The crypto ecosystem is showing some early signs of recovery. The Arch Ethereum Web3 token traded 0.17% higher than last week, and the Arch Blockchains token was down by 2.08%, while Ethereum traded 1.06% higher and Bitcoin 3.98% lower than the previous seven days.
In this edition, we analyze this week's top-performing tokens, explore how the TradFi market is performing compared to cryptos, and share more about The Graph, a decentralized indexing protocol some call "The Google of blockchain".
🗞️ Stocks suffer. Cryptos are mixed
The U.S. added a robust 315,000 jobs in August, slightly more than expected. However, stocks fell and headed for their third straight weekly decline as the August jobs report failed to ease fears that the Federal Reserve would keep aggressively hiking interest rates to fight inflation, tipping the economy into a recession.
Bitcoin gained 0.8% in the minutes after the report was released. Ethereum, on the other hand, continues having an intense and positive week despite the pressure assets and markets are feeling.
Ethereum's price rally strongly correlates to The Merge - the tech upgrade that will move the Proof-of-Work network to a Proof-of-Stake one. The switch is expected to cause a drastic reduction in ETH supply, bringing a store of value appeal to the cryptocurrency.
📈 Web3 raised 0.17% in a week
The Arch Ethereum Web3 token outperformed Bitcoin trading 0.17% higher than the last week compared to the 3.98% lower that Bitcoin traded at markets.
- Lido DAO (LDO) continues on robust momentum, trading 5.5% higher than last week. LDO's price push is coming from the upcoming Ethereum Merge. Lido DAO has remained the leading Ethereum staking service provider since August 2021.
- Synthetix (SNX) price also rose by 2.9%, and its trading volume surged almost 700%. This comes after the Synthetix Improvement Proposal 120, which allows users to automatically exchange Synthetix assets without fee reclamation by pricing synths via Chainlink and Uniswap V3 oracles.
- Chainlink's price (LINK) rose by 0.5%. The popular oracle network has been seeing a lot of interest from whales lately. According to WhaleStates, LINK has overtaken WETH to become the most traded asset for the top 500 ETH whales.
⛓ CHAIN is 2.08% lower than last week
The Arch Blockchain token had a neutral week, trading 2.08% lower than the last seven days.
Polygon was the top performer, trading over 6% higher than last week. Polygon’s positive price action comes amid a handful of prominent brand integrations.
Robinhood users can now deposit and withdraw MATIC on the Polygon network. OpenSea, the industry’s largest NFT marketplace by trading volume, has added support for Polygon.
Solana was the most affected, trading over 11% lower than last week.
🟣 What's The Graph and what you need to know about it
You may have heard about The Graph, the decentralized protocol aimed at indexing and retrieving data from blockchains. In other words, it is the solution to optimize access to databases that are usually not directly accessible.
The Graph helps query data for networks like Ethereum and IPFS. It also feeds many DeFi applications. With The Graph, any user can develop open APIs called subgraphs that Dapps can query through GraphQL. All this is to recover data from the blockchain.
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Disclaimer: The opinions expressed are for general informational purposes only and are not intended to provide specific advice or recommendations. The views reflected in the commentary are subject to change without notice.