Stargate is at $3.5 today, up 66% in 24 hours, and currently has an FDV of $3.5B. Anyswap's market cap is $1.5B and Synapse is $500M. Basically Stargate's FDV has surpassed all other programs in its category, which is too much.
What A Week!
The market has picked up a lot in the last seven days. Bitcoin is up to $45,000 while Ethereum broke $3,100. Bitcoin perps’ volatility has dropped to an exaggeratedly low level. In other words, the market is particularly inactive and the funding rate in perpetuals is negligible right now. It's hard to rally retail sentiment with such a small uptick, which is why most of us still prefer NFT and altcoins to the mainstream coins.
Stargate reached $3.5 today, up 66% in 24 hours, which is too much. Stargate is a cross-chain protocol built on LayerZero. If you don’t know much about cross-chain, just remember that Stargate is similar to Anyswap in the way you might use it in the future. Their designs may be different, but they both have cross-chain abilities. Side note: Anyswap has also gone up by 50%, supposedly driven by Stargate.
Stargate's FDV is currently ~$3.5 billion, Anyswap's market cap is ~$1.5 billion, and Synapse's is ~$500 million. Stargate's FDV has surpassed all other projects in total in cross-chain projects, with a TVL of $2+ billion.
One of the reasons why it has pumped so much is that a very limited number of tokens are in circulation, and the first batch of tokens to be auctioned were all bought by Alameda Research. What’s left in circulation are the tokens mined by users. However, because the TVL is so high, each user gets fewer tokens. I saw a demo of LayerZero a few months ago, and it was very smooth, but the market cap of $3.5 billion is overestimated given the current market conditions. It's therefore hard to predict whether cross-chain will be developed and implemented as a core feature of future blockchains.
Another topic I want to talk about is NFT games. I'm not talking about games such as Axie Infinity– after all, the market has been flooded with games like these copied from others. Most of them are truly terrible. My personal preference is for dungeon-style games. As I mentioned previously in my game guild article, this is where most of the games originated.
For example, I tweeted a long time ago that I bought a Founder's Map NFT. There weren't many similar games at the time, so there was nothing to buy (take note that this is not investment advice – the price now is much lower than when I bought it). But recently I have seen many projects of this type, such as Realm and Lostworld.
The reason I like this kind of project is that it is more open and more in line with crypto’s community-driven philosophy. It's not the kind of game that you design, ship and then let the users play. Rather, users give feedback as they play, and then developers make updates as they go. Moreover, the performance requirements of this type of game for blockchain are not that high.
Here I would like to add one more thing: games that declare themselves to be 3A masterpieces are not particularly realistic on the blockchain, in my opinion. And besides, a game doesn't need to be a 3A masterpiece to be fun. The most important thing about games is that they are enjoyable, a little unpredictable and so on. Beautiful graphics can be an important factor for a game to catch fire, but it is certainly not the deciding factor in their success.
There are also plenty of other small stories catching our attention now too. Here’s a quick summary:
This week's daily news roundup is here, in English and Chinese.
Lastly, a few projects that we / our community are interested in
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