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80% Of Uniswap Holders Support BNB PoS Chain For Deploying V3 Protocol

Uniswap (UNI), a decentralized protocol, is ready to roll out the third version of its platform. The protocol aims to provide a suitable platform where users can seamlessly swap ERC-20 tokens without using an order book.

For the v3 launch, the protocol carried out a ‘temperature test’ for a possible blockchain to use. The proposal was for deploying Uniswap v3 on the Binance Smart Chain (BNB) instead of the Ethereum blockchain. The proposal got the UNI community voting on its government forum using their UNI tokens.

Surprisingly, about 80% of the UNI holders supported the Uniswap v3 deployment on the BNB Chain, Ethereum’s rival. Unfortunately, this left a smaller percentage of votes for the Ethereum blockchain, making it lose the temperature check proposal.

We’re excited to share that our @0xPlasma proposal to deploy @Uniswap v3 on @BNBCHAIN has passed the “Temperature Check” with 20M votes “YES” and 6,495 $UNI voters (the biggest number for the whole Uniswap Governance History). Moving forward to the final “Governance Proposal” pic.twitter.com/HoIJgY8mX1

— 0xPlasma Labs: DeFi & NFT Metaverse (@0xPlasma) January 22, 2023

0xPlasma Labs, a decentralized finance protocol, contributes to the proposal. According to the post on Twitter, the firm noted that the “Temperature Check” on the proposal got 20 million votes for ‘YES.’ In addition, the supporting votes came from 6,495 $UNI voters, the most significant voting numbers in the history of Uniswap’s Governance system.

0xPlasma Labs’ CEO Lists Benefits of Deploying Uniswap V3 on BNB Chain

Recently, the CEO of 0xPlasma Labs, Ilia Maksimenka, wrote a proposal for deploying the Uniswap v3 protocol. The CEO lined his argument on the benefits of deploying the new v3 protocol on the BNB Chain.

Maksimenka cited the License expiration of Uniswap as one of the reasons for choosing BNB Chain. Also, he mentioned that the chain has many packages that would help boost Uniswap’s popularity in the DeFi space. Some include high transactions, low fees, staking opportunities, cross-chain support, etc.

Also, the CEO acknowledged that Binance had acquired a global presence, being rated as the largest crypto exchange in the world. Hence, as a strong brand, using the BNB Chain will fast-forward the awareness and adoption of the v3 version globally for Uniswap.

The Proposal Gets Support

The proposal has received support from other firms and crypto participants. For example, ConsenSys, a blockchain software company behind one of Ethereum’s most important clients, is optimistic about the deployment move.

The DAO governance strategist at ConsenSys, Cameron O’Donnell, revealed the company’s stance. First, the firm noted the need for Uniswap to be agnostic in its service to users, especially in the Web3 space, even with its license expiration in April. 

Hence, O’Donnell maintained that existing and future platform users would enjoy a secured and robust platform for decentralized exchange through the BSC market. Other supporting comments came from Brian-Armstrong, CEO at Coinbase, and Modong also optimistic about the deployment of Uniswap v3 on BNB Chain.

The Plasma Finance team started its operation after the Uniswap governance community approved the proposal. The team noted that it could take five to eight weeks to deploy all the relevant Uniswap smart contracts to the BNB Chain.

The price performance of UNI was entirely on the positive lane over the past 30 days. The token gained over 28% in the past month and has shown a slight increase of 0.38% in the past seven days.

But at the time of writing, UNI is trading at $6.60, indicating a drop within the past 24 hours.

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Crypto

Shiba Inu Observes Highest Rise In Burn Rate – Is This Normal?

SHIB token burn rates are seemingly rising on the Shiba Inu network. The current number of Shiba Inu burn trackers is quite surprising. However, data shows it is due to the degenerative performance of the SHIB burning machine.

On-chain data shows that the SHIB burn rate observed a massive 1682.07% increase over the past 24 hours. That is the highest percentage rise in the burn rate on the SHIB network in the past few months.

Why Is SHIB Burn Rate Increasing?

In detail, the number of burnt tokens on the Shiba Inu network did not exceed 1 million SHIB on January 26. Yesterday’s amount was one of the lowest numbers of assets developers has burned on the network. So, the seeming spike in burn rate could be due to a default in the SHIB burning machine yesterday.

According to analysts, this percentage spike wasn’t triggered by increased network activity. Also, it didn’t represent a large number of actually burnt tokens. 

Token burns help to reduce the number of coins in circulation. It helps increase an asset’s scarcity and possibly boost the token’s price when increased supply pushes it down.

For instance, on January 17, the SHIB token burn surged by 613% within 24 hours, and the coin broke the bearish traders’ expectations, rising above 20% on the day. However, a surge in price did not accompany the recent rise in the token burn rate.

Also, some SHIB whale activities indicate that top investors have lost faith in the meme coin as many whales keep moving chunks of Shiba Inu positions on exchanges. 

3,312,307,240,798 #SHIB (38,257,148 USD) transferred from unknown wallet to unknown wallethttps://t.co/0mdLkwpPQQ

— Whale Alert (@whale_alert) January 26, 2023

This could mean that short-term traders don’t believe the asset couldn’t rise above the resistance level, helping them earn profit. 

New SHIB Whales Emerge – What’s Next?

While some whales sell off their tokens, a new address is buying the dip, accumulating large amounts of SHIB tokens, and maybe awaiting the next bull market. Data shows that a new crypto wallet became a Shiba Inu whale address on Thursday, January 26, 2022.

The new wallet became a whale address after receiving 3.3 billion SHIB worth about $38.9 million. Etherscan revealed that the sending address moved funds from different wallets before transferring the tokens to the receiver, now the newest SHIB whale. This move further confirms our suspicion that smaller investors are giving up their positions.

According to the blockchain whale tracker, Whale Alert, the wallet also received 1 billion PAW tokens a few minutes after sweeping the SHIB token. With the current balance, the new whale is now the world’s 30th-largest SHIB holder.

This recent accumulation came after the world’s 26th-largest SHIB holder swept 150 billion tokens into its wallet. The token sweep occurred through four transaction clusters within three hours on January 23.

So while short-term investors might be selling their positions due to falling SHIB prices, some could be accumulating in anticipation of future gains from the upcoming Shibarium launch.

Shiba Inu is currently trading at $0.00001188 with a 24-hour increase of 1.28% and a 7-day price surge of 0.2%. In addition, the meme coin has seen a 14-day price surge of 22.1% and a 30-day rally of 41.4%.

Featured Image From Pixabay Kevin_Y, Chart From Tradingview

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Crypto

AAVE Seeks Proposal To Clear Itself Of Bad Debt – Can It Overcome These Obstacles?

The lending platform AAVE has been enjoying positive news lately. According to reports, AAVE has passed a governance proposal that would eradicate all bad debt it accumulated when Avraham Eisenberg, orchestrator of the Mango Markets exploit, targeted the platform’s Ethereum V2 liquidity pool back in November 2022. 

However, the governance token of the platform, AAVE, has not responded either positively or negatively. According to data from CoinGecko, the token registered losses in the daily and weekly time frames. But these losses are too miniscule to revert the token’s gains from the start of the year. 

 With the launch of AAVE’s V3 on its mainnet, the crypto might be in a position to tally new highs if the situation permits it. 

The Gist Of The Proposal & On-Chain Developments

Based on the proposal, the token has over 2,677,749 units of CRV in debt on its Ethereum V2 CRV reserve. This is worth, at the date of the proposal, over $2.5 million. The proposal would use V2’s stablecoin reserve to buy the necessary number of units of CRV to pay the debt.

This obviously was accepted by the community positively, being implemented immediately by January 25th. This would reverse the damage of the exploit attempt, proving the liquidity of the protocol. 

The deployment of AAVE’s V3 on Ethereum was also implemented. According to DefiLlama, the crypto is in the top 4 among all platforms. AAVE V3, the Ethereum pool deployment, has over $526.52 million total value locked. 

At $86.02, What’s In Store For AAVE? 

The token is currently consolidating around the $85.8 support range. This could be a sign that the token still has room to regain lost ground from 2022’s bear market. However, this can only be achieved if the token closes with a green candle to continue AAVE’s rally when the year started. 

Investors and traders should target the token’s current resistance at $90.15. If the bulls can consolidate at the token’s present support, we can see an upward push towards $94.70. 

Investors should also monitor the token’s correlation with Bitcoin and Ethereum as these would have a big influence on its price movement in the short to medium term.

As these major cryptocurrencies retest their crucial resistances, a breakthrough by either one or both of these coins would boost AAVE’s momentum to regain lost ground. 

With this in mind, investors and traders should exercise caution in the short to medium term as the token can still be clawed by the bears to revert back to $78.65.

Featured image by Kanalcoin.com

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Crypto

Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

The Litecoin price has shown considerable recovery ever since it reached its bottom in December 2022. LTC secured almost 50% appreciation in January this year. Currently, however, the altcoin has witnessed a price pullback and is consolidating on its daily chart.

Over the last 24 hours, the Litecoin price moved down by 0.3%, which signified a range-bound movement. The altcoin also lost close to 3% of its market value. The technical outlook of Litecoin pointed towards bullish momentum as demand for the altcoin remained high on the daily chart.

Accumulation also reflected the same. Price noted a decline as LTC receded from the overbought zone. Buyers still have the upper hand on the chart.

A continued fall in accumulation will cause bears to secure Litecoin’s price action. That momentum would continue for the upcoming week, causing LTC to fall below its nearest support level. At the time of writing, LTC was trading 78% below its all-time high set in 2021.

Litecoin Price Analysis: One-Day Chart

LTC was trading at $88.11 at the time of writing. The coin has pierced through several resistance lines over the past several weeks but has failed to hold on to the momentum. LTC met with two rigid resistance levels before it started to move south again.

The two important resistance lines for the coin stood at $90 and $92. Immediate resistance stood at $90. If demand for the altcoin remains steady, then LTC might attempt to breach the $90 price mark.

On the flipside, the nearest support line for the Litecoin price stood at $86, and a continued price correction will force LTC to fall below the $86 price mark and settle at $82. The amount of LTC traded in the last session was red, indicating a fall in buyers.

Technical Analysis

The altcoin has been hovering in the overbought region for several weeks now, and at the moment there is a slight fall in demand for Litecoin. The Relative Strength Index stood a little below the 60-mark after it noted a recent downtick indicating that demand was shrinking.

A reading close to the 60-mark, however, signifies that buyers outnumbered sellers. In accordance with that, LTC price shot past the 20-Simple Moving Average (SMA) line as buyers were driving the price momentum in the market.

The coin was also above the 50-SMA (yellow) and 200-SMA (green) lines, indicating increased bullishness.

Concerning the fall in buying pressure, the LTC chart displayed a sell signal on the one-day chart. The Moving Average Convergence Divergence (MACD), which depicts market momentum, underwent a bearish crossover and formed red signal bars tied to sell signals.

This could also imply that the price will fall in the coming trading sessions. The Parabolic SAR, the indicator that reads the trend and change in price momentum, was still positive. The dotted lines were below the candlesticks, suggesting that the LTC price was still positive.

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