Crypto Shuttle News

Tag: Users

  • Polygon Links With Filecoin, Users To Benefit From Storage

    Polygon Links With Filecoin, Users To Benefit From Storage

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    Layer one network Polygon continues to expand and solidified its position in the crypto space. Recently, they announced a new partnership with Filecoin, a network that allows users to store and transfer data via a native marketplace.

    The cooperation launched the Filecoin-Polygon Bridge, to increase their interoperability. Built by the Textile team, the bridge enables users to use any Polygon mainnet to connect with Filecoin’s storage and

    (…) start storing data on Filecoin from any Polygon address without any conversions, signups, developer tokens, or secrets exchanged.

    In addition, Textile, Polygon, and Filecoin announced further incentives for users and developers to leverage the bridge. For the foreseeable future, they will cover all storage costs for every project using the Textile Filecoin Storage Bridge. Thus,

    Filecoin will bring greater functionality to Polygon applications that require decentralized and verifiable data storage.

    The bridge will be “gradually” improved to increase its usability and will launch a governance model. In that way, the community will have the power to decide the direction of the project and will operate as an additional incentive for users and developers to jump in and participate.

    The bridge will benefit from Filecoin’s features, and any app, smart contract, or service will still rely on the InterPlanetary File System (IPFS) to retrieve data. Information will be available on an entity called “storage contract” to be created with miners operating on the Filecoin Network.

    One of Textile’s main objectives is to improve Polygon, and other blockchains capacity to hold and transfer data:

    Filecoin brings many of the best parts of the IPFS stack, including verifiable data, peer-to-peer (p2p) data exchange, de-duplication, and more. We can create a more secure data storage layer for Polygon applications and their users (…).

    An Improve Storage Layer For Polygon, How Does It Work?

    According to a blog post published by Textile, the Filecoin Storage Bridge to Polygon is supported by two concepts. The first is “deposit” and is power by an API that enables them to take place on-chain, the second is “storage” power by several APIs that “interact off-chain with a storage validator that will interface with Filecoin”.

    This system offers protection against bad actors and potential Sybil Attacks, as users must deposit funds proportional to the length of time that they’d like to keep their data storage, Textile clarified. The default amount to be deposited for an hour of storage is 100GWEI per second or 0.00036 MATIC every hour.

    As seen in the chart below, research firm Messari records an increase in total value locked on Polygon. This metric, as research Ryan Watkins said, has many detractors but can be used as a proxy to determine “how much value” users place on the smart contracts running on this ecosystem.

    Polygon MATIC MATICUSDT
    Source: Messari

    The metric has seen a recovery after a decline during June and is “trending nicely” towards previous highs. At the time of writing, MATIC trades at $1,64 with an 8.3% profit in the daily chart.

    Polygon MATIC MATICUSDT Filecoin FILUSDT
    MATIC follows the general market sentiment with a rally in the daily chart. Source: MATICUSDT Tradingview



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  • AXS price gains over 16% as Axie Infinity closes in on 1M daily active users

    AXS price gains over 16% as Axie Infinity closes in on 1M daily active users

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    The price of Axie Infinity’s native token AXS surged on Wednesday despite a lackluster upward momentum elsewhere in the cryptocurrency market.

    The AXS/USD pair rose to as much as $44.96 following a 16.44% intraday jump. Nonetheless, the strong upside move came as a part of a sideways trend that saw AXS fluctuating inside the $36.48-$56.57 price range, hinting that traders placed speculative upside bets on the token.

    AXS trades near its all-time high. Source: TradingView.com

    Axie ecosystem swells

    Axie Infinity’s growth as a gaming project provided bullish cues to speculators. Data provided by Axie World showed that Axie Infinity earned $196.89M in July 2021. Meanwhile, so far in August, the project has raked in circa $45M in revenue, with almost 1 million active users. 

    “The interplay between Axie’s revenues and AXS price is noticeable,” wrote Jeremy Ong and Jayden Andrew, analysts at crypto-focused research firm Delphi Digital.

    “This makes sense given the majority of revenues come from Axie breeding fees paid in AXS to the treasury, which significantly decreases the circulating supply of AXS — causing a supply-side squeeze.”

    Axie Infinity revenue per month. Source: Axie World

    In detail, Axie Infinity is a play-to-earn metaverse powered by the Ethereum blockchain. The gaming project enables players to breed, raise, and trade digital pets called Axies. That makes Axie Infinity a blockchain-powered version of the popular Pokemon game.

    Meanwhile, AXS acts as a default currency of the Axie Infinity ecosystem that players use to buy and sell Axies and pay trading fees. AXS also operates as a governance token, allowing Axie Infinity players to vote on proposed upgrades.

    AXS holders also receive a 95% of the total Axie Infinity revenue.

    The economic prospects have so far boosted AXS demand among traders. Data intelligence firm IntoTheBlock noted that the number of Axie Infinity token holders grew by 400% since November 2020—from zero to 16.73K addresses.

    Only 1% of the addresses holding AXS have made losses. Source: IntoTheBlock

    Currently, more than 93% of wallets holding AXS are in a state of profit.

    Technical setup

    As stated, the AXS/USD exchange rate looks rangebound between two levels, with $56.57 acting as interim resistance and $36.48 as a temporary support. As a result, traders increased their upside bets on a rebound from $56.57 and go similarly bearish when the price hits $36.48.

    Addition support for AXS comes in the form of its 20-day exponential moving average (20-day EMA; the green wave in the chart below) near $35.10.

    Axie Infinity’s AXS holds above a strong support confluence. Source: TradingView.com

    As of late, AXS corrects lower specifically after its daily relative strength index breaks above 70—an overbought area. Therefore, buying the AXS top, especially when the area above remains unchartered territory for the token, carries additional downside risks.

    Related: Axie Infinity refreshes record high as AXS ascends 131% in just 3 days

    Nonetheless, if AXS/USD breaks above the $5.67-resistance level, its next profit target appears to sit near $76.65. Conversely, breaking below the support confluence near $36 risks crashing the pair to the next line of defense at $24.07, a drop of 33%.

    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.