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.
- RUNE (+40%) -Thorchain, a decentralized asset exchange protocol built using the Cosmos SDK, was one of last week’s best performers. Its price surged after launching its protocol last week that allows users to trade synthetic assets. Thorchain sets itself apart from other bridges as it does not rely on wrapped assets or atomic swaps; instead, assets are partly backed by RUNE, which nodes are also required to hold to provide liquidity on the network.
- MPL (+16%) -Maple Finance (MPL), an on-chain lender for institutional investors, announced last week that It onboarded Celsius as the first CeFi lender. Anchorage also added custody for MPL tokens. WoW, Maple’s treasury revenue was up 6.7%, and its TVL was up 4.5%.
- IMX (-7.2%) - Immutable-X, the Layer 2 scaling solution focused on the gaming NFT sector, announced it raised a $200M Series C round at a $2.5B valuation. Temasek led the round along with Animoca Brands, Tencent, ParaFi Capital, Princeville Capital, Arrington Capital, Mirae Asset, and Liberty Global. Subsequently, the token surged 25% on the news.
- MATIC (-7.2%) - Ethereum Layer 2 solution, Polygon, experienced an outage last week that halted production on its sidechain. The outage caused an outcry from users within the community as Polygon is utilized by over a hundred projects and secures $3.5B in TVL (the most TVL of any L2 solution). Polygon has frequently been criticized for its centralization and lack of security; 2 days of network downtime has not helped its case.
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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