retail customers. He is also the host of the Sazmining podcast and as a Bitcoin evangelist, Will is committed to improving humanity’s relationship with time, money and energy. Will is the recipient of Bucknell’s venture grant, a finalist in SXSW’s Digital Entrepreneurship Tournament, a Forbes Fellow and a regular speaker at Bitcoin mining conferences.

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Mastercard to allow 2.9B cardholders to make direct NFT purchases

Card payments for NFTs were first announced in association with Coinbase’s latest NFT marketplace in January.

International payment processing giant Mastercard is expanding its payment network for nonfungible token (NFT) markets and Web3.

The financial service provider announced that it has been working on expanding their payment networks to NFTs over the past year. The firm has partnered with a number of leading NFT marketplaces to allow 2.9 billion cardholders to directly make NFT purchases without buying crypto first.

Currently, users need to buy crypto to bid on and buy NFTs. However, with the latest Mastercard partnership, billions of cardholders can now bypass the process of buying a transferring crypto to NFT marketplaces. The firm said:

“These integrations are designed to make crypto more accessible and help the NFT ecosystem keep growing, innovating and bringing in more fans.”

Mastercard stated that it has partnered with multiple NFT marketplaces namely Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway and Web3 infrastructure provider MoonPay.

Related: Mastercard expands consulting with crypto-dedicated practices with 500 new hires

The NFT card-purchase service was first launched in January this year in a partnership with Coinbase, allowing users to buy NFTs directly using credit cards.

The decision to expand its payment network to the rapidly growing NFT ecosystem was also based on the company’s latest survey of 35,000 respondents from 40 countries, which showed that 45% of the consumers have either bought an NFT or arconsidering doing so. 50% of the surveyed consumers also showed interest in getting more flexible options to make purchases.

The firm claimed they are also working on offering world-class security to customers with its latest payment option, similar to “when making transactions in a store or online with a Mastercard card.”

The payment processing giant has shown keen interest in the crypto and NFT markets over the past couple of years. Earlier in April this year, Mastercard filed for 15 metaverse and NFT-related trademarks.

The top two mainstream payment processing companies, Visa and Mastercard, have come a long way from their early days of blocking crypto transactions on their network, and are currently competing to become leading financial services providers in the decentralized space. Visa launched an immersion program back in March to allow creators to build their business with NFTs

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TrueFi launches on Optimism, expanding access to on-chain credit

Several projects have launched on Optimism this year with the goal of giving users instant transactions and lower gas fees.

Unsecured lending protocol TrueFi has become the latest project to launch on Optimism, Ethereum’s popular layer-2 scaling solution, in a move that’s expected to boost demand from non-institutional lenders. 

By launching on Optimism, TrueFi’s lender community will have access to a faster and cheaper user experience, as well as gain exposure to a wider pool of retail lenders. “TrueFi users can now lend, borrow and launch portfolios on Optimism to enjoy dramatically reduced transaction costs and network speeds,” Rafael Cosman, co-founder of TrustToken, told Cointelegraph in a written statement. He further explained:

“Since Optimism transactions are on average 77x cheaper than Ethereum, we expect greater adoption from non-institutional lenders, hopefully increasing global access to TrueFi’s financial opportunities.”

TrueFi was built by stablecoin operator TrustToken and shipped to institutional clients in November 2020. In February, TrustToken launched a new lending marketplace on TrueFi designed to give financial institutions the ability to design and launch their own financial products.

Related: Balancer launches on Ethereum L2 network Optimism

There are currently over 40 protocols deployed on Optimism, a sign that more projects were looking to take advantage of improved functionalities such as higher scalability and lower fees. Optimism has been designed to support all decentralized applications running on Ethereum via Optimistic Rollups, a scaling solution that operates in tandem with Ethereum’s main chain.

TVL on Optimism appears to be bucking the general downtrend in DeFi. Source: DeFi Llama

With more projects deploying on Optimism, the chain’s total value locked, or TVL, has spiked over the past week. Currently, network TVL is over $369 million, which is an increase of nearly $100 million since May 29. Network TVL peaked in late April above $510 million.

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Polkadot parachains spike after the launch of a $250M aUSD stablecoin fund

Polkadot parachains posted double-digit gains after partnership announcements, protocol integrations and a stablecoin development fund caught the attention of the crypto investors.

Crypto prices have been exploring new lows for weeks and currently it's unclear what it will take to reverse the trend. Despite the downtrend, cryptocurrencies within the Polkadot (DOT) ecosystem began to rally on May 24 and have managed to maintain gains ranging from 10% to 25%, a possible sign that certain sub-sectors of the market are on the verge of a breakout.

Here’s a look at three Polkadot ecosystem protocols that have seen their token prices trend higher in recent days.

Acala launches a $250 million aUSD ecosystem fund

Acala (ACA) is the leading decentralized finance (DeF) platform on the Polkadot network, primarily due to the launch of aUSD, the first native stablecoin in the Polkadot ecosystem.

Following the collapse of Terra's LUNA and TerraUSD (UST), traders were searching for "safer" stablecoin options.

On March 23, ACA rallied after the project announced the launch of a $250 million "aUSD Ecosystem Fund" that aims to support early-stage startups planning to build strong stablecoin use cases on any Polkadot or Kusama parachain.

Acala also announced the launch of a kickoff rewards program that has set aside 1 million ACA tokens as rewards for LCDOT/DOT, LCDOT/aUSD, ACA/aUSD and aUSD/LDOT liquidity providers.

Following the aUSD ecosystem fund announcement, the price of ACA spiked 31% from a low of $0.364 on May 23 to a daily high of $0.478 on May 24.

Astar rallies after revealing a partnership with Microsoft

The Astar (ASTR) network is a smart contract hub for the Polkadot community that supports Ethereum (ETH), WebAssembly and other layer-two solutions like zk-Rollups.

Since the Polkadot relay chain doesn't offer Ethereum Virtual Machine (EVM) support, Astar was created to become a multi-chain smart contract platform capable of supporting multiple blockchains and virtual machines so that they can integrate with the Polkadot ecosystem.

On May 24, it was revealed that AstridDAO, an Astar-based protocol responsible for minting the collateralized BAI stablecoin, had signed a partnership with Microsoft to become part of Microsoft for Startups, an initiative “which removes traditional barriers to building a company with exclusive access to technology, coaching, marketing and support."

If successful, the partnership should accelerate AstridDAO’s go-to-market speed and maximize its market influence. It also includes up to $350,000 worth of benefits through Github Enterprise, Microsoft Teams and Azure credits.

Following the partnership announcement, the price of ASTR spiked 61% from $0.055 to a daily high of $0.0888.

Related: Polkadot vs. Ethereum: Two equal chances to dominate the Web3 world

Uniswap v3 to deploy on Moonbeam

Moonbeam (GLMR) is an Ethereum-compatible smart contract parachain on Polkadot that streamlines the use of Ethereum developer tools to build or redeploy Solidity projects in a substrate-based environment.

Interoperability with the Ethereum network is a highly sought-after capability since a majority of decentralized applications currently operate on Ethereum along with a majority of the value in decentralized finance.

The benefit of EVM interoperability was demonstrated with the May 24 announcement that a proposal to deploy Uniswap (UNI) v3 on the Moonbeam network passed, meaning that the top decentralized exchange in the crypto ecosystem will soon be accessible to Moonbeam users.

Following the announcement, the price of GLMR climbed 29% from a low of $1.15 on May 23 to a daily high at $1.48 on May 24 as its 24-hour trading volume increased 106% to $75.3 million.

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.

Voyager’s $1B sale to Binance.US put on hold by US court