Cryptocurrency-based investment products recorded outflows of less than $16 million, after 11 consecutive weeks of inflows. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Investors are still interested in cryptocurrencies
📍In its latest weekly report, CoinShares assured that the sentiment of cryptocurrency investors has not changed. and that the outflows recorded by crypto investment products, after 11 consecutive weeks of inflows, are more profit-taking than a change in sentiment towards the digital asset class.
According to the firm, despite the outflows recorded by crypto investment products this week, trading activity remains well above the average for the year, with a total of $3,6 million in the last week.
On the other hand, the report also noted that Solana continues to be the altcoin of choice for investors, recording the largest inflows this week, totaling $10,6 million. Cardano and XRP were the second and third favorites for investors over the past 7 days, according to the report's data.
Source: CoinShares
CAKE and AXS are up 60% and 40% this month
📍New updates from PancakeSwap and Axie Infinity have boosted the market value of their respective cryptocurrencies. CAKE, PancakeSwap’s native token, has surged 60% over the past month, fueled by plans by the development team to reduce the project’s token supply by 40%.
In a governance proposal, PancakeSwap developers explained that a token supply of 450 million units would give the project enough room to grow and allow CAKE to develop its tokenomics and gain market share in the crypto industry. Although this governance proposal must be approved by the crypto community for implementation, the current vote accumulates more than 97% of votes in favor and only 2,17% of votes against, at the time of writing this article. Likewise, the price of CAKE has been favored by this governance proposal, trading at around $3,63 per token.
Source: CoinMarketCap
On the other hand, the price of Axie Infinity Shards (AXS), the governance token of the Axie Infinity blockchain game, has also seen a significant rally this December, rising by more than 40% in the past 30 days.
The price of AXS is trading at around $9,40, following the release of an update that seeks to reduce the number of existing axie creatures.
Source: CoinMarketCap
DeFi TVL grew by 36% in 2023
📍The total value deposited or TVL in the protocols that make up the DeFi ecosystem amounts to more than $53.000 billion dollars, currently. While the TVL of the DeFi ecosystem is far from its all-time high of $180.000 billion seen in November 2021, the current value achieved represents a growth of 36% compared to the value this ecosystem had at the beginning of the year.
I agree with you data available On-chain, the largest DeFi growth was experienced on the Ethereum blockchain, which remains the dominant blockchain network in decentralized finance. Its Layer 2 solutions saw a significant increase in usage and adoption thanks to their capabilities to process transactions faster and more affordably, with very low commission fees.
Overall, on Ethereum, decentralized lending protocols such as MakerDAO, Aave, and Compound remain the leading DeFi protocols in the ecosystem.
Continue reading: How much BTC is in spot ETFs and Bitcoin futures ETFs?
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
