Bybit: Velocity of DAI Skyrockets, Avalanche Completes Banff Upgrade

Chart of the Day 

Equity markets rose as traders weighed the prospect of the earnings season against a backdrop of rising rates. Treasury yields remain elevated as better-than-expected earnings, low valuations, and economic policy reversals helped to buoy risk appetite. A survey shows that global fund managers expect stocks to bottom in early 2023 after the Federal Reserve pivots away from aggressive rate hikes. Bybit blog reports.

The crypto market showed some signs of weakness despite the return of risk appetite. BTC failed to gain strength above the $19.6k level, and subsequently corrected lower. As of the time of writing, the largest cryptocurrency by market cap hovers near the $19k pivot level after shedding 1.5% of its market value in the last 24 hours. ETH followed a slightly more troubled path, down 2.3% in the same period, and is now struggling to defend the $1,300 handle. Mid-to-large cap altcoins have seen various shades of red, with the exception of AAVE and MKR, as both defied the correction with more than 3% gains in a similar time frame.

In the stablecoin sector, DAI saw substantial growth in velocity, a metric that gauges the relative turnover in token value between accounts in the token’s native network. DAI’s rise to prominence is likely attributed to the considerable on-chain activities, which are further boosted by DAI’s popularity as collateral in the DeFi space. Meanwhile, USDC has experienced exponential growth in velocity since the beginning of this year, on the back of growing demand across centralized exchanges.

Top Pick

Aptos blockchain launched its mainnet on Tuesday, with its native token APT reaching a fully diluted value at $7 billion as of the time of writing, notching No.13 among all cryptocurrencies and ranking slightly behind MATIC. Aptos is known as a spin-off of the failed Diem stablecoin project from Meta Platforms and is written in Move, a Rust-based programming language.  Backed by investors such as a16z, Aptos claims to achieve 130k transactions per second (TPS), and over 300 projects have been actively building on the ecosystem.

Check Out the Latest Prices, Charts, and Data for APT/USDT!

Talk of the Town 

The Banff upgrade went live earlier today on the Avalanche blockchain, completing the launch of Elastic Validation for subnet creators. The upgrade gives subnet creators customization and control over their ecosystems, including setting their own staking parameters and providing token rewards to validators. According to Patrick O’Grady, head of engineering at Ava Labs, elastic subnets are the “biggest feature” introduced to Avalanche since its launch in 2020.

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