What's Driving Token Prices? (Mar 30, 2022)

Katie Talati
Mar 30, 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.

  • RON (-9%) - Ronin, the sidechain supporting the Axie Infinity ecosystem, was hacked last week for over $600M. This hack is one of the largest to date and resulted in a loss of funds for players and the Axie Infinity Treasury, including 173,600 ether and $25.5M in USDC. The team has publicly pledged to pay back impacted users, but has not shared their plan for how and when funds will be paid back.
  • RUNE (+47%) - Cross-chain liquidity protocol Thorchain (RUNE) integrated with the Terra blockchain last week, allowing users to deposit LUNA and UST into the Thorchain pools to earn swap and staking fees. As the price of RUNE is designed to deterministically be 3x TVL ($1 of RUNE liquidity provided per non-Rune $1 + $2 of RUNE per validator per dollar of TVL) coupled with the demand to deposit LUNA and UST, the price of RUNE has run over 40% since the launch last Thursday.
  • CHZ (+48%) - Socios, the fan token platform powered by Chiliz (CHZ), announced yesterday that it had signed a $20M deal with Lionel Messi to promote fan tokens on their platform. For those that are not aware, Lionel Messi is considered one of the greatest soccer players of all time. He has 300M Instagram followers, making him the perfect ambassador for the project.
  • JEWEL (+90%) - JEWEL, the governance and in-game token for play-to-earn game Defi Kingdoms, rose 90% in the last week on the much-anticipated launch of the game on the Avalanche blockchain. Instead of migrating the whole game over to Avalanche, the team opted to launch a new portion of the game, titled Crystavale, to Avalanche and keep the original game on the Harmony Blockchain. Holders of JEWEL will receive an airdrop of CRYSTAL tokens to be used within Crystalvale on Avalanche.
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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