Aave is one of the most popular crypto lending protocols. Initially launched in the Ethereum ecosystem, it also supports other layer-1 networks such as Avalanche and Fantom.
GHO to be Heavily Backed
As per a July 31 announcement, the GHO proposal was submitted by Aave Companies, an organisation of developers supporting the Aave protocol. The Aave DAO voted 99.9 percent in favour of the creation of GHO, which will be reportedly backed by a basket of cryptocurrencies:
The community has given the greenlight 🟢 for GHO 👻 The next step is voting on the genesis parameters of GHO, look out for a proposal next week on the governance forum https://t.co/ba4oK50Wb8
Users keen to mint GHO will have to allocate collaterals exceeding the amount of GHO they want to mint, all while earning interest on the underlying stablecoin. In other words, users have to allocate an overcollateralised supply in order to mint the GHO.
Shortly after the Aave DAO approval was announced, user activity on the Aave network rose to a new 2022 high:
On-chain activity for the $AAVE token is in an up-trend
Daily active addresses recently reached a yearly high as Aave moves forward with its GHO stablecoin
GHO differs from algorithmic stablecoins, whose business model solely relies on two key factors to maintain parity with a fiat currency: algorithmic mechanisms and the supply and demand of investors. But they are not really backed by any kind of reserves.
Terra was the most popular algorithmic stablecoin that stormed the market throughout 2021 and early 2022. After the protocol crumbled in May, wiping over US$60 billion from the market and spreading contagion to other stablecoin protocols, Terra launched Terra 2.0 in a bid to revive the ecosystem.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Avalanche (AVAX)
Avalanche AVAX is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is also low-cost, and green. Any smart contract-enabled application can outperform its competition on Avalanche.
AVAX is the native token of Avalanche. It is a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche.
AVAX Price Analysis
At the time of writing, AVAX is ranked the 16th cryptocurrency globally and the current price is US$17.88. Let’s take a look at the chart below for price analysis:
AVAX‘s gains in Q2 ended with an almost 80% retracement as the rest of the altcoin market dropped from early last month. Bulls stepped in near the 62.8% retracement of Q2’s move, creating a consolidation that ended with the bullish impulse to resistance near $25.30.
With the 9, 18 and 40 EMAs stacked bullish and a bullish higher-timeframe trend, it’s reasonable to anticipate retracement to possible support before further bullish expansion.
Near the 40 EMA, a broad zone from $18.35 to $17.00 could see interest from bulls before further expansion. Bears might capitalise on any sharp moves down in Bitcoin, aiming for possible support near the 75% retracement, at $16.10, and potentially lower to a higher-timeframe support zone between $15.60 and $14.32.
If the higher-timeframe recovery trend resumes and the current resistance near $23.64 breaks, the wicks near $27.14 and the new monthly highs may see profit-taking.
2. Voyager Token (VGX)
Voyager Token VGX is a cryptocurrency broker that provides investors with a trusted and secure access point to crypto asset trading. Voyager is built to serve both retail and institutional investors with a nigh-instant solution for trading crypto assets. The native token of the brokerage, Voyager Token VGX, is used to reward users within the Voyager ecosystem. VGX also generates interest when held in the Voyager app, and offers cashback rewards and other services exclusive to Voyager users.
VGX Price Analysis
At the time of writing, VGX is ranked the 116th cryptocurrency globally and the current price is US$0.8333. Let’s take a look at the chart below for price analysis:
VGX set a high near $2.30 in Q1 before retracing nearly 83% to find a low near $0.4584. The price consolidated around this level before the strong bullish impulse during the past several weeks.
Probable resistance near $0.9771 is slowing the bullish advance down. However, another leg might target the last swing high at $1.24 and relatively equal highs at $1.36. Resistance near $1.55 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $1.84.
A retracement before a move higher might find support in the daily gap near $0.7064, just above the monthly open. Relatively equal lows near $0.6295 could also provide support. A run-on stop at $0.5709 and $0.5084 might find support in the gap beginning near $0.4859 or a high-timeframe level near $0.4215.
3. Aave (AAVE)
AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token, giving owners a say in the future development of the protocol.
AAVE Price Analysis
At the time of writing, AAVE is ranked the 44th cryptocurrency globally and the current price is US$76.70. Let’s take a look at the chart below for price analysis:
AAVE‘s strong downtrend that began during early April has retraced most of its Q2 move, recently sweeping lows near $66.25.
A sweep of the relatively equal lows near $62.87 into possible support around $58.12, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $50.45.
The swing high near $82.10 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $96.82, potentially reaching up to the new monthly highs near $110 and $123.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
DeFi lending platform Aave plans to launch its own stablecoin, GHO, issued on the Ethereum network, the company announced in a blog post.
GHO would be a US dollar-pegged stablecoin over-collateralised by a diversified set of cryptocurrencies of users’ choice against their collateral. The proposal was submitted to the Aave DAO (Decentralised Autonomous Organisation) last week.
Stani Kulechov, founder of Aave, said the community would have to “start from a conservative angle and expand the new facilitators as the strategies become proven and battle-tested in DeFi“:
BREAKING: The @AaveAave team submitted ARC to launch a self-sovereign overcollateralized stablecoin GHO backed by the Aave Protocol collaterals 👻 👇🏼 https://t.co/YHpLmipLjl
Users would have to borrow the stablecoin against their crypto funds and over-collateralise it just like any other Aave loan. According to the proposal, all interest payments generated by GHO minters would be transferred to the Aave DAO treasury:
If approved, the introduction of GHO would make stablecoin borrowing on the Aave Protocol more competitive, provide optionality for stablecoin users, and generate additional revenue for the Aave DAO by sending 100 percent of interest payments on GHO borrows to the DAO.
Aave governance proposal
Aave is one of the largest DeFi lending platforms, currently boasting US$6.76 billion in total value locked (TVL). The idea of launching a crypto-backed stablecoin is just one of the safer approaches taken by other cryptocurrency platforms instead of launching algorithmic stablecoins.
One protocol that has decided to back its algorithmic stablecoin is Tron Network, which over-collateralised its USDD stablecoin to prevent a TerraUSD-like collapse.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Aave (AAVE)
AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token, giving owners a say in the future development of the protocol.
AAVE Price Analysis
At the time of writing, AAVE is ranked the 42nd cryptocurrency globally and the current price is US$111.09. Let’s take a look at the chart below for price analysis:
AAVE‘s strong downtrend that began during early April has retraced most of its Q2 move, recently sweeping lows near $80.25.
A sweep of the relatively equal lows near $104 into possible support around $95.12, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $88.45.
The swing high near $130 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $142, potentially reaching up to the new monthly highs near $155 and $160.
2. WOO Network (WOO)
WOO Network is a deep liquidity network connecting traders, exchanges, institutions and DeFi platforms with democratised access to best-in-class liquidity and trading execution at lower or zero cost. WOO Token is used in the network’s CeFi and DeFi products for staking and fee discounts. Presently, a diverse set of products and services interfacing retail, institutions, CeFi and DeFi have been built. WOO X is a zero-fee trading platform providing professional and institutional traders with best-in-class liquidity and execution. It features fully customisable modules for workspace customisation.
WOO Price Analysis
At the time of writing, WOO is ranked the 152nd cryptocurrency globally and the current price is US$0.1656. Let’s take a look at the chart below for price analysis:
WOO has retraced 80% from its Q1 highs and is currently challenging possible support near $0.1520, between the 71.8% and 78.6% retracement levels.
If this level fails to provide support, the 78.6% retracement, near $0.1451, offers a strong draw for shorts with multiple daily swing lows and an inefficient area.
Continued bearish conditions may cause this level to break, running all swing lows since Q1 2021 into the upper portion of an inefficient region starting near $0.1320. Near the midpoint and bottom of this region, lower timeframes show that $0.1280 and $0.1240 could also provide some sensitivity.
The low of early December’s consolidation, near $0.2517, and the 9 EMA may provide some resistance on any retracements. A continued rally – unlikely unless the overall market’s catalysts drastically shift – could reach over the 2021 open to $0.2927 and possibly $0.3400, where the daily chart shows a head-and-shoulders formation.
3. Dusk Network (DUSK)
Dusk Network describes itself as a blockchain for programmable and confidential securities, powered by Zero-Knowledge proofs and a novel Private PoS leader extraction-based consensus protocol. Dusk Network is a privacy blockchain for financial applications. It is a layer-1 blockchain that powers the Confidential Security Contract (XSC) standard and supports native confidential smart contracts.
DUSK Price Analysis
At the time of writing, DUSK is ranked the 394th cryptocurrency globally and the current price is US$0.1375. Let’s take a look at the chart below for price analysis:
DUSK shows signs of a more significant bearish reversal after a failed rally in March. An area near $0.2246, which has confluence with the 9 EMA and the most recent consolidation, is likely to provide resistance.
Possible support under a significant recent swing low and the 61.8% retracement, near $0.1285, may be the next bearish target. If this area fails to provide support, an area near $0.1165 may offer the next support and potentially a longer-term bottom. This area has confluence with the 78.6% retracement and the consolidation preceding the sharpest leg of H2’s rally.
If market conditions become more bullish and resistance near $0.1946 breaks, an area near the last down move’s midpoint, around $0.2357, could provide the next resistance.
A more sustained move upward may retest the 2022 open near $0.2856. However, current market conditions reduce the probability of a significant rally.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Chiliz (CHZ)
Chiliz CHZ is the leading digital currency for sports and entertainment, powering the world’s first blockchain-based fan engagement and rewards platform, Socios.com. Here, fans can purchase and trade branded fan tokens as well as having the ability to participate, influence, and vote in club-focused surveys and polls. Founded in Malta in 2018, the company’s vision is to bridge the gap between active and passive fans, providing millions of sports fanatics with a fan token that acts as a tokenised share of influence.
CHZ Price Analysis
At the time of writing, CHZ is ranked the 64th cryptocurrency globally and the current price is US$0.3092. Let’s take a look at the chart below for price analysis:
CHZ‘s stunning rally to $0.5350 plummeted over 70% after December to sweep consolidation lows at $0.2155. This could set the stage for a new bullish cycle to begin.
The price is currently balancing around the January monthly open. A quick stop run into support beginning near $0.2732 could set the stage for a move into the daily gap beginning near $0.2605, potentially reaching resistance near $0.2437.
A sweep of the highs near $0.3258, followed by a sharp sell-off, could hint that bulls are preparing to run the swing high near $0.3547. This run could find the next resistance around $0.3836 in the candle wick that created the monthly high. If the market remains bullish, the price will likely reach into possible resistance near $0.4128.
2. VeChain (VET)
VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability, and transparency of supply chains while reducing costs and placing more control in the hands of individual users.
VET Price Analysis
At the time of writing, VET is ranked the 34th cryptocurrency globally and the current price is US$0.08355. Let’s take a look at the chart below for price analysis:
VET‘s 45% move during last week ran into resistance near $0.08420, at the 27% extension of the Q1 swing.
An old high and the 18 EMA have provided support near $0.06833 and might give support again on a retest. This area also has confluence with the 50% and 62.8% retracements of November’s swing.
Just below, near $0.06493, the 55.8% retracement of the current Q4 swing might also mark an area of support.
If the market turns bearish, $0.06172 is unlikely to be revisited but could see interest from bulls during any deeper retracement.
An area near $0.09018, at the 50% extension of the summer’s swing, could see some profit-taking if bulls break the current resistance near $0.09378. Above, old consolidations near $0.09525 and $0.09872 may also provide some resistance before another round of price discovery.
3. Aave (AAVE)
AAVE is a decentralised finance protocol that allows people to lend and borrow crypto. Lenders earn interest by depositing digital assets into specially created liquidity pools. Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. AAVE provides holders with discounted fees on the platform, and it also serves as a governance token – giving owners a say in the future development of the protocol.
AAVE Price Analysis
At the time of writing, AAVE is ranked the 48th cryptocurrency globally and the current price is US$229.86. Let’s take a look at the chart below for price analysis:
AAVE‘s strong downtrend that began during mid-January has retraced most of its Q1 move, recently sweeping lows near $160.
A sweep of the relatively equal lows near $217 into possible support around $210, combined with bullish market conditions, could be the catalyst that begins to form a bottom. If this level fails, bulls might buy the monthly gap’s low near $198.
The swing high near $248 may form resistance to any sudden pumps as holders unload some of their position. A more substantial move might sweep relatively swing highs into probable resistance near $256, potentially reaching up to the new monthly high near $265 and $280.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Avalanche (AVAX) has committed a whopping US$290 million, or 4 million AVAX tokens, as an incentive to attract gaming, DeFi and NFT ‘Subnets’ to its platform. The goal of the “Multiverse” incentive fund is to create a network of application-specific blockchains according to a press release on its Medium page.
Multiverse an ‘Ongoing Initiative’
Introducing Avalanche Multiverse, an up to $290M incentive program focused on accelerating the adoption and growth of Subnets. Multiverse is focused on supporting new ecosystems, including blockchain-enabled gaming, DeFi, NFTs and institutional use cases. https://t.co/R5euxSV5hxpic.twitter.com/PHpET78P6L
The Avalanche Multiverse will be an ongoing initiative with no specified end date, along with six phases to support various projects, according to the foundation. Subnets, also known as subnetworks, are validators that allow others to establish their own Layer 1 or Layer 2 blockchains on Avalanche. Because Avalanche is proof-of-stake, projects can become validators staking $AVAX tokens.
DeFi Kingdoms, a play-to-earn game built atop the Ethereum sidechain Harmony, has created its own Avalanche subnet as part of the multiverse initiative, along with a new Avalanche-native token, $CRYSTAL.
The entire DeFi Kingdoms universe is written into smart contracts, pushing the envelope of what is possible with blockchain technology. We began looking very early on for technology that could help us scale and introduce new features like using our native tokens for gas fees, without sacrificing security or decentralisation. Avalanche’s revolutionary subnet technology is the perfect fit.
Frisky Fox, executive director, DeFi Kingdoms
Ava Labs, which helps drive the development of Avalanche, has partnered with Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize to build the subnet. Participants will need to undergo know-your-customer (KYC) checks, allowing traditional financial institutions to build on the blockchain.
Stani Kulechov, founder and CEO of Aave, said in a statement: “Avalanche Subnets enable us to create an ideal environment for institutions to migrate on-chain.” He added: “This is a significant leap toward a future where the barriers between traditional and decentralised finance cease to exist.”
According to Emin Gün Sirer, director of the Avalanche Foundation, “Subnets will be the next growth engine in crypto, enabling novel functionality only possible with network-level control and open experimentation on a scale we haven’t yet seen.”
Aave, one of the top decentralised finance (DeFi) platforms, has officially launched its new decentralised social network built on the eco-friendly Polygon blockchain.
After collecting 10,000 signatures in an open letter, Aave decided to pick up the mantle to develop a Web3 native social media platform. CEO and founder Stani Kulechov hinted at designing a Web3 social graph project at LisCon 2021, and it seems the project has now come to fruition.
Named Lens Protocol, the social graph is described as a “permissionless, composable and decentralised social graph that makes building a Web3 social platform easy”. A social graph is a model or representation of a social network, and has been referred to as “the global mapping of everybody and how they’re related”.
With Web 3.0 being the ownership upgrade of the internet, the platform seeks to solve many of the issues users face with current social network services. Meta, for example, has come under investigation for allowing crypto scam ads.
Unlike social media platforms of the past, Lens Protocol and its content are powered by dynamic NFTs, giving the power and control over content directly to the users, allowing for native content monetisation.
Lens Protocol
Using NFTs to Control and Own Your Content
One of the major selling points of Lens Protocol is that unlike traditional social media, users will have complete control over their content through the use of NFTs. NFTs are the catalyst driving this project:
Profile NFTs are the main primitive of the Lens Protocol. These dynamic NFTs are composable, non-custodial and permissionless. Individual addresses can own profile NFTs, an address can have multiple profile NFTs, and a profile NFT can be owned and run by a DAO via a multisig wallet.
Lens Protocol
The mirror function is an added feature of the social network where resharing a post could actually land users a cut, or “mirror-fee”, from any user who collects original content through the share, almost like built-in affiliate marketing.
As Kulechov told Decrypt, “We believe that content creators should own their audiences in a permissionless fashion, where anyone can build new user experiences by using the same on-chain social graph and data”, adding that “Twitter makes all the revenue from your tweets and the content you share, and Twitter decides which of your tweets get traction through the algorithm”.
According to the project’s official Twitter account, Lens is live on the Polygon Mumbai testnet, with plans for an alpha mainnet launch in the pipeline.
