269 days ago • cryptodaily
YGG Surges Nearly 600% Before Crashing, What’s Going On?
Yield Guild Games surged nearly 600% in less than a week, smashing through the top gainers charts before abruptly crashing.
According to reports, a new Binance trading product and an ongoing community gaming event have played a pivotal role in the incredible price rally of the YGG token.
YGG Token Surges
According to data from CoinmarketCap, the Yield Guild Games (YGG) token saw a dramatic surge over the past week, rising by 580% and reaching a peak of $0.93 on the 7th of August, 2023. However, the token abruptly crashed soon after reaching this price level and is currently trading at around $0.36. However, the token had hinted at a decline in price in its gradually dropping trading volume. The trading volume recorded a drop of 26% in 24 hours, falling under $500 million, while the market cap increased by $17 million, reaching $161 million.
Why Did The YGG Price Rally?
Observers attributed the surge in the YGG token’s price to a couple of major factors. On the 3rd of August, Yield Guild Games announced the 4th season of the Guild Advancement Program (GAP). The Guild Advancement Program is a periodic gaming event that distributes rewards such as tokens to community members who successfully complete specified quests in participating in YGG-affiliated games.
The 4th season of Yield Guild Games includes some of the biggest names in the space, such as Splinterlands, Skyweaver, and Axie Infinity. As a result, it should come as no surprise that the Yield Guild Games network usage saw a spike, reaching a one-month high of 192 active addresses. Yield Guild Games stated in its press release,
“Some of the community’s most recent top picks are joining the fold this season, with all-new quests for guild members to dive into as they hone their skills and establish their web3 reputation. The season will officially begin on the 3rd of August, 2023, and will run until the 27th of September, 2023.”
Barely a day later, Binance announced plans to launch a YGG/USDT trading pair for perpetual contracts on its CEX platform, allowing up to 20x leverage. Available on-chain data suggests that the announcement brought in about $100 million worth of new capital into the YGG ecosystem.
Whales Dumping Share Of YGG
While the growth has been quite notable, reports have emerged of venture capital companies who initially backed the project, reportedly looking to sell their share of YGG on Binance. Data from LookOnChain sourced on the 7th of August shows that Bitkraft Ventures and DWF Labs have moved their YGG holdings to Binance and are most likely looking to sell. DWF Labs had received around 29 million YGG from the Yield Guild Games Treasury. However, on-chain data has suggested that most of these tokens have been moved to exchanges. Bitkraft Ventures also made large deposits on Binance using FalconX.
Another whale, Wintermute Trading, has reportedly deposited just over 11 million YGG worth $6.7 million to different exchanges over the past four days. It currently holds a further 2.5 million YGG, valued at around $1.5 million. LookOnChain also showed that Youbi Capital had deposited around 1 million YGG to Binance. The firm currently holds about 11 million YGG. Sfermion has also jumped on board the selling wagon, using FalconX to deposit its YGG tokens on Binance.
Large deposits generally signify an investor’s willingness to exchange the token for other assets or sell them. This is also true of whales such as the ones mentioned earlier. Smaller investors generally tend to follow larger investors, copying their selling behavior.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
269 days ago • cryptodaily
YGG Surges Nearly 600% Before Crashing, What’s Going On?
Yield Guild Games surged nearly 600% in less than a week, smashing through the top gainers charts before abruptly crashing.
According to reports, a new Binance trading product and an ongoing community gaming event have played a pivotal role in the incredible price rally of the YGG token.
YGG Token Surges
According to data from CoinmarketCap, the Yield Guild Games (YGG) token saw a dramatic surge over the past week, rising by 580% and reaching a peak of $0.93 on the 7th of August, 2023. However, the token abruptly crashed soon after reaching this price level and is currently trading at around $0.36. However, the token had hinted at a decline in price in its gradually dropping trading volume. The trading volume recorded a drop of 26% in 24 hours, falling under $500 million, while the market cap increased by $17 million, reaching $161 million.
Why Did The YGG Price Rally?
Observers attributed the surge in the YGG token’s price to a couple of major factors. On the 3rd of August, Yield Guild Games announced the 4th season of the Guild Advancement Program (GAP). The Guild Advancement Program is a periodic gaming event that distributes rewards such as tokens to community members who successfully complete specified quests in participating in YGG-affiliated games.
The 4th season of Yield Guild Games includes some of the biggest names in the space, such as Splinterlands, Skyweaver, and Axie Infinity. As a result, it should come as no surprise that the Yield Guild Games network usage saw a spike, reaching a one-month high of 192 active addresses. Yield Guild Games stated in its press release,
“Some of the community’s most recent top picks are joining the fold this season, with all-new quests for guild members to dive into as they hone their skills and establish their web3 reputation. The season will officially begin on the 3rd of August, 2023, and will run until the 27th of September, 2023.”
Barely a day later, Binance announced plans to launch a YGG/USDT trading pair for perpetual contracts on its CEX platform, allowing up to 20x leverage. Available on-chain data suggests that the announcement brought in about $100 million worth of new capital into the YGG ecosystem.
Whales Dumping Share Of YGG
While the growth has been quite notable, reports have emerged of venture capital companies who initially backed the project, reportedly looking to sell their share of YGG on Binance. Data from LookOnChain sourced on the 7th of August shows that Bitkraft Ventures and DWF Labs have moved their YGG holdings to Binance and are most likely looking to sell. DWF Labs had received around 29 million YGG from the Yield Guild Games Treasury. However, on-chain data has suggested that most of these tokens have been moved to exchanges. Bitkraft Ventures also made large deposits on Binance using FalconX.
Another whale, Wintermute Trading, has reportedly deposited just over 11 million YGG worth $6.7 million to different exchanges over the past four days. It currently holds a further 2.5 million YGG, valued at around $1.5 million. LookOnChain also showed that Youbi Capital had deposited around 1 million YGG to Binance. The firm currently holds about 11 million YGG. Sfermion has also jumped on board the selling wagon, using FalconX to deposit its YGG tokens on Binance.
Large deposits generally signify an investor’s willingness to exchange the token for other assets or sell them. This is also true of whales such as the ones mentioned earlier. Smaller investors generally tend to follow larger investors, copying their selling behavior.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
357 days ago • cryptodaily
The Odsy Foundation Raises $7.5M in Seed Round Led by Blockchange Ventures To Decentralize Access Control in Web3
Zug, Switzerland, May 11th, 2023, ChainwireThe Odsy Foundation, a non-profit organization dedicated to fostering and developing the Odsy Network ecosystem, today announced it raised $7.5M in seed funding that set the Odsy Network valuation at $250M. The round was led by Blockchange Ventures with participation of VCs, strategic partners and investment DAOs including Rubik Ventures, No Limit Holdings, Node Capital, Insignius Capital, FalconX, SolrDAO, TPC and others.Over the past decade, the need for interconnected solutions that enable real world use cases, and the lack of an infrastructure for decentralized access control, drove Web3 builders to create centralized solutions and to the increased centralization of Web3. In the past year, following the collapses of centralized Web3 giants such as Celsius and FTX, it has become evident that centralized access control is an existential threat to Web3.The Odsy Network provides a secure and programmable access control layer for all of Web3 through a new crypto primitive - dWallets (dynamic decentralized wallets). dWallets are programmable and transferable signing mechanisms that live on the decentralized Odsy Network, and that can sign transactions on practically any other blockchain."In the future, our money, IDs, assets and so much more will each be represented by valuable tokens on what is almost certain to be many different blockchains", said Ken Seiff, General Partner Blockchange Ventures. "Just as each internet account requires a log-in, each blockchain requires a different wallet - and the tracking and maintenance of different wallets present a significant challenge and headache for users. This challenge will only grow as the number of blockchain networks multiply, and could continue to be a major obstacle to widespread consumer adoption. Odsy solves this challenge, and in doing so lowers the barrier to entry for mass adoption."Since dWallets are programmable, Web3 builders will be able to use the Odsy Network in order to implement any access control logic in a completely decentralized way. This paves the way for Web3 builders to recreate existing solutions such as exchanges, custodians, bridges etc. in a trustless way, but also to create brand new solutions that were not possible before, like natively multi-chain DAOs or a marketplace where wallets could be traded.While the Odsy Network is still in development, there are already over 10 projects actively building in the Odsy ecosystem, many of them VC-backed - including dWallet Labs who raised $5M in a round led by Digital Currency Group and Node Capital, and Fun who raised $3.9M in a round led by Tinder Co-Founder Justin Mateen’s JAM Fund.“The potential of new solutions, ones that demonstrate real world use cases but cannot be built in today’s fragmented crypto ecosystems, is extremely compelling for ambitious Web3 builders. dWallets is an entirely new way to imagine how digital assets should be accessed and policy managed in a multi-chain world, which is especially important as the industry explores the emergence of tokenized assets and their corresponding risk & compliance requirements.” said Sean Lee, Executive Director at Odsy Foundation, and former CEO of Algorand Foundation.To realize the potential of dWallets on the Odsy Network, significant improvements to the state-of-the-art in modern cryptography primitives such as MPC - Multi Party Computation - have been achieved. While existing threshold signature algorithms are centralized in nature and can only work with a small set of predefined parties, theseachievements by the Odsy project teams pave the way for the Odsy Network to be the first place where users can generate signed transactions to other blockchains such as Bitcoin or Ethereum, together with a large-scale permissionless set of validators.“The technical and scientific challenges we are facing are amongst the most complex in crypto today, and we have one of the best research teams in the world with over 10 world-class experts in modern cryptography. Over the upcoming months we will publish the cryptographic research that makes dWallets and the Odsy Network possible, and also the novel engineering framework of Odsy that will be a key driver in connecting Web3 to the real world.” said Omer Sadika, Co-Founder of Odsy Network, CEO of dWallet Labs.To learn more about dWallets and the Odsy Network visit odsy.xyz.ABOUT THE ODSY FOUNDATIONThe Odsy Foundation is a non-profit organization based in Zug, Switzerland, established in August 2022, dedicated to fostering and developing the Odsy Network ecosystem. The foundation works to accelerate the adoption of dWallets and the Odsy Network by promoting research, education, development and partnerships. Following decentralized, open platform principles, the Odsy Foundation is committed to facilitating adoption by supporting the development of a universal access control layer not currently available in Web3. Visit odsy.foundationABOUT ODSY NETWORKThe Odsy Network, founded in 2022, provides a secure, programmable, decentralized access layer to all of Web3 through dynamic, decentralized wallets (dWallets). dWallets are bound to Wallet dedicated smart contracts that enable the management of access control and privileges of the dWallets, and the implementation of any protocol on top of the Odsy Network. The Odsy Network is a security-first blockchain that allows for multi-chain interoperability with programmable and transferable wallets. Learn more about Odsy and dWallets at odsy.xyzContactCOOItai [email protected]