• bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds
  • INVESTMENTS
    • Crypto General
    • Masternodes
    • Mining Projects
    • NFTS Investments
    • Invest In ICO
    • Exchanges
    • Staking Yeild Farming
  • WORLD
  • USA
  • CANADA
  • JAPAN
  • UK
  • UAE
  • INDIA
  • MORE
    • BRAZIL
    • AUSTRALIA
    • EL SALVADOR
    • CENTRAL AMERCIA
    • SOUTH AMERICA
    • AFRICA
    • EUROPE
    • ASIA
    • OCEANIA
    • ICO
  • Login
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE
HealthNews
No Result
View All Result
Home SINGAPORE

Data Shows Layer-1 Price Growth Reflects Unique Address Proliferation

CB4U by CB4U
January 5, 2022
in SINGAPORE
0
Data Shows Layer-1 Price Growth Reflects Unique Address Proliferation
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Is that time of the year again, Bitcoin seems stuck in a never ending range while Layer-1 coins and other cryptocurrencies rally. The crypto market ended 2021 with important profits, but not with the bang everyone seemed to have been expecting.

Related Reading | TA: Why Ethereum Bulls Aim Fresh Rally Above $4K

Arcane Research recorded important growth in Layer-1 coins, such as Fantom (FTM), and Avalanche (AVAX) as a result of a 2021 full of adoption. These cryptocurrencies experienced rallies over 15x against Ethereum (ETH) and took a portion of its market share.

Arcane Research claims the growing popularity in decentralized finances (DeFi), non-fungible tokens (NFTs), and the transaction fee increase on the Ethereum network. The latter phenomenon started in 2020 with the “Summer of DeFi”, the period that saw the biggest boom in DeFi users leading to an increase in network usage.

The proliferation of NFTs contributed with that issue and let layer-1 coins such as Binance Smart Chain (BSC), Solana (SOL), and others to onboard those users that were priced out of Ethereum. The same seems to be happening with Fantom and Avalanche. Arcane Research claimed the following:

As illustrated on the charts, the greater the number of users of a particular protocol, the more value it tends to attain. In other words, the hypothesis that a multi-year bear is lurking because altcoins have gone up too much requires some nuance.

Source: Arcane Research

The explosive growth in these layer-1 coins could followed a similar path as those cryptocurrencies that benefited for a short term only to see their use base decimated, or users could form communities and become permanent contributors with their expansion. In that sense, the implementation of second layer scalability solutions for Ethereum could become a threat for those projects.

A Multi-Chain Industry Supported By Layer-1 Cryptos

A separate report by Delphi Digital records a major growth in other layer-1 projects during 2021. Terra (LUNA) was one of the most important on those terms alongside Polygon (MATIC), a scalability platform for the Ethereum ecosystem.

In terms of total value lock (TVL), Terra saw a 356x increase while Polygon experienced a 17,100x increase in its TVL. As seen below, Fantom and Avalanche entered the top 10 blockchains by TVL but with a smaller increase that the aforementioned cryptocurrencies.

Layer-1 avax eth ftm
Source: Delphi Digital via Twitter

Despite its high transaction fees, and congestion issues Ethereum remained the largest network in terms of TVL during 2021 and preserved its dominance, for the time being. When analyzing the biggest protocols by TVL, it is interesting to find Lido Finance and Multichain, as Delphi Digital claimed, two platforms with interoperable and cross-chain capabilities.

This could hint at a future where Ethereum and layer-1 coins find themselves in an equal field as users turn to the latter in search of a more cost-efficient ecosystem, and cross-chain features.

Related Reading | TA: Ethereum Plunges After Rejection: Technicals Remain Bullish

As of press time, ETH trades at $3,811 with a 1% loss in the past day.

layer-1 eth avax ftm
ETH moving sideways in the 4-hour chart. Source: ETHUSD Tradingview

Advertisement Banner
Previous Post

Top Altcoins 2022 I'm Looking At Before They 10X

Next Post

Dogecoin Price Drops Almost 10% Following China’s Crypto Ban

CB4U

CB4U

Next Post
Dogecoin Price Drops Almost 10% Following China’s Crypto Ban

Dogecoin Price Drops Almost 10% Following China's Crypto Ban

Discussion about this post

RECOMMENDED

Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant?

Dogecoin Unseated From No. 10 Spot In Rankings – Can DOGE Stay Relevant?

6 months ago
When Will Crypto Bounce Back? It’s Sooner Than You May Think

When Will Crypto Bounce Back? It’s Sooner Than You May Think

4 months ago

DON'T MISS

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

January 27, 2023
Here’s Why XRP Price Is Surging Despite Struggling Crypto Market

Are Whales Dumping XRP? Here’s What Data Suggests

January 27, 2023
WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

January 27, 2023
U.S. and European Police Dismantle Hive Ransomware Group

U.S. and European Police Dismantle Hive Ransomware Group

January 27, 2023
Crypto Currency Bazaar 4u: Today’s Latest Worldwide News on Cryptocurrency Market delivered to the last minute, Live Crypto Price Data and Indexes, Crypto Investment & Finance opportunities & Blockchain projects, Global Crypto Classifieds

The Cryptocurrency Bazaar 4U was founded in 2020 for providing the most trusted information for the Crypto enthusiasts covering a broad range of news about blockchain technology, cryptocurrency assets, emerging fintech trends in the decentralized space, and other related wide array of information surrounding this emerging technology.Our team provides the most up-to-date and accurate news from different sources in this space comprising of unbiased news, in-depth analytics, detailed cryptocurrency price charts, and insightful opinion pieces is the basis of our editorial content.

POPULAR POSTS

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

UK’s FCA Gives Regulatory Approval To Crypto Firms But Only A Few, Here’s Why

January 27, 2023
Here’s Why XRP Price Is Surging Despite Struggling Crypto Market

Are Whales Dumping XRP? Here’s What Data Suggests

January 27, 2023
WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

WHAT I FOUND OUT ABOUT ED & THE CRYPTO PROGRAM…

January 27, 2023

Categories

  • AFRICA
  • ALTCOIN
  • ASIA
  • AUSTRALIA
  • BITCOIN
  • BLOCKCHAIN
  • BRAZIL
  • CANADA
  • CENTRAL AMERCIA
  • CRYPTO GENERAL
  • EL SALVADOR
  • ETHEREUM
  • EUROPE
  • EXCHANGES
  • ICO
  • INDIA
  • INVERST IN ICO
  • INVESTMENTS
  • JAPAN
  • MASTERNODES
  • MINING
  • MINING PROJECTS
  • NFTS
  • NFTS INVESTMENTS
  • OCEANIA
  • SINGAPORE
  • SOUTH AMERICA
  • STAKING & YEILD FARMING
  • UAE
  • UK
  • Uncategorized
  • USA
  • VIDEOS
  • WORLD
  • CONTACT US
  • DISCLAIMER
  • PRIVACY POLICY
  • ABOUT US
  • CLASSIFIED
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

No Result
View All Result
  • BLOCKCHAIN
  • BITCOIN
  • ETHEREUM
  • NFTS
  • ALTCOIN
  • MINING
  • VIDEOS
  • LIVERATES
  • SHOP
  • CLASSIFIEDS
  • ADVERTISE
  • SUBMIT PRESS RELEASE

© cryptocurrencybazaar4u.io

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • bitcoin
    Bitcoin(BTC)
    $0.00 4.63%24H
  • ethereum
    Ethereum(ETH)
    $0.00 7.65%24H
  • binance-coin
    Binance Coin(BNB)
    $0.00 8.29%24H
  • usd-coin
    USD Coin(USDC)
    $0.00 -0.04%24H
  • cardano
    Cardano(ADA)
    $0.00 5.58%24H
  • chainlink
    Chainlink(LINK)
    $0.00 7.66%24H
  • bitcoin-cash
    Bitcoin Cash(BCH)
    $0.00 5.04%24H
  • stellar
    Stellar(XLM)
    $0.00 4.19%24H
  • vechain
    VeChain(VET)
    $0.00 7.84%24H
  • tezos
    Tezos(XTZ)
    $0.00 5.65%24H
  • eosdac
    eosDAC(EOSDAC)
    $0.00 3.34%24H
en English
en Englishja Japaneseko Koreantl Filipinovi Vietnamesehi Hindibn Bengalita Tamilzu Zulusw Swahilide Germanfr Frenches Spanishpt Portugueseru Russian