This Week in Signal Teams — Cardano, Boba Network, 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
- Colorado becomes first US state to accept bitcoin as payment for taxes
- MasterCard launches a debit card backed by Bitcoin and crypto
- MicroStrategy buys $6 million more Bitcoin
- Nasdaq to offer Bitcoin custody services to institutions
- Best Buy now sells Bitcoin hardware wallets across 900 locations
Top FTX Signals This Week
- Cardano Vasil Upgrade Goes Live
- Boba Network Partners with Avalanche as a Scaling Solution
- COTI Partners with Cogito Protocol to Add Djed to Treasury Reserve
Cardano Vasil Upgrade Goes Live
“Cardano blockchain has successfully deployed the Vasil hard fork, an upgrade that increases the network’s capacity and trims transaction costs.”
— Cardano Marketing Team
Summary
- Vasil will enhance Cardano’s smart contract capabilities through Plutus V2 scripts and cost model, which adds greater efficiency to an already powerful smart contract platform.
- Ultimately, it will reduce script execution costs and transaction size, plus improve throughput.
Significance
The Vasil hard fork improves Cardano’s foundational features, upgrading the technology’s capacity to transform traditional financial and social systems, and ultimately advancing decentralized economic empowerment.
Price at the time of FTX Signal: $0.44. View ADA on FTX.
Boba Partners with Avalanche as a Scaling Solution
“We’ve partnered with Avalanche (AVAX) as their official scaling solution!”
— Feras Al Sadek, Head of the MENA Region and Global Marketing
Summary
- The team at Enya Inc. are officially launching Boba Network, an L2 scaling solution on Avalanche.
- Boba Network’s EVM compatibility has allowed the expansion of the scalability value proposition beyond Ethereum, as a multi-chain network that is the first of its kind.
- The Hybrid Compute technology allows developers to leverage web2 to web3 technologies on one platform, interfacing seamlessly with APIs.
- For web3 developers, this means that they are making it super easy to build the next dApp or game with all the benefits of Avalanche such as their high performance, security, and customization ability.
- By leveraging the power of real-world data and off-chain compute, developers can create richer applications with greater utility. Avalanche projects can also take advantage of Boba’s native NFT bridge, allowing smooth transfer of NFTs between L1 and L2.
- The Avalanche integration will see EvoVerses, a play-to-earn, turn-based strategy game feature on Boba Network as a launch partner dApp.
Significance
This is a significant opportunity for web3 devs because Boba Network is not only the first L2 that’s multichain, but with Avalanche integration, it is also first-to-market as a Layer-2 to serve a non-Ethereum blockchain.
Price at the time of FTX Signal: $0.29. View BOBA on FTX.
COTI Partners with Cogito Protocol to Add Djed to Treasury Reserve
“We’re happy to announce a new Djed partnership, this time with Cogito Protocol, SingularityNET’s spin-off, to add $Djed to its treasury reserve and explore other integration opportunities.”
— Efrat Bar Lev, VP of Marketing
Summary
- Cogito offers a framework for creating tracercoins, which are new classes of digital assets including a non-fiat pegged stablecoin.
- Cogito will now explore creating stablecoin trading pairs between $DJED and Cogito’s tracercoins, and include $DJED in its treasury reserve in order to maintain the stability of Cogito’s stablecoins.
- The purpose of SingularityNET is to develop decentralized, democratic, Artificial General Intelligence. Cogito Protocol is a spin-off from SingularityNET and offers a framework for tracercoins.
- These tracercoins, as the name suggests, trace synthetic indexes that are independent of fiat or other cryptocurrencies. Cogito achieves this by leveraging SingularityNET’s AI techniques with a fractional reserve and active treasury management.
Significance
This partnership, along with previous ones announced, will ensure the proper utilization of Djed across the entire Cardano ecosystem and create an increased use case across multiple platforms.
Price at the time of FTX Signal: $0.09. View COTI on FTX.
Quotes of the Week:
“Inflation is always and everywhere a political phenomenon. We get inflation when the politicians spend more than they can afford… and then ‘print’ money to fill the gap. It is fundamentally a default to creditors, who get back less than they were promised. For everyone else, inflation is a tax — disguised and delayed — that is levied mostly on the poor and middle classes… and people who don’t know what’s going on.”
— Bill Bonner
“Bitcoin adoption and demand are increasing. It’s only a matter of time before it hits $100,000.”
— Bloomberg
Charts of the Week:
Since the Merge, ETH supply has increased by 5,280 ETH with an annual inflation rate of 0.20%. Comparatively, ETH PoW would have increased supply by 101,237 ETH with an annual inflation rate of 3.79%. Bitcoin has a current annual inflation rate of 1.72%.
Reserve Risk is a bitcoin chart that allows us to visualize the confidence amongst long-term bitcoin holders relative to the price of Bitcoin at a given moment in time. When confidence is high and price is low then there is an attractive risk/reward to invest in Bitcoin at that time (green zone). When confidence is low and price is high then risk/reward is unattractive (red zone). Investing in Bitcoin during periods where Reserve Risk is in the green zone has produced outsized returns over time.
Reserve risk is currently at an all-time low with an extreme mismatch between the price and confidence level of holders. According to this chart, the risk/reward ratio of Bitcoin has never been greater.
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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