What's Driving Token Prices? (Feb 23, 2022)

Katie Talati
Feb 23, 2022
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.
 

  • YGG (-18%) - Yield Guild Games (YGG) is the largest gaming guild by AUM and players focusing on the Play-to-Earn economy. Yesterday, YGG released a 2021 wrap-up highlighting their revenue ($1.3M earned) and growth in assets (over $800M). The guild has partnered with 48 games and boasts over 10,000 scholars dedicated solely to Axie Infinity (which they expect to expand to other games in the future).
  • ETH (-14%) -Yesterday, crypto journalist Laura Shin revealed in an article on Forbes that, through her research, she had identified the hacker of the 2016 Ethereum DAO hack. For those that are not familiar with the DAO hack, early in Ethereum’s history, the first DAO was launched on the platform and raised $150M in Ethereum. Within a few months, $60M was stolen from the DAO. This hack eventually led to the fork that created Ethereum and Ethereum Classic.
  • NXM (-14%) - Nexus Mutual (NXM) is a decentralized insurance provider that is currently transitioning from a UK mutual to a stateless DAO. Early this week, a vote passed to begin the transition to a stateless DAO will happen in the next few days. After moving to a stateless DAO, users of Nexus’s decentralized insurance solution will no longer need to provide KYC information to stake on Nexus Mutual or take out insurance.
  • LUNA (+11%) - The Terra blockchain token, LUNA, is up 11% WoW after announcing yesterday that Luna Foundation Guard had raised $1B to support the growth of the Terra ecosystem. Part of the raised capital will be used to purchase Bitcoin for the reserve to backstop UST (Terra’s largest stablecoin) in case of severe market volatility.

     

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

Subscribe For the Latest Blockchain News & Analysis

Disclaimer here

You May Also Like

These Stories on Investing Themes

No Comments Yet

Let us know what you think

©2020 by Arca Funds Past performance is not indicative of future results. Past performance is not indicative of future results. Investors should carefully consider the investment objectives, risks, charges and expenses of funds sponsored by Arca Funds (the "Funds"). Other important information about the Funds are in each respective Fund's offering documents. A Fund's offering documents should be read carefully before investing. Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, a research report or a recommendation. Any decision to invest or take any other action with respect to the securities discussed in this commentary may involve risks not discussed herein and such decisions should not be based solely on the information contained in this document.