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Fantom Thrives, Paraswap Slows, & Long-Term Holders Stack BTC

Jan 13, 2022 · 3 min read

By Genevieve Yeoh, and Joo Kian

Fantom TVL Rises on ve(3,3) Catalyst

  • While the TVLs across crypto have stagnated due to market uncertainties, Fantom’s ecosystem has been vibrant. Fantom has gained $1.2B (+20%) in TVL over the past week.
  • This comes as Andre Cronje and Danielle Sesta, two prominent builders in the crypto space, have shown interest in developing the Fantom ecosystem.
  • Andre has been releasing articles about ve(3,3), a new protocol that will launch on Fantom. According to the writeup, Fantom’s top 20 TVL projects will be distributed locked ve(3,3) tokens. This caused Fantom ecosystem tokens to get bid up by investors in hopes of getting a larger share of the ve(3,3) pie.
Paraswap Activity Slows Post-Airdrop
  • Since Paraswap’s airdrop on November 15th, activity on the DEX aggregator has stagnated.
  • Before the airdrop, many people speculated and used Paraswap in hopes of receiving a piece of the airdrop. However, with Paraswap’s ‘anti-sybil’ airdrop, only 1.5%  of total wallets that interacted with the protocol received the tokens.
  • This led to many addresses being left out and not rewarded for using the platform, even if their intentions were not malicious. Some users also stopped using Paraswap after the airdrop, leading to a downward trend in both volume and active addresses.
  • Paraswap’s downfall can be a lesson to other protocols to better design airdrops that are inclusive while less easily abused.
Long Term Hodlers Accumulating the Dip
  • On-chain data shows that throughout January’s price slump, long-term holders have accumulated bitcoin after months of offloading bitcoin at the end of last year.
  • Coupled with the correlation data shown yesterday, it illustrates a transference from shorter-term “weak hands” to long-term “strong hands.”
  • A rise in long-term holder accumulation could be a positive indicator for bitcoin price.
7% Inflation Print Sends BTC Up and Dollar Down
  • After being spooked by hawkish Fed minutes, investors were expecting a high inflation print yesterday. However, the CPI print came within market expectations at 7% YoY and 0.5% MoM.
  • Bitcoin price rallied on the news, and the dollar index slumped to a 2 month low. After testing September lows earlier this week, Bitcoin and the broader market experienced a modest relief rally.
Notable Tweets

BTC ETF in India Soon

NEAR Protocol Raises $150M Airdrop

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