Cryptocurrency prices plummeted early Monday, with Bitcoin diving to its lowest since mid-February and Ethereum falling to January levels, leading to $1.19 billion in crypto futures liquidations.
Recently, US venture capital firms have pulled out of Injective (INJ) and Near Protocol (NEAR). Meanwhile, Algotech offers a beacon of hope, raising $10.3 million. In this article, we discuss these market shifts and their implications for the blockchain ecosystem.
Injective (INJ): Revolutionizing DeFi with advanced blockchain solutions
Injective (INJ) is a blockchain built for finance designed as an open, interoperable layer-one platform powering next-generation DeFi applications. These applications include decentralized spot and derivatives exchanges, prediction markets, lending protocols, and more.
Injective (INJ) uniquely offers powerful core financial infrastructure primitives that applications can leverage, including a fully decentralized, MEV-resistant on-chain order book. It supports all forms of financial markets such as spot, perpetual, futures, and options, all of which are fully on-chain. The decentralized cross-chain bridging infrastructure is compatible with Ethereum, IBC-enabled blockchains, and non-EVM chains such as Solana.
Additionally, Injective provides a next-generation, highly interoperable smart contract platform based on CosmWasm with advanced interchain capabilities. Built with the Cosmos SDK, Injective utilizes a Tendermint-based Proof-of-Stake consensus mechanism, providing instant transaction finality and sustaining lightning-fast performance (25,000+ TPS).
The Injective ecosystem includes over 100 projects and boasts a global community of more than 150,000 members. Injective is backed by prominent investors such as Binance, Pantera Capital, Jump Crypto, and Mark Cuban.
NEAR protocol: Enhancing blockchain with superior performance and interoperability
Near Protocol (NEAR) is a layer-one blockchain designed as a community-run cloud computing platform, addressing the limitations of competing blockchains like low transaction speeds, low throughput, and poor interoperability. This creates an ideal environment for DApps and offers a developer and user-friendly platform. For instance, Near Protocol (NEAR) uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum.
Near Protocol (NEAR) also introduces unique solutions to scaling problems and has its own consensus mechanism called “Doomslug.”
Near Protocol (NEAR) is being built by the Near Protocol (NEAR) Collective, a community that updates the initial code and releases updates to the ecosystem. Its goal is to build a platform that is “secure enough to manage high-value assets like money or identity and performant enough to make them useful for everyday people.”
Projects and market performance
Projects such as Flux, a protocol that allows developers to create markets based on assets, commodities, and real-world events, and Mintbase, an NFT minting platform, are examples of what’s being built on Near Protocol (NEAR).
The market performance of NEAR Protocol (NEAR) has been very weak amid the ongoing price correction. There has been a 24-hour price decrease of over 23% and a 7-day decrease of over 40%, indicating strong bearish momentum. The price of NEAR Protocol is trending downwards, reflecting a bearish sentiment in the market.
Algotech: Pioneering the future of algorithmic trading
Recently, US venture capital firms have pulled out of Injective (INJ) and Near Protocol (NEAR). Meanwhile, Algotech (ALGT) offers a beacon of hope, raising $10.3 million in its presale, indicating strong investor confidence and suggesting that ALGT could reach $1 shortly after its official launch.
Algotech is making significant advancements in the burgeoning field of algorithmic trading. This form of trading uses computer programs and predefined rules to automate decisions, eliminating human inconsistencies and biases.
Algotech offers a decentralized algorithmic trading platform that leverages blockchain technology for enhanced transparency and accessibility. The platform allows traders to backtest strategies using historical data before going live.
Once a strategy is chosen, Algotech’s sophisticated algorithms execute trades automatically based on set rules, making high profitability attainable for a wider range of traders.
For more details about Algotech:
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
