Day: November 26, 2023

Crypto token outlook this week: Vertex Protocol (VRTX)

Vertex Protocol (VRTX), the decentralised exchange (DEX) on Arbitrum, is seeing increased volumes for spot and perpetuals.
VRTX price was 33% up in 24 hours, hitting $0.44 and 89% up from $0.22 on November 22.
Total value locked (TVL) has reached $32 million.

Most altcoins are trading at near year-to-date highs after mirroring Bitcoin’s march to its highest price in 18 months – the spike to above $38k.

With the overall market outlook remaining bullish, analysts are pointing to a potential upward continuation for BTC.

Here is what to know about Vertex Protocol (VRTX) going into next week.

Vertex (VRTX)

The Vertex Protocol is a decentralized exchange (DEX) on Arbitrum that offers spot, perpetuals and money markets. The hybrid orderbook-automated money maker DEX has seen increased volume in the past few days, with its 24 hour trading volume surpassing dYdX as top volume DEX for perpetuals.

Another 24h volume ATH for @vertex_protocol!

It surpassed dYdX for the No. 1 perp dex in volume. https://t.co/QqGiOSkacW pic.twitter.com/FQdZQfl7OD

— Laevitas (@laevitas1) November 26, 2023

Vertex Protocol TVL and price

With users incentivized via the recently launched Arbitrum (ARB) incentives program, trading volumes are likely to continue surging. The ARB incentives week 2 saw over 210,000 ARB tokens distributed to traders last week.

The claim for the tokens is live, adding to the incentive that earn traders VRTX via the Vertex Protocol’s Trade & Earn program. Users are thus poised to earn rewards on trading fees, with a maximum of 75% of taker fees. VRTX liquid staking allows holders to stake VRTX to generate voVRTX and earn rewards.

According to DeFiLlama, a total of $32 million has been staked on the Vertex chain, with $566 million in derivatives volumes recorded in the past 24 hours. 

VRTX is currently listed on crypto exchanges such as Bybit, Bitget, and Gate.io. Data from CoinGecko shows the VRTX price is up 34% in the past 24 hours and reached a high of $0.44. VRTX/USD is currently trading at $0.42, up 89% from its lows of $0.22 on November 22.

The post Crypto token outlook this week: Vertex Protocol (VRTX) appeared first on CoinJournal.

Web3 gaming and AI project SIDUS burns 6.8B tokens, price skyrockets

SIDUS price skyrockets as project burns 6.8 billion tokens.
The Web3 gaming and AI project has seen the price of its native utility token jump 40% in the past 24 hours.
Buying pressure for SIDUS has pushed it to its highest level since May 2022.

Sidus (SIDUS) price has risen sharply in the past few days, rising to its highest level since May 2022. This comes after the SIDUS HEROES team announced they had burned a staggering 6.8 billion of the native utility token’s supply.

The announcement on Friday revealed the 6.8 billion SIDUS tokens, accounting for 23.13% of the total supply. These tokens have permanently been removed from circulation, cutting total supply to about 22.6 billion.

🔥 It’s done! We’ve burned 6,826,500,000 $SIDUS tokens – 23.13% of the total supply! 🔥

✔️ Transaction details: https://t.co/ew5O7CgeG8

Both our revolutionary votes are over – $SIDUS and $SENATE are much stronger, with a lot of space for growth! 🚀 pic.twitter.com/dX5tpbtAJT

— SIDUS HEROES (@galaxy_sidus) November 23, 2023

Buying pressure for SIDUS rose after this reduction in supply. Sidus (SIDUS) currently has a market cap of $140 million, with a circulating supply of 17.5 billion SIDUS tokens.

What is SIDUS?

Sidus is a space-based gaming, metaverse and Web3 platform powered by AI technology and blockchain. Its SIDUS HEROES ecosystem offers play-to-earn gaming and non-fungible tokens (NFTs) and features a dual token system.

SIDUS is the utility token of the SIDUS HEROES ecosystem, while the governance token is SENATE, which users need to participate in project development and decision-making votes. SIDUS is central to the SIDUS HEROES’ metaverse, both for in-game and out-of-game functionalities, including marketplace transactions.

SIDUS price up 780% in a month

Sidus (SIDUS) is one of the biggest gainers in the past 24 hours, trading more than 40% up as its price reached highs of $0.0078. With a daily trading volume of over $9 million in the period, it’s a performance that brings cumulative gains over the past 30 days to +780%.

SIDUS reached an all-time above $0.19 in January 2022, but lost nearly 95% of that as the bear market took a toll. Despite a broader market recovery, the token remained largely down until an uptick in community (which is now above 27k holders) in recent weeks.

Apart from the token burn, another catalyst to the price surge could be the project’s growing list of partners. Just recently, the team shared its list of business partners and investors that includes Animoca Brands, Polygon, OKX Ventures and Hashkey Capital. YouTuber Mr. Beast is also a partner.

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Cosmos proposal to cap ATOM inflation rate at 10% passed

The Cosmos Hub community has approved a proposal capping ATOM’s maximum inflation rate at 10%
Per the proposal, validators can still break even or turn profits at 10% inflation
Reducing inflation rate will help Cosmos’ security and growth potential.

The latest Cosmos news is that the community has approved a proposal that seeks to cut the maximum inflation rate of ATOM to 10%. The Cosmos Hub X account shared the results of the vote that ended on November 26.

Proposal 848, dubbed the “ATOM Production Reduction: Proposal to Set the Maximum Inflation Rate to 10%” passed with 41.1% of the vote in support and 31.9% against. Vote turnout was more than 72%, the highest in the Cosmos Hub’s history. 

ATOM’s maximum inflation rate to reduce from 20% to 10%

Approval means the cryptocurrency’s maximum inflation parameter will be reduced from 20% to 10%, bringing the current inflation rate down from 14% to 10%. Cosmos Hub’s annualized staking yield will also reduce from 19% to about 13.4%.

Proposal #848 is approved ✅

The max inflation parameter will be reduced from 20% to 10%, bringing ATOM’s current inflation rate to 10%.

This decision comes with the highest turnout in Cosmos Hub history: 72.7% pic.twitter.com/03MPSsUsmx

— Cosmos Hub ⚛️ (@cosmoshub) November 25, 2023

Per the proposal, capping the inflation is crucial to Cosmos (ATOM) maintaining its value proposition in the market as it looks to attract more consumer chains.

High inflation has meant Cosmos’ DeFi yield is dwarfed by competing chains, affecting user growth. The proposal to reduce the inflation rate therefore not only has the potential to accelerate adoption of IBC DeFi protocols, but also see ATOM get better traction as collateral and a liquidity gateway.

The other argument is that at the current inflation rate, Cosmos Hub is overpaying for security relative to its peers, which harms ATOM’s monetary premium. It’s also had the governance token under constant sell pressure, hurting price performance.

According to the proposal, nearly all validators will still be at break even or profitable levels with 10% max inflation. Validators can also opt for increased commission rates to cover operational expenses or turn profits.

The price of ATOM was up nearly 9% on Sunday morning, changing hands at $9.64.

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