BaconDAO Weekly Call 06–27–21
Table of contents
- Introduction
- BTC Update
- ETH Update
- Crypto-101 News
- BSC News
- Polkadot News
- Low Cap Update
BTC Analysis
BTC Weekly
BTC Daily
BTC 1 Hour
ETH Daily
ETH 4 Hour
ETH 4 hour
BSC
RuneFarm released rune evolution beta
- First play to earn game for the rune ecosystem
Bogged came out with new V3 charts which launched July 9th
Wault Finance completed their migration from wault to waultx
KingDefi opened a pool with wault finance
Swamp Finance also added a one click LP for Wault Finance
Wault finance partnered with farmhero
Venus and LongDrink partnership was announced
PCS burnt over $72 million dollars worth of cake
PCS also finally started the farm auctions
BakerySwap hits 500k NFT transactions
BakerySwap also partnered with levyathan
Argon partnered with Helmet insure
Burgerswap opened up predictions similar to pancakeswap
Autofarm finally started their first governance proposal
Last educational call:
- KCC
Polkadot
News
- Shiden Network Wins Slot
- Moonriver Parachain Issues
- Raze Network Joins DeFi Alliance
- Basilisk Crowdloan Overview & Details
- Gem Crowdloan Pick: Genshiro DeF
Overview
Shiden Network has won the 3rd Kusama parachain slot auction
Shiden Network is a multi-chain decentralized application layer on Kusama Network. Kusama Relaychain does not support smart contract functionality by design. Kusama Network needs a smart contract layer. This is where Shiden Network comes in. Shiden supports Ethereum Virtual Machine, WebAssembly, and Layer2 solutions from day one. The platform supports various applications like DeFi, NFTs, and more.
https://medium.com/astar-network/shiden-a-sister-network-of-astar-becomes-a-pa rachain-b774289716ab
In other parachain news,
The Moonriver Parachain Encountered An Error
While performing a runtime upgrade, Moonriver stopped producing blocks. This is due to an issue between Kusama and our parachain, where the Relay Chain attempts to validate a block using the old runtime, while collators are producing blocks using the new runtime.
This was due to a bug between the relay chain and parachain related to using democracy to perform this runtime upgrade.
Normally, when doing a runtime upgrade on the parachain, the relay chain stores that new runtime Wasm in order to validate the future new parachain blocks.
https://moonbeam.network/networks/moonriver/launch/
In an unrelated development,
Raze Network Has Joined the Polkadot DeFi Alliance
Raze Network is a Substrate-based cross-chain privacy protocol for the Polkadot ecosystem. It is built as a native privacy layer that can provide end-to-end anonymity for the entire DeFi stack. At the current time, the Polkadot Alliance members have expanded to virtually every aspect of the Polkadot sphere, consisting of DAOs, smart contracts, DeFi, privacy, storage, finance, and many other fields. The significance of this online organization cannot be stressed enough.
https://raze-net.medium.com/raze-network-coming-to-polkadot-defi-alliance-c81d4bbe 7427
Basilisk by Hydra DX Started their Crowd-loan
You can support Basilisk by participating in the crowd-loan campaign and pledging some amount of KSM tokens which will be locked up for the duration of the parachain slot. In return, you will be granted generous BSX rewards plus an HDX bonus to cover your opportunity costs. Once the parachain slot has expired, you will receive your KSM tokens back in full. The same applies for the unlikely scenario that Basilisk does not manage to win a parachain slot within the crowd-loan campaign deadline. All community supporters are rewarded for participating in the crowd-loan after Basilisk has secured a parachain slot. The available rewards consist of BSX and HDX tokens which are distributed at a different rate depending on the state of the crowd-loan at the time of the contribution.
Finally A gem/ crowd-loan I’m interested in Genshiro DeFi (Equilibrium)
Genshiro is a trustless cross chain DeFi hub on Kusama inspired by Equilibrium. I am especially impressed with the team behind Genshiro and Equilibrium following the successful launch of a BSC — POLKADOT bridge. Additionally Genshiro has doubled the reward ration for the remaining crowdloan.
https://genshiro.equilibrium.io/en/
Lowcap/Layer 2
News
ChainSwap was exploited with lots of other protocols affected. The hacker began market selling the exploited tokens, and many of these projects have dumped as a result.
Rarible has surpassed $155 Million in trading volume, almost a year later.
Nonce Finance seeks to tokenize NFTs. so many individuals can invest in NFTs, and so NFTs can have a more liquid market.
Railgun staking is now live! Railgun looks to challenge Tornado cash as the main privacy protocol.
Sushi partners with Archer. Archer’s MEV shield will protect users from being frontrun and sandwiched
Optimism is “excited to announce exchanges on OΞ will be enabled the week of July 26th, with a final deployment date pending Spartan Council approval.”
Arbitrum is also just around the corner. With no exact date announced just yet, they did mention they looked forward to DeFi summer 2.0. With over 300 projects building on Arbitrum, they are a highly anticipated launch
Bitcoin Dominance
BTC.D Weekly
On the weekly, BTC.D looks like it will close bullish, above the green weekly support. With less than 2 day till close, BTC.D has most likely started its bounce. However, BTC.D does have a few local resistances that may push it to new lows.
BTC.D Daily
On the daily, BTC.D has started to slow on the daily. Now printing indecisive candles, as BTC.D looks like it may not break 46.05% on the first test. Instead, BTC.D looks like it will experience another pullback.
https://www.tradingview.com/x/JaZyUV6N/
BTC.D 4 Hour
On the 4 hour, it would appear that BTC.D is in the process of getting rejected from the 46.05% resistance. After BTC.D broke through the resistance, BTC.D broke back down below, failing to confirm it as support. BTC.D had one more attempt at breaking the resistance, however, it looks like this attempt was rejected too. The currently open candle also has wicked to support before pulling back to where it opened. BTC.D may bounce off of the the 50/100 ema, but this is not too likely to happen
Conclusion:
BTC.D has started to slow down, as Bitcoin’s price action calms down. While BTC.D is predicated on Bitcoin’s movements, I’m anticipating lower lows on the short term. Even though the weekly looks like it may have bounced off support, BTC.D is slowing on the daily and 4 hour. Particularly, the 4 hour seems like it’s set for a rejection.
