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Cross-chain Liquidity: The Next Iteration of Perp DEXs
June 05, 2024
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Key Takeaways

  • Derivatives in DeFi have shown significant growth, but the proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains.
  • Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances.
  • Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.
  • Edge transforms the typical subtractive creation of new protocols on new chains, which fragments liquidity, into a synergistic, value-additive endeavor, which is groundbreaking for a multi-chain future.

The DeFi space has witnessed an impressive proliferation of perpetual decentralized exchanges, with over 150 different derivatives protocols spanning multiple blockchain networks. This rapid expansion, driven by the strong product-market fit of perp DEXs, has led to fragmented liquidity across various DEXs and chains, presenting a challenge for traders and investors. TVL in DeFi derivatives has surged from $1.8 billion to $3.4 billion since the beginning of this year, highlighting the increasing adoption and demand for these products.

Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration. Vertex Edge, Vertex’s latest product, addresses this by offering synchronous orderbook liquidity, effectively unifying liquidity across different chains. Essentially an enhancement to the Vertex sequencer, Edge extends its capabilities to operate across any supported ecosystem. To fully appreciate Edge's potential, let’s revisit Vertex’s architecture and understand how this upgrade integrates into its existing framework.

Vertex Overview

Vertex employs a hybrid orderbook AMM design. Its trading and risk engine, which encompasses all Vertex products such as spot, perpetuals, and money markets, operates onchain and is governed by smart contracts on Arbitrum. Meanwhile, the sequencer, acting as a high-performance orderbook that matches inbound orders from the protocol layer, operates offchain. This creates a hybrid model where the sequencer handles trade ordering and routing. In this system, the onchain AMM's pooled liquidity complements the bids and asks on the Vertex orderbook, serving as an additional market maker via smart contracts. The AMM liquidity is merged with liquidity from automated traders through the sequencer, providing users with a unified liquidity source. The sequencer ensures trades are filled with the best available liquidity, simultaneously utilizing limit orders and liquidity provider positions.

If the sequencer fails, the DEX defaults to a traditional xy=k model, ensuring the onchain AMM continues to function as the protocol's fallback, a mode referred to as "Slo-Mo Mode."

This liquidity model offers several clear advantages. Firstly, it guarantees more consistent liquidity since the DEX can always rely on the AMM when orderbook depth is insufficient. This makes it easier to bootstrap markets with passive AMM liquidity while still allowing for customization through limit orders on the orderbook.

Additionally, projects like Elixir facilitate easy liquidity deployment across orderbook exchanges. Users can select a pair to provide liquidity, and the protocol automatically deploys this liquidity through automated market making strategies. Currently, Elixir enhances orderbook liquidity on Vertex with 23 perp liquidity pools, adding $13.9M to Vertex’s orderbook on Arbitrum. Moreover, there are five additional pools providing spot liquidity, currently with $17.5M in TVL for Vertex.

As of now, Vertex presents a total cumulative volume of $88.72B and a user base of 26,650, with $81.37B coming from perpetuals trading. Over the past month, the total average daily trading volume for both perp and spot markets has averaged around $280M, and the TVL in money markets stands at $96.79M. Vertex gained significant traction during its initial incentives and token launch, capturing considerable market share in the perps market. Shortly after it declined as expected through the exit of mercenary liquidity, but since then, it has maintained a steady market share of around 7%, as illustrated in the chart below.

The Sequencer Orderbook

The Vertex sequencer is a custom, parallel EVM implementation of an offchain orderbook and trading engine built in Rust. Currently, the sequencer operates as an independent offchain node, with plans to decentralize it via Vertex governance in the future. The orderbook is a key feature that sets Vertex apart as a high-performance perp DEX. Compared to the onchain latency of distributed node consensus, it achieves average order-matching execution speeds of 5-15 milliseconds and supports 15,000 transactions per second (TPS), making it competitive with centralized exchanges. It complements the Vertex AMM by providing a low-latency, central-limit orderbook (CLOB) for traders who want to place limit orders, engage in faster trading, and execute automated strategies. Pairwise LPs from the AMM contribute to the orderbook, enhancing its liquidity.

Several important properties are worth highlighting. The sequencer protects traders on Vertex from validator MEV on the underlying blockchain, as validators cannot order or front-run transactions. Additionally, due to the millisecond-level operation of Vertex’s sequencer, MEV extraction becomes less attractive. It is important to note that while the sequencer is offchain, it does not have custody over user assets—custody is managed by smart contracts on the underlying chain. Furthermore, the sequencer cannot censor transactions, halt trading, or block withdrawals. Although certain trust assumptions are necessary, specifically, that the sequencer operates impartially and does not favor any entities, the ability to avoid MEV concerns can be a significant advantage.

Cross-Margined Accounts

A key advantage of Vertex is the capital efficiency enabled by its cross-margined accounts. By default, Vertex consolidates a user's liabilities across their trading account to offset margins between positions, meaning a user’s entire portfolio serves as collateral for multiple open positions. While cross-margined collateral has become more common on perp DEXs, Vertex takes it further by allowing multiple types of positions, including lending and spot positions, to collectively serve as margin. Additionally, Vertex employs portfolio margining, which means that unrealized profits can be used as margin for existing or new positions, further enhancing trading flexibility and efficiency.

In practice, this means that accounts generally have lower margin requirements compared to having the same positions in separate, isolated margin accounts. Vertex also features an automatic risk management system that helps traders avoid liquidations. It automatically calculates and transfers margin between open positions to maintain the required margin levels, which is particularly useful in volatile market conditions and when executing complex trading strategies.

In addition to improving capital efficiency, cross-margined accounts on Vertex enhance practicality and reduce costs for common strategies like basis trading. With linked spot and perpetual markets, Vertex offers native markets for basis trading, which is typically more capital-intensive on other exchanges due to the need for separate markets for perpetual and spot positions. For example, if you are long spot ETH on Binance and short ETH, you must maintain the full margin for the perp contract since it doesn't account for the offsetting spot position. Vertex’s onchain risk engine recognizes this redundancy, significantly reducing the margin requirement for the ETH perpetual position, making arbitrage trading more capital-efficient. Additionally, Vertex’s integrated money market allows assets to serve as both collateral and available for borrowing to leverage spot positions. This closely aligns the basis rate with the borrowing rate of stablecoins.

These advantageous arbitrage conditions on Vertex have the potential to generate greater trading volumes and improved liquidity, as traders can execute profitable basis trade strategies with leverage and lower margin requirements.

Vertex’s Portfolio Overview provides easy access to overall portfolio health and risk indicators, streamlining management for multiple open positions. All positions are linked and managed together, offering a comprehensive view of a trader’s risk. An account’s health is determined by assigning weighted values to each balance and position. Vertex simplifies risk management by distinguishing between Initial Health and Maintenance Health. When Initial Health is depleted, the account enters Maintenance Mode, preventing new risk-taking actions like opening new positions. The remaining Maintenance Health acts as a buffer, allowing users to de-risk before facing liquidation. If Maintenance Health is fully depleted, the account becomes susceptible to liquidation.

In determining an account’s health, certain special cases can offer significant benefits to traders. As always, the devil is in the details. Spreads, which involve offsetting positions on the same underlying asset, are inherently less risky than individual spot and perpetual positions. Recognizing this, Vertex assigns health benefits to these spread positions, enabling a much larger capital efficiency.

Key Details

Liquidations

Spot oracle prices are utilized for liquidations, ensuring robust pricing and shielding users from temporary liquidity shortages that might affect spot prices. Additionally, an independent oracle price is in place for USDC, enabling accurate health calculations and trading even during USDC de-pegging events. Vertex Protocol adopts a multi-oracle approach, gathering prices from various providers. Presently, most Vertex markets rely on Stork, but the recent deployment of Chainlink Data Streams on Vertex initially supports ETH markets, with plans to expand to other markets.

Any user can buy assets from the liquidating account at a discount or settle its debts at a premium until the account's Initial Health surpasses zero. If an account's Initial Health exceeds zero at any point during the liquidation process, the liquidation halts.

Vertex Protocol earns 25% of the profits generated by liquidators, with these fees going to the insurance fund to safeguard protocol health. In the event of insolvency, the account's positions are exited at a loss, resulting in bad debt. Vertex's last lines of defense are then activated: USDC from the insurance fund is allocated to the insolvent account to compensate liquidators for undertaking the underwater positions. If the insurance fund is depleted, losses from underwater positions are distributed among other perpetual accounts in the market. If this isn't feasible, losses are spread across all USDC holders. Currently, the Insurance Fund holds 1.26M USDC on Arbitrum and 0.12M USDC on Blast, totaling approximately 1.4M USDC to offset bad debt. 

Fees

Vertex offers a competitive trading fee model, featuring low fees for takers and zero fees for makers across spot and perpetuals. The current taker fee structure entails a 2 bps fee for takers, applied only after a certain minimum order size. This effectively yields a total fee rate potentially smaller than 0.02%.

Supplementing this model is the Vertex Maker Program, which incentivizes price makers with a rebate-based trading fee program and VRTX token incentives based on a scoring function prioritizing market support, uptime, and fees. All trading fees are paid in USDC, initially allocated to secure the protocol, fund ongoing expenses, seed VRTX liquidity, and drive value to the VRTX token via tokenomics mechanics. Additionally, Vertex charges a flat fee in USDC for interactions with the Sequencer to cover gas costs, with fees subject to change over time but expected to remain relatively stable within months of launch (e.g. 1 USDC for submitting a liquidation or minting/burnin LP tokens). 

The cross-chain fee accounting model maintains the same fee structure while distinguishing between fee payouts for cross-chain versus single-chain scenarios. In a cross-chain order match between two instances, the taker fee is charged on the taker chain, and the maker rebate is charged on the maker chain. In the Edge ecosystem, takers generally incur a 2bps fee and makers receive a 0.5bps rebate. So, in a cross-chain match between a taker on Blitz and a maker on Vertex, the taker fee on Blitz is 1bps, the maker rebate on Vertex is 0.5bps, and the fee accrual for Vertex is 0.5bps. This structure ensures that revenue accrues to the maker chain, keeping makers incentivized through token rewards and rebates. If the taker and maker are on the same chain, the taker fee is 1.5bps, with a 0.5bps fee accruing to the same chain.

UX

Vertex's 1-click trading (1CT) feature replicates the ease of trading on centralized exchanges, allowing users to opt-in while retaining manual signing as the default mode. 1CT simplifies trading by generating a secure private key for automated transaction signing, requiring two signatures upon activation. Users must confirm ownership at the start of each session, and 1CT enables trigger orders for uninterrupted trading. Vertex supports stop market, take profit, and stop loss orders (excluding stop limit), with trigger prices based on Mark Price or Last Price for the entire position size. Partial position orders and advanced trading strategies like TWAPs or scale orders are currently unavailable.

Vertex Edge - Cross-chain Liquidity

Vertex Edge introduces cross-chain liquidity through a synchronous orderbook, consolidating liquidity from various instances and settling transactions onchain at the source base layer. This extension of the sequencer's capabilities broadens its reach across supported base layer ecosystems, with the sequencer's state sharded and updated across all chains. Inbound orders from each chain are aggregated and matched against the total liquidity pool, with the sequencer (Edge) automatically hedging and rebalancing liquidity between chains. Essentially, Edge operates as a virtual market maker, focusing on resting liquidity (maker orders) across sharded states of Edge instances, while taker orders are submitted directly to Edge's unified liquidity layer from independent instances.

This innovation opens up possibilities for accessing unified liquidity on any chain. It's particularly beneficial for launching new perp DEXes on different early-stage chains, eliminating the need to attract liquidity initially, crucial for competitive price execution. Blitz on Blast, the inaugural instance by Vertex Edge, illustrates this transition: initially, volume predominantly stemmed from Edge, and is gradually drawing liquidity from the chain (Blast) over time. Since March 13th, shortly after Blitz’s launch on Blast, until May 22nd this year, Edge has contributed to 62% of Blitz’s maker volume. For total maker and taker volume, Edge’s contribution is 27%. As illustrated in the chart below, the trend indicates an increase in direct volume from Blast.

With each new Edge instance, benefits extend to both the new and existing instances. Increased liquidity in one instance translates to more liquidity available across all existing ones. Liquidity from non-Arbitrum instances, like Blitz, merges into a synchronous orderbook, combining liquidity from Vertex on Arbitrum and Blitz on Blast. Deploying on more chains adds liquidity rather than fragmentation, enhancing usage across all chains and providing value to apps on other chains. The chart below illustrates how Vertex, despite having more established liquidity, is progressively benefiting from Edge’s cross-chain liquidity.

It's crucial to highlight that matched orders are settled locally onchain to the user's origin chain, ensuring a net-positive impact on the local chain's blockspace demand. Each Edge instance showcases the combined orderbook liquidity of all interconnected chains on the app's trading interface, allowing access to this shared liquidity from any base layer.

Up next is Mantle, slated to receive its own Edge instance. With a TVL of $331.57M, approximately 11% of Arbitrum's TVL, Mantle stands to benefit significantly from access to deeper liquidity than currently available onchain. This expansion allows Mantle to accommodate a much broader user base.

Recently, the team unveiled plans to launch an Edge instance on Botanix, the Spiderchain EVM L2 on Bitcoin. The Edge deployment on Botanix introduces novel concepts for decentralizing the sequencer, with further details to be disclosed as development progresses. This move expands liquidity availability from Arbitrum and Blast to the Bitcoin L2 ecosystem, potentially bridging these two very separated worlds and catering to diverse user types.

Amplifying User Benefits

Vertex Edge's architecture facilitates multi-chain liquidity sharing through a unified, synchronous orderbook. However, thanks to Vertex's vertically integrated offerings (spot, perpetuals, and money markets) and cross-margined account structure, this entails more than just additional perp DEXs accessing consolidated liquidity. Instead, Vertex's design offers amplified benefits to all users across each instance and underlying network.

Through Vertex's spot market, users will be able to trade native spot assets across chains without needing to access the network of any specific asset. This is a significant step in the roadmap that will be key to reduce friction between networks and bridging risks. With the synchronized orderbook aggregating liquidity, sellers on one chain gain access to buyers on multiple chains, optimizing market depth and potentially reducing slippage.

Additionally, Vertex's cross-margined accounts with spot and perpetual products enhance basis trading opportunities across ecosystems, further optimizing market efficiency through Edge. Unified funding rates on Edge streamline trading, mitigating liquidity fragmentation.

Edge's money markets enable users to maintain collateral on their preferred chain without asset bridging, again reducing friction and expanding collateral options to enhance liquidity and trading efficiency. The synchronous orderbook layer retains Vertex's embedded money markets through cross-margin accounts, ensuring consistent interest rates across chains. This consistency facilitates easier cross-chain spot trading, enabling traders to access assets in different ecosystems without the need for stablecoin bridging, optimizing yields for passive lenders.

App Layer Alignment

Vertex Edge offers three distinct benefits to base layer networks: increased blockspace demand, better onchain liquidity, and reduced development/integration costs. Vertex Edge's batched settlement model increases blockspace demand, as evidenced by Vertex contracts consistently ranking among the top gas spenders on Arbitrum in 2024. This alignment encourages more blockchains to integrate Vertex Edge, possibly offering native incentives such as the Arbitrum STIP.

Edge's cross-chain liquidity access alleviates obstacles for users moving assets between chains, and retaining onchain capital by diminishing outflows seeking better DEX liquidity. Each new chain added to Vertex Edge's network enhances liquidity for all chains, creating a virtuous cycle of growth and liquidity. Additionally, Vertex Edge reduces development costs and resources for launching DEXs on L2s by leveraging existing liquidity, avoiding the need for extensive new technology development and deep liquidity creation.

Implications For The Token

VRTX functions as a utility token within the Vertex ecosystem, providing several benefits to users. It primarily serves as an incentive for the Vertex community, rewarding user activity, efforts, and transaction volume within the Vertex Protocol. These rewards vary based on contributions and commitments, encouraging ongoing participation over the long-term.

Staking VRTX is necessary to join the protocol's incentive program, signaling a user's commitment and adherence to standards. Staked VRTX generates voVRTX, a non-transferable token that acts as a multiplier for incentives, proportional to the staking duration. Users who stake longer (up to 183 days) can earn 1 to 2.5 times more rewards. Besides staking, voVRTX can also be earned through active and consistent participation, making it a comprehensive incentive model. This system encourages continuous contributions, creating a positive feedback loop.

Vertex's primary revenue comes from trading fees, which scale with trading volume. Up to 50% of trading fee revenue, excluding sequencer fees, is allocated to the Protocol Treasury for rewards, with the specific percentage determined each epoch based on the protocol's needs.

Just recently on May 16th, the team announced a VRTX Buyback & Burn program to replace the previous Buyback & Stake, meaning that VRTX purchased with protocol revenue will be periodically sent to a burn address instead of staked moving forward. It is designed to use a portion of retained protocol revenue from the Vertex protocol (e.g., trading fees) to purchase VRTX on a forward-looking basis.

The expansion to other chains through Edge instances is set to generate more trading fee revenue, leading to progressively more VRTX being burnt. With a fixed total supply of 1 billion tokens, and 90.85% of it to be distributed over the five years following the TGE, this supply reduction could drive significant value back to the token. Notably, 34% of the supply is allocated to ongoing incentives to be distributed over the next 6+ years, starting from Epoch 8. As more tokens are burnt due to rising revenue and fewer incentives are given out over time (as per the emission schedule), this could create buying pressure. The portion of revenue allocated to Buyback & Burn will vary based on the protocol's needs.

Risks

Cross-margined accounts offer significant capital efficiency and advantages for strategies like basis trading. However, they also present higher solvency risks compared to isolated margin systems. An example of this vulnerability is the Mango Markets hack in October 2022. Although oracle design and security measures have improved since then, it is important to acknowledge that more complex margin systems can inherently provide more opportunities for exploitation.

The Insurance Fund’s capability to cover bad debt in extreme scenarios must also be monitored. As new Edge instances are launched, it takes time for protocol revenue from liquidations to sufficiently bolster individual insurance funds. However, funds can be utilized where necessary in emergencies and losses can be socialized, resulting naturally in a poor user experience but avoiding protocol insolvency.

The offchain sequencer is a single point of failure, with its consequences increasing with the addition of more instances. This risk is mitigated by the Slo-Mo fallback, which allows trading against AMM liquidity. However, execution in this mode is not as efficient, potentially leading to losses and high opportunity costs, which may not be ideal at times for sophisticated and professional traders.

The perpetuals landscape is highly competitive and liquidity is known to be mercenary, with the current craze for points programs and typical inflationary token rewards making user retention challenging. Nonetheless, Vertex’s market share has remained relatively stable since its token launch, and its ability to expand into multiple protocols with additive liquidity is promising for its future.

Final Thoughts

Vertex Edge’s cross-chain liquidity addresses the growing need to aggregate liquidity in an increasingly fragmented blockchain landscape. As more blockchains (L1s, L2s, L3s) are created, trying to convince users to use one protocol on one network can become futile. Edge embraces the multi-chain future, finding a solution to unify liquidity across chains. By ensuring that deployment on more chains means increased liquidity for every chain, Edge offers a future-proof approach. Edge transforms the typical subtractive creation of new protocols on new chains, which fragments liquidity, into a synergistic, value-additive endeavor. This perspective is groundbreaking for a multi-chain future, allowing users to trade on their preferred chains without missing out on the best price execution and overall trading experience. For anyone who believes in the multi-chain future, Vertex is a standout project in the perps landscape.

App layer alignment with the underlying network means that more blockchains can welcome Vertex Edge into their ecosystems, potentially offering native incentives. This boosts adoption, especially if Edge launches on established networks to leverage local liquidity and users. While competition is stronger on these chains, the value add could be significant.

Low trading costs and increasing liquidity can sustainably attract more volume and drive value to the token. With the initial token phase incentives involving a 7-month lock period concluding soon, and with monthly emissions on a fixed schedule, combined with growing protocol revenue leading to more tokens being bought and burnt, the token could have a clearer path for value accrual.

Finally, improvements to the perp DEX trading UX, including reduced latency and fees, along with deep cross-chain liquidity that Edge offers, are paving the way for perp DEXs to gain market share from CEXs, growing the total market and changing market dynamics.

This research report has been funded by Unlimited Technologies PTE. By providing this disclosure, we aim to ensure that the research reported in this document is conducted with objectivity and transparency. Blockworks Research makes the following disclosures: 1) Research Funding: The research reported in this document has been funded by Unlimited Technologies PTE. The sponsor may have input on the content of the report, but Blockworks Research maintains editorial control over the final report to retain data accuracy and objectivity. All published reports by Blockworks Research are reviewed by internal independent parties to prevent bias. 2) Researchers submit financial conflict of interest (FCOI) disclosures on a monthly basis that are reviewed by appropriate internal parties. Readers are advised to conduct their own independent research and seek the advice of a qualified financial advisor before making any investment decisions.

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👉From November 2024😉

What are Oracles?

Blockchains in and of themselves are useful already, for trustless and permissionless transactions without censorship. No trust or verification from the user is required because it is stored on a decentralised ledger with global consensus. What if certain transactions require reliable and real-time data from external sources that do not necessarily have a global consensus or can be stored on the same ledger? For example:

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Why can this data be trusted? Oracles provide a robust mechanism for ensuring the integrity and reliability of off-chain data before it is used on the blockchain. An oracle network verifies the:

  • Authenticity: To ensure that the data is genuine and comes from a legitimate source, oracle networks source data from multiple trusted providers or verifiable APIs. This process reduces the risk of malicious or false information being introduced into smart contracts.
  • Accuracy: Accurate data is crucial for smart contracts to function correctly. Oracles achieve this by aggregating data from several independent sources. Instead of relying on a single provider, an oracle network will query multiple data sources and compare their responses.
  • Reliability: Oracle networks enhance reliability by using decentralized nodes, which increases resilience against failures or malicious activity. If one data source or node fails or provides incorrect information, the other nodes in the network can continue to operate and provide valid data.

The demand for accurate and reliable off-chain data is growing as the number of real-world use-cases and adoption of blockchain increases. Users of applications are more than willing to pay for an oracle service that is accurate and reliable and covers a large variety of use-cases.

Pyth Network versus Other Oracles

Read the blog post of Battle of the Oracles to learn more about the different oracles solutions. To recap, Pyth Network is a high-frequency oracle leveraging Solana's technology, offering a robust solution for off-chain data sharing for primarily decentralized finance applications (DeFi). It provides services like real-time price feeds and benchmarks, accessible to a wide range of financial service providers. PYTH is the governance token and utility token of the Pyth Network. Supply and demand for the PYTH token is directly related to level of usage and total demand of Pyth’s services and Pyth Network’s Tokenomics.

Total Value Secured by Oracles

While Chainlink holds the lion’s share of the total value secured by oracles, Pyth has shown by far the largest growth in terms of TVS, number of protocols supported and number of DApps. Pyth is expanding rapidly, across different networks and protocols, supporting more DApps, data providers and integration partners every day. In the same time frame, Chainlink’s marketshare has decreased. Comparing the main metrics of MCAP/TVS ratio and MCAP/TTV ratio, we notice that based on market capitalization (circulating supply), Pyth is undervalued whereas the TVS ratio based on fully diluted value paints a different picture. This is because only 37% of PYTH tokens are unlocked, the next significant PYTH token unlock takes place in May of 2025 and happens yearly thereafter on the same date until the full amount of tokens has been unlocked by 2027.

Use-cases Enabled by Pyth

Products and Services:

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  • Pyth DAO Governance model

Examples:

  • Decentralised Exchanges (DEXs) require reliable real-time price feeds to provide users accurate trades.
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Case Study: Drift (DEX)

Refresher: What is a DEX?

Decentralized Exchange (DEX) allows users to trade cryptocurrencies directly, without intermediaries, using smart contracts on a blockchain. DEXes operate peer-to-peer, providing greater privacy and control over assets compared to centralized exchanges.

There are two main types of DEXes:

  1. Order Book DEXes: These platforms match buy and sell orders using a live order book, similar to traditional exchanges. Examples include dYdX.
  2. Automated Market Makers (AMMs): AMMs use liquidity pools and algorithms to determine asset prices, allowing users to trade instantly without needing a counterparty. Examples include Uniswap and SushiSwap.

Context

Drift is a perpetual trading DEX built on Solana. Speed, reliability, and performance make or break a perpetual trading ecosystem. Drift is a perpetual trading platform that allows traders to create leveraged positions against the performance of synthetic assets.

Why Pyth?

Drift seeks to offer the most feature-rich, powerful perpetual DEX with lightning-fast execution. This ambition necessitates a robust Oracle solution. Legacy oracles are slow and susceptible to front and back running.

Pyth and Drift partnered to rapidly deploy a proof-of-concept. This successful relationship satisfies the ultra-fast network requirements of Drift’s execution tools and is capable of supporting thousands of users and hundreds of assets.

This is only one of many examples of an effective partnership and integration that gives Web3 users an enhanced user experience than DApps that use other Oracle solutions. There are presently over 410 integration partners supporting the transition from push to pull Oracles with Pyth Networks.

Pyth versus Chainlink

We compare Chainlink and Pyth Network with two main metrics: Total Value Secured (TVS) and Total Transaction Volume (TTV)

Total Value Secured

Pyth’s Total Value Secured (TVS) is more distributed across different blockchains and applications compared to Chainlink, offering greater resilience and diversification. Here's how the comparison breaks down:

  • Blockchain Distribution: Pyth’s TVS shows a broader spread across multiple blockchains. For instance, only 61.1% of Pyth’s TVS is concentrated on the Solana blockchain, which means the remaining value is distributed across other blockchains, contributing to its decentralized footprint. In contrast, 97.1% of Chainlink’s TVS is concentrated on Ethereum, creating a higher dependence on a single blockchain. This heavy reliance on Ethereum makes Chainlink more vulnerable to network-specific issues, such as scalability concerns or market downturns affecting Ethereum.
  • Application Distribution: Pyth also demonstrates a healthier diversification across different applications. Only 23.8% of Pyth’s TVS is tied to its top application, meaning the remaining value is distributed among various other applications. This broader application spread lowers the risk of one dominant app affecting the network’s overall performance. Chainlink, however, has 48.8% of its TVS tied to its top application, meaning nearly half of its secured value relies on a single application. This concentration creates a potential single point of failure, making Chainlink more sensitive to shifts in the usage or success of that key application.

Pyth's more balanced distribution of TVS across different blockchains and applications enhances its resilience. With a healthier spread of its value, Pyth is better positioned to withstand market fluctuations or downturns that may affect individual blockchains or applications, making it less exposed to risks associated with dependency on any single network or product. This diversified approach gives Pyth a structural advantage in terms of long-term stability and adaptability.

Total Transaction Volume

Another, perhaps better, metric to measure the true market share and usage of an Oracle network is TTV (Total Transaction Volume). TTV is strongly correlated with the frequency of oracle price updates and therefore oracle revenue and true demand for its products and services. TVS can overstate or understate an application’s demand for price updates, because an application could have a disproportionate amount of locked value relative to the amount of Oracle interactions one would expect to observe.

Chainlink, the traditional market leader of oracle networks, is losing ground after being slow to serve customers needing faster data updates, though they've recently launched a new high-speed service. Pyth has become a successful competitor by focusing on rapid data delivery across multiple platforms, making it easier for financial applications to access real-time price information. Large trading platforms are increasingly building their own internal price tracking systems rather than paying external providers, suggesting cost is a major factor in their decisions.

The key to future success in digital trading will be speed - traditional exchanges currently have an advantage with their centralized systems, but new platforms are starting to close this gap by developing faster price update capabilities.

Pyth Network Governance

The Pyth Network operates a decentralized governance system that empowers the community by allowing all PYTH token holders to have a direct say in the network's development and decision-making processes. This decentralized governance model ensures that control of the network is distributed among its users, promoting transparency and inclusion.

To participate in governance, token holders must stake their PYTH tokens through the Pyth staking program. By staking their tokens, users gain the ability to vote on community governance proposals, ensuring that they have a voice in the key decisions shaping the future of the Pyth Network.

In addition to voting, any PYTH token holder has the right to submit proposals to the Pyth DAO, provided they meet the requirement of holding and staking at least 0.25% of the total PYTH tokens staked. The proposals that can be brought to the DAO are diverse and impact many critical aspects of the network's functionality, including:

  • Determining the size of update fees: Proposals can influence the fees charged for updates to the network, ensuring that they remain fair and competitive.
  • Reward distribution mechanisms for publishers: The community can vote on how rewards are allocated to data publishers, ensuring that those contributing accurate and reliable data are fairly compensated.
  • Approving software updates across blockchains: The Pyth Network operates across multiple blockchains, and governance participants have the power to approve essential updates to on-chain programs, ensuring the network remains up to date and secure.
  • Listing price feeds and determining their reference data: Token holders can vote on which price feeds are listed on Pyth, as well as set the technical parameters for these feeds, such as the number of decimal places in the prices and the reference exchanges used to determine the data.
  • Selecting data publishers: The governance system allows the community to permission publishers, or select which entities are allowed to provide data for each price feed. This ensures that only trusted and verified data sources are contributing to the network.

Conclusion

The Pyth Network stands out as a disruptive force in the decentralized oracle space, rapidly growing across protocols and blockchains and setting new standards for both data speed and diversification. Leveraging Solana technology, Pyth brings high-frequency, real-time market data directly from first-party sources—including exchanges and trading firms—to an expanding universe of DeFi and TradFi applications. Compared to its primary competitors, Pyth demonstrates healthier resilience by distributing its Total Value Secured across multiple blockchains and applications, reducing dependencies and systemic risk.

Recent market trends show Pyth gaining ground in metrics like Total Transaction Volume, challenging traditional leaders like Chainlink and reflecting a broader shift toward fast, reliable, and diversified data solutions in decentralized finance. Its innovative approach—such as direct publisher sourcing, sub-second updates, and auditable aggregation—addresses the needs of financial markets with unique precision and transparency.

Ultimately, for developers, institutions, and investors seeking reliable off-chain data with speed and global reach, Pyth Network is quickly becoming a cornerstone oracle solution—and its trajectory signals a new era of dynamic, decentralized connectivity for global finance.

 

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Understanding the Crypto Alt Season

The next altcoin season is poised to ignite the crypto market, promising to turn savvy investors' portfolios into goldmines. As Bitcoin's dominance wanes, a new era of blockchain innovation is dawning—are you ready to ride the wave?

Market behavior often exhibits distinct patterns and cycles. One such phenomenon that has captured the attention of traders and investors alike is the "Alt Season"—a period when alternative cryptocurrencies, or "altcoins," outperform Bitcoin and experience significant price surges.

The concept of market cycles and seasonality is not unique to crypto; it's a well-established principle in traditional financial markets. However, in volatile crypto space, these cycles can be more pronounced and occur with greater frequency.  

In this article, we’ll try to cover these and other topics: 

  1. The nature and characteristics of Alt Seasons
  2. The importance of recognizing market cycles in cryptocurrency trading
  3. Alt Season indicators and how to interpret them
  4. Predictions and speculatins about the next potential Alt Season

What Is Crypto Alt Season?

Crypto Alt Season, short for "Alternative Cryptocurrency Season," refers to a period in the cryptocurrency market when alternative cryptocurrencies (altcoins) significantly outperform Bitcoin in terms of price appreciation. During an Alt Season:

  1. Many altcoins experience rapid price increases.
  2. The market share of altcoins grows relative to Bitcoin.
  3. Trading volume for altcoins typically increases.
  4. Investor attention shifts from Bitcoin to various altcoin projects.

An Alt Season can last anywhere from a few weeks to several months. It's often characterized by increased risk appetite among investors, who are willing to allocate more capital to smaller, potentially higher-risk crypto projects in search of higher returns.

Is Crypto Season the Same As Crypto Alt Season?

While related, Crypto Season and Crypto Alt Season are not exactly the same:

  1. Crypto Season:
    • Refers to a broader bullish period in the entire cryptocurrency market.
    • Typically includes price appreciation for both Bitcoin and altcoins.
    • Can be longer in duration, sometimes lasting for many months or even a year or more.
    • Often starts with a Bitcoin rally, followed by increased interest in the broader crypto market.
  2. Crypto Alt Season:
    • Specifically focuses on the outperformance of altcoins compared to Bitcoin.
    • Can occur within a broader Crypto Season but is more narrowly defined.
    • Generally shorter in duration than a full Crypto Season.
    • May happen towards the latter part of a broader Crypto Season, as investors seek higher returns in smaller cap coins.

Key Differences:

  • Scope: Crypto Season encompasses the entire market, while Alt Season focuses on altcoins.
  • Duration: Crypto Seasons are generally longer than Alt Seasons.
  • Market Dynamics: In a Crypto Season, Bitcoin often leads the rally, while in an Alt Season, altcoins outperform Bitcoin.

It's important to note that these terms are not officially defined and can be subject to different interpretations within the cryptocurrency community. However, understanding the distinction can help investors and traders better analyze market trends and potential opportunities in different segments of the crypto market.

What Is Alt Season Indicator?

The Alt Season Indicator is a tool used by cryptocurrency traders and investors to gauge whether the market is entering or currently in an "Alt Season" — a period when altcoins are outperforming Bitcoin. While there isn't a single, universally accepted Alt Season Indicator, several metrics and tools are commonly used to assess the likelihood of an Alt Season. Here are some key aspects of Alt Season Indicators:

Bitcoin Dominance

One of the most widely used indicators is Bitcoin Dominance, which measures Bitcoin's market capitalization as a percentage of the total cryptocurrency market cap.

  • Calculation: (Bitcoin Market Cap / Total Crypto Market Cap) * 100
  • Interpretation: A declining Bitcoin Dominance often signals a potential Alt Season, as it indicates that capital is flowing from Bitcoin into altcoins.
  • Threshold: Some traders consider Bitcoin Dominance below 50% as a potential indicator of an Alt Season.

Altcoin Market Cap Ratio

This indicator compares the total market capitalization of altcoins to Bitcoin's market cap.

  • Calculation: Total Altcoin Market Cap / Bitcoin Market Cap
  • Interpretation: An increasing ratio suggests growing strength in the altcoin market relative to Bitcoin.

Top 10 Altcoins Performance

This indicator tracks the performance of the top 10 altcoins by market cap (excluding Bitcoin) compared to Bitcoin over a specific period.

  • Calculation: Average percentage gain of top 10 altcoins vs. Bitcoin's percentage gain
  • Interpretation: When a majority of top altcoins consistently outperform Bitcoin, it may indicate an Alt Season.

Alt Season Index

Some crypto data platforms offer a proprietary Alt Season Index, which combines various metrics to provide a single score indicating the likelihood of an Alt Season.

  • Scale: Often presented as a percentage or a 0-100 score
  • Interpretation: Higher scores (e.g., above 75%) suggest a higher probability of an ongoing Alt Season

Trading Volume Ratios

This indicator compares the trading volumes of altcoins to Bitcoin's trading volume.

  • Calculation: Total Altcoin Trading Volume / Bitcoin Trading Volume
  • Interpretation: An increase in this ratio may indicate growing interest in altcoins, potentially signaling an Alt Season.

Important Considerations:

  1. No single indicator is foolproof. Traders often use a combination of indicators for a more comprehensive analysis.
  2. Market conditions can change rapidly, and past patterns don't guarantee future results.
  3. Different traders may use different thresholds or interpretations of these indicators.
  4. The crypto market's evolving nature means that indicators may need to be adjusted over time to remain relevant.

Understanding and effectively using Alt Season Indicators can help traders and investors make more informed decisions about allocating their resources between Bitcoin and altcoins. However, it's crucial to combine these indicators with broader market analysis and risk management strategies.

Alt Seasons: Historical Perspective, Current Situation, and Future Predictions

Previous Altcoin Seasons

In crypto, two periods stand out as particularly significant for altcoins. These "alt seasons" saw unprecedented growth and interest in cryptocurrencies beyond Bitcoin, reshaping the landscape of digital assets.

The 2017-2018 Alt Season

Duration: December 2017 to January 2018

Context:

  • Bitcoin (BTC) experienced its most remarkable bull run to date, reaching nearly $20,000 in December 2017.
  • This surge in Bitcoin's price and public interest created a ripple effect throughout the crypto market.

Key Developments:

  1. Proliferation of New Coins: The success of Bitcoin catalyzed the launch of numerous new cryptocurrencies.
  2. Investor Frenzy: Buoyed by Bitcoin's success, investors eagerly sought the "next Bitcoin," pouring capital into various altcoins.
  3. ICO Boom: This period saw a surge in Initial Coin Offerings (ICOs), with many projects raising millions in a matter of hours or days.
  4. Market Expansion: The total cryptocurrency market cap reached unprecedented levels, briefly surpassing $800 billion in January 2018.

Notable Altcoins: Ethereum (ETH), Ripple (XRP), and Litecoin (LTC) saw significant price increases during this period.

The 2020-2021 Alt Season

Duration: December 2020 to April 2021

Context:

  • Bitcoin broke its previous all-time high, surpassing $60,000 in March 2021.
  • The COVID-19 pandemic had accelerated digital adoption and increased interest in alternative investments.

Key Developments:

  1. DeFi Explosion: Decentralized Finance (DeFi) projects gained massive traction, with many tokens seeing exponential growth.
  2. NFT Boom: Non-Fungible Tokens (NFTs) entered the mainstream, driving interest in blockchain-based digital assets.
  3. Institutional Adoption: Major companies and institutional investors began adding cryptocurrencies to their balance sheets.
  4. Technological Advancements: Many altcoins introduced innovative features, scaling solutions, and use cases.

Notable Altcoins: Ethereum (ETH) reached new highs, while projects like Binance Coin (BNB), Cardano (ADA), and Polkadot (DOT) saw remarkable growth.

Comparative Analysis: Both alt seasons shared some common characteristics:

  • They were preceded by significant Bitcoin price rallies.
  • New projects and tokens gained rapid popularity and valuation.
  • Retail investor participation increased dramatically.
  • The overall cryptocurrency market capitalization reached new heights.

However, the 2020-2021 alt season was marked by greater institutional involvement and a broader range of technological innovations, particularly in DeFi and NFTs.

Is It Alt Season?

Based on the indicators discussed above, it's not currently an altcoin season. The Altcoin Season Index at 41 and Bitcoin's market dominance at 61.3% both suggest that Bitcoin is still the dominant force in the crypto market at this time.

When Is Alt Season?

Based on the information we could gather from various experts, we can analyze the predictions for the next altcoin season as follows:

  • Based on the latest analysis from experts and on-chain data, here’s what we know about the next altcoin season:

     

    Current Status (August 2025):

     

    • The altcoin season index—a metric that signals how many altcoins outperform Bitcoin—currently sits around 37. For a “full-blown” alt season, it typically needs to rise above 75.

    • Bitcoin dominance is approximately 61-62%. Historically, dropping below 60% often coincides with a rapid rotation into altcoins and the start of alt season.

     

    Key Indicators to Watch:

     

    • Altcoin Season Index (ASI): Above 75 signals a true altcoin season.

    • Bitcoin Dominance: A move below 60% usually marks the transition; sub-50% dominance is associated with peak alt season inflows.

    • Market Activity: Increasing volumes in major altcoins and Layer 1s, meme coin rallies, and spikes in DeFi activity are early warning signs.

    • Ethereum Outperformance: When ETH surges relative to BTC, this historically precedes broader altcoin rallies.

     

    Expert Predictions for 2025:

     

    • Analysts point to a pivotal window for alt season starting as early as August 2025 and extending through the fall, with many expecting true acceleration of altcoin gains if Bitcoin’s price consolidates and capital rotates further into alts.

    • There is strong consensus that macroeconomic catalysts, such as potential U.S. interest rate cuts and ongoing Bitcoin ETF momentum, could fuel a major altcoin rally in late 2025 if positive conditions persist.

    Summary Table: Key Factors & Targets

    SignalAlt Season TriggerStatus (Aug 2025)
    Altcoin Season Index (ASI)>75 ~37
    Bitcoin dominance<60% ~61–62% (near trigger)
    Altcoin trading volumeSustained surge across many alts Rising, but not explosive
    Ethereum outperformanceETH/ BTC breakout, >$3,700 Near, ETH ~$3,500
    Market narrativesAI, DeFi, meme coins, new L1 inflows Strengthening
     

    Bottom Line:
    Most analysts agree the groundwork for altcoin season in 2025 is building. We are currently in a transition phase: if Bitcoin dominance continues to fall and the Altcoin Season Index rises above 75, a full-fledged alt season could ignite during the second half of 2025. Monitor these key indicators to stay ahead as market momentum shifts from Bitcoin into a broader range of altltcoins.

Key Factors to Consider

  • Technology: Look for coins with innovative solutions to existing blockchain challenges.
  • Adoption: Consider projects with growing partnerships and real-world use cases.
  • Market Position: Established coins with room for growth may offer a balance of stability and potential returns.
  • Tokenomics: Understanding supply dynamics can help predict potential price movements.

It's crucial to conduct thorough research before investing. The cryptocurrency market is highly volatile, and past performance doesn't guarantee future results. Always invest responsibly and within your risk tolerance.

How to Win in Next Alt Season?

Capitalizing on the next altcoin season requires a strategic approach. Here's how to maximize potential gains:

  • Research and Diversification: Thoroughly research potential investments, analyzing both fundamentals and technical aspects to identify promising altcoins. Diversify your holdings across different projects to mitigate risk and maximize potential returns. Don't put all your eggs in one basket.
  • Strategic Timing: Utilize technical analysis tools like support/resistance levels and RSI to pinpoint optimal entry and exit points. Monitor market sentiment and price trends to make informed decisions. A clear entry and exit strategy is crucial for managing risk and maximizing profits during volatile periods.
  • Newer Projects: Consider participating in newer altcoin projects. This provides early access to potentially high-growth projects at discounted prices. Research upcoming defi projects with use cases, focusing on innovative projects with strong potential. Investing early can yield substantial returns as the project develops.

Conclusion

In summary, an altcoin season, marked by significant price increases in non-Bitcoin cryptocurrencies, may be on the horizon.  This potential surge could be driven by investors seeking higher returns in smaller-cap cryptocurrencies, technological advancements in altcoin projects, increased blockchain adoption, and the transition of projects from speculative ventures to real-world applications

Remember, while the potential for significant gains exists during an altcoin season, the cryptocurrency market remains highly volatile. Always invest responsibly.

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