The EOS Network Foundation (ENF) has announced the beta launch of the EOS EVM mainnet, a significant milestone towards bridging the gap between two major blockchain ecosystems, Ethereum and EOS. The EOS EVM mainnet emulates Ethereum’s Virtual Machine (EVM) and enables developers to deploy decentralized applications (DApps) written in Solidity, the programming language used by the vast majority of web3 developers.
The ENF team has identified Ethereum’s scalability issues as a challenge for mass-scale DApp deployment, which is why they have launched the EOS EVM mainnet. The team aims to leverage the performance of the EOS Network to address this challenge, while also combining the resources of the Ethereum community. According to Yves La Rose, founder and CEO of the EOS Network Foundation, the launch of EOS EVM paves the way for an interoperable future. He emphasizes that EOS EVM is a significant milestone that represents the network’s commitment to a multi-chain future.
La Rose adds that the EOS EVM mainnet offers developers access to lower fees and faster transactions of the EOS network. This is an important development as the Ethereum network is expecting more adoption after the most recent Shapella upgrade. To keep up with this adoption, projects have been prioritizing the implementation of EVM compatibility within their networks. For example, Astar Network recently launched smart contracts that support two virtual machines, including EVM and the WebAssembly Virtual Machine. This allows for the creation of new multichain applications within their network.
In addition, Polygon’s zkEVM, a zero-knowledge rollup scaling solution, released its beta version on March 27. This technology mimics the transaction execution environment of the Ethereum mainnet, allowing DApps to scale with higher performance. With more and more blockchain projects prioritizing EVM compatibility, it’s clear that the future of interoperability between different blockchains will rely heavily on this technology.
In conclusion, the launch of EOS EVM mainnet is a significant step towards improving interoperability between EOS and Ethereum. By combining the resources of the Ethereum community with the performance of the EOS Network, developers can deploy Solidity-based DApps on a high-performance platform with lower fees and faster transactions. As other projects like Astar Network and Polygon also prioritize EVM compatibility, it’s clear that this technology is becoming an important part of the blockchain ecosystem.
In a new chapter of the EOS community versus creators saga, the EOS Network Foundation’s (ENF) founder and “community-elected CEO” Yves La Rose revealed that they are preparing for a legal “war” against EOS creators Block.one.
According to La Rose, they are reviewing any potential legal action “to seek $4.1B in damages.” Currently, the EOS leader mentioned that a Canadian law firm is working with them to explore what legal action they can take against the original developers of EOS.
As Founder of @EosNFoundation I share your frustrations! We are taking further steps to hold @B1 accountable for its past actions and broken promises against #EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway. Let’s do this together! #4BillionDAO coming
— Yves La Rose (@BigBeardSamurai) February 10, 2022
In a blog post, the foundation announced that many members of the EOS community are very dissatisfied with Block.one.
“Block.one has not kept its word regarding past promises and that both the community and individual EOS users have been harmed as a result.”
Last year, the foundation announced that they have gone through negotiations with Block.one to find common ground. Both parties engaged in discussions in an attempt to settle the issues in a fair manner. However, ENF notes that Block.one walked away from the negotiations. As a result, the block producers of EOS deemed it necessary to freeze the vesting for future EOS token earnings for Block.one.
Related:New research claims 21 accounts pumped the $4.4B EOS ICO with wash trades
Back in 2018, Block.one conducted an initial coin offering of EOS tokens (EOS), selling 900 million tokens for more than $4 billion, the biggest ICO held during that time. However, since then, many have been disappointed by the direction that the company took.
A few months back, La Rose described EOS as a failure. Citing the market capitalization and the decrease in value, he said that it’s a terrible financial and time investment. He also said that the community lost key developers and turned away from blockchain development and shifted towards asset management.
The EOS Foundation is seeking $4.1 billion in damages from Block.one over the company’s handling of the 2017 EOS initial coin offering.
EOS block producers had previously voted to halt token distributions to Block.one after failing to reach a compromise with the firm.
The EOS Foundation has retained a leading Canadian law firm to investigate Block.one’s past actions and take the company to court.
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The EOS Foundation is planning to pursue legal recourse against EOS backer Block.one. The foundation is seeking $4.1 billion in damages for “negligence and fraud” on the part of Block.one following the EOS initial coin offering in late 2017.
EOS Foundation to Take Block.one to Court
The EOS community is seeking legal recourse against Block.one.
EOS Foundation CEO Yves La Rose announced Thursday that the organization wants to take Block.one to court over its handling of the EOS initial coin offering in 2017. In a tweet revealing the foundation’s intentions, Rose stated that he shared the frustrations of the EOS community and that legal recourse to seek $4.1 billion in damages is underway.
As Founder of @EosNFoundation I share your frustrations! We are taking further steps to hold @B1 accountable for its past actions and broken promises against #EOS. Review of ALL possible legal recourse to seek $4.1B in damages underway. Let’s do this together! #4BillionDAO coming
— Yves La Rose (@BigBeardSamurai) February 10, 2022
Block.one is the company that helped EOS conduct its 2017 ICO, raising over $4 billion through public sales of the EOS token. However, many in the EOS community believe that Block.one is responsible for the EOS token’s lacklustre performance over the past five years (EOS peaked at $22.71 in April 2018 and has struggled to maintain momentum since; it’s now 88% down from its high). “Block.one knowingly misrepresented their capabilities, and this amounts to negligence and fraud,” said Rose during a speech to foundation members in November.
In December, EOS block producers voted to stop issuing vested EOS tokens to Block.one, depriving the firm of a future 67 million EOS tokens scheduled to be unlocked over the next six to seven years. In a blog post released in tandem with the decision to take legal action against Block.one, the EOS Foundation stated:
“In November and December 2021, we engaged in negotiations with Block.one to attempt to arrange a fair and reasonable resolution… Unfortunately, Block.one decided to walk away from the negotiations, and as a result, the EOS Block Producers determined it was in the best interest of the community to freeze the vesting of all the EOS tokens that Block.one was to earn in the future.”
However, for many in the EOS community, freezing Block.one’s tokens is insufficient. The EOS Foundation stated today that it had retained a leading Canadian law firm to investigate Block.one’s past actions and take the company to court. “The EOS Foundation promises vis-à-vis the EOS community and EOS investors to determine what legal avenues are available to seek redress,” the foundation explained.
It is still too soon to judge how successful the EOS Foundation will be in taking legal action against Block.one. However, the move will help further reduce Block.one’s influence over EOS, something the EOS community will likely welcome.
Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
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EOS Wants to Fulfill 2017 Promises With Dan Larimer
The EOS Network Foundation has tapped Dan Larimer, the founding developer of EOSIO, to help it take over the direction of the EOS ecosystem. The partnership follows the EOS community’s…
EOS Community Votes to Halt Vesting to $4B Backer Block.one
EOS block producers have voted to stop vesting tokens to Block.one. The battle between the EOS Foundation and the project’s founding team, Block.one, continues. EOS Community Votes to Stop Vesting…
EOS Foundation CEO Addresses Project’s Poor Performance, Outlines Ne…
EOS Foundation CEO Yves La Rose has addressed the EOS’s poor performance, outlining a new roadmap. Rose put much of the blame on the blockchain’s ICO backer, Block.one. EOS Foundation…
What Is The Crypto Volatility Index?
The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.
It seems crypto winter is upon us and during times like these, projects that continue to forge ahead by focusing on development and expansion are often rewarded by traders who are looking to set up long positions where strong fundamentals trump the absence of short-term gains.
One project that has weathered the storm in the crypto markets to establish a new all-time high is Telos (TLOS), a blockchain network created with the EOSIO software that aims to bring speed and scalability to smart contracts for decentralized finance (DeFi), nonfungible tokens (NFTs), gaming and social media.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.42 on Jan. 10, the price of TLOS has soared 229% to a new high of $1.39 thanks in part to a record-high trading volume of $26 million.
TLOS/USDT 1-day chart. Source: TradingView
Three reasons for the climbing price and momentum for TLOS include several new partnerships that increased awareness of the project, the launch of nonfungible token and decentralized finance projects on the TLOS network and the token’s integration to the Anchor wallet.
Partnerships increase brand awareness
The Telos network has seen several new partnerships and integrations in recent weeks that have helped bring a new level of public awareness to the protocol.
One of the most notable integrations was with DappRadar, which helps followers keep track of decentralized applications (dApps) on the Telos network.
Named as the #1 global #dApp ranking site for #NFT & #DeFi projects, #Telos is proud to announce an integration with @DappRadar!
You can now keep track of exciting new dApps on the #TelosEVM and keep a pulse on the #TelosEcosystem as we introduce new experiences for our users pic.twitter.com/Dkm4MX70Bf
— The Telos Foundation (@HelloTelos) January 24, 2022
The Telos Foundation also revealed a partnership with the self-governing ride-share application BikeChain, which will process all of its transactions on the Telos blockchain.
New DeFi and NFT dApps launch
A second factor helping to attract attention to Telos has been the launch of multiple new NFT and DeFi applications on the network that are helping to attract liquidity and users to the protocol.
Most recently, the network saw the release of OmniDEX, the first native decentralized exchange built on the Telos network.
TelosEVM just got it’s first home grown defi perform @OmniDex1 , first nft marketplace @tofuNFT and is about to get it’s first lending platform @aristotledao. Things are about to get wild
— Justin Giudici (@The_JUDii) January 20, 2022
Other projects to recently launch on Telos include the TelosPunks NFT project, the cross-chain NFT marketplace tofuNFT, the NFT social media app APPICS and the AristotleDAO DeFi protocol.
Related:Telos raises $8M funding before EVM launch to avoid token sales
Integration with Anchor wallet
The latest development to come from the Telos ecosystem that coincided with the spike in price was the network’s integration with the Anchor wallet from greymass.
How to setup your #Telos wallet on Anchor ⚓️ in 30 seconds! ⏰
The anchor wallet app by @greymass allows you to seamlessly and securely interact with the Telos #blockchain and makes it easy to manage your $TLOS with its applications for mobile and desktop. pic.twitter.com/jsj1kf5KId
— The Telos Foundation (@HelloTelos) February 2, 2022
This integration with Anchor allows TLOS holders to securely sign in to the various applications operating on the network including the Telos web wallet, Decided Voter and the Staker One platform.
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for TLOS on Jan. 23, prior to the recent price rise.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. TLOS price. Source:Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for TLOS began to pick up on Jan. 23, around 24 hours before the price began to rally 190% over the next nine days.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Popular software programmer and co-founder of BitShares, Steem, and the EOS network, Daniel Larimer, recently announced the rebranding of his earlier endeavors.
Daniel Larimer Shares New Vision
In a press release shared with CryptoPotato, Larimer noted that his new vision, dubbed Fractally, will deliver the original EOS vision of 2017 to the modern crypto market.
He claimed that Fractally will be a unique blend of a decentralized exchange, a social media platform, a high-performance smart contracts network, and decentralized governance processes.
According to Larimer, the new project will be built on the lessons he has learned from his previous ventures, including one of the first and highest performance decentralized exchanges, BitShares, and the first decentralized social media, Steem.
Back in 2013, Larimer invented the concept of a “Decentralized Autonomous Company (DAC),” upon which BitShares was built. Currently, the term DAC is now popularly referred to as a Decentralized Autonomous Organization (DAO).
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Using BitShares, anyone can create, distribute, and exchange tokens with a simple user interface with no coding experience. However, according to Larimer, Fractally will bring something even better.
Becoming the DAO of DAOs
Larimer noted that Fractally will produce an EOS-based application that is “just as powerful and even easier to use while also incorporating more recent advancements in automated market makers.” In a recent tweet, he stated that Fractally will become “the DAO of DAOs.”
Steem was one of the top social media platforms at the time because it rewarded users for posting. Fractally will build on the updated model of Steem’s social reward structure to bring incentivized blogging to EOS while reducing the potential for abuse.
Larimer noted that this new project will also integrate the principles of decentralized governance outlined in his book “More Equal Animals – the Subtle Art of True Democracy.” These principles have already been tested in the EOS community.
Earlier in 2021, Larimer and his team tested the process of fractal governance by creating Eden on EOS and hosting three elections that involved hundreds of people. According to the EOS co-founder, the experiment was considered successful by both hosts and participants.
Violet.garden, an EOS-based blogging application, allegedly utilized the uniqueness of Eden users to implement the Universal Basic Income practice on EOS.
Larimer revealed that he has hired the founder of Violet.garden, John Williamson, to help with the launch of a well-governed social media platform on the EOS network.
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Solana’s (SOL) network crashed for the sixth time.
Smart Contract Developers are now eyeing alternative blockchain networks LUNA, BSC and XDC Network
The crypto world continues to develop its technology to provide the best blockchain experience to all its users in the space. However, sometimes due to unavoidable circumstances, problems occur unexpectedly. This time, Solana (SOL) experienced a network crash for the sixth time. As a result, the crypto community cannot stop thinking if SOL will have the same faith as EOS.
This Solna Network Crash made author and crypto enthusiast Mark Jeffrey react in a tweet post,
Another day, another 48 hour #Solana outage.
This is like the sixth time this has happened in 3 months.
I have zero faith in it now. It is the new EOS.
The fight is now between ETH, BSC, Fantom, Avalanche and Terra.
— Mark Jeffrey ⚡️🚀 (@markjeffrey) January 23, 2022
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Meanwhile, these recent crashes encountered by the SOL network upset many Smart Contract Developers as well as the crypto community. As a result, the crypto community is now eyeing other alternative platforms (Ethereum killers) that could provide them with the expectation they need in their everyday crypto transactions. These include BSC, XDC, Fantom, Avalanche, and Terra, to name a few.
These recent blockchain network issues encountered by the SOL network upset some of the crypto community members. As a result, investors have started to consider other Blockchain networks that could meet the expectations when it comes to everyday crypto transactions. XDC Network (XDC) chain is one of the crypto platforms to catch the attention of global investors at the time of writing this article, with only XDC in Green while rest of the Crypto remains in RED (Source: Top100 coins at coinmarketcap.com ). This indicates that not only smart contract developers but the crypto community also started looking towards XDC Network.
The XDC protocol is designed to support smart contracts in as seamless a way as possible. Over 3,800 smart contracts have been created on the XDC Network. Here is the growth graph over time as referred from the recent article of XDC Foundation.
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Source: Medium
Furthermore, the XDC Chain (XinFin Digital Contract) uses XinFin Delegated Proof of Stake (XDPoS) to create a highly scalable, secure, commercial-grade blockchain network. Indeed, XDC enables various real-world use cases like remittance (WadzPay), trade finance (TradeTeq), ISO20022 messaging standard (IMPEL), decentralized Storage (Storx), Data ORACLE (Pugin), Decentralized email (LedgerMail), R3 Corda’s only Public blockchain Bridge (LAB577) DEX (xSWAP and globiance), Stable coin (usnota, SGDG, EURG, HKDG, GBPG, USDG etc), NFT MarketPlace (XDSea) and many more use cases adopted XDC Blockchain Network.
On the other hand, this system crash experienced by SOL is not the first in space. In fact, this kind of scenario is not new in the crypto community. However, today, the crypto space is witnessing the rise of crypto projects such as XDC that offer a seamless blockchain network. Hence, it is up to the users to pick the crypto network that suits their crypto needs.
The EOS Network Foundation has taken a major step in bolstering its independence from Block.one by enlisting the network’s architect, Dan Larimer.
Larimer and his team will fork the EOSIO codebase.
The developments follow years of failed promises and widespread community disapproval toward the project’s founding company, Block.one.
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The EOS Network Foundation has tapped Dan Larimer, the founding developer of EOSIO, to help it take over the direction of the EOS ecosystem. The partnership follows the EOS community’s vote to halt vesting to its founding backer, Block.one.
EOS Network Foundation Aims for Brighter Future
The EOS Network Foundation has its sights set on a revival.
Dan Larimer, who architected EOS and was previously part of the project’s founding backer Block.one, will now help the foundation revive the project’s ecosystem. To further establish independence from Block.one, Larimer and his team will fork the EOSIO codebase.
The fork will happen across two major upgrades: Mandel 2.3 and Mandel 3.0. The EOS Network Foundation was allocated 200,000 EOS to help Larimer and his team execute the fork.
In a press release, Larimer said that the Mandel code fork was “the shortest path to EOS independence.” He also described the fork as “the first step on a multi-year plan to revitalize EOS.”
The developments announced today follow years of woes for the EOS community. EOS rose to prominence in 2017 when Block.one raised $4.1 billion through an ICO to fund the project. It was one of several blockchains that was branded as an “Ethereum killer” across the crypto community. However, it failed to deliver on its promises. Following the capital raise, Block.one proposed a number of initiatives that are still yet to launch several years later.
Block.one’s missteps caused a longstanding divisions within the EOS community. The company was accused of holding back progress on the project, with the EOS Network Foundation’s CEO continuously claiming that it had suffered thanks to Block.one’s failure to execute. After years of tension between the two camps, EOS block producers voted in December to cease the vesting of 67 million EOS tokens that were scheduled to be unlocked for Block.one over the next six to seven years. The allocation is currently worth around $180 million.
The EOS Network Foundation is hoping that enlisting Larimer will bring the project closer to fulfilling its original vision. Last week, it received $21 million in funding from the EOS community to move toward its goal. Whether it can make a comeback remains to be seen.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies.
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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
EOS Community Votes to Halt Vesting to $4B Backer Block.one
EOS block producers have voted to stop vesting tokens to Block.one. The battle between the EOS Foundation and the project’s founding team, Block.one, continues. EOS Community Votes to Stop Vesting…
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EOS Foundation CEO Yves La Rose has addressed the EOS’s poor performance, outlining a new roadmap. Rose put much of the blame on the blockchain’s ICO backer, Block.one. EOS Foundation…
Anatoly Yakovenko Reflects on Solana’s Breakout Year
Crypto Briefing sits down with Solana Labs CEO and co-founder Anatoly Yakovenko at the first edition of Solana Breakpoint. Solana Heads to Lisbon Regardless of where you’re looking in the…
What Is The Crypto Volatility Index?
The Crypto Volatility Index (CVI) is a decentralized solution used as a benchmark to track the volatility from cryptocurrency option prices and the overall crypto market.
After voting to halt payments to its developer, Block.one, citing lack of financial transparency and slow progress, the EOS community is set to take control of the chain’s technical development.
Forking the EOSIO codebase
According to the press release shared with CryptoPotato, the EOS community will work under the guidance of the EOS Network Foundation (ENF) and Dan Larimer. The development follows troubles between the ENF and Block.one that has been brewing for quite some time now. But with the company out of the picture and the ENF taking the reigns, Larimar has big plans for the EOS ecosystem.
The exec will work towards creating technical independence from Block.one. In order to achieve that, the EOS network founder collaborated with the ClarionOS team on the Mandel codebase, which aims to replace EOS’s old code repository.
In short, Larimer and his team will fork the EOSIO codebase into a new repository called Mandel. Initially, there will be two major upgrades – Mandel 2.3, which is the natural successor of EOSIO 2.2, and subsequently Mandel 3.0.
The announcement also mentioned that Mandel 3.0’s candidate will be released on January 31st. It was made possible after Larimar received a fund of 200,000 EOS from the ENF. According to Larimar, the Mandel code fork is the “shortest path to EOS independence.” While revealing that this is just step one of a multi-year plan to strengthen EOS, the exec went on to add,
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“I’m excited to partner with the ENF and I have never been more optimistic about the future vision for EOS. It is on the path to becoming the DAO of DAOs where new users won’t have to pay for accounts and countless people will be rewarded for contributing and inviting others who do the same!”
For the uninitiated, censorship has been a bone of contention for Larimar. In March, he came up with ClarionOS that focused on offering a decentralized network, similar to social media platforms such as -Twitter Facebook, but without censorship.
Relationship Turns Sour Between Block.one and EOS
Last year, the company was blamed for effective abandonment and mismanagement. The relationship between the community and Block.one has turned sour due to several reasons. The EOS community accused that the firm did little to increase the ecosystem’s growth and failed to deliver promises, including the network reaching one million transactions per second (TPS).
The release of 1,000 decentralized applications (dApps) remained a distant dream, while the development of the inter-blockchain communication solution was nowhere in sight. Everything went downhill after the creators of the EOSIO software announced they were selling 45 million EOS tokens to Brock Pierce’s Helios VC.
After endless speculations and negotiations between the EOS Network Foundation (ENF) and Block.one, the community, led by ENF leader – Yves La Rose, and other block producers, decided to halt payments to the company on December 8th. Following this, the ENF received around $21 million directly from the community, which marked the take over of the EOS network from the developer.
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Crypto leverage has been high across some particular digital assets in the space. Global open Interest in the space still sits at a reasonable point currently, but some assets boast significantly higher open interest to market cap ratios than others. Thus, this report will be examining the leverage for these assets to see which ones carry elevated leverage.
Altcoins Lead In Leverage
Bitcoin and ethereum no doubt still command the largest share of the global crypto open interest but when it comes to the percentage of their market cap which their open interest commands, it falls short when compared to other digital assets in the space.
Related Reading | Cardano Foundation Completes Funding To Plant 1 Million Trees
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A good number of these altcoins have found popularity in recent months, spending less time in the spotlight than their beloved counterparts bitcoin and ethereum. However, these digital assets have shown a far higher open interest to market cap ratio than bitcoin and ethereum.
For perspective, the open interest to market cap ratio for crypto coins such as bitcoin and ethereum sit at 1.97% and 2.19% respectively. Each of these assets has an open interest at $15.5 billion and $8 billion. Other cryptocurrencies with newfound fame boast of a much higher ratio despite only boasting a small percentage of the global open interest in the crypto space.
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Altcoins lead open interest to market cap ratio | Source: Arcane Research
The highest of these is SUSHI, which leads the charge with a whopping 10.09% open interest to market cap ratio. The relatively new cryptocurrency leads the second-highest by almost 1.5%. YFI placed second at 8.59%, with CRV and EOS at third and fourth position with 8.30% and 5.95% respectively.
Metaverse Crypto Coins On The Come-Up
Metaverse Crypto coins had an incredible come-up in the last quarter of 2021. The boom caused by Facebook’s announcement that it was rebranding to Meta has continued on into the new year, placing the top metaverse tokens in the list for cryptocurrencies with the most elevated leverage.
Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction
Of the 16 coins featured in an Arcane Research report showing elevated leverage in some of the most popular altcoins, four metaverse tokens made the list. SAND, MANA, AXS, and GALA all had an open interest to market cap ratio at 3.29% and higher.
AXS led the pack with a 4.44% ratio, showing the highest and MANA with the lowest. Both of these are indicative of traders using both MANA and AXS to hedge their metaverse exposure.
Layer 1 tokens were not left out of the action though as both FTM and Near recorded open interest to market cap ratios higher than that of the large cap coins. FTM’s ratio sat at 4.02%, while Near recorded a 3.15% OI to market cap ratio.
Crypto total market recovers above $2 trillion | Source: Crypto Total Market Cap on TradingView.com
Featured image from Crypto News, charts from Arcane Research and TradingView.com
The year 2021 has undoubtedly been a bull market with Bitcoin (BTC) raising the all-time high price bar several times this year. But not all crypto assets have performed equally. There have been a number of losers in addition to the majority of winners in terms of price gains.
Since the beginning of 2021, total crypto market capitalization has gained 190% from just under $800 million to over $2.3 trillion today. It hit an all-time high of just over $3 trillion in early November.
Top 3 crypto gainers in 2021
The crypto top-ten in terms of market capitalization looked a little different on Jan. 1, 2021, as it contained Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH). These have dropped out and have given way to Solana (SOL), USDC, and Avalanche (AVAX) by the year’s end.
Dogecoin (DOGE)
Dogecoin has skyrocketed this year, driven primarily by Elon Musk’s surreptitious social media posts. On New Year’s Day, DOGE was priced at just $0.004 and largely ignored by the majority of crypto traders. DOGE had its first little spurt in February following the first of what would be a number of subsequent Elon pumps.
DOGE prices really went on a wild ride in April and May when they surged more than 1,100% to an all-time high of $0.731 on May 8, pushing it up the crypto market cap charts to the fourth spot.
Musk extolled the virtues of DOGE as a payments network in June, resulting in another round of FOMO for the memecoin.
DOGE has been falling from that epic pump since May, both against Bitcoin and USD. But all of the additional mainstream media it has got, in addition to major trading platform listings, has still given the Shiba Inu-inspired joke coin a monumental gain of 3,800% so far this year. In BTC terms, DOGE has gained 2,100% on the year from 168 satoshis to 3,696 sats in mid-December.
DOGE/USD YTD – coingecko.com
Starting position by market capitalization on Dec. 15: 26 — Final position: 11
Solana (SOL)
The native token for the enterprise blockchain Solana has also had a bumper year in terms of gains. At the beginning of 2021, SOL was priced at just $1.52, at the time of writing it was trading for a little over $150. This is an epic gain of more than 9,800% in less than a year.
SOL hit an all-time high of $260 in early November but has retreated as markets began correcting late in the year. The massive move has given SOL a fifth spot in the market cap charts after peaking at fourth. Against BTC, SOL has gained 6,473% over the year.
Major investments and increased adoption in the wake of surging transaction prices on Ethereum have driven momentum for Solana, which has also been touted as an “Ethereum killer.” In June, Solana Labs raised $314 million via a private token sale led by Andreessen Horowitz and Polychain Capital.
SOL/USD YTD – coingecko.com
Starting position: 112 — Final position: 5
Terra (LUNA)
The native token for decentralized financial payment network Terra has also made it into the crypto top ten briefly. LUNA began the year trading at around $0.65 and was largely unknown to mainstream retail traders.
Prices were lifted in March and May, but they didn’t really take off until August when a massive pump took LUNA to an all-time high of $77.73 on Dec. 5. At the time of writing, LUNA was trading up a whopping 8,515% since the beginning of the year. In satoshi terms, LUNA has increased up 5,815% this year against BTC.
The rapid expansion of partners on the Terra ecosystem has been largely responsible for the bullish price action.
LUNA/USD YTD – coingecko.com
Starting position (CMC): 62 — Final position (CMC): 10
A few others are also worth a mention for making impressive gains this year and they include Avalanche’s AVAX up 2,330% on the year, Polygon’s MATIC, which has surged more than 12,000%, and Binance Coin (BNB) making 1,271% this year.
Top 3 crypto losers in 2021
Internet Computer (ICP)
Amid a world of hype, Dfinity’s Internet Computer project exploded onto the scene this year after 5 years of largely secretive development. It promised an internet revolution replacing the trillion-dollar legacy internet and IT industry by allowing developers to install their code directly on a “public internet” without having to rely on third-party hosting firms.
Speculators in a frenzy for the next big thing in crypto loaded up on ICP tokens when they were listed on major exchanges in mid-May sending prices skyrocketing to a very quick all-time high of $700 on May 10.
Since then, ICP prices have virtually collapsed sinking to an all-time low of $24.29 on Dec. 4, a painful 96% down from its peak just 7 months prior. It has also lost 93% against Bitcoin in terms of satoshis.
ICP/USD YTD – coingecko.com
Starting/Highest position: 8 — Final position: 37
EOS (EOS)
The once darling of crypto that many touted would kill Ethereum has actually done very little in terms of price movements this year while those around it have surged.
EOS had already fallen out of the market cap top ten on Jan. 1 and it continued to fall down the charts all year. EOS prices have only gained a paltry 15% over the year when others were in thre and 4 figures so we would consider that a loser in the grand scheme of things.
Block.one’s once-hyped token was trading at $3.25 at the time of writing, having slumped to the 50th spot by market cap. It is currently 86% down from its April 2018 all-time high of $22.71 and has lost 22% against BTC over the year.
In early November, members of the EOS ecosystem voiced their dissatisfaction with the direction the network was heading.
EOS/USD YTD – coingecko.com
Starting position: 15 — Final position: 50
Monero (XMR)
The privacy-focused cryptocurrency Monero has also fallen heavily down the market cap charts this year as a number of major exchanges delisted digital assets that offer anonymity.
XMR prices have mustered just 17% this year and have come nowhere near their January 2018 all-time high of $524. Currently trading at around $183, XMR has slumped 66% from that peak resulting in a fall to 49th in the coin cap tables. Monero has lost 30% against Bitcoin since the beginning of the year.
XMR/USD YTD – coingecko.com
Starting position: 16 — Final position: 49
To put these gains and losses into perspective, Bitcoin is up 67.5% year-to-date (YTD) year while Ethereum gained 440%.
Source: Medium
