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Our #DeFi index consists of the top 8# DeFi tokens by market cap, and has established an almost two-month-long uptrend relative to ETH. This is the first outperformance since September 2022, and with very similar performance thus far.
DeFi Trend Coming Back ?
#BTC still remain the same and made up a new consolidation range and hopefully, it will move lower. Tiny pullbacks might happens and as Weekly candle closed bearish, so keep in mind of that, we might push lower within this week or by next week,
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4 hours left until the biggest pump signal of all time!
Make sure to join this whale channel for 3000%-5000% gains on MEXC at 2pm GMT today 👇
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Here's the Analysis of #SOL :
#SOL is been trending through the downtrend channel pattern and is been lying on the strong support zone of $22 - $22.30. We might expect a bounce from here but expecting a fakeout, as there's a trendline coming through below. You can take small position here and add on if price goes nearby with moderate stops.
We can see this behavior even clearer by looking at the net profit/loss bias for coins sent to exchanges by the STH cohort. Here, we can see local market extremes see STHs locking in a high degree of profit 🟥, or loss 🟩, indicated by this metric trading above or below ±0.3, respectively.
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#BTC still consolidating in a range and we've a wick down with the high volatile news of NFP, but still continuing. Well, volume may die now, but by the next weekend we might see come crazy move, and probability, will for the downside is higher.
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What is BEP-2 ?
BEP-2 is a technical standard for the issuance and implementation of tokens on the BNB Beacon Chain. This standard defines a set of rules that tokens should follow to function in the BNB Beacon Chain ecosystem. A comparable token standard for issuing tokens on the Ethereum blockchain is ERC-20.
BEP-2 isn’t a piece of software, but rather a set of technical specifications. These rules ensure that tokens in the BNB Beacon Chain ecosystem can seamlessly interact with each other. BEP-2 tokens can represent a wide range of digital assets and tradable goods. The standard ensures that they can all smoothly integrate with each other and the surrounding ecosystem.
The BEP-2 standard also defines some of the basic and most essential features of tokens issued on BNB Beacon Chain. While the standard defines the rules, different tokens will still have different implementations for the specific use cases they’re created for. Still, creating a standard like this significantly decreases the amount of effort required from developers to issue tokens.
The native asset of BNB Beacon Chain is BNB, which is used to pay for fees (similar to gas). This means that when you’d like to transfer your BEP-2 tokens, you’ll also need to have a small amount of BNB in your wallet.
BEP-2 tokens can be traded on Binance DEX, a decentralized exchange that’s running on top of BNB Beacon Chain.
You can store BEP-2 tokens in many different wallets. Trust Wallet is an excellent option if you’d like to use a mobile wallet, but many other software wallets also support the standard. The BEP-2 standard is also supported by hardware wallets, such as the Ledger Nano X, Ledger Nano S, Trezor Model T.
Nothing has changes a lot from yesterday, #Bitcoin Just made an another small consolidation. But overall, exception is the same to move lower. This might due to we have high volatile news today.
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What Are B-Tokens ?
B-Tokens, Binance's official term for fully-collateralized wrapped tokens, represent portable versions of original assets on different blockchains. Let's illustrate with an example: Suppose you possess ETH on the Ethereum blockchain but want to leverage staking opportunities on BNB Smart Chain (BSC). Since you cannot stake your ETH in its current ERC-20 form on BSC, you'll need to bridge it to BSC using a compatible token standard. To achieve this, you wrap your ETH and, in return, receive a BEP-2 or BEP-20 ETH B-Token that is BSC compatible.
Binance facilitates this process by securely holding your ETH as collateral. For each unit of ETH provided, a corresponding B-Token is minted at a 1:1 ratio. At any time, you have the flexibility to exchange your B-Token back for the underlying ETH collateral, should you choose to do so. This mechanism ensures a stable pegged price for the B-Token, closely linked to its underlying ETH collateral.
#XLM played out our aggressive sell method and is been running around in profit of 9%. Better move the stops at Be or trail the stops as price reaching the structural support zone. Overall, expectation is to reachout themajor support area.
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#ETH Analysis :
#ETH is been rejected hard from the major resistance zone of $1999 - $2019 and bouncing off the strong support zone of $1816 - $1828, where it cloud continues to play off. There's a top resistance line, which will decide the next direction. Eyes on Breakout only
During the recent rally, whale inflow volumes to exchanges picked up quite significantly, hitting +16,300 #BTC Per day. This is a whale dominance of 41% of all exchange inflows, which is comparable to both the #LUNA crash (39%) and the failure of #FTX (33%).
Whenever there's a huge inflow, we can see some huge moved in the market.
#Bitcoin made a pullback a bit deeper back to the strong resistance zone and kinda getting rejected. Well, its a decisional point but probability for going lower is high at this point.
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#SOL gave a sniper entry from the support moving around 6% in profits. Well, its better to move the stops to breakeven and hodl it, as its trying to break through the channel pattern.
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Here is the analysis of #AVAX:
Price is forming a small falling wedge pattern on the hourly chart. There are possibilities of a test of the $11.89-$12.09 support zone before the next leg up. Keep your long orders in this zone and wait. The key resistance is the $14.11-$14.62 zone.
What is BEP-721 ?
BEP-721 is a BNB Smart Chain (BSC) token standard that allows for the creation of non-fungible tokens (NFTs). It’s an extension of Ethereum’s ERC-721, one of the most commonly used NFT standards and is compatible with the Ethereum Virtual Machine (EVM). Each NFT is unique and is not interchanged with any other token.
BEP-721 tokens allow you to tokenize the ownership of data and attach to it a unique identifier. This aspect makes the token one of a kind and vastly different from BEP-20 tokens. With BEP-20, developers can create multiple identical tokens within one smart contract. However, with BEP-721, each token is assigned a different token ID.
Through these unique IDs, BEP-721 tokens can be used to represent collectible, non-fungible items. Users can trade and transfer these tokens based on their market value, which depends on the token’s rarity or utility.
BEP-721 tokens can represent:
Digital and physical art
Collectibles
In-game items
Physical property and real-estate
Lottery tickets
Like other tokens on BNB Smart Chain, BEP-721 token transfers require BNB for gas fees. BEP-721 tokens can be created on various platforms in the BSC ecosystem, including the Binance NFT Marketplace, Featured By Binance, BakerySwap, and Juggerworld.
BEP-721 token functions :
BEP-721 has a list of functions that govern how the token interacts with the BNB Smart Chain. Some of these are fairly standard and are also present in the BEP-20 standard:
Name: Defines the BEP-721 token’s name, which other contracts will identify it by
Symbol: A shorter name for the token similar to a ticker symbol
Balance Of: Shows the token balance of a specific address
TotalSupply: Defines the total number of the tokens created.
There’s also a set of basic ownership functions, some of which are optional to include. A unique feature for NFTs is the metadata function:
TokenMetadata: This function allows for the inclusion of metadata into a token used to link to an artwork file or another collectible aspect of the NFT.
For example, each CryptoPunk has metadata contained within the NFT that points it to a particular punk in a grid of 10,000 punks. Although CryptoPunks don’t use the BEP-721 token standard, their use of metadata is the same.
#BITCOIN WEEKLY UPDATE :
#BITCOIN going more than what expected and in a correct way. An another weekly candle is about to close today with a new lower low formed/ Bearish Candle overall. Well, we might see some retracements and overall, $29,500 - $30,000 will act as strong resistance for it.
What is BEP-20?
BEP-20 is a token standard on BNB Smart Chain (BSC) that extends ERC-20, the most common Ethereum token standard. You can think of it as a blueprint for tokens that defines how they can be spent, who can spend them, and other rules for their usage. Due to its similarity to BNB Beacon Chain’s BEP-2 and Ethereum’s ERC-20, it’s compatible with both.
BEP-20 was conceived as a technical specification for BNB Smart Chain, with the goal of providing a flexible format for developers to launch a range of different tokens. These could represent anything from shares in a business to dollars stored in a bank vault (i.e., a stablecoin).
Of course, one could equally create a native asset as a BEP-20 token, or even peg tokens from other blockchains to make them usable on BNB Smart Chain. This is what’s done with “Peggy” coins, which are essentially BEP-20 versions of other crypto assets (such as LINK or XRP).
Like BEP-2 tokens on BNB Beacon Chain, BEP-20 token transfers are fuelled with BNB. This provides an incentive for validators to include the transactions in the blockchain, as they’ll collect the BNB as a fee for their troubles.
You may know that BNB Smart Chain was envisioned as something of an extension to BNB Beacon Chain. With dual chain architecture, both chains are complementary – BNB Smart Chain caters to decentralized applications without congesting the original chain, which is optimized for ultra-fast trading.
Because of this architecture, heavy emphasis was placed on cross-chain compatibility. For that reason, BEP-2 tokens can be swapped for their BEP-20 equivalent. The easiest way to do so is perhaps via the Binance Wallet extension.
#DYDX reserved as anticipated and the reason why you should trail the stops if price making clean Lower Lows. Price now flipped above the zone and going after the retest. If you long then its ok, but keep in mind that it can be a fakeout, to manage it accordingly.
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Here's the Analysis of #MATIC :
#MATIC is been trending lower low and on the 4H Strong support zone of $0.658 - $0.662 and made a bounce. Price is also on the downtrend channel pattern and nothing look good for buys, better wait for the any sort of confirmations.
If we look at the degree of Profit/Loss realized by Short-Term Holder volume flowing into exchanges, it becomes evident that these newer investors are trading local market conditions. Each rally and correction since the FTX fallout has seen a 10k+ BTC uptick in STH profit or loss, respectively.
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#DYDX Dropped around 5.8% in favor and its time to move stops at BE, We're just approaching nearby the support zone around $1.80 - $1.82, which will be out TP area. Price making Lower Lows so trailing stops will be better option.
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Here's the Analysis of #COMP :
#COMP is been rejected off from the resistance area, around $68 - $70 (Major Resistance. Currently, price flipped below the structural support zone around $60.40 - $61.40 and Might move lower as its retesting. You can go with the low risk here till support around $50 and below.
Short-Term Holder Dominance across Exchange Inflows has exploded to 82%, which is now drastically above the long-term range over the last five years (typically 55% to 65%). From this, we can establish a case that much of the recent trading activity is driven by Whales active within the 2023 market (and thus classified as STHs).
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#Bitcoin going as it predicted and rejected the strong resistance area. Currently, price falling lower and might make a new lower low by this weekend. The other possibility can be a new consolidation will be created as we have some high volatile news this week.
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What is Hashed TimeLock Contract (HTLC) ?
The term Hashed TimeLock Contract (HTLC) refers to a special feature that is used to create smart contracts that are able to modify payment channels. Technically, the HTLC feature enables the implementation of time-bound transactions between two users. In practice, the recipient of a HTLC transaction has to acknowledge the payment by submitting a cryptographic proof within a specified timeframe (number of blocks). If the recipient forfeits or fails to claim the payment, the funds will be returned to the original sender.
The HTLC feature is applied in both bidirectional and routed payment channels to allow the secure transfers of funds over various channels, without requiring trust on any of the intermediaries.
There are two key elements which distinguish HTLC from standard cryptocurrency transactions, which are:
—> Hashlock: a function that restricts the spending of funds until a certain piece of data is publicly disclosed (as a cryptographic proof). Such proof may also be referred to as the pre-image of the hashlock. The pre-image is simply the piece of information that is used to generate the hashlock, and to later unlock its funds.
—> Timelock: is a function that restricts the spending of funds until a specific time (or block height) in the future. It can be achieved in Bitcoin, for example, using functions like CheckLockTimeVerify or CheckSequenceVerify.
The Bitcoin Lightning Network is among the most popular use cases of Hashed Timelocked Contracts. By implementing HTLC into payment channels, funds can be transacted from user to user through interconnected payment channels, without requiring any level of trust. This process is known as network routing. It allows Alice to exchange funds with Carol even if they are not directly connected through a payment channel. HTLC’s enable Alice to send her funds to Carol through other participants of the network (e.g., Bob) - and the hashlock and timelock features ensure that Bob cannot intercept the funds.
Besides being used on the Lightning Network, HTLCs can also be useful in other contexts, such as cross-chain atomic swaps, financial smart contracts and escrow, and much more.
#TOTAL MARKETCAP ANALYSIS :
#TOTAL MARKETCAP gave a fakeout of the zone major resistance area but fall back below the zone. Index forming the Head and Shoulder patterns, where breakout is pending, the range is very tight, so have an strict eye on the break of $1.122T Mark.
Here's the Analysis of #DYDX :
#DYDX is been rejected from the major resistance zone of $2.219 - $2.239 and also slides below the strong level of $2.03 - $20.3, which will act as strong resistance. Price has the higher probability to mover lower till major support zone of $1.80 -$1.82.