What's Driving Token Prices? October 5, 2022)

OHM (-8.3%) - Decentralized central bank project, OlympusDAO, announced this week that it would be cutting its staking yield, which famously stood in the 10,000% at one point. With the depressed market conditions, it makes sense to decrease yield and increase participation from community members. A Twitter thread from the project explained how the APR scheme helped them bootstrap growth and build their community, but now it was time to retire that system.
LINK (-0.5%) - Decentralized oracle provider Chainlink last week revealed that SWIFT, the international bank wire system, would utilize Chainlink’s cross-chain interoperability protocol (CCIP) to coordinate the on-chain token transfers between blockchains. While this is only an initial PoC, the project is promising for real-world adoption of digital asset technology. In addition, Chainlink also recently announced new economics, which should make the cost and availability of data on their network much cheaper.
IMX (+5.6%) - Immutable-X, a gaming-focused layer-2, announced it would relock over 50% of its big November unlock for another year. The upcoming unlock represents 13% of the total supply—more than 100% of the current circulating supply—some of which is part of the project’s development fund. In addition, Tatsumeeko, whose original game TatsuGG had over 62 million users, will launch a new game on Immutable.
SUSHI (+13%) - Decentralized exchange Sushi announced Monday the election of a new CEO, or “Head Chef,” via a governance proposal. The project has been without leadership since 0xMaki stepped down last fall; the team has been searching for a seasoned CEO replacement for many months. Sushiswap’s decentralized governance structure further complicated the process. Jared Grey, the new Head Chef, will hopefully take the helm of one of the largest decentralized exchanges in crypto. However, the process was not smooth, and the hiring faced considerable pushback from the community. Grey is expected to focus on growing revenue and market share for the exchange.

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