What's Driving Token Prices? March 22, 2023

Katie Talati
Mar 22, 2023

Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.

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  • HNT(-41%) - Decentralized wireless network Helium underperformed last week following the announcement from Binance.US that it would delist HNT on its exchange. Once one of the hottest Web3 projects, Helium saw most of its hotspots based in the U.S., which could explain why the token sank so much on the news. Interestingly enough, Helium is expected to complete its transition to Solana’s blockchain next Monday. 

  • LDO (-13%) - Decentralized liquid staking provider Lido took a hit last week after announcing that it would delay the launch of its v2 upgrade that would enable withdrawals on the protocol when Ethereum’s Shanghai upgrade goes through in April. Lido’s team explained that they are undergoing 7 different audits on the v2 code—the results of which they do not expect to be completed and patched until mid-May. While this is disappointing for anyone staking with Lido, the team reminded users that security is a huge concern and patching any potential issues before such a huge event was paramount. Lido is currently the largest Ethereum staker with over 30% market share.

  • MATIC/IMX (-3.7%/+7.7%) - Layer-2 protocols Immutable-X and Polygon announced on Monday at the Game Developer Conference (GDC), that they will partner to launch the Immutable zkEVM platform powered by Polygon’s technology. The partnership brings two powerhouse gaming protocols together to open up Web3 gaming to more game developers and studios. The Polygon zkEVM is expected to launch its mainnet beta next week, and the documentation for building on the Immutable zkEVM is available today.

DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."


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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

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