DeFI News by Thebittimes.Com

If one word summed up the state of the market, then “mundane” would be perfect. With volatility hovering around lows, top cryptos have been trading within tight, rangebound regions on the price charts. Resultantly, there has hardly been any action over the past few weeks. Bitcoin has noted a minor 1.3% decline in the 7-day period, while Ethereum has registered an inclination of roughly the same figure. ‘Apathetic’ period The effect of the same was seen in the lack of demand for crypto-centric investment products. Per CoinShares’ latest weekly report, the said category of assets noted outflows summing up to $5 million last week, in a continuation of the “apathetic period” that began in September. As far as the macro picture is concerned, the report highlighted, “ Investment product volumes which were US$758m, the lowest since October 2020 and far off the average of US$7bn a week seen this time last year. “ Source: CoinSha...

The bear market brought an array of networks down. Avalanche [AVAX] was not just hit by the bears but also by controversy involving Ava Labs. While the asset’s price did endure a major setback, other sectors of the network followed suit during the same time. A recent report highlighting AVAX’s Q3 performance implied the same. It was brought to light that the third quarter of 2022 wasn’t very favorable for the asset with regard to its network. The network value of Avalanche recorded a dainty surge of 3.3 percent. The total revenue dropped by 94.1 percent following a decline in daily transactions by 65.5 percent and a 76.2 percent drop in transaction fees. In addition to this, the daily active addresses also took a major hit. As seen in the below image, the daily active addresses were falling from an average of 63,000 in Q2 to an average of 38,000 in Q3. Source Things weren’t going too well on the DeFi front as well. Avalanche Rush, well-known decentral...

The UAE (United Arab Emirates) has become one of the most popular destinations in the world for cryptocurrency and web3-related businesses. The government’s crypto-friendly approach has seen ample success in attracting new-age businesses and entrepreneurs. A new report by Crypto Oasis Ecosystem further solidifies UAE’s dominance in the web3 front. According to the report, the UAE houses over 1,450 active Web3 organizations. The report segregated the projects into native and non-native. Native projects are those which are based on native blockchain technologies. As per the report, 65% (950) of the projects are native, while the remaining 35% (500) are non-native. The report makes special mention of the Dubai Multi Commodities Centre (DMCC). The DMCC has registered over 460 native organizations, accounting for more than 50% of the total. Crypto Oasis Ecosystem states in its report, “To maintain this growth and successful environment, the Government of th...