This Week in Signal Teams — Basic Attention Token, Elrond, Kadena

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

• Cathie Wood’s ARK has Filed for a Spot Bitcoin ETF
• Bitcoin Fear and Greed Index Drops to 11 (Extreme Fear)
• Portugal has Rejected a Proposal to Tax Bitcoin
• a16z Announces $4.5 Billion Crypto/Blockchain Fund
• Russia Discussing Using Digital Currencies for Intl Payments
• Terra Luna to Fork with Holders Receiving Airdrop of New Token
• Stripe to Enable Merchants to Convert Payments into Bitcoin
• JPM Says Bitcoin and Crypto are Now Their Preferred Alternative Asset Class and the Market Caps of BTC and Gold Could Equalize (BTC $600k)

Top FTX Signals This Week

• Brave 1.39 Goes Live with Solana Integration
• Elrond Introduces Cross-Chain Bridge and Partners with Cantina Royale
• Kadena Announces $100 Million Grant with 10% to Affected Builders

Brave 1.39 Goes Live with Solana Integration

“Hot off the presses! Brave 1.39 is live today, with major updates for BAT & Brave Wallet, including the first steps toward full integration with the Solana ecosystem.”

Read More

— Jennie T, Director of Community and Partnership

Summary

• With Brave’s 1.39 desktop release, they are announcing the first steps toward full integration with the Solana ecosystem.
• By partnering with Solana, Brave enables users to explore Web3 with significantly lower transaction fees and faster processing times than the Ethereum network.
• In the coming months, this partnership will also enable seamless access to a thriving and growing ecosystem of decentralized apps (DApps).
• With 1.39, Brave Wallet users can buy, sell, and store both Solana (SOL) and fungible Solana tokens (SPL) in Brave Wallet, as well as buy SOL and other cryptocurrencies with fiat via Ramp.

Significance

This upgrade and integration will make it easier for those new to crypto to onboard to Web3, and increase utility for more seasoned users. Brave’s integration with Solana is an important step on the path to onboarding a billion users to Web3.

Price at the time of FTX Signal: $0.40. View BAT on FTX.

Elrond Introduces Cross-Chain Bridge and Partners with Cantina Royale for Gaming

“Introducing Ad Astra Portal: The Cross-Chain Bridge For Tokens To Leap Forward In Scalability And Performance.” Read More

“Cantina Royale Builds Web3 Entertainment For The Next Billion Gamers, Powered By $EGLD Internet-Scale Blockchain Technology And Strategic Investment By Elrond Research.” Read More

— Lucian Mincu, Founder & CIO

Summary

• Elrond announced the go-live of the Elrond Ad Astra Portal. The newly launched token bridge will enable assets to flow freely between Elrond and Ethereum, and soon other EVM compatible blockchains.
• The Ad Astra Portal is set up as a network of relayers operated in collaboration with Stake Capital, Everstsake, P2P, Staking Agency and Istari Vision, who are jointly operating infrastructure that supports $10 Billion USD worth of staked crypto assets.
• Elrond Research has made a strategic investment in Cantina Royale, a free-to-play action game that taps into Web3 via Verko, the Layer 2 Metaverse experience framework.
• Cantina Royale is a top-down real-time arcade shooter that will be simultaneously released on iOS, Android, Windows and MacOS. It features a blockchain component that opens up possibilities for players to engage with Play-to-Earn mechanisms and NFTs in a novel way.
• Notably, Bored Apes are already integrated as playable characters, so owners of the popular NFTs can bring their apes to life inside the game.

Significance

The Ad Astra Portal sets the premise for Elrond’s internet-scale blockchain technology to take a leading role in orchestrating the multi-chain foundation of the interoperable Web3-enabled virtual spaces (Metaverse). The Cantina Royale partnership means the next billion gamers can tap into exciting entertainment with zero added friction from the crypto side of things. This is thanks to the seamless integration of Elrond’s internet-scale blockchain technology with the Verko Metaverse experience framework.

Price at the time of FTX Signal: $89.50 and $67.44. View EGLD on FTX.

Kadena Announces $100 Million Grant with 10% to Affected Builders

“Kadena is committing $10MM to blockchain developers affected by recent events in the Web3 space! Along with these funds, Kadena provides grantees with the resources, strategic guidance & technical expertise needed to safely build on our blockchain!”

Read More

— Jeffrey Ou, Operations Analyst

Summary

• Kadena is investing $100 million in a grant program to support web3 developers, with 10% of that grant money earmarked to help projects and communities that stalled as a result of recent developments in web3.
• Kadena scales horizontally with a truly sharded system, enabling the ability to scale proof of work infinitely.
• They have established five strategic components that Kadena Eco offers to support founders and entrepreneurs. These include an incubator, an accelerator for early capital and guidance, R&D to architect the Kadena infrastructure required to transform complex technical concepts into real-world practical applications, a grant program, and a venture fund offering smart capital and strategic growth and operational expertise to propel companies using Kadena’s blockchain.

Significance

Allocation of these funds will attract developers to build on Kadena, with this 10% portion going specifically to those impacted by the recent crash of Terra.

Price at the time of FTX Signal: $2.02. View KDA on FTX.

Quotes of the Week:

“Bitcoin is the only economic entity in the world where the supply is unaffected by the demand. I consider Bitcoin an insurance policy against financial catastrophe.”

— Billionaire Bill Miller

“Democrats will become champions for Bitcoin because this nascent technology improves economic opportunity for the underprivileged, drives forward innovation, and incentivizes renewable energy infrastructure across the USA.”

— Dennis Porter

Charts of the Week:

The realized price is the aggregated cost basis of all entities on-chain. This currently sits at roughly $24,000. Historically whenever market price has gone below the realized price, it has served as a great buying opportunity.

The MVRV ratio is a comparison of realized price to market price. Whenever the market price pushes below realized the oscillator enters the green zone at the bottom of the chart. Anything near the green line has historically represented excellent buying opportunities.

Thanks for joining us and we look forward to bringing you our top FTX Signals again next week.

Jason Hamlin

Ecosystem Insights @ FTX

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