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.
FLOW (-14%) - Last week, Ticketmaster announced a partnership with Dapper Labs—the company behind the Flow blockchain. The partnership allows event organizers who issue tickets through Ticketmaster to issue NFTs. According to Dapper Labs, 5 million NFTs have already been minted on Flow for event organizer clients. Although the market had a muted reaction to the news, the wider distribution and proliferation of NFTs is very good for Flow’s future and the future of the NFT sector.
HNT (-12%) - Last week, a community member of decentralized wireless provider Helium submitted a proposal to migrate the network from its standalone blockchain to Solana. The proposal noted that users currently staking HNT to secure the network would no longer need to stake following the migration. As about 38% of HNT is staked, fears of this lost income may have prematurely spread, causing the price of HNT to decline.
AXS (-6.3%) - Blockchain-based game Axie Infinity relaunched its marketplace website yesterday, rebranding it "App.Axie." The new marketplace features UI improvements and a new "future games" section. Axie’s annual conference, AxieCon, begins today in Barcelona, which could produce additional announcements.
BNB (-4%) - Earlier this week, centralized exchange Binance announced plans to auto-convert all stablecoin pairs on its exchange 1:1 with BUSD (its native stablecoin). The exchange will stop support for trading pairs of USDC, TUSD (True USD), USDP (Pax Dollar). Users can still deposit and withdraw these stablecoin pairs, but upon deposit, they will automatically convert to BUSD. The move was seen as a direct cut to USDC—the second largest stablecoin issuer. Further, with interest rates now higher, it appears to be a way for Binance to increase the revenue of BUSD.
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, 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.