altcoin Is Optimism’s ecosystem really thriving after Shapella Fork’s interruption – Optimism Goerli nodes halted temporarily, business went on as usual for Optimism – Spike in daily transactions observed while fees collected declined on the charts The implementation of the long-anticipated Shapella hard fork took place on Ethereum’s Goerli network on March 15.This resulted in a brief pause in Optimism‘s Goerli nodes.Goerli is a network utilized by Ethereum developers for testing purposes.Nevertheless, the Optimism protocol persevered, with its ecosystem flourishing despite the disruption to the Goerli nodes.
Critical update for node operators on Optimism Goerli: Goerli’s Shapella fork caused a halt for Optimism Goerli nodes in the default configuration.Node providers will need to add a flag to resume syncing.
Full details can be found on our status page: https://t.co/LwPl4ASs38 — Optimism (✨🔴_🔴✨) (@optimismFND) March 14, 2023 Read Optimism’s Price Prediction 2023-2024 Glass half full The growth of Optimism’s ecosystem is evident in the neck-to-neck competition for its 10th grant cycle.This cycle received a high number of applications, with many developers and applications competing for a grant to build on the network.
The incentives to build on Optimism could help the protocol in attracting more developers and users to the network.One of the applicants is a dApp called KyberSwap, which has seen its Optimism-based volumes grow by 9 times over the past year.While Uniswap and Velodrome still hold a lead over KyberSwap in terms of volume, the incentives to build on Optimism are attracting more developers and users to the network.Another sign of the network’s expansion is the rise in its transaction volume.The same has increased from 159,600 transactions to 269,700 transactions over the last few months.However, despite this hike, the fees generated by the protocol have declined.
This, likely due to greater competition among layer-2 solutions, something that has driven down fees generated by the network.
And the state of OP is… Despite the decline in fees, the price of the OP token has continued to rise.
This is a sign that investors have faith in the long-term potential of the Optimism network.Coupled with that, the MVRV ratio for OP declined, indicating that most holders would not profit if they sold their holdings.This is a sign that there is low selling pressure on OP at this point.Realistic or not, here’s OPs market cap in BTC’s terms Additionally, the long/short difference for the OP token has been highly positive too.This is evidence that many holders are long-term investors who are unlikely to sell their holdings.- Coinbase enters the Singapore market through strategic partnership with Standard Chartered.- The launch was flagged off through regulatory approval from the Monetary Authority of Singapore.On 15 March, Coinbase announced that it had secured a partnership with TradFi giant Standard Chartered.
This move undermined recent directives by regulators aiming to prevent the flow of liquidity into the crypto market.Crypto regulators issued a directive to U.S banks in February, requiring them not to engage in business with crypto companies.However, Coinbase moved forward nonetheless.According to a recent announcement, the partnership will provide a free on-ramp and off-ramp for crypto users in Singapore.Exciting news for our Singapore customers! Coinbase is introducing free bank transfers and Singpass integration, making it easier to join our platform.We’ve upgraded our help center, created Coinbase Learning and are offering 200+ assets for trading.👀👇https://t.co/iQgt51esvy — Coinbase (@coinbase) March 15, 2023 Coinbase also revealed that it updated its help center so that it can offer learning material for over 200 crypto assets.This is a surprising change of pace for Singapore users because regulators in the country previously criticized cryptocurrencies.
Are CEXes shifting its focus outside the U.S.? The Coinbase announcement came at a time when the U.S.market has been facing economic turmoil due to inflation and a recent banking crisis.On top of that, the U.S.
appears to be taking an aggressive stance against the crypto market.
This new development underscores Coinbase’s push into other promising markets outside the U.S.Singapore is one of those markets that has also been embracing opportunities in the blockchain and crypto space.The exchange plans to leverage the Singpass platform, which is native to Singapore, part of the conduit for its crypto offerings.Coinbase secures regulatory approval from Singaporean authorities Coinbase announced through its official blog that its foray into Singapore is just the start of its global expansion.
Part of the reason the Asian country is among the first international targets for Coinbase is regulatory approval.Coinbase is now allowed to offer regulated Digital Payment Token (DPT) services through in-principal approval.The Monetary Authority of Singapore (MAS) offered the approval.The regulatory path underscores Singapore’s favorable stance for the crypto market.
This theme has reverberated across multiple jurisdictions in the Asian region and even in some European countries.Numerous other countries may follow in Singapore’s footsteps, especially now that the crypto market is maturing.FOMO will be the key driver as more countries play catchup to avoid missing out on opportunities.- MakerDAO’s RWA holdings led to profits amid stablecoin market issues.- Protocol maintains stability but faces a decline in unique users.
The stablecoin market faced a significant challenge as USD Coin [USDC] came under scrutiny.MakerDAO, the protocol behind stablecoin DAI, also felt the impact.But despite this, MakerDAO saw profits, thanks to its RWA holdings.
Is your portfolio green? Check out the Maker Profit Calculator According to data provided by Delphi Digital, MakerDAO made a $3.8 million profit through its RWA holdings.These holdings contribute significantly to MakerDAO’s overall earnings, making up 11.6% of its total holdings.Real World Asset (RWA) is a type of collateral that is not cryptocurrency-based but is more traditional and tangible, such as U.S.Treasury Bills and Bonds.
[[email protected]]has profited $3.8M through their investments in U.S.short-term treasuries.pic.twitter.com/q10AkGxLn8 — Delphi Digital (@Delphi_Digital) March 15, 2023 Having a closer look However, MakerDAO’s PnL statement painted a negative outlook due to high expenses on upgrades and updates.A significant portion of MakerDAO’s earnings are possibly being spent on upgrading and maintaining the protocol.These expenses outweighed their earnings, leading to a net loss for MakerDAO.Nonetheless, MakerDAO’s recent proposal to create PSM circuit breakers shows its dedication to improving its protocols, considering the market’s volatility.This proposal will allow Maker governance to disable a PSM immediately without governance delay.
This step will ensure that the protocol can react quickly to market changes and maintain stability.The state of the protocol was relatively healthy as the volume on MakerDAO increased by 55% over the past month.
This shows that despite the challenges faced by the stablecoin market, MakerDAO has maintained its momentum.However, the number of unique users in the same period declined by 14% according to Messari’s data.This decline has affected the overall TVL generated by MakerDAO, leading to a decline over the past few days.
Read Maker’s [MKR] Price Prediction 2023-2024 MKR and DAI Along with a decline in TVL, MKR token’s prices declined.However, whale interest in the token skyrocketed.
This interest from whales could be due to the fact that the market cap of DAI increased materially over the last few days.This interest in both MKR and DAI indicated the potential for future profits and belief in the long-term viability of the protocol.- USDC regained its peg after Circle moved quickly with new banking partners.- USDC demonstrated signs of demand and volume recovery.Circle faced its toughest week so far this year after USD Coin [USDC] lost its dollar peg.
It has since recovered, but the stablecoin issuer just released a new update regarding its USDC operations.According to the update, Circle redeemed 2.9 billion USDC and minted 700 million USDC on 14 March.Those efforts were part of its action plan to aid the peg recovery.More importantly, Circle announced that it was securing new transaction banking partners.The company’s goal is to facilitate round-the-clock transactions that will not be limited by regular banking hours.
Circle announced that it had redeemed 2.9 billion USDC and minted 700 million USDC on March 13.That was down from an earlier estimate of $4 billion to $12 billion without a U.S.government’s help for banks.Circle says it will continue to add new transaction banking partners… https://t.co/OgxuEPTVVb — Wu Blockchain (@WuBlockchain) March 15, 2023 Circle further revealed that it had limited funds held by its transaction banking partners to support redemption and minting.
It also revealed that it held a cash position of its reserve at BNY Mellon.Thus, at press time, it had on-ramps for users looking to move their funds into the crypto segment.The move by Circle underscored plans to bypass regulators’ efforts to prevent banks from working with crypto companies.It also came just days after multiple banks collapsed, adding more pressure to the fiat system.
As a result, more people were losing their trust in the fiat system, and this was a key factor that fueled the rally in the last three days.USDC volumes are recovering The aforementioned factors and the fact that USDC has regained its test have restored some confidence back into the stablecoin.The supply of USDC in smart contracts recently bounced back to a new four-month high.📈 $USDC Percent Supply in Smart Contracts just reached a 4-month high of 37.979% Previous 4-month high of 37.735% was observed on 13 March 2023 View metric:https://t.co/eCjboyzLH7 pic.twitter.com/YKXLRAOwTy — glassnode alerts (@glassnodealerts) March 15, 2023 But what about actual market demand? Well, a look at address characteristics revealed that USDC receiving addresses were slightly higher than sending addresses.
Another key observation is that both metrics dropped substantially since 11 March, as people moved to other stablecoins.However, addresses began leveling out at press time, suggesting that USDC trading activity is recovering.This is evident in the stablecoin’s exchange flows.Both exchange inflows and outflows have been on the rise for the last three days after previously tanking because of the depeg.
The exchange outflows remain higher than inflows, hence confirming that USDC is yet to regain full confidence.This may also be due to the recent crypto rally, which meant that investors have been buying crypto for stablecoins.
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