Platypus' Growth, Fantom Bridgoors, & BTC Fishes Accumulate
JAN 17, 2022 • 3 Min Read
DISCLOSURE: DELPHI VENTURES HAS INVESTED IN BTC. MEMBERS OF OUR TEAM ALSO HOLD FTM AND PTP. THESE STATEMENTS ARE INTENDED TO DISCLOSE ANY CONFLICT OF INTEREST AND SHOULD NOT BE MISCONSTRUED AS A RECOMMENDATION TO PURCHASE ANY TOKEN. THIS CONTENT IS FOR INFORMATIONAL PURPOSES ONLY AND YOU SHOULD NOT MAKE DECISIONS BASED SOLELY ON IT. THIS IS NOT INVESTMENT ADVICE.
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Bridgooors Heading To Fantom
- Note: The data above shows transfers via the Ethereum-Fantom (Anyswap + Multichain.xyz) and BSC – Fantom (Anyswap) bridges, which we take to be indicative of a larger trend
- Bridge data shows that deposits into Fantom have risen significantly since the start of this year. The token prices of various native dApps have risen substantially alongside this, attracting more yield farmers.
- In our last daily, we mentioned that Andre Cronje and Daniele Sesta, two prominent builders in the crypto space, have publicly voiced support for the Fantom chain, contributing to the flurry of activity. Andre is also working on a new DEX primitive for Fantom, which one Twitter analyst elaborated on here.
Fantom Tokens on a Roll
- Fantom ecosystem tokens have trended upwards since the beginning of December. As the Fantom network gains traction, we’re seeing more capital flow into the entire ecosystem.
- But the inflow of TVL is driven by a specific catalyst. With ve(3,3) by Andre Cronje looking to launch soon, Fantom dApps have been trying to boost their TVL to gain a larger share of the ve(3,3) token. According to preliminary documentation, the project will distribute tokens to the top 20 Fantom dApps by TVL.
Platypus Finance Experiences Explosive Growth
- Since removing their $10M deposit cap and launching their liquidity mining on Jan. 14, TVL on Platypus Finance has skyrocketed as investors flock for high APYs.
- Platypus is a stableswap protocol native to the Avalanche chain that allows single-sided liquidity provision. Depositors can stake its native token PTP in exchange for higher deposit weights and thus increased liquidity mining rewards.
- Staking PTP generates vePTP every hour, while unstaking PTP drops the vePTP weight back down to 0. For more details on PTP token economics, please see here.
Fishes Accumulate BTC as Whales Pause
- Big BTC accounts were accumulating BTC at the start of Dec. 2021, but this trend began to stagnate toward the end of the month. Smaller BTC accounts have started accumulating since the end of last year, which is usually indicative of further drawdowns.
- It’s easy to see retail accumulation as a positive sign, as it means retail buyers are re-entering BTC. Furthermore, supply held by bigger accounts is stable, which might indicate whales are holding their stack with diamond hands. However, it’s obviously an ideal scenario to see whales in accumulation, as this tends to coincide with positive price action for BTC. The lack of whales increasing their BTC holdings could suggest there’s more blood to come.
Notable Tweets
Walmart Enters the Metaverse
Walmart is quietly preparing to enter the metaverse
https://t.co/R9h9fBSHMT
— CNBC (@CNBC) January 17, 2022
Rari’s Fuse to Launch on Arbitrum
Hello @arbitrum!
We will see you soon!
Fuse coming to a new Layer 2 near you soon.
— Rari Capital DAO (@RariCapital) January 17, 2022
US Survey on Crypto
Huobi surveyed 3,144 people in the US
1. The most heard term is NFT, the least is DAO
2. The most heard Coins: BTC, DOGE, ETH, SHIB, BNB, USDT, SOL, ADA
3. 28% said they invested in cryptocurrencies
https://t.co/mest1K4s4p— Wu Blockchain (@WuBlockchain) January 15, 2022
