The rally in crypto markets is currently being led by four coins: 1 Inch Network (1INCH), IoTeX (IOTX), Aave (AAVE) and Polygon (MATIC). Why so? How did the courses develop? How high has the cryptocurrency gone? And what should you know now?
Table of Contents
- 1 inch network: +14%
- IoTeX (IOTX): +15%
- Awe (AAVE): +19%
- Polygon (MATIC): +13%
1 inch network: +14%
1 among the top trending coins is currently the Decentralized Exchange (DEX) 1 Inch Network (1INCH). It traded at $0.6217 at the same time yesterday and then rose to $0.7094 within a few hours – a gain of just over 14% on the day.
1 INCH daily chart. Image: Coinmarketcap.com
Trading volume also increased sharply by 260% from the previous day. This means: the 1INCH network is buzzing – another price jump (up and down) is possible during the course of the day.
Bullish for 1 Inch Network: The project just finished integrating KyberswapElastic on 7 blockchains. These include Ethereum, BNBCHAIN, Polygon, Optimism, Arbitrum, Avalanche, and Fantom. Pros: The decentralized crypto exchange can take advantage of attractive rates from the newly introduced liquidity protocol.
I am pleased to announce that @1inch has completed the integration of #KyberswapElastic on 7 chains @ethereum @BNBCHAIN @0xPolygon @optimismPBC @arbitrum @avalancheavax @FantomFDN to match the competitive pricing of the newly launched liquidity protocol to use. pic.twitter.com/TAuKs4f1TJ
— Kyber Network (@KyberNetwork) July 8, 2022
IoTeX (IOTX): +15%
Also among the top coins today is IoTeX (IOTX) – a project that connects “Internet of Things” (IoT) devices with decentralized apps (Dapps). From yesterday’s low of $0.02772, IOTX managed to climb 15% to $0.03192 in 24 hours.
New to the IoTeX ecosystem: Dr. Xinxin Fan, Head of Cryptography at IoTeX, shares in the prestigious Forbes magazine how real-world data will bring trust and utility to the fast-growing Metaverse space.
dr Xinxin Fan, Head of Cryptography at IoTeX, shares his insights on building Metaverse applications in his latest Forbes article! He examines how real-world data is bringing trust and usefulness to a fast-growing field.
Read the full article here: https://t.co/ClXUo4ttuM
— IoTeX (@iotex_io) July 7, 2022
Awe (AAVE): +19%
Yesterday, Defy giant Ava dropped the bombshell, revealing they are working on their own stablecoin called GHO. It should be linked to the US dollar and make everything better, for example the Terra Luna stablecoin UST (now USTC Coin).
1/ Appeal to all spirits
We have created an ARC for a new decentralized collateral-backed stablecoin native to the Aave ecosystem known as GHO.
Read more below and discuss your snap ideas (coming soon)!👇https://t.co/P7tHl9LbBe
— aave (@AaveAave) July 7, 2022
The project should allow users to mine GHO against the collaterals they provided. The interest payment goes entirely to AaveDAO.
The GHO is said to be minted based on a fixed collateral quota – similar to the stablecoin Dai issued by MakerDAO. According to Ave’s founder, Coinage is “the solution for real online and on-premises payments.”
Aave price reacted immediately, rising from $63 to around $75 (+19%). However, the DeFi project failed to hold the gains: the price fell to $68.84 in the past few hours.
However, the trading volume is through the roof, so there is a good chance that Eve will rise or fall again in the next few hours.
Polygon (MATIC): +13%
Layer 2 Scaling Solution Polygon (MATIC) has also seen a strong rally from $0.52 to $0.59 (+13%) in the last 24 hours. Likely reason: collaboration with Reddit, one of the most popular and used forums online. Founder Sandeep Nelwal enthusiastically on Twitter:
“GM Polygon family!
Reddit launches its NFT marketplace on Polygon!
Goal: # Top 3 by influence – BTC, ETH, Polygon; Neither less nor more.
Don’t stop building! Wagmy!”
GM @ 0xpolygon [email protected] Launch of the NFT Marketplace at @0xPolygon!
Goal: # Top 3 by influence – BTC, ETH, Polygon; No less, no more.
Don’t stop building! dare! https://t.co/VhSMEl2wJd
—Sandeep | Polygon 3️⃣ (@sandeepnailwal) July 7, 2022
Namely, Reddit just launched a new NFT-based avatar marketplace where you can buy a blockchain-based profile picture. No wallet is required – a credit card is sufficient.
Purchase of Limited NFT also includes license rights to use images as avatars outside of Reddit. Polygon (MATIC) is used to emboss avatars on the Ethereum blockchain.
It remains to be seen if Polygon actually succeeds in what it hopes to become the top 3 cryptocurrency behind this development.
Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.