JPMorgan Exec: Demand for Bitcoin is High, Most Clients See it as an Asset Class

While being skeptical about offering bitcoin investment options to its clients, the American multinational investment bank JPMorgan Chase & Co has admitted that demand for the asset class has increased significantly.

Growing Demand for Bitcoin

In a recent interview with Bloomberg, Mary Callahan Erdoes, JPMorgan’s director of Asset and Wealth Management, noted that most of the company’s clients view bitcoin as an asset class.

To maintain its client base, Erdoes stated that the giant bank will continue to provide cryptocurrency services to its customers to meet up with the growing demand.

“A lot of our clients say, ‘That’s an asset class, and I want to invest,’ and our job is to help them put their money where they want to invest,” she said.

Interestingly, earlier in February, the bank’s co-president and COO, Daniel Pinto, revealed there was no demand for bitcoin at the time. But now JPMorgan’s clients have an unfading appetite for the crypto asset, which the US banking behemoth is consciously trying to satisfy.

Erdoes pointed out, however, that the institution still has its reservations about deciding to categorize cryptocurrencies as an asset class, considering that they are extremely volatile.


“It’s a very personal thing. We don’t have Bitcoin as an asset class per se and time will tell whether it has a store of value. But the volatility you see in it today just has to play itself out over time.”

Mary Callahan Erdoes. Source: Fortune
Mary Callahan Erdoes. Source: Fortune

JPMorgan’s Mixed Feelings on Bitcoin

In the past, JPMorgan never liked cryptocurrencies, especially bitcoin. Earlier in 2017, the company’s CEO, Jamie Dimon, blasted bitcoin, calling it a fraud, and even threatened to fire any of his employees dealing with it.

However, he changed his stance sometime later and revealed that he regretted calling the cryptocurrency a fraud, praising blockchain as a revolutionary technology.

The company has since become a little crypto-friendly, even launching its native cryptocurrency back in 2020. Earlier this year, JPMorgan started hiring Ethereum and blockchain developers as it continues to explore the technology.

In April 2021, the Wall Street bank reportedly planned to launch a Bitcoin fund for private clients with NYDIG, a digital asset financial services firm, serving as custodian.

Despite trying to be friendly towards blockchain, Dimon couldn’t stop himself from dishing out negative comments about bitcoin. In May, he warned people to stay away from the asset and crypto market in general while admitting high demand from institutional investors.

Featured Image Courtesy of Fortune


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Why Bitcoin Bears Should Beware: A List Of Historical Fails

There are many who have opposed innovation that were proven monumentally wrong in their predictions.

There will always be people who criticize creators of breakthrough technologies. And their criticisms may affect no one or millions depending on their reach. However, the loudest are often leaders in their fields and influential because of their work.

These innovation antagonists oppose any who attempt what they deem impossible and ridicule those behind the most important inventions of their time. But their predictions age poorly as they are soon doused by the wave of adoption that follows their comments. As Bitcoin steadily becomes one of history’s most impactful innovations, notable contrarians are added everyday. And with each increase in price and relevance, its magnetic pull on these megaphone toters strengthens.

I will not speculate much on why they attack the alpha coin, but fear of harm or change is a likely cause. Many of the above are accomplished in business, finance, and technology — all sectors that are changing because of Bitcoin. Perhaps they feel threatened as does a small dog that barks at a larger one. Or as a child who cries when dropped off at school for the first time, they may pout about Bitcoin not realizing the lessons they can learn if they embrace the change they’re facing. Whatever their reasons, they choose to align themselves with the bears of innovation past and in time will be remembered for failing to impede the inevitable.

Here are five poorly-aged quotes from noteworthy figures and paired quotes from Bitcoin bears:

1a. Robert Metcalfe, 1995: “I predict the Internet will soon go spectacularly supernova and in 1996 catastrophically collapse.”

1b. Peter Schiff, 2021: “Bitcoin is not a currency. It’s just used for speculation. I don’t think these bitcoin collections are going to be worth anything when the music stops.”

2a. Western Union executives on Alexander Graham Bell’s telephone, 1876: “His device is hardly more than a toy.”

2b. Donald Trump, 2021: “Bitcoin just seems like a scam. I don’t like it because it’s another currency competing against the dollar.”

3a. Stanley Mosely, 1905: “It is complete nonsense to believe that flying machines will ever work.”

3b. Charlie Munger, 2021: “I hate the bitcoin success. I think the whole damn development is disgusting and contrary to the interests of civilization.”

This list, though short, is indicative of the famous forces aimed against Bitcoin. As we can see, Bitcoin is in great company with so many rooting against it. If these examples from the past are any indication, Bitcoin is on its way to mass adoption and world-changing status in the pantheon of great inventions throughout history.

This is a guest post by Josh Doña. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Twitter’s Jack Dorsey Attends B Word Conference

Key Takeaways

  • Today, Twitter and Square CEO Jack Dorsey attended “The B Word,” a virtual online Bitcoin conference.
  • Dorsey discussed his interest in Bitcoin and expressed hope that it will become the native currency of the internet.
  • He discussed Square and Twitter’s efforts to promote Bitcoin development without undermining its principles.

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Twitter and Square CEO Jack Dorsey attended “The B Word,” a virtual Bitcoin conference that took place online today.

Bitcoin Is the Native Currency of the Internet

Dorsey began by saying that he sees Bitcoin as having the potential to become the native currency of the Internet.

“If the Internet gets a native currency, what would that be? To me, it is Bitcoin because of [its] principles,” Dorsey said. The principles highlighted in the conference include the open nature of Bitcoin and its independence from traditional banking systems.

Later, Dorsey added: “That is what I want to see…a currency that is standard and sound for the internet that anyone can use.”

“What inspires me most is the community driving Bitcoin, [which] reminds me of the early internet,” Dorsey said. He also called the community “deeply principled, weird as hell, and always evolving.”

Dorsey has made similar comments before, calling Bitcoin the native currency of the internet several times in the past.

Square Is Committed to Open Source

Dorsey went on to discuss his payments company, Square, which is developing solutions for the Bitcoin ecosystem.

Though Square holds $255 million of Bitcoin and handles Bitcoin transactions on behalf of its users, Dorsey emphasized that the financial value of Bitcoin is only part of Square’s focus.

He stated that he is skeptical of corporations and wanted Square work with Bitcoin without disrupting the community. With this in mind, Square hired open-source Bitcoin developers to work on their projects of choice. Square also formed COPA and open-sourced its patents in an attempt to protect developers from patent trolling.

Dorsey also mentioned Square’s upcoming hardware wallet, which unlike its main app will not maintain custody over user funds. “Everything we do in this space is going to be open source,” he said.

“As institutions and corporations like ours consider getting in this space, contribution back to the community is important,” Dorsey said. “We can’t just see this as an asset … and an investment vehicle. This is something that has the potential to change everything.”

Will Twitter Use Cryptocurrency?

Dorsey also responded to the possibility of allowing Twitter advertisers to pay in Bitcoin. He said that “any form of payment that [clients] want to use, we should be able to take.”

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However, Dorsey also said he is more focused on creating “economic incentives within the network itself” as opposed to advertising. That statement implies that user content could create value sent via crypto transactions, though Dorsey did not say so explicitly.

Dorsey commented that today’s advertising and online business models would be entirely different if Bitcoin had existed before YouTube, Twitter, and Facebook came into existence.

He also mentioned Twitter’s social media decentralization protocol BlueSky, but said little beyond the fact that it is in its early stages.

Jack Dorsey Wants to See World Peace

Dorsey concluded by stating that he hopes Bitcoin creates world peace, noting that the issues and inequalities in current financial systems distract and prevent people from solving larger issues.

“It may sound ridiculous, but if you fix that foundational level, everything above it improves,” Dorsey said.

Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.

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Bitcoin Volume Continues To See Yearly Lows As Price Struggles To Recover

Bitcoin’s seven-day average trading volumes have continued to remain low, as the seven-day average trading volumes only reaching $3 billion. This comes on the heels of the digital asset seeing declining volatility in the market. The bitcoin trading market had seen a marked shift in trends as the average trading volumes remain at yearly lows.

This trend follows the trend seen in trading volumes from last summer. Bitcoin volume had also remained low last summer, and this summer so far has followed the same trend. Bitcoin trading volumes had seen a small recovery after a dip in June when crypto trading volumes were down all across the board. But now, volumes have continued to plummet.

Related Reading | Retail Traders Pile On Shorts, Is This The Bitcoin Bottom?

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Bitcoin’s daily trading volume had hit its peak towards the end of May and the beginning of June before recording a sharp decline in its trading volume in the market.

Bitcoin Volatility Continues To Decline

Bitcoinist had reported back in June that the digital asset’s volatility levels had declined to the lowest levels since the bull run had begun back in 2020. So far, there has not been much change since the report had been posted. Bitcoin volatility continues to follow the dipping price of the digital asset, which has continued to stagnate since the crash started after hitting a new all-time high.

Bitcoin total market cap from

Bitcoin total market cap from

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BTC total market cap back up above $600B | Source: Market Cap BTC on

According to Arcane Research, volatility levels continue to decline on a seven-day basis. The seven-day average for the digital asset’s volatility reached 1.68% for the past week. Seven-day volatility levels have not been this low since October of 2020 and fall in step with volatility levels from last summer.

For the past month, volatility has shown downwards movement. Speculations remain that at the end of this volatility drought is a period of extreme volatility that would come with a recovery in the price of the digital asset. But there has been no significant recovery since the report came out.

Price Setup For Recovery

The continuous lows of bitcoin volatility have converged toward the end of a two-month consolidation range. With this setup, a spike is imminent at this critical level for the digital asset.

Bitcoin’s momentum has slowed down significantly and the bears look to have a stronger hold on the price than the bulls. The asset came close to falling to the next critical support level at $28,500 after the price crash below $30,000. Although the digital asset has since recovered and is not trading back up past $31,000.

Related Reading | Bitcoin Crashes Below $30,000, Bear Market Or Bullish Setup?

A bounce on current support levels could see a continuation of the $32,000 consolidation level. This would be a resistance level that traders would be keeping a close eye on.

A price correction back above the $32,000 support level is imminent as the price is poised for recovery. But the market would need to see significant momentum for the digital asset to achieve this.

The market cap of bitcoin has recovered to over $600 billion, as the market continues to see price corrections.

Featured image from USA Today, chart from


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Is the Bitcoin Bottom In? Top Crypto Analyst Outlines Potential Path Ahead, Issues Weekly Close Warning

It’s crunch time for Bitcoin and the crypto markets, according to a popular analyst.

The pseudonymous trader known as Capo tells his 140,000 Twitter followers that Bitcoin may still be in a Wyckoff accumulation pattern, with BTC setting itself for a big move to the upside when the pattern completes.



The Wyckoff method is a technical analysis approach that aims to identify whether big-money investors are accumulating or selling an asset. An accumulation pattern highlights a period where institutional investors are controlling an asset’s price in an effort to buy at discounted prices.

According to Capo, Bitcoin may be forming a near-perfect Wyckoff schematic #2, implying that the bottom is almost in for the world’s biggest crypto asset by market cap.

Source: Capo/Twitter

Contrary to what some high-profile investors have said, the analyst is doubtful that investors waiting on the sidelines will have a chance at buying BTC around $20,000.

“I am convinced that this is accumulation. Do you really think that the majority will get $25,000 or $20,000?”

Capo also puts the spotlight on the prolonged negative funding rates, as well as the lack of a sell signal from the widely-followed Puell Multiple indicator as reasons to be bullish.

The crypto analyst points out that the Puell Multiple – which divides the daily issuance value of BTC by a 365-day moving average of daily issuance value – hasn’t yet flashed the typical top signal that it formed in previous bull markets.

Source: Capo/Twitter

Though Capo maintains his bullish stance on Bitcoin, he cautions that if BTC finishes the week under $30,000, things could get ugly.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Jack Dorsey Is Hopeful Bitcoin Can Create ‘World Peace’

In brief

  • Twitter CEO Jack Dorsey today said he hopes Bitcoin will create world peace.
  • Yes, he’s aware that “may sound a bit ridiculous.”

The ultimate goal of Bitcoin is world peace, Twitter and Square CEO Jack Dorsey said today, while also acknowledging the outlandishness of his claim. 

The tech entrepreneur made the comments at the ‘The B Word’ online conference, joined by Tesla CEO Elon Musk and ARK Invest’s Cathie Wood.

“My hope is that it [Bitcoin] creates world peace or helps create world peace,” he said. “It may sound a bit ridiculous but you fix that foundational level and everything above it improves. It is in the long-term but my hope is definitely peace.” 

Dorsey added that one of the main reasons he loves cryptocurrency is because of its community—calling it “deeply principled.” He said that the biggest cryptocurrency by market cap has a “weird as hell” community—but that’s why he likes it. 

The Square CEO helped put on the conference, ostensibly created to educate institutions on how they can embrace Bitcoin and “support the network.”

Musk, for his part, revealed today that more than just one his publicly traded companies owns Bitcoin. “I do own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin,” he said. Tesla famously purchased $1.5 billion worth of Bitcoin in February, as revealed in SEC filings, but SpaceX has yet to make such a disclosure.

Musk also said he is a fan of decentralized finance and personally owns Bitcoin, Ethereum and Dogecoin, while Wood said that Bitcoin works as a hedge against inflation. 

But Dorsey was the most zealous, saying that changing the world’s monetary system could bring peace. And that change comes with Bitcoin. 

“The amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems,” he added. 

Dorsey is a long-time Bitcoin fanatic. His payments company, Square, has bought 8,027 Bitcoins in the past year (today priced at $254 million). And he has said that he doesn’t have time for other cryptocurrencies, such as Ethereum or Dogecoin, and would quit all other work to focus on Bitcoin full-time if he ever felt his other ventures no longer needed him.  

The Silicon Valley superstar has repeatedly said that he wants to make Bitcoin “the native currency for the internet”—a goal he reiterated today.


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Protecting Your HODL Legacy: Shamir Backups And Inheritance Planning

At the height of the 2017 bull run, I came across a sobering post. It went something like this: there was a young man who acquired about 20 bitcoin early on. As the price went from $1,000 to almost $20,000 over the course of 2017, he felt rich beyond his wildest dreams and decided to travel a bit. At one point he was in Mexico in a nice hotel and partied by a rooftop pool. Things got out of hand, then he fell down to the street below and died. The author of this particular post was a friend of the man’s family and wanted to find out if there was any way to access the bitcoin. However, the young man used a passphrase-protected Trezor and hadn’t written the passphrase down anywhere. The bitcoin was thus lost along with the man’s life.

Bitcoin is a bearer instrument, meaning that it’s not sufficient for your survivors to be aware of your stack – they have to be able to access the keys. On the other hand, you don’t necessarily want your family having access to your bitcoin while you’re still alive. So there needs to be some sort of backup plan allowing for access management. Shamir backup allows precisely for this use case.

But before we get to the details of how Shamir backup works, let’s have a brief recap of what seed backups are.

Seed Backup

In the humble beginnings of Bitcoin, it was a challenge to do backups properly. Before the invention of deterministic wallets, all the individual private keys had to be backed up, which could be hundreds of keys. Unsurprisingly, many bitcoin were lost due to this clunky backup process. In 2012, Pieter Wuille came up with the clever invention of Hierarchical Deterministic Wallets (HD wallets, standardized by BIP32) that made backups much easier – users now had to secure only one master seed, from which the individual private keys were then generated. A year later, BIP39 standardized the mnemonic seed – a group of words in particular order that fulfill the role of HD wallet backup. With mnemonic seed, backups became much easier, as there is little room for error when writing down ordinary words, as compared to writing down a random string of letters and numbers.

So nowadays you don’t actually back up your private key as such, but rather the recovery seed — usually in the form of 12 or 24 words in particular order. You may lose your phone or break your hardware wallet, but you will still be able to access your bitcoin if you have the recovery seed safely stored away.

Storing the recovery seed safely is the tricky part. We have to protect the seed from the following two risks:

  • theft – the recovery seed has to be protected against misuse by strangers;
  • loss – your bitcoin wealth shouldn’t depend on a single copy of the recovery seed, so that in case of an accident (flood, fire, etc.) you don’t lose your bitcoin.

While the risk of theft calls for as few copies as possible — preferably just one at your home — the risk of loss calls for the opposite. Having just one copy of your recovery seed is literally playing with fire. So you need to have several copies in a multitude of physical locations – but you need to be sure these won’t be misused even if found by a stranger. A plain recovery seed based on a single word list cannot meet this criteria.

Enter Shamir

Shamir’s secret sharing (SSS) is a cryptographic technique formulated in 1979 by the Israeli cryptographer Adi Shamir. The essence of Shamir’s scheme lies in the ability to back up, share and recover a secret through breaking up the secret into multiple shares that are individually useless and leak no information about the secret or the scheme setup.

There are two important parameters relevant to SSS: shares, or how many parts of the secret there are; and threshold, or how many shares we need to combine to recover the secret.

For example, a “3 out of 5 Shamir backup” means that the user created five shares when setting up the scheme and the threshold requirement to access the original secret is three shares. It doesn’t matter which three shares are used to recover the secret.

This means that Alice can back up her seed for example in the following way (assuming the 3 out of 5 Shamir backup):

  • two shares at her home
  • one share at a close friend’s house
  • one share at her mom’s house
  • one share in the bank safe deposit box

Of course the individual shares are in an analog form – written by hand on paper or stamped into a sheet of metal (using Cryptosteel, Cryptotag, or other similar solutions). Alice is well aware that she should never write down the shares on an internet-connected computer or keep a digital copy.

With this arrangement in place, Alice doesn’t have to worry about losing access to her bitcoin even if her house burns down, because she can regain access to it by collecting the remaining shares from her friend, her mother and the safe deposit box. She also doesn’t need to worry about theft because no single location meets the necessary threshold to access the coins.

Shamir’s secret sharing is thus a perfect solution to the theft/loss conundrum, as the isolated shares are useless by themselves, and Alice can even lose some of the shares without losing access to her bitcoin.

The original Shamir scheme has been around since 1979, but was only properly standardized for use in seed backups in late 2017. The standard is called SLIP-0039 : Shamir’s Secret-Sharing for Mnemonic Codes and is fully open for anyone to study, share and implement in their products.

Shamir backups based on SLIP-39 are used by Trezor (Model T), Unchained Capital’s Hermit wallet, and others have also started to adopt the standard.

Inheritance Planning Using Shamir Backup

The same qualities that make Shamir backup powerful for everyday security also make it suitable for inheritance planning. When Alice has her recovery shares distributed as outlined above, the only thing she needs to do to ensure succession is to write down clear guidance for her survivors.

Now this may sound easy, but writing down the inheritance guide should be done with proper care. Here are the crucial dos and don’ts:

  • don’t just tell your loved one about the Shamir scheme, write it down; if you only told someone, they would probably forget the details (or in the worst case scenario, the individual can die along with you in some accident);
  • write the guide using pen and paper; never type it on your computer, never keep a digital copy;
  • explain what Shamir backup is in the first place, and why the recovery should be carried out with utmost care (e.g. the shares should never be typed into a website, never sent to strangers “trying to help” over the internet);
  • describe the total amount of shares, the threshold, and instructions for uncovering the locations of the shares;
  • store the inheritance guide in a secure, controlled site that can be accessed by your loved ones in case of your death; your home safe may work the best, though the appropriate site depends on individual circumstances;
  • do not make the bitcoin inheritance guide part of your last will – this may put the survivors in danger, as the last will is a publicly accessible document in some jurisdictions;
  • update the inheritance guide should something change (e.g. the location of the shares);

And of course, if you have some bitcoin on hot wallets, exchange accounts or other services, you should inform your survivors about these too. Ideally, every single satoshi should be accessible by your loved ones in case something happens to you.

But perhaps the most important piece of advice is to put yourself in the shoes of a nocoiner. Because if your whole family isn’t sufficiently orange-pilled, chances are they will make fatal mistakes if they’re confused. So try to be as clear as possible about what you’ve left behind and how to access it safely, without falling prey to scammers, phishing attempts and so on. Consider recommending a trusted bitcoiner friend to help your family out. Be very careful with whom you recommend, but also know that if you don’t recommend anyone to your family, they may reach out to strangers on the internet. And even if your friend won’t prove himself as trustworthy as you thought, your family will have legal recourse against a known person, which wouldn’t be the case if they were scammed by a stranger.

Shamir Or Multisig?

Not everyone is a fan of Shamir backups. Some time ago, Jameson Lopp (Casa) wrote an analysis of the supposed Shamir shortcomings and recommended multisig optionsinstead. Lopp’s analysis is fair and should be addressed here.

First of all, it’s true the previous attempts at Shamir’s scheme for use in seed backups were sloppy, as Lopp pointed out. It’s a different matter with SLIP39, though. The standard was written in late 2017, but implemented in the Trezor wallet only in the summer of 2019. No vulnerability has been found in the two years before the first real-world implementation, neither in the two years following. And there is none, as the math behind the SLIP39 is simply correct. If it wasn’t, a vulnerability would have been found years ago.

Furthermore, Shamir backups and multisigs solve a slightly different use case. Shamir backups solve the problem of protecting the recovery seed. Multisigs offer enhanced security when transacting. The two can actually be combined: you can have a multisig scheme, where the recovery seed of each individual wallet is protected via Shamir backups.

Both multisig and Shamir backups rely on the physical remoteness of the elements (signing parties or Shamir shares) for their security. Setting up and using both plans is thus time consuming.

For Shamir, this isn’t such a problem, as you usually need to deal with your seed only when setting up your wallet and later on when performing a recovery (which can be years down the road).

For multisig schemes, users are faced with a practical coordination problem, as you depend on active, ongoing participation of physically remote parties whenever you need to sign transactions — which can be several times a month if not more often. While this is doable for formal organizations like hedge funds or corporations, it’s quite unworkable for individuals — unless they pay a third party who offers such service as their business.

The coordination problem can be mitigated by choosing a multisig setup where users hold the necessary threshold (e.g. 2-of-5) in their own home. Such a setup is more practical than the one where all the keys are physically distributed, but eliminates one of the advantages of multisigs – the inability to transact under duress. But to be fair, Shamir by itself also doesn’t protect against physical attack scenarios such as home intrusion, if the user has her Trezor set up and immediately available.

Multisigs still have many pitfalls when it comes to transaction verification and backing up the whole setup. These will hopefully be resolved with widely accepted industry standards in the future, but until that happens, they aren’t really usable for ordinary, non-technical hodlers. Shamir backups are usable and practical today.

Shamir backups are effective at preventing both theft and loss. They are also a smart way to pass bitcoin on for inheritance. In addition to creating the Shamir backup itself, inheritance planning requires clear written instructions for survivors. Shamir can be used in a multisig or on its own and is a practical solution to increase the level of security without the need for multiple wallets.

This is a guest post by Josef Tětek. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.


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Record network activity and a second NFT boom send WAX price higher

Just a few days before Bitcoin (BTC) price plunged below $30,000, the NFT sector was dominating headlines for the second time in 2021, led by a month-long 972% surge in the price of Axie Infinity. 

Another NFT-focused protocol that has been gaining fundamental strength in recent months is Worldwide Asset eXchange, also known as WAX — a protocol that claims to “deliver the safest and most convenient way to create, buy, sell, and trade virtual items to anyone, anywhere in the world.”

WAX/USDT 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that between June 27 and July 9, the price of WAX’s WAXP token climbed 70% to a high of $0.151 before the Bitcoin-led sell-off pulled the price to its current value of $0.11.

Three reasons for the rally in WAXP include the growing list of well-known brands launching collectibles on the project’s blockchain, an active network with fast transaction times and its integration to decentralized finance via cross-chain compatibility with the Ethereum (ETH) network.

Popular brands launch NFT projects on WAX

Nostalgia can be a potent source for attracting an audience willing to engage with a product and WAX has managed to capitalize on this by partnering with somewell-known brands in the United States.

Current partners include Atari, Topps, William Shatner and Capcom and a scroll through the project’s Twitter feed shows recent campaigns for Street Fighter V Series 2 cards and special edition Bratz collectibles.

Popular collectibles like baseball cards and Garbage Pail Kids, along with more modern games like Alien Worlds (TLM) offer users a variety of options that help attract a wide audience to the WAX network and this has resulted in an increase in on-chain activity.

WAX boasts the highest activity of any network

A second sign of the growing strength of the WAX network can be found by looking at the 24-hour activity of the top-ranked blockchains, which WAX leads by a wide margin.

Top 6 most active blockchain networks. Source: Blocktivity

Data from Blocktivity shows that the 24-hour activity on WAX is now higher than 17 million operations and more than double that of Stellar (XLM), which is its closest competitor. WAX  more than six times the amount of activity on EOS, the creator of the EOSIO software which is utilized by the WAX network.

Yield opportunities arrive through DeFi and staking

The recent introduction of a cross-chain bridge to the Ethereum network allowed WAX to of yield farming and staking on the protocol, which has been enhanced through the introduction of a cross-chain bridge to the Ethereum network.

The WAX blockchain operates with a delegated proof-of-stake consensus model, meaning the simplest way that token holders can earn a yield on their holdings is by staking WAXP on the network to earn an annualized reward rate of 4.42% according to data from Staking Rewards.

Related: Altcoin Roundup: Data shows social metrics surge ahead of DeFi and NFT price rallies

Token holders can also convert their WAXP into WAXE, a version of the token that can operate on Ethereum and be used to participate in decentralized finance (DeFi) by providing liquidity on decentralized exchanges and yield farms.

Through offering opportunities related to NFTs and DeFi, two of the hottest sectors in the cryptocurrency ecosystem, the WAX network is well-positioned to continue to attract new users and maintain a high level of on-chain activity.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.