What's Driving Token Prices? August 16, 2023

HBAR (+6.4%) - Layer-1 protocol, Hedera Hashgraph, has been picking up steam during the last few weeks after the launch of their social network app, Calaxy, and the FedNow adding the Dropp ap. Calaxy, created by NBA player Spencer Dinwiddie, is a social token project where creators can issue tokens that fans can purchase in order to access experiences. Creators have flexibility in pricing tokens, including offering subscriptions, fixed prices for services, or selling NFTs, and Calaxy takes a percentage of all creator earnings. FedNow, the Federal Reserve’s payment service, added the micropayments app, Dropp, on Hedera to its “Service Provider Showcase” which highlights different technologies FedNow is using for payments. Hedera set out to be an enterprise-focused blockchain built for large-scale applications and we might finally be seeing the first innings of this.
RBN (+7.4%) - Decentralized options protocol, Ribbon, released details Monday on its planned merger with Aevo, a derivatives exchange created and spun out of Ribbon. Although the governance proposal approving the merger went through a few weeks ago, details around the phases of the merger were released on Monday. Next week, the Ribbon protocol will be shutting down, bringing staking rewards down to zero and removing penalties for unlocking locked-up RBN tokens. In September, Ribbon will rebrand under Aevo and the team will work on unifying the Ribbon and Aevo products. Following this, the team expects to hold a token swap, 1:1 RNB for AEVO tokens.
SEI (+12%) - The Sei blockchain launched yesterday after much fanfare with a focus on creating a seamless trading experience and improving liquidity and trading efficiency. The testnet for Sei saw a lot of usage (with many suspecting that they would be rewarded with an airdrop). The network is launching with a number of dApps, including Sushiswap, the Ethereum-native DEX. It appears about 18% of the total supply is currently circulating, however, the number of tokens allocated for this particular airdrop was not outlined in Sei’s tokenomics (only 51% reserved for the ecosystem). Following the initial listing yesterday, the SEI token initially traded up from ~$0.16 to over $0.40 but has since settled back to ~$0.19.

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