Top Spot
Native tokens of decentralized exchanges have outperformed the broader market since the fallout of FTX. GMX, a decentralized spot and perpetual exchange on Arbitrum, has seen its native token, GMX, rebound 72% since November's low and has recouped all losses induced by FTX's implosion. The outperformance is attributed to investors' anticipation that decentralized exchanges might gain more market share from centralized exchanges. GMX is our top pick among decentralized exchanges due to two reasons. Firstre, GMX is the largest protocol on arbitrum, where GMX leverages low gas fees and high throughput from the Ethereum Layer 2 solution to facilitate orderbook trading. For the other, GMX has been offering real yields to GMX stakers by distributing staking rewards mostly in Ether, attracting more GMX holders to the platform and, in turn, lowering the price volatility of GMX tokens.
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Chart of the Day
The prospect of the Federal Reserve moderating its pace of rate hikes is looking brighter as more data surfaces to support the thesis that inflation may have peaked. The anticipation of tapered hikes sent US stocks higher, with Nasdaq 100 closing at the highest level since September. However, geopolitical tensions are brewing and will likely precipitate macro uncertainty.
The latest inflation data also helped to lift the broader crypto market. As of the time of writing, BTC is inching closer to the $17k handle after posting a marginal gain over the last 24 hours. The largest cryptocurrency by market cap would likely kickstart a decent momentum once it closes above the $17k to $17.2k resistance zone. ETH barely budges in the past day and remains above the $1,250 mark. In the options market, the brief recovery has calmed the 7-day ATM IV and narrowed the gap between IV and RV.
Mid-to-large-cap altcoins extend their rally into Wednesday, with CHZ and ALGO leading the pack on double-digit percentage gains in a similar time frame. LDO is buoyed by the growing demand for Ethereum staking, and is up 7.7% in the last 24 hours. Meanwhile, the Ethereum staking rate on the platform has hit 10%, on the back of boosted MEV rewards and restaking opportunities.
Talk of the Town
Traditional financial institutions are taking another step into the world of digital currency amid the the unravelling of the FTX saga.Notable names in the US Banking Community, including HSBC, Mastercard, and Wells Fargo, announced on Tuesday the launch a proof of concept (PoC) project that will explore the feasibility of an interoperable digital money platform known as the Regulated Liability Network (RLN). The network will leverage blockchain technology to improve financial settlements and include participations from major players including central banks, commercial banks, and regulated non-banks. The project will be conducted in a test environment using simulated data, and is in no way a reflection of the Federal Reserve's stance on CBDC.
Source: Bybit Blog
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