Following last week’s beating, the market has staged a modest recovery and heading into the closing stages of the week, the large-cap assets are up between 1-4%. October is set to bring a raft of events that can significantly impact volatility, not only the Ethereum blockchain is going through a critical phase of upgrades as it transitions to Proof of Stake (PoS) from Proof of Work (PoW) but also the much-anticipated launch of the Telegram Open Network (TON) is set to take place in October. According to the latest reports, in an Oct. 2 message in the official TON Board on Telegram, the firm stated that original investors were informed that the blockchain network would launch later this month. Investors are provided with TON key generation software and will be required to provide Telegram with a public key to receive their Gram (GRM) tokens — the platform’s native token — by Oct. 16th. It is worth noting that the network will purportedly be compatible with the Ethereum network, allowing users to port their Ethereum smart contracts over to TON.
EOS has had a solid start to the month, after it completed its first hard fork and also in reaction to a rather trivial fine by the SEC. As a reminder, EOS maker Block.One must pay $24 million in penalties for conducting an unregistered securities sale. The SEC said in a press release that Block.One “raised the equivalent of several billion dollars” over a one-year period in an unregistered initial coin offering (ICO). A total of $4.1 billion was raised. Block.One agreed to settle the charges, according to the SEC.
XRP got plenty of media coverage amid a raft of acquisitions, in particular, the move towards building decentralized finance (DeFi) products based on XRP using Logos Network proved supportive for the price during the first half of the week. As a guide, earlier in the year, Xpring also invested in Kava, the world’s first Interledger solutions provider, which is working to integrate companies and blockchains with Interledger. The team has worked on open-source plugins for the Bitcoin Lightning Network and Ethereum. These plugins enable BTC, ETH and XRP to be sent via the Interledger network. Kava helps blockchains, wallets and exchanges to integrate with Interledger to enable cross chain transactions. As such, even though supply concerns remain at the forefront for XRP holders’ agenda, the move towards creating Defi products should prove to be price positive supportive.
Going forward, it is worth keeping an eye on Litecoin, following reports that Litecoin Core’s latest release i.e. version 0.18.1 is coming up. Adrian Gallagher, Litecoin project’s lead developer was the first to uncover the information through a tweet, which is expected to introduce numerous new features, bug fixes and performance improvements, as well as updated translations. As expected, Litecoin’s price suffered further losses following block reward halving adjustment which took place in August, but the most recent developments should at the very least offset some of the bearish sentiment.
Thank you for reading,
The BeQuant’s Analytics team