Altcoins BNB Chain closes 2022 as the 2nd most preferred blockchain for DeFi projects – BNB Chain has the second largest TVL after Ethereum.- 12% of the tokens on BNB Chain are scam tokens.- A hardfork upgrade is expected in 2023, which will integrate the staking economy onto Beacon Chain.With a total value locked (TVL) of $4.05 billion, BNB Chain has been ranked as the second-largest layer 1 ecosystem after Ethereum, The Block Research found in a new report.While its share of the overall decentralized finance (DeFi), has seen a steady increase since May, BNB Chain’s TVL has dropped by 63% since January, per data from DefiLlama.Of the $38.93 billion locked up as TVL across the DeFi ecosystem, BNB Chain’s TVL represented 10.4% of the total market share.BNB Chain is highly regarded for its high throughput, low fees, and rapid transaction processing, making it a cost-effective alternative to Ethereum.
Housing 484 DeFi projects, BNB Chain’s TVL is a far cry from Ethereum’s TVL of $23.01 billion, which represents 59% of the total overall DeFi TVL market share.Read Binance Coin’s [BNB] Price Prediction 2023-24 House to scam tokens? Due to BNB Chain’s nature, it has the highest number of GameFi projects than any other blockchain.In a recently released report by Binance Research, 37% of projects in the gaming vertical of the web3 ecosystem are built on BNB Chain.
However, many have turned out to be rug pulls due to the play-to-earn and get-rich-quick models adopted by many of these games.In the recently published rug pull report by Solidus Labs, 12% of all BNB Chain tokens are scams, which is the highest of any blockchain.Comparing this to Ethereum, Solidus Labs reported that “8% of all Ethereum tokens are programmed to execute rug pulls.” How many BNB’s can you get for $1? Network upgrade in the coming year BNB Chain, on 27 December, announced the proposed implementation of a hardfork upgrade to its BNB Beacon Chain testnet at block height 34,587,202 and 34,963,303.Considering the current rate of block generation, the hard fork is expected to take place on 2 January 2023.According to the blog post, the hardfork upgrade, referred to as BEP159, will introduce “a permissionless validator election mechanism” and bring “the staking economy onto Beacon Chain.” With this update, the staking economy will be integrated onto the Beacon Chain, enabling the validator set to be determined based on the rank of accumulated bonded tokens on validator candidates.
Validators are responsible for producing new blocks and will receive rewards for their efforts, which they can then share with delegators.BNB holders who participate in staking will also have the right to vote on proposals and contribute to the decision-making process for the future of the network.Altcoin performances ‘Ethereum Killers’ Managed To ‘Kill’ Themselves In 2022 Rather Than Beat The Smart Contract Economy’s Heavyweight Champ At the end of 2021, a myriad of people thought a handful of smart contract platform tokens, often referred to as ‘Ethereum killers,’ would flip the second-largest crypto asset in terms of market capitalization in 2022.As 2022 comes to an end, statistics show that none of the so-called ‘Ethereum killers’ have surpassed the leading smart contract platform token, and a number of these tokens have lost considerable amounts of value during the crypto winter.Ethereum Outperformed Its Competitors in terms of Market Cap, Decentralized Finance Action, and Non-Fungible Token Sales On Dec.
23, 2021, the top smart contract platform coins held an overall valuation of around $823 billion and at that time, ethereum’s (ETH) market capitalization represented 59.42% of the aggregate.Today, on Dec.30, 2022, the crypto economy’s top smart contract platform coins are valued at $239 billion, and ETH’s market cap is roughly $144 billion.Data indicates that ETH’s market cap equates to 60.25% of the aggregate value of all the top smart contract platform tokens listed today.
Last year, when the smart contract platform coin economy was a lot more valuable, many people thought ETH could get ‘flipped’ by a bunch of ‘Ethereum killers.’ Roughly a year ago, the publication Forkast published an editorial called “The Top Five Ethereum Killers,” and it included tokens like BNB, solana (SOL), cardano (ADA), avalanche (AVAX), and polkadot (DOT).While some of these coins were top ten contenders in Dec.2021, only BNB and ADA remain, and Polygon (MATIC) recently entered the top ten standings.On Dec.24, 2021, BNB was exchanging hands for $547.12 per unit, and it was the second largest smart contract platform coin at the time.Today, it still is the second-largest smart contract platform token, but the digital currency’s value has dropped 55.19% from the $547 price point recorded in Dec.2021.Last year, solana (SOL) was the third largest smart contract platform token and over a year ago, it was trading for $189.43 per unit at the end of Dec.
2021.Today, SOL holds the seventh-largest smart contract coin market cap and SOL holds the 19th-largest capitalization in the entire crypto economy.Metrics show the smart contract coin SOL has lost 94.81% of its U.S.dollar value since Dec.23, 2021.Cardano (ADA) was the fourth-largest smart contract asset and on Dec.23, 2021, and ADA was trading for $1.48 per unit.ADA also was the seventh-largest market cap in the entire crypto economy.
Today, on Dec.30, 2022, cardano is trading for $0.24 per coin, and it’s moved down to the ninth largest market valuation.On Dec.23, 2021, Terra’s LUNA was the fifth largest smart contract coin at the time, and LUNA (now called LUNC) was trading for $93.24 per coin.LUNA was also the ninth-largest market cap in the entire crypto-economy during the last month of 2021.LUNA’s price has been completely obliterated, and it is now down to $0.000140 per unit on Dec.30, 2022.Polkadot (DOT) was the sixth largest smart contract token; today, it’s moved up to the fifth position.
However, last year DOT was the tenth largest crypto market cap, but DOT is now in the 13th largest position.At the time, DOT was trading for $29.39 per unit on Dec.23, 2021, but today, DOT is down 85.30% and trading for $4.32 per coin.Avalanche (AVAX) was the seventh largest smart contract coin but today, AVAX now resides in the eighth position.On Dec.23, 2021, AVAX exchanged hands for $121.88 per coin and on Dec.30, 2022, it’s down to $10.83 per unit.Lastly, polygon was the seventh largest smart contract coin last year but today, its now in the fourth largest top smart contract token position.
Furthermore, polygon (MATIC) was in the 14th largest position overall in Dec.2021 and today it has managed to enter the tenth position.MATIC was trading for $2.67 per coin last year and today, it’s down to $0.75 per unit, which is a loss of around 71.91%.While none of the so-called ‘Ethereum killers’ managed to knock ETH down a notch, ETH has lost a bit of dominance since Dec.23, 2021.At that time, ETH dominance was around 19.5% and today, the second-leading crypto asset’s dominance is down to 17.4%.Tags in this story Altcoin performances, Altcoins, Avalanche (AVAX), bnb, cardano (ADA), crypto economy, decentralized finance, DeFi, Dominance, ETH dominance, Ethereum, ethereum killers, flipped, FTX associations, Market Cap, nft, NFTs, polkadot (DOT), Polygon (MATIC), sbf, Smart Contract Coin dominance, smart contract coins, smart contract platform coin, Solana (SOL), Terra, terra (LUNA), Terra collapse, UST depeg What do you think about the so-called ‘Ethereum killers’ and their market performances in 2022? Let us know your thoughts about this subject in the comments section below.
Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
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Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.- Ethereum co-founder Vitalik Buterin said he believed that Solana’s future was bright.
– SOL continued to plummet as Solana’s founder received praises for his doggedness.The Solana [SOL] community has been subject to tantrums in recent times, as a large section of the ecosystem publicly opined that the once lively chain was now beyond redemption.Off the back of discouraging comments, Ethereum’s [ETH] co-founder, Vitalik Buterin, drummed up support for the scalable application’s blockchain.Read Solana’s [SOL] Price Prediction 2023-24 As far as the crypto community was concerned, it was unusual to expect such comments from Vitalik since Solana was once dubbed the “Ethereum killer.” But for the founder, Solana’s troubles were due to the opportunists that existed within its team.
Buterin further disclosed that unverified information available to him suggested that they had been weeded out.This led to him advocating for the crypto community to give the project a fair chance instead of watching it go extinct.
Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future.Hard for me to tell from outside, but I hope the community gets its fair chance to thrive — vitalik.eth (@VitalikButerin) December 29, 2022 Staying hardcore till the close Also in Solana’s support was Chris Burniske, a blockchain infrastructure investor and former crypto lead at ARK Invest.According to Burniske, the Solana blockchain would surely revive.He backed up his statement with a tweet suggesting that he longed SOL, and investors who were currently hesitating would bite their fingers in the future.1/ Still longing $SOL while haters spinelessly pile onto the downside momentum.When @solana recovers, it’s not me that will be haunted by the thought, “Instead of jeering, I could have been buying $SOL ~$10.” — Chris Burniske (@cburniske) December 30, 2022 Besides that, Burniske lauded Solana’s founder, Anatoly Yakovenko.
He described Yakovenko as pragmatic and a visionary, willing enough to see out his ideologies.Burnikse also applauded the developers and validators, saying: “Yakovenko’s ideological commitment is what’s needed to lead a community through boom/bust cycles, which crypto endures every few years as the ecosystem speed runs history in a digital context.” SOL’s challenges did not suddenly become over because of Vitalik’s backing.CoinMarketCap showed that the cryptocurrency was exchanging hands at $9.55 at press time.Additionally, Solana was no longer among the top 15 currencies in terms of market capitalization, as it dipped to $3.5 billion.
How many SOLs can you get for $1? Let’s watch and talk through it Discussions about Solana and its potential capabilities were still in high spirits.Data from Santiment revealed that the social dominance was 6.298% at the time of writing.In the early hours of 30 December, on-chain data showed that it was as high as 13.21%.Yet, the spike was most likely not grounds for excitement or hype.
Although the hike suggested increased conversations, it presumably pointed to SOL’s fall off.The same could be said for its social volume, which increased to 2173 on the aforementioned date.But it had dropped to 142 at the time of writing.
Meanwhile, Vitalik had been getting cheers for his quick action to quell the Solana FUD.Ari Paul, the founder of BlockTower Capital, was one of those who heeded the Ethereum founder’s request.This is how someone behaves who is happy to “compete” on merit, and thinks in positive sum terms.
One fun test you can give anyone on almost anything (service providers, fund managers, devs, whatever) /1 https://t.co/whtS4x2anF — Ari Paul ⛓️ (@AriDavidPaul) December 29, 2022 – MATIC was in a bearish market structure.- It could break below $0.7652.
– A break above $0.7781 would invalidate the above forecast.Since 28 December, Polygon [MATIC] has experienced several price rejections at $0.7652.In addition, Bitcoin’s [BTC] recent sideways market structure has also prevented the altcoin market from moving higher.MATIC has since fallen and broken through several support levels, as BTC’s trading range has undermined trading volume.At press time, MATIC was trading at $0.7675 and was on the verge of falling below $0.7652.
Read Polygon’s [MATIC] Price Prediction 2023-24 MATIC’s freefall: Will $0.7652 hold? MATIC’s recent freefall has broken a few supports, including the immediate supports at $0.7827, $0.7755, and $0.7736.However, technical indicators suggested that it could plummet further.In particular, the Relative Strength Index fell from the upper ranges into oversold territory.
This suggested that buying pressure declined and selling pressure increased.The on-balance volume (OBV) also declined steadily, suggesting that the decline in trading volume contributed to easing buying pressure.In addition, Chaikin Money Flow (CMF) was below zero, thus reinforcing that the bears had more influence on the market at the time of the press release.Therefore, MATIC could break below $0.7652 and find new support at $0.7571 or $0.7524 if the selling pressure increased in the next few hours or days, starting from the time of writing.
These levels can serve as targets for short-selling.They can also serve as discounted buying opportunities, as MATIC was in an oversold area, one of many conditions that can influence a price reversal.However, a break above $0.7781 would invalidate the above trend.
But the bulls need to overcome the immediate hurdles at $0.7755 and $0.7736 to gain leverage.Investors should therefore look for the CMF to cross above the zero line and the RSI rejection in the oversold zone for a price reversal.This would be a clear signal to close the short positions.MATIC recorded a bearish sentiment as the number of active addresses remained low According to Santiment, MATIC’s number of active addresses remained almost constant in the last hour at press time.In addition, weighted sentiment fell slightly into negative territory, indicating a bearish sentiment.
Therefore, a stagnant number of active addresses would undermine buying pressure, and bearish sentiment would further increase selling pressure.How many MATICs can you get for $1? The supply distribution also showed that all supplier categories increased their holdings except for the two groups (100K-1M) and (1M-10M) coin holders.Therefore, the two whale categories were responsible for the selling pressure at press time.However, the whale category (100 million to one billion coins), with a supply control of over 50%, also increased its holdings.Was this an indication of a possible trend reversal? Top posts matic2 hours ago Polygon (MATIC) Depicts Further Downtrend, This Could Be The Next Support Level The Polygon (MATIC) price has been on a downward spiral for the last couple of weeks.Over the last 24…
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