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Cryptocurrency Market Update on February 2nd

📉Market Stats

💸Market capitalization: $1,091,4 billion

📈Index Value: 60

💱Sentiment: Greed

💰Volume 24h: $60,9 billion

📰News update
1. BNB Chain is excited to announce the release of the BNB Greenfield whitepaper

BNB Chain is excited to announce the release of the BNB Greenfield whitepaper.

This new standard in Web3 data ownership and utility introduces a new structural and economic paradigm for data in the #Web3 era.

2. ImmutableX to Launch All-In-One Passport System to Onboard New Gamers Into Web3
The new tool, scheduled to launch in April 2023, will act as a non-custodial wallet, gamer profile and authentication solution for Web3 gamers.
Ethereum scaling system ImmutableX will soon launch the Immutable Passport, which provides an all-in-one way for gaming studios looking to onboard gamers into Web3.

“Customer research conducted by the ImmutableX team found that ease of onboarding, security, compliance and plug and play features were the top priorities for development studios integrating Web3 components into their game,” the company said in a press release.

The new tool is a non-custodial wallet, gamer profile and authentication solution, similar to an Xbox Gamertag or an Apple ID, that does not require a password at sign-on. This means that Immutable does not hold on to a user’s private keys nor is it involved in signing transactions.

Players are able to access a suite of tools integrated into the Immutable Passport, including a secure digital wallet, fraud protection and seamless authentication across Web3 games and marketplaces.

Immutable says that the new tool will help Web3 gaming studios “drive adoption across mainstream audiences, maintain enterprise-grade security and access meaningful player analytics.” In addition, any studio that integrates Passport will have access to active players in the ImmutableX ecosystem.

“For Web3 gaming to reach a billion players, onboarding must be invisible, secure and work across any game — mobile, console or desktop,” said Immutable president and co-founder Robbie Ferguson. “Passport is a self-custodial wallet, where users can sign in with just an email and one-time password — it will be a game changer for players and radically reduce user acquisition costs.”

Blockchain-based gaming has made strides in recent months, with major companies like Ubisoft and Square Enix embracing crypto and non-fungible tokens (NFT) to create new revenue streams for creators. Development and investment in Web3 gaming have also been significant, according to a report from blockchain data firm DappRadar, which said that $748 million was raised in August 2022 for the development of new Web3 games.

3. Ether supply reaches all-time low after The Merge
Ethereum’s total circulating supply reached a post-Merge low today at approximately 120.5 million tokens.

The Merge, one of the biggest technical changes in the network’s history that significantly modified its economics, switched Ethereum from proof-of-work to proof-of-stake and significantly decreased the total net issuance of ether.

The decreasing supply could be linked to the increasing price of Bitcoin and rising equity markets, as traders will often respond by buying higher-risk tokens that are only available on-chain. The demand for the network, or how many users are trying to create new transactions, causes the average ether burned from each transaction to rise, further reducing supply.

The total cost for transactions on Ethereum has steadily increased since the beginning of 2023. It briefly was at the levels experienced in the third quarter of 2021, when bitcoin and ether prices were much higher.
NFT activity on Ethereum has also seen a small resurgence, according to Dune Analytics. This activity isn’t close to 2021 when volume set an all-time high, but it is another indication on-chain activity is coming back.

The circulating supply of ether is an important fundamental variable many analysts and traders look at when analyzing ether price, with the rationale being that less tokens circulating is good for the price.

4. DeFi protocol Archimedes raises $4.9 million in seed funding
Archimedes, a decentralized lending and borrowing protocol focused on leverage, raised $4.9 million in a seed funding round.

Hack VC led the round, with Uncorrelated Ventures, Truffle Ventures, Haven VC and others participating, Archimedes announced Wednesday. The seed round brings Archimedes’s total funding to $7.3 million, having raised $2.4 million in a pre-seed funding round led by Shima Capital in March last year.

Archimedes was founded last year by Oz Rabinovitch, Tomer Mayara and Derek Moen, who call themselves “g(r)eeks.” The protocol is still under development, set to launch this month, according to the announcement. Archimedes says, once launched, the protocol will allow lenders or liquidity providers to earn “sustainable higher” returns and borrowers or leverage takers to earn up to 10x yield of what other yield-bearing stablecoins offer.

“Archimedes throws an extra screw into the equation which multiplies a user’s original yield opportunity — leverage,” it said in the announcement. “Leverage takers that use Archimedes are sent an NFT which represents a yield-generating stablecoin position that has been leveraged at up to 10 times the principal collateral amount.”
Archimedes’s borrowers will have to pay a fee to access leverage. They will also pay a performance fee on their proceeds from the leveraged positions. “With these fees paid by the borrowers, Archimedes is then able to close the loop and pay the lenders for lending their money,” it said in a recent blog post.

Archimedes’s native stablecoin is called lvUSD, and its native token is dubbed ARCH.

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