Algorand (ALGO) price strengthens as institutional investors back the project

Backing from institutional investors and a series of new partnerships could help ALGO break from its current range in the coming week.

Consolidation periods tend to follow strong rallies but they also present a good opportunity to survey the field and evaluate projects that have strong fundamentals.

One project that continues to gain traction in terms of price recovery and network adoption is Algorand (ALGO), a pure proof-of-stake (POS) blockchain network that has secured new partnerships and real-world use case applications, as well as support from multi-million-dollar funds in recent weeks.

Big funds invest in Algorand-based projects

Raising funds is one of the biggest challenges many projects face and in the last month the Algorand network announced that Arrington Capital, a digital asset manager, had pledged $100 million in funding meant to help accelerate additional development across all facets of the smart contract platform.

This development came on the heels of the June 2 announcement that Borderless Capital, a venture capital firm, had created a $25 million fund aimed at supporting Miami-based blockchain startups developing digital payment solutions on the Algorand network.

Related: Exodus Wallet raises almost $60M in crypto in regulated offering

New partnerships lure investors

A scroll through the Algorand Foundation Twitter feed shows a growing list of cryptocurrency projects across a variety of sectors that have joined up as part of the Algorand community to take advantage of the low fee, POS environment.

The nonfungible token (NFT) sector is showing some interest in the network following a partnership with Curate that will allow for the minting of NFTs as well as the release of a bridge by Curvegrid that will allow businesses to build NFT and blockchain technology into their business and consumer mobile applications.

Other recent examples of adoption include a partnership with the Bermuda-based MAPay healthcare payment solution, which will host its payment solution on Algorand blockchain in an effort to improve efficiency and reduce healthcare costs, as well as a partnership with Xfinite and Eros Now to create a blockchain-based content engagement platform for the 224 million registered users of Eros Now.

These new partnerships come after a busy year for the network which also included the integration of USD Coin (USDC) and Tether (USDT), the two largest stablecoins in the cryptocurrency ecosystem. 

The growing list of network partnerships and investments from players in traditional finance suggests that ALGO is well-positioned to see future growth as the blockchain sector sees continued adoption and the crypto market recovers from it recent sharp correction.

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.

Continue reading

Celo rallies 50% as excitement builds for the upcoming ‘Donut’ hardfork

CELO price gained 50% ahead of the network’s May 19 ‘Donut’ hardfork which will help increase interoperability and lower gas fees.

Decentralized finance (DeFi) has emerged as a transformational force for not just the cryptocurrency market, but for financial markets in general in 2021 thanks to the ease of access and security offered by blockchain-based protocols which operate on smart contracts.

One project that is looking to take the simplicity of DeFi to the next level is Celo (CELO), an open blockchain ecosystem that makes financial tools accessible to anyone with a mobile phone. 

Data from Cointelegraph Markets Pro and TradingView shows that the price of CELO rallied 50% from a low of $4.29 late on May 16 to an intraday high at $6.70 on May 18 on the back of a 740% surge in 24-hour trading volume. 

CELO/USDT 4-hour chart. Source: TradingView

A quick scroll through the project’s twitter feed shows that excitement in the Celo community has been building in recent weeks due to the upcoming ‘Donut’ hardfork that is scheduled for May 19.

According to documentation from the team, the hard fork will unlock numerous benefits to Celo users, including increased gas efficiency, improved proof-of-stake interoperability and the ability to connect with many of the Ethereum (ETH) tools available like MetaMask.

Some of the other layer-one protocols that the upgrade will help Celo more smoothly interoperate with include Cosmos (ATOM), NEAR and Solana (SOL).

Bullish momentum for CELO was picked up in the VORTECS™ data from Cointelegraph Markets Pro, which began to detect a positive outlook for the token on May 13, prior to the recent price rise.

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CELO price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score rose into the green zone on May 13 and remained elevated for two days with a high score of 73 coming on May 14, roughly 67 hours before CELO price rallied 50% higher.

With DeFi still in its infancy and interoperability arising as a go-to feature for any network with long-term aspirations, Celo appears well-positioned to experience further growth and token appreciation thanks to its focus on catering to smartphone users and aiming to make interacting with DeFi globally accessible and user friendly.

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.

Continue reading

Green energy tokens capitalize on Tesla’s decision to nix Bitcoin payments

Tesla’s decision to cease Bitcoin payments ignited a green energy debate that sent the price of low energy consumption protocols like NANO, HBAR and EWT higher.

After months of touting the benefits of Bitcoin (BTC) and blockchain technology, Tesla CEO Elon Musk shocked the crypto Twitter on May 12 by announcing that the electric car company would suspend its accepting BTC as a form of payment, citing concerns related to the energy required to mine the top cryptocurrency. 

As Tesla issued its statement, Bitcoin, Ether and a large segment of altcoins sold off sharply but there were a few projects that found clever ways to capitalize off the mayhem by tweeting about the ‘green’ nature of their networks that require only a tiny fraction of the energy required to maintain the Bitcoin network.

HBAR/USDT vs. NANO/USDT vs. EWT/USDT 1-hour chart. Source: TradingView

Three of the biggest beneficiaries of the focus on energy consumption are Hedera Hashgraph (HBAR), Nano (NANO) and Energy Web Token (EWT). Each experienced double-digit gains on May 13, while a majority of the cryptocurrency market is in the red.

HBAR/USDT

Hedera Hashgraph is a public network that was designed to be a fairer, more efficient system that seeks to overcome some of the limitations of earlier-generation blockchain platforms that struggle with slow performance and instability.

The network received support from an unlikely source on May 13 as Deepak Chopra, a well-known spiritual teacher and meditation advocate, responded directly to Musk’s tweet about discontinuing Bitcoin payments by discussing the low energy nature of the HBAR.

Further exploration of the project’s Twitter feed show a litany of posts from various community members and project developers displaying the low energy cost of the Hedera network. This activity coincides with the May 13 spike in its price from a low of $0.226 to an intraday high of $0.41.

NANO/USDT

A second protocol that has jumped on the green energy wave initiated is Nano, a lightweight cryptocurrency designed to offer secure, near-instant payments with zero fees.

The project, along with members of its community, was quick to highlight Nano’s status as “one of the leading energy-efficient and eco-friendly cryptocurrencies of 2021” which may have helped propel the tokens price 121% on May 13 from a low of $8.00 to a 3-year high at $17.71.

NANO/USDT 4-hour chart. Source: TradingView

EWT/USDT

Energy Web Token is a more obvious beneficiary of the refocus on environmental concerns as it is the operational token behind Energy Web Chain, a blockchain protocol designed to facilitate application development for the energy sector.

While the project doesn’t focus specifically on payments, the protocol’s virtual machine has the potential to revolutionize the energy sector as it is oriented toward grid operators, software developers and vendors.

The project responded to the recent announcement from Musk with the following tweet touting the protocol’s ability to decarbonize the global energy sector.

EWT rallied 75% from a low of $13 late on May 12 to an intraday high at $22 before profit-taking pushed the price back below $18.

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.

Continue reading

Solana (SOL) hits new highs as DApps, DeFi and stablecoins join the network

Solana price is pushing toward new highs as an increasing number of DApps, DeFi projects and stablecoins build platforms on the network.

The arrival of institutional investors and the rise of decentralized finance (DeFi) has been an incredible boon for the entire cryptocurrency sector but it has also highlighted a number of persistent limitations that many blockchain networks encounter when faced with surges in activity and the need to scale.  

High fees and slower transaction times on the Ethereum (ETH) network have left the door open for new layer-1 solutions to emerge, and Solana (SOL) is one such project that has been gaining traction lately.

Data from Cointelegraph Markets and TradingView shows that the price of SOL has increased 195% over the past month, rallying from a low of $12.19 on March 26 to a new all-time high of $36.10 on April 19th on a record $1.4 billion in trading volume.

SOL/USDT 4-hour chart. Source: TradingView

Similar to how Ethereum rose to prominence in 2017, Solana’s strong performance in the past month was sparked by the launch of multiple projects on the SOL blockchain with everything from legitimate DeFi protocols to pump and dump airdrops that brought speculators to Solana’s exchange.

Fast transactions and low fees entice developers

One of the biggest draws for the Solana network is its claim of being able to process 65,500 transactions per second (TPS), which is significantly faster than Ethereum’s current average of 18.3.

The network’s ability to handle a larger load has also made the platform a cross-chain destination for projects like Civic (CVC) and the popular stablecoins USD Coin (USDC) and Tether (USDT).

DeFi platforms like Raydium and Serum have launched on Solana and there is a growing list of projects in the process of transitioning to the network.

Prospects for the network received another boost in early April when the Solana-based Sollet wallet released its Chrome extension that offers the Solana ecosystem functionality that mirrors the way MetaMask works for Ethereum.

Simple yield opportunities attract DeFi users

The Solana protocol utilizes a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain, which makes it easy for token holders to earn a yield on their SOL tokens while also participating in the network.

The number of cryptocurrency wallets supporting SOL is also a sign that the project is garnering more attention. To date, Exodus, Ledger and Blockfolio are some of the more prominent wallets that offer support for the token.

A recent integration with the Phantom wallet has also brought fresh energy to the project as it will enable the creation of a robust NFT ecosystem on Solana. This brings one of the hottest sectors of the crypto market to the network. 

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.

Continue reading

Flamingo (FLM) TVL rises as Ethereum gas solutions remain elusive

Flamingo’s total value locked continues to rise as DeFi investors are attracted to the platform’s zero-fee transactions and high-yield liquidity pools.

Yield farming has grown in popularity over the past year alongside the rise of decentralized finance, but recently the ability to earn a good return has been limited by the high transaction costs on the Ethereum (ETH) network. 

As a result, yield farmers have begun exploring options outside the Ethereum network for more accessible opportunities in a low fee environment.

One option that has shown steady growth in liquidity since launching is Flamingo Finance (FLM), a DeFi platform based on the Neo (NEO) blockchain and the Poly Network interoperability protocol.

Flamingo finance total liquidity and 24-hour volume. Source: Flamingo Finance

Flamingo aims to become a full-service DeFi platform and the protocol currently has a cross-blockchain asset gateway (wrapper), an on-blockchain liquidity pool (swap), a blockchain asset vault, a perpetual contract trading platform (perp) and a decentralized governance organization (DAO).

The cross-blockchain asset gateway is currently capable of wrapping ERC-20 tokens including Wrapped Ether (WETH) and Wrapped Bitcoin (WBTC), as well as Ontology-based (ONT) tokens.

Interaction with the protocol is done using the NeoLine or O3 wallet browser extensions for Neo tokens, the Cyano wallet browser extension for Ontology-based assets, and the MetaMask browser extension for transactions requiring the Ethereum network.

While the platform is not really a contender with Etheruem, the low fees have been attracting users, as shown by the rising TVL. Once all collateral has been wrapped and deposited on the Neo blockchain, all transactions on the Flamingo protocol have a fixed cost of 0.011 GAS and there is a option to choose a feeless transaction if the user is willing to wait a little longer for the transaction to process.

Competitive yields boost liquidity

When Flamingo originally launched, it offered simple staking and high yields to attract the initial pool of liquidity that helped get the ecosystem established. It has since shifted into offering yield opportunities for liquidity pool providers, especially on pools where there is a greater need for liquidity.

Liquidity pool staking rates on Flamingo Finance. Source: Flamingo Finance

As seen in the graphic above, all of the pools are paired with Neo and rewards are paid out in FLM token.  

According to Flamingo’s Twitter feed, the protocol is now gearing up for the release of Neo 3.0, which began its Testnet launch on March 25. Once fully implemented, Neo 3.0 could see increased activity on the network and spark a rise in value for FLM as it’s the base pair for all of the liquidity pools.

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.

Continue reading