This Week in Signal Teams — Avalanche, Monero, Fantom, Zilliqa, COTI
Every week we comb through hundreds of FTX Signals to bring you the most significant team updates with brief analyses to help you understand the latest developments in blockchain.
Macro Crypto News This Week
- FED Chair Powell Says No Plans to Ban Cryptocurrencies
- Visa Unveils ‘Layer 2’ Network for Stablecoins, CBDCs
- El Salvador has Started Mining Bitcoin with Volcanos
- Société Générale Applies for $20M MakerDAO Loan
- FTX Foundation is Hosting a Million Dollar Hackathon
- Thousands of Verifone Merchants Can Now Accept Bitcoin
Top FTX Signals of the Past Week
- Avalanche Listed on Coinbase and Coinbase Pro
- Monero Will Be on Lamassu ATMs by Year End and Added to dYdX Perps
- Fantom to Trial a CBDC for Tajikstan
- Zilliqa’s ZilBridge is Now Live on the Mainnet for ETH, WBTC and USDT
- COTI to Issue New Cardano Stablecoin and Launches Bank Accounts
Avalanche Listed on Coinbase and Coinbase Pro
“ Good news, AVAX is now available to transfer to Coinbase Pro! Trading is expected to begin tomorrow, Sept. 30, on or after 9AM PT.”
— Kyle Dineen, Social Media Director
Summary
- Coinbase and Coinbase Pro now support the Avalanche Token (AVAX). Coinbase is supporting AVAX-USD, AVAX-USDT and AVAX-EUR order books, after completing a phased launch.
- Users can now transfer tokens directly between their Coinbase Account and the DeFi ecosystem on Avalanche’s C-Chain.
- AVAX is the native token of Avalanche. It’s 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.
Significance
This listing increases the accessibility of the Avalanche public blockchain to a broader set of users, including those in the U.S.
Price at the time of FTX Signal: $65. View AVAX on FTX.
Monero Will Be on Lamassu ATMs by Year End and Added to dYdX Perps
“It’s officially confirmed: Monero will be available on Lamassu ATMs later this year!”
“We’re excited to announce that XMR has been added to dYdX synthetic perpetuals! According to CoinMarketCap, dYdX has more trading volume than all other DEXs combined!”
— Justin Ehrenhofer, Community Organizer
Summary
- Lamassu is one of the largest manufacturers of cryptocurrency ATMs. A completely redesigned Lamassu Admin features an intelligent and customisable Bitcoin ATM platform.
- The next release, ‘Forsaken Fiat’ v7.6, adds buying and selling of Monero (XMR) to any ATM whose operator offers it.
- Monero has long been among the top requests for new coins from Lamassu’s network of operators, as it affords strong privacy protections.
- Operators enabling Monero run their own node out of the box, reducing metadata exposure to third-parties.
- Investors will also have another way to gain exposure as dYdX has announced synthetic perpetuals for Monero (XMR).
Significance
The addition of Monero to one of the largest ATM networks and one of the largest decentralized exchanges will increase exposure, volume and liquidity, allowing an easier path for investors to Monero.
Price at the time of FTX Signal: $247. View XMR on FTX.
Fantom to Trial a CBDC for Tajikstan
“Fantom will work with OJSC Orienbank to trial a CBDC for Tajikistan. The solution will also use Andre Cronje’s Iron Bank protocol to enable seamless, low-fee foreign exchange.”
— Simone Pomposi, Marketing Manager
Summary
- The Fantom Foundation will work with OJSC Orienbank, one of the oldest banks in Tajikistan, on a possible CBDC product to be evaluated by the country’s central bank.
- Orienbank and Fantom will join to develop commercial and retail payment networks for a digitized Tajikistani somoni (E-SOM).
- Remittance inflows to Tajikistan made up 26% of the country’s gross domestic product last year, according to data from the World Bank.
Significance
The news means that Fantom might be one of the first blockchain projects to begin development of a CBDC platform for possible use by a national government.
Price at the time of FTX Signal: $1.30. View FTM on FTX.
Zilliqa’s ZilBridge is Now Live on the Mainnet for ETH, WBTC and USDT
“Zilliqans — you’re invited to pool ETH, WBTC and USDT with ZIL on ZilSwap starting 6 Oct to enjoy high yields.”
— Aparna Narayanan, VP — Communications & Marketing
Summary
- You can now bridge over ETH, WBTC and USDT assets to the Zilliqa blockchain seamlessly.
- Users can now benefit from the best features of the Ethereum and Zilliqa protocols. Ethereum token holders and developers alike will be able to access Zilliqa’s comparatively affordable gas fees by transferring existing decentralised applications (dApps) into Zilliqa.
- Incentives worth US$3.75M will be distributed to those who pool their assets on ZILSwap; this will begin Oct 6, for a total of 6 weeks. Liquidity providers on any of the pools ETH-ZIL/WBTC-ZIL/USDT-ZIL can earn lucrative yields on liquidity mining incentives alone.
Significance
The bridge launch will likely lead to an increase in the TVL on Zilliqa and increase DeFi usage on the chain from investors seeking lower fees and faster transaction times.
Price at the time of FTX Signal: $0.85. View ZIL on FTX.
COTI to Issue New Cardano Stablecoin, Launches Bank Accounts and Debit Cards
“As just revealed during the Cardano Summit by none other than Charles Hoskinson, Cardano’s founder, COTI will become the official Djed issuer, Cardano’s new stablecoin.” Read More
“We are thrilled to announce that COTI bank account and VISA Debit Cards are finally here! This exciting event is the result of intensive work with our partner Simplex, to provide our users with a crypto-friendly bank account and debit card.” Read More
— Efrat Bar Lev, VP of Marketing
Summary
- COTI will become the official Djed issuer, Cardano’s new stablecoin. Djed is a stablecoin based on an algorithmic design. It uses smart contracts to ensure price stabilization, and that the coin will be useful for decentralized finance (DeFi) operations.
- Djed isn’t just a stablecoin built upon Cardano’s chain, it is also designed to become the ultimate coin with which Cardano’s entire network transaction fees will be paid.
- COTI bank accounts and Visa debit cards have launched with partner Simplex. Debit cards and Bank accounts are an important component of COTI’s all-encompassing financial ecosystem, providing a seamless relationship between the Fiat world and the Crypto world.
- By using the crypto-friendly bank account, COTI users will be able to open a bank account on their name, with an IBAN, store fiat natively in their COTI Pay wallet and globally spend their balance at any merchant that accepts VISA cards, both online or in-store.
Significance
COTI plan on converting such $ADA fees to $COTI coins, initially by buying $COTI directly in the market and supporting the demand for $COTI, then by depositing such $COTI in COTI’s treasury, for the benefit of the treasury users. Physical and virtual debit cards will increase the adoption of the COTI network, as merchants who are unable to accept crypto can now accept it as a de facto payment option, via the COTI debit card.
Price at the time of FTX Signal: $0.58. View COTI on FTX.
Quotes of the Week:
“I can pretty confidently say that bitcoin has effectively replaced gold. And it will continue to do so… that market cap is just going to grow.”
Chart of the Week:
Thanks for joining us and we look forward to bringing you our top FTX Signals again next week.
Jason Hamlin
Ecosystem Insights @ FTX
FTX (formerly Blockfolio) Signal is a first-of-its-kind communications platform built exclusively for token teams to connect and engage with their communities. Over 1,000 token team CEOs and team leaders actively use the platform to provide relevant project updates directly to FTX’s 6 million+ users. Learn more.
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