This Week in Signal Teams — Solana, Elrond, Enjin
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
- Terra Ecosystem Crashes After UST Loses Peg
- Emirates Airline to Accept Bitcoin
- Largest Brazilian Brokerage XP to Allow 3.5M Clients to Buy Bitcoin
- Brazil’s Nubank Adds Bitcoin to Its Balance Sheet
- Over 35% of AMC Theaters Online Payments are Bitcoin
- Two New Bitcoin ETFs Launch in Australia, Including a Spot Fund
- El Salvador Buys the Dip, Adding 500 Bitcoin
Top FTX Signals This Week
- Instagram to Support Solana NFTs. Solana Pay Adds Transaction Requests.
- Anchain Deploys Next-Gen AML Analytics On Elrond
- Enjin-Powered NFTs Enhancing Tourism Industry
Instagram to Support Solana NFTs. Solana Pay Adds Transaction Requests.
“Instagram announces support for Solana NFTs! Creators and collectors will soon be able to showcase their work, authenticated via Phantom.” Read More
“Solana Pay took over Atlas Cafe to showcase the future of payments. Watch a demo demo of a brand new Solana Pay feature — transaction requests — which enables merchants to bring on-chain interactivity to their purchase flows.”
— Austin Federa, Head of Communications, Solana Labs
Summary
- Instagram users will be allowed to post and share NFTs from major platforms such as Ethereum, Solana, Flow, and Polygon in the pilot.
- The social media platform, which has more than a billion active users, also wants to add popular crypto wallets like MetaMask to its platform.
- Solana also announced a new Solana Pay feature this week — transaction requests.
Significance
With this change, users of the popular photo-sharing site will be able to link their wallets to their accounts. This will show that they own any NFTs they post and tag the developers who made them. This is a positive development for Solana and the NFT industry in general. The new Solana Pay feature is significant because it means that merchants can now bring on-chain interactivity to their purchase flows.
Price at the time of FTX Signal: $77. View SOL on FTX.
Anchain Deploys Next-Gen AML Analytics On Elrond
“Anchain Deploys Next-Gen AML Analytics On Elrond $EGLD To Boost Compliance And Fraud Prevention.”
— Beniamin Mincu, Founder & CEO
Summary
- Anchain’s blockchain analytics capabilities has made the AI-driven platform an indispensable tool for the forensics and compliance capabilities of major financial institutions, governments, digital asset exchanges, and other VASPs and financial institutions.
- Adopters of Elrond can now leverage this important technology to maintain secure and compliant operations.
- Applications using Elrond will be able to quickly make sense of large data sets pertaining to on-chain transactions, powered by Machine Learning and Artificial Intelligence.
- This will bolster the ability of organizations to avoid interactions with addresses flagged for illicit activities, prevent fraud attempts and help with the tracking and recovery of misappropriated digital assets.
Significance
This integration has strategic implications for Elrond’s recent moves into traditional and blockchain-based digital payments infrastructure. This will give Elrond an important edge that will enable it to meet the influx of new institutional demand and establish itself as a leader in the push for the adoption of blockchain technology in organizations, nations, and international institutions. This helps Elrond move closer to its goal of the creation of a new digital financial system at a global scale.
Price at the time of FTX Signal: $108. View EGLD on FTX.
Enjin-Powered NFTs Enhancing Tourism Industry
“New Frontier is using Enjin NFTs to transform the tourism industry! The company is partnering with official tourism bodies across the world (UK, Spain, Mexico, New Zealand) to digitally enhance the experience of visitors.”
— Bryana Kortendick, VP of Communications, Enjin
Summary
- New Frontier is leveraging the Enjin ecosystem to transform the multi-billion dollar tourism industry, partnering with official tourism bodies in the UK, Mexico, Spain, and New Zealand on NFT initiatives.
- Utilizing Enjin’s blockchain platform and unique “Beam” technology, which enables the distribution of NFTs via QR codes, New Frontier is enabling tourism bodies across the world to digitally enhance and gamify the experience of their visitors.
- They are creating an interactive digital layer that excites and engages visitors before and after their visit. These NFTs can provide real utility for visitors, including loyalty & rewards programs, games, treasure hunts, registration and booking incentives, storytelling, event access, and more.
Significance
Tourism by nature lends itself to the gamification process and has the potential to showcase the positive, engaging side of NFTs. Enjin is proving a great use case of this technology that can serve as a conduit to adoption for the rest of the Enjin ecosystem.
Price at the time of FTX Signal: $0.81. View ENJ on FTX.
Quote of the Week:
“Bitcoin could become the reserve currency of the world.”
— US Senator Rand Paul
Charts of the Week:
With the death spiral caused by UST losing its peg and falling to 10 cents, LFG was forced to liquidate its BTC reserves totaling over 80,000 BTC.
The MVRV-Z Score is used to assess when an asset is overvalued or undervalued relative to its “fair value”, as underlined by the deviation between its market cap and realized cap. Realized capitalization is a variation of market capitalization that values each UTXO based on the price when it was last moved, as opposed to its current value. As such, it represents the realized value of all the coins in the network, as opposed to their market value.
When market value is significantly higher than realized value, it has historically indicated a market top (red zone), while the opposite has indicated market bottoms (green zone). As you can see, the MVRV Z-Score is getting very close to the green zone, which many view as an excellent buying opportunity that has only occurred a handful of times in the past decade.
Thanks for joining us and we look forward to bringing you our top FTX Signals again next week.
Jason Hamlin
Ecosystem Insights @ FTX
FTX 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.
Stay in touch with us on Twitter, Instagram, Telegram, and Facebook, or email us at support@blockfolio.com for troubleshooting, feedback, and suggestions.
Disclaimer: No information included herein constitutes an offer to sell or the solicitation of an offer to buy any investment product, or legal, tax, accounting, or investment advice.
