DeFi TVL reaches $100B as Bitcoin pumps sentiment

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10 Mar 2024

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ANA PAULA PEREIRA
17 HOURS AGO

DeFi TVL reaches $100B as Bitcoin pumps sentiment

The global total value locked in DeFi protocols reached $100.1 billion on March 9. These figures, however, still fall short of the $189 billion record set in November 2021.
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The demand for Bitcoin is fueling sentiment around the crypto industry, driving the capital locked on-chain to over $100 billion on March 9.
According to data from DefiLlama, the global total value locked (TVL) in decentralized finance (DeFi) protocols reached $100.1 billion, with more than $10 billion in volume in the past 24 hours at the time of writing. However, these figures still fall short of the $189 billion record set in November 2021.
Liquid staking protocol Lido is leading the charts with $38.7 billion locked on-chain, followed by the staking ecosystem EigenLayer and the Aave protocol with over $11 billion locked, respectively.
DeFi total value locked on March 9, 2024. Source: DefiLlama
This is the first time in nearly two years that DeFi TVL has exceeded the $100 billion mark. The increase appears to be due to a return of positive sentiment to the crypto markets since the launch of spot Bitcoin
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$70,044
exchange-traded funds (ETFs) in January.The institutional demand for spot Bitcoin ETFs drove the cryptocurrency to new all-time highs this week, topping $70,000 on March 8. According to BitMEX Research, assets in Bitcoin ETFs surged to $28 billion on March 8. The analysis excludes assets from Grayscale’s Bitcoin Trust, which was converted to an ETF in January from an over-the-counter (OTC) product.
Rumors have circulated on social media platform X about OTC trading platforms running out of Bitcoin and turning to public exchanges to fulfill orders from clients. OTC desks typically cater to large-volume traders, such as institutional investors.
Several centralized crypto exchanges, including Binance, Coinbase, Kraken and Bybit, experienced outages after Bitcoin reached $60,000 due to increased trading volume. Crypto.com CEO Kris Marszalek said the exchange hired 480 more customer representatives to handle the surge in demand.
“Because there’s so much retail interest and the price action is moving so fast, all of the algorithmic trading firms are vastly increasing the rate of order placements and cancels they want to send to the matching engine to maintain their positions,” Ivo Crnkovic-Rubsamen, chief strategy officer and technical lead for trading at dYdX exchange, told Cointelegraph.

Bitcoin drives capital into memecoins

Bitcoin’s gains sparked a surge in memecoin prices in recent days. According to data compiled by Bitget Research, memecoin Korra (KORRA) has seen a 577% rise in the last seven days, followed by a 235% surge for Ribbit (RIBBIT) and a 232% jump for PUG AI (PUGAI) in the same period.
Popular tokens, such as Shiba Inu
SHIB
$0.000034
and Pepe PEPE
$0.000009
, have seen gains of 168% and 165%, respectively. Memecoin market capitalization stands at $61 billion at the time of writing, according to Bitget data.Due to the memecoin trend, Dogecoin
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$0.17
and SHIB are now among the top 1 tokens by market cap, with $26 billion and $20 billion, respectively.Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books
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ZOLTAN VARDAI
MAR 09, 2024

Bitcoin whales not selling despite $70K — BTC holdings growth ‘is going parabolic’

Bitcoin addresses holding at least 1,000 BTC are climbing again despite the BTC price reaching over $70,000 for the first time.
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whales are not in a rush to sell into the current rally that propelled Bitcoin to new heights above $70,000, the latest on-chain data suggests. Bitcoin whale population grows despite price record high

The number of unique addresses holding at least 1,000 Bitcoin — known as whales — has risen to 2,104 addresses as of March 7.
However, this is still lower than the record of 2,489 addresses reached in February 2021, when Bitcoin was trading above $46,000.
Bitcoin addresses with at least 1,000 BTC. Source: LookIntoBitcoin
The rising wallet count could also be attributed to the United States spot Bitcoin exchange-traded funds (ETFs), which surpassed $52.5 billion in cumulative trading volume on March 4.
The fact that whales are not selling their Bitcoin at these levels suggests that they expect prices to rise further. Bitcoin whales are important because the size of their trades can significantly impact price.
Julio Moreno, the head of research at on-chain intelligence firm CryptoQuant, also took note of the growth in a March 7 X post. Moreno wrote:

“The growth of whales’ Bitcoin holdings is going parabolic.”

Bitcoin whales holding 1,000–10,000 BTC, 1-year change. Source: Julio Moreno on X

Whales withdraw from BTC exchanges at record pace

Further evidence of Bitcoin whales not rushing to dump their holdings comes from several metrics measuring volumes between whales and exchanges.
Glassnode data shows that transfers from exchanges to whales have also “gone parabolic” to new record highs this month.
Bitcoin: Number of transfers from exchanges to whales. Source: Glassnode
Meanwhile, the transfer volume from whales to exchanges has only seen a modest uptick compared to previous bull and bear market periods.
Overall, these metrics suggest a big influx of new investors into Bitcoin and that there is little sign of profit-taking by wealthy investors despite record high-level BTC prices.
Transfer volume from whales to exchanges. Source: Glassnode

Bitcoin ETF buying spree continues

On a fundamental level, spot Bitcoin ETFs in the United States continue driving demand for BTC. The BlackRock iShares Bitcoin Trust (IBIT), for example, recorded its highest daily inflows of $788 million on March 5.
Related: Bitcoin retail interest returns, pushing BTC spot trading volume to 12-month high
As Cointelegraph reported, Bitcoin’s next big target could be around $92,500, based on a mix of technical, on-chain and fundamental indicators. Notably, Bitcoin charts recently printed a triangular formation resembling a bull pennant, widely regarded as a bullish continuation pattern.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Crypto assets are a high-risk investment. You should consider whether you understand the possibility of losing money due to leverage. None of the material should be considered as investment advice!

JANINA WINTER
MAR 08, 2024

What’s the missing piece for mainstream Web3 adoption?

Web3 has been growing fast, but the fragmented industry still hinders mainstream adoption.
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USE CASE
Web3’s growth presents challenges for newcomers who find navigating various subsectors and DApps confusing. A unified platform would simplify the onboarding process, enhancing clarity and promoting faster adoption of Web3 use cases.
Web3, encompassing decentralized finance (DeFi), blockchain gaming, and digital currencies, is rapidly evolving. However, its fragmented nature mirrors the chaos of the early internet before the dot-com bubble. The lack of interoperability between decentralized networks and poor communication across different Web3 sectors contribute to this disarray.
Today’s Web3 lacks a unifying ecosystem, causing the market to fracture into multiple, independently evolving use cases. Crypto enthusiasts have to use various decentralized applications (DApps) and platforms to perform multiple transactions and interact with the different sectors of Web3. However, this isn’t a sustainable growth model for the Web3 industry and is more of a deterrent rather than a benefit when it comes to crypto adoption.
A one-stop shop platform could be a good start for beginners who can try various Web3 use cases from a single starting point. Such a unified experience would provide clarity and a smooth gateway to the Web3 world, acting as a Google-like aggregator for these diverse sectors.

The rise of super apps in Web3

Recognizing the need for a more integrated approach, some Web3 players are moving beyond the hype. Legion Network is emerging as a notable example among these. As a one-stop shop for Web3, Legion Network addresses the complexity of the industry and reaches new audiences. It brings together essential Web3 use cases, including a proprietary crypto wallet with comprehensive portfolio tracking, DeFi swaps and bridges, engaging play-to-earn/win games, captivating quests with prize rewards, a launchpad for emerging projects and a unique SocialFi experience that fosters community engagement.
Users can download Legion's super app, which is available on the App Store and the Google Play Store. The app has grown significantly since its launch, with over 5 million downloads, an average rating of 4.2 stars from 215,000 reviews, and nearly 500 million game plays. These metrics underscore the app’s popularity and effectiveness in engaging and retaining a diverse user base.

Here’s a detailed breakdown of the key features that distinguish Legion Network in the Web3 landscape:

Crypto wallet and asset management: Legion Network offers a fully noncustodial wallet supporting over 15,000 tokens across over 40 blockchains. It allows seamless integration with decentralized exchanges (DEXs) for swapping and bridging and provides features for crypto portfolio tracking and display for nonfungible tokens (NFTs), focusing on user security and ease of use.
Staking program and Bolts system: Legion Network’s innovative staking program exemplifies their commitment to a sustainable ecosystem. It rewards users with increased access to services based on their staking level, promoting a more active and engaged community.
Moreover, Legion Network has effectively gamified every aspect of its app. Through Bolts, users earn rewards for their interactions, allowing them to unlock perks across all services. This approach ensures equitable access to the app’s features, regardless of users’ ability to make in-app purchases.
Play-to-earn/win games and quests: Gaming and quests are integral to the Legion experience, aligning with the play-to-earn and play-to-win models. Users can complete tasks and quests to win prizes and rewards, sometimes in collaboration with partners.
This gamification extends throughout the app with the SocialFi aspect and a raffle system where users can use Bolts earned from platform engagement to enter and win prizes, underscoring the Legion Network ecosystem’s emphasis on gamification.
Launchpad for emerging projects: Legion Network’s launchpad introduces users to new blockchain projects, fostering innovation within the Web3 space.
Learning hub: Integral to Legion’s super app is Empower Academy, a comprehensive learning experience centered around blockchain technology, cryptocurrencies and various aspects of the Legion Network ecosystem. The educational platform offers CPD-certified courses and a unique earn-while-you-learn system.
Personalized user experience and community building: Legion enhances user engagement by allowing customization of profiles and showcasing NFT collections, staking ranks and wallet stats. The Ambassador Program and the new Groups and Clans feature foster deeper community connections.

Legion Network’s Bluemoon, a social metaverse with NFT marketplace integrations, prioritizes immersive experiences. The platform caters to creators and businesses, providing a user-friendly infrastructure to build custom metaverse spaces while seamlessly facilitating NFT trading all within a single platform.

Is a super app the future of Web3?

Thanks to a combination of all major blockchain and Web3 elements, including DeFi, NFTs, gaming, cryptocurrencies, social and the metaverse, Legion Network aims to create an easy access point for everyone new to crypto space and transit users from a Web2 to a Web3 mindset.
Learn more about Legion Network

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.
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