Chart of the Day
Split Ends. Several DeFi heavyweights saw soaring gains recently, breaking out of the sluggish spell that seems to have taken over the crypto market. Uniswap (UNI) and Aave (AAVE) came out on top over the past week, scoring more than 10% in growth against lackluster performance by ETH. The price trajectory for DeFi tokens has followed closely with ETH’s since the market’s overall decline began in May 2021. This current split in correlation indicates a possible repricing of DeFi assets as it makes a soft bounce back into recovery.
ICYMI: As ETH prices decline, average gas prices for transactions on the Ethereum network are also at a yearly low. The past month has seen prices largely hovering under the 50 Gwei mark, not seen since March 2020. Availability of alternative chains and the network’s increase in block size back in April have been a balm to congestion and skyrocketing gas fees. Look out for Ethereum’s upcoming London hard fork tentatively happening in August, which will soon rock the price boat.
Talk of the Town
A Master Shot. NFTs recorded $2.5 billion in sales in the first half of 2021 and we’ve seen an influx of music, sports, arts and celebrity NFTs. Now say hello to the world’s first NFT feature film — “Zero Contact”, starring legendary multiple award-winning actor Anthony Hopkins. It is scheduled for premiere soon on NFT video platform VUELE, where users can now exclusively collect and own even limited edition films and visual content. There is no doubt that the possibilities are endless with NFTs. Time to get the show on the road!