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Convex Finance (CVX) price prediction: Making CRV staking easier

Convex Finance (CVX) price prediction: Making CRV staking easier

Convex Finance lets CRV , an Ethereum-based token that powers the Curve Finance network, stakers and liquidity providers earn higher returns in a simple and easy way. The platform was built on the decentralised exchange platform for trading cryptocurrency assets, Curve Finance.

Unlike other platforms that charge trading fees to pay for gas, Convex Finance does not have any withdrawal fees. Instead, the platform offers CRV stakers and liquidity providers rewards in the form of CVX, the platform’s native token.

Convex Finance launched on May 17, 2021, making it a relatively new asset. The CVX token has a market capitalisation of $1.295bn on CoinMarketCap, as of the time of writing (26 January), and is ranked 210. The coin has a circulating supply of 47,500,713 CVX tokens and a maximum supply of 100 million.

The CVX coin saw a bullish trend since its launch in May. Despite hitting its all-time low of $1.8823 on 20 July 2021, the token’s price skyrocketed by 3033.93% to the all-time high of $58.99 on 1 January 2022.

Since then, the token has dropped by 53.82% to $27.24, as of the time of writing (26 January). What does the CVX forecast predict for 2022, 2025 and 2030?

What is Convex Finance?

In short, Convex Finance is a yield optimiser for the Curve Finance protocol that aims to bring the CRV boost ecosystem to everyone by simplifying the coin’s staking process and providing Convex users with special rewards in the form of its native token, CVX.

The platform is built on the decentralised exchange platform Curve Finance, also known as Curve.fi, and allows Curve.fi liquidity providers to earn boosted rewards without having to lock (stake) their CRV, Curve Finance’s native token.

Curve.fi liquidity providers will also be able to easily receive boosted CRV and liquidity mining rewards in CVX form with zero deposit and withdrawal fees, as well as no fees on extra incentive tokens such as SNX.

Meanwhile, CRV stakers will be able to earn a share of the Convex platform in CRV as well as trading fees from the Curve platform (3CRV). Stakers will also be able to receive CVX rewards. According to Convex Finance, the platform is the perfect choice for CRV stakers who want to remain liquid while staking the token.

CVX stakers can deposit their tokens on the platform and have the opportunity to withdraw them at any time, as well as receive a portion of the platform fees.

While Convex Finance has no withdrawal fees,  a small performance fee, which amounts to 16%, is imposed on all CRV revenue generated by Curve liquidity providers on the Convex Finance platform. Of that 16%, 10% is paid out in CRV form to cvxCRV stakers, 5% to CVX stakers as cvxCRV and 1% to a harvest caller in CRV.

When a user deposits CRV into the platform, that CRV is locked forever as veCRV. A tokenised version of veCRV, cvxCRV, is then returned to the user. cvxCRV can then be staked into the platform and exchanged for Curve admin fees. Users will also be able to receive CRV from Convex’s performance fee and the platform’s native CVX token.

Convex Finance uses the Ethereum blockchain. Those who wish to join the platform will have to set up an Ethereum wallet to be able to stake Curve liquidity provider coins, convert CRV, and stake cvxCRV and CVX. All Convex Finance services can be navigated via its official website.

CVX price analysis: Key drivers

The CVX token performed fairly well in the first few weeks after its April 2021 release, climbing by 203.61% from its $6.1921 launch price to $18.8 on 4 June 2021. However, the bullish momentum did not last long. The coin’s value reached its all-time low on 20 July 2021, dropping by 89.98% to $1.8823.

The bearish trend continued for CVX coin’s value, despite the news that Convex Finance saw a total value locked (TVL) between $3.5bn and $4bn for over a month and was approaching the $5bn mark at the start of August.

The token started to show bullish movement by mid-August 2021. By 6 September 2021, it had reached $13.22. This followed news that the platform’s revenue surpassed $100m at the end of August and the introduction of CVX voting at the start of September.

In the following 10 days, the token’s value climbed to $14.36, following the announcement that 100m CRV had been staked.

By 23 October 2021, Convex Finance’s TVL surpassed $12bn. The CVX token jumped to $20.78 on 24 October – a 44.70% rise on its mid-September price. Value continued to climb in the following months, reaching a peak of $40.37 by 11 November 2021.

In the lead up to Convex Finance’s release of its November update, however, the CVX token price dropped by 36.16% to $25.77 on 30 November, the day when the month’s update was published.

During that time, Convex enjoyed some positive news: a listing on OKEx crypto exchange and a collaboration with decentralised finance (DeFi) portfolio management platform Zerion. But these events failed to boost its value, which continued to drop, reaching $18.97 by 4 December 2021.

Market sentiment shifted in mid-December 2021. On 21 December, Convex Finance announced that it was expanding beyond Curve Finance’s CRV and added Frax Finance’s Frax Shares (FXS) to its system. The CVX token rose from $31.94 on the day of the announcement by 84.69% to the all-time high of $58.99 on 1 January 2022.

Since then, the token’s value started to shrink, falling by 29.78% to $41.42 on 20 January amid the wider crash in cryptocurrency markets.

In more recent CVX crypto news, on 20 January, Chainlink, the decentralised blockchain oracle network built on Ethereum, added the CVX token to its price feed for CVX/USD. The token’s price continued to decline, reaching $27.24 as of the time of writing (26 January) – a 34.23% decrease since 20 January.

Technical analysis provided by CoinCodex showed that short-term sentiment on the token was bearish, with 16 indicators showing bearish signals and nine showing bullish signals. A relative strength index (RSI) reading of 38 was in the neutral position, yet close to the oversold territory. A reading of 30 or below may signal that the coin is oversold or undervalued.

Convex Finance (CVX) price prediction

Despite recent downward price action, algorithm-based forecasting service Wallet Investor gave a bullish CVX coin price prediction, calling it an “awesome long-term investment”.

Based on its analysis of the cryptocurrency’s past performance, the forecasting service predicted that CVX could trade at $101.712 in 2023 and at $391.112 in 2027.

DigitalCoinPrice supported the bullish CVX forecast, seeing the coin reach $41.37 in December 2022. The coin’s price could rise to $67.41 in December 2025, according to the site.

Although a Convex Finance price prediction for 2030 is not currently available, DigitalCoinPrice estimated that the coin could reach $92.66 in December 2028 and jump to $122.53 in the following year.

Please note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

Analyst views on CVX coin

BigONE Exchange’s chair Anndy Lian explained that Convex Finance is a simple and easy to understand product.

“The bullish surge has been going on since late last year and it crosses $20bn in locked value. Right now, it has dipped because of the market but I do see that if CURVE continues to do well, Convex will too in the longer term,” he told Capital.com.

“Right now, CVX has dipped because of the market, but I do see that if CURVE continues to do well, Convex will too in the longer term.”

Note that analysts can be wrong. Analysts’ views should not be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

 

 

Original Source: https://capital.com/convex-finance-cvx-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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OriginTrail (TRAC) price prediction: first ever decentralised knowledge graph

OriginTrail (TRAC) price prediction: first ever decentralised knowledge graph

OriginTrail is the world’s first decentralised knowledge graph  that uses a decentralised protocol to build transparency in the supply chain.

The OriginTrail network is powered by the Trace (TRAC) cryptocurrency, which enables true decentralisation and is an ERC20, Ethereum-based cryptographic coin.

Developers note that OriginTrail is more of an ecosystem than a company, which is based on a token economy with shared relations between users and network nodes. The ecosystem is based on a neutral Web3 protocol that enables safe data sharing between companies, organisations and blockchains via a decentralised knowledge graph network monitored by artificial intelligence (AI) and oracles.

The TRAC coin saw a bearish trend following its initial coin offering (ICO) at $0.10 on 17 January 2018 and fell to $0.01997 by the same time the following year. The coin then kept decreasing until it reached its all-time low value of $0.00556 on 13 March 2020.

TRAC started to gain momentum by the end of 2020 and reached its all-time high of $2.6809 on 1 November 2021 as the ecosystem participated in the NFT NYC gathering for non-fungible token enthusiasts, gaining much exposure.

After hitting its all-time high in November, the cryptocurrency’s price started to fluctuate, dropping to $0.7955 at time of writing (21 January 2022). But can it regain its momentum, and what factors are shaping OriginTrail price prediction going forward?

What is OriginTrail (TRAC) coin?

The OriginTrail core team, consisting of four professionals within the supply chain, blockchain and management sectos Žiga Drev, Tomaž Levak, Branimir Rakić, and Jurij Škornik, believe that amid globalisation, trade supply chains are facing an increasing complexity, which heightens information asymmetry.

After five years of working alongside supply chain clients, the project’s team identified that much of the data in supply chains was fragmented and was lacking a suitable decentralised solution that would provide the perfect performance, scalability and trust for interconnected data in supply chains while also being cost-effective.

With that in mind, OriginTrail was created.

The first of its kind, the ecosystem’s technology uses a decentralised knowledge graph (DKG) that makes global supply chain data structured, linked, persistent and understandable. What this means is that OriginTrail created a decentralised protocol made for sharing supply chain data based on blockchain, making the global supply more transparent.

In short, OriginTrail allows IT providers to easily set up blockchain-supported data-sharing supply chains, and supports data of various formats, from those  used for supply chain tracking to documents and official certificates.

While using the OriginTrail Decentralised Network (ODN), an implementation of the DKG, people can look for information across a number of systems, exchange it through several data exchange protocols and integrate it into their own local knowledge graph or data store.

The ODN is an open-source protocol that uses decentralised nodes that allow companies and organisations to share information between themselves safely.

OriginTrail’s native cryptocurrency, TRAC, powers the decentralised knowledge graph (DKG) and drives the entire ODN as a utility token. The coin also acts as a collateral that keeps data creators honest and their data immutable.

The TRAC coin can be used on the ODN in several ways:

  • For participation: data creators must own TRAC in order to be able to participate in the ODN.
  • For publishing data: data creators must pay in TRAC for their data to be published on the ODN, which is locked in a smart contract until the completion of the data.
  • For collateralisation:  data holders will have to pay a fee in TRAC to prevent data tampering.
  • As a Polkadot Native Token: OriginTrail plans to bid for a parachain slot on the Polkadot network that will introduce a “wrapper” form of TRAC.
  • For staking: this will be introduced in the upcoming Version 6.0 of the ODN (2022).
  • For monetisation: ODN users will soon be able to monetise their data either by charging certain individuals to access it, selling it or introducing fractionalised ownership over data to different parties.

A total of 500 million TRAC tokens are available. The coin has a market capitalisation of over $289m (as of 21 January 2022) and is ranked 161st on CoinMarketCap with a market dominance rating of 0.02%.

OriginTrail is used by a number of major companies and organisations including Home Depot, Walmart and Target, as well as the US Department of Homeland Security.

TRAC price: Price analysis

During its four years in circulation, the TRAC coin suffered quite the journey, reaching its all-time low value of $0.00556 on 13 March 2020, a 94% decline from its ICO price of $0.10 on 17 January 2018.

On 16 May 2018, OriginTrail announced that its team would participate in a number of high-profile events in Asia from May 23 until June 21. However, that did not aid the coin’s price as it dropped to $0.1255 on 21 June 2018.

For the next three years, TRAC’s price continued to decrease despite OriginTrail being the first blockchain start-up to be awarded Walmart’s Food Safety Innovation Spark Award , participating at the GS1 Global Forum in 2019 and partnering with the British Standards Institution (BSI).

The token stayed on a bearish trend until its price started to gain momentum at the start of 2021 after the ecosystem released its development update for the coming year announcing that Starfleet, the programme that will bring the ODN to the final stage of its initially envisioned protocol implementation that will operate in a multi-blockchain environment, will be released in early Q1 of the following year.

Since then, the coin’s price steadily grew, reaching its first $1 value on 25 October 2021, but it was not until 2 November 2021 when the token reached its all-time high of $2.6809 amid OriginTrail’s participation at the annual NFT NYC event. This was a 2,580% surge since its ICO.

In addition, on 2 November TRAC became available in supported regions on Coinbase Pro, which also triggered the token’s jump in price.

The cryptocurrency’s value fell to $1.4127 on 18 November 2021 and kept declining despite new partnership arrangements with Acala in late November. Since the all-time high in November, TRAC has  lost 75.27% of its value, as of time of writing (20 January 2022).

Technical analysis provided by CoinCodex shows that short-term sentiment on TRAC is bearish, with 22 indicators showing bearish signals and nine showing bullish signals at time of writing.

In most recent TRAC coin news, OriginTrail announced on 27 December 2021 that it would start the launch of version 6 of the DKG, bringing the token’s price, which had been falling since its all-time high in November, up to $1.3046.

OriginTrail (TRAC) price prediction 2022-2030

Despite recent bearish results, algorithm-based forecasting service WalletInvestor gave a bullish TRAC token price prediction, saying that it is an “awesome long-term investment”.

Based on its analysis of the cryptocurrency’s past performance, the forecasting service predicted that TRAC could cost $1.858 next year and $5.170 in five years.

DigitalCoinPrice’s forecast also anticipated bullish results for TRAC, noting that the TRAC crypto price prediction for December 2022 is $0.4239. The coin’s price could rise to $0.6886 in December 2025, according to the site.

Although no TRAC crypto price prediction for 2030 is currently available, DigitalCoinPrice estimated that the coin will reach $1.22 in December 2029.

Please note that price predictions can be wrong. Forecasts shouldn’t be used as a substitute for your own research. Always conduct your own due diligence before investing. And never invest or trade money you cannot afford to lose.

Analyst views on TRAC

Jenny Zheng, co-founder of Blockcast.cc and an early blockchain advocate, said that TRAC may continue to grow in 2022 if Covid-19 continues to restrict travel and affect work processes.

“In 2022, they have envisioned a customised purpose-built network on Web 3.0 called ‘decentralised knowledge graph’. The combination of blockchain and knowledge graphs will help to better allocate resources and help traditional companies understand how blockchain can be easily integrated into their current setup,” she told Capital.com.

BigONE Exchange chair Anndy Lian said that TRAC has the potential to grow if OriginTrail focuses its problem=solving on “more teething problems such as storage efficiency”.

Lian added that if OriginTrail can manage to get “top supply chain companies to try their tech offerings, they can reach their all-time high again even if the market is bearish”.

“TRAC’s most recent spike in value was on 27 December, when it reached $1.4748. Due to this, we can expect the token to reach $1.2 at the most throughout February of 2022, assuming it breaks the $1 price barrier,” Invezz crypto analyst Milko Trajcevski told Capital.com.

 

Original Source: https://capital.com/origintrail-trac-price-prediction

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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Velas (VLX) price prediction: World’s fastest EVM blockchain

Velas (VLX) price prediction: World’s fastest EVM blockchain

Built on the Solana network, Velas is a open-source AI-powered blockchain that hosts a wide range of decentralised applications (DApps), including VelasPad and BitOrbit.

The project, headquartered in Switzerland, claims to be the world’s fastest Ethereum Virtual Machine (EVM) blockchain and open-source platform for decentralised projects and applications. It is led by a diverse team of engineers, cryptographers, researchers, mathematicians and business leaders.

Velas combines both centralised and decentralised solutions, with a particular focus on advancing blockchain technology using Web 3.0 tools. According to Velas’s whitepaper, the Web 3.0 phenomenon, which is saturated with DApps that are distributed across domain-specific clusters, is decentralising the internet.

With the explosive growth in the use of customer data in emerging technologies such as artificial intelligence (AI), it is becoming increasingly important to develop consensus protocols and design seamless user interfaces that provide developers and enterprises with community-governed ecosystems for Web 3.0 – a venture that Velas has undertaken.

As such, the project has been created with innovative technologies in mind, namely a decentralised ecosystem of products and services that accelerate blockchain adoption across the wider industry.

What is the Velas coin?

VLX is the native token of the Velas network and the primary unit of account for transactions, payments and fees. The network is based on a delegated proof-of-stake (DPoS) mechanism and its token can also act as a means of exchange across the DApps that the Velas platform hosts.

Users can earn staking rewards for creating blocks. There are two options for staking tokens on Velas:

  • Users can create their own pool and become a validator
  • Users can join an existing pool as a delegator

To become a validator, users must hold at least one million VLX tokens, or have at least one VLX to become a delegator. Pool rewards are proportionally distributed between validators and staking delegators. Velas is divided into staking epochs, and at the beginning of each epoch, an algorithm selects validators and creates a snapshot of their pools. The DPoS mechanism also enables delegators to stake tokens for voting purposes.

VLX price analysis: A technical view

The Velas price trend was higher throughout the months of September to December 2021, hitting the key $0.10 level, and on 23 September 2021 it reached $0.1857 as bullish momentum took hold. Prior to this, it had been trading as low as $0.05354 on 28 August 2021.

VLX started the summer at $0.04612 on 21 June 2021 but soared to $0.1724 on 6 September 2021, an increase of 273.2% in 76 days. The uptick in momentum continued when the price rallied to $0.4542 on 4 November 2021. After a dip to $0.3113 on 11 November 2021, the Velas cryptocurrency rallied again, reaching $0.5158 on 19 November 2021.

After yet another dip to $0.2003 on 20 December 2021, the coin regained momentum and surged to an all-time-high of $0.5473 on 4 January 2022. This jump could be at least in part attributed to Velas announcing just a day earlier that it will be partnering with the decentralised space agency, SpaceChain.

Another positive catalyst may have been Velas’s partnership with the Italian luxury sports car manufacturer, Ferrari, announced at the end of 2021, which led the coin to break out above its resistance level of $0.311 and reach $0.3769 on 30 December 2021. On 6 January 2022, VLX showed a falling wedge pattern and the price has since consolidated, mostly trading within the $0.31 to $0.35 range.

To date, the Velas coin value has risen 2,732% from its lowest level of $0.01162 on 16 October 2019. VLX is currently (18 January) trading at around $0.329159 and ranks 102nd in the list of cryptocurrencies by market capitalisation, at $728m, according to CoinMarketCap.

The daily simple and exponential moving averages are giving mostly sell signals, according to data from TradingView, while the relative strength index (RSI) stands at 47 – a neutral position – as of 18 January. An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

A whopping 75,000TPS with $0.00001 fees

A standout feature of Velas is that it offers a passwordless authentication system that allows users to securely access a variety of services through their Velas account. This is made possible through unique authorisation quotas.

The passwordless process stands to benefit users who may be in possession of several passwords across multiple accounts. Thus users can enjoy a seamless application login process through the network’s biometric security measures.

In other Velas coin news, the project appointed a new CEO, Farhad Shagulyamov, in December 2021, and secured a partnership with the decentralised multi-chain digital wallet BitKeep this month. In another boost to the project, VLX was listed on the cryptocurrency exchange ZBG on 18 February 2020 and then on KuCoin on 19 November 2021.

Velas also boasts a network throughput of up to 75,000 transactions per second (TPS), along with a transaction finality speed of 1.2 seconds. In comparison, the Visa payment system is capable of processing 1,700 TPS. There are minimal fees on the Velas network, too, at a rate of $0.00001 per transaction.

“Velas’s underlying technology assesses data sets through an AI-powered protocol. Its token, used for transactions, payments and fees on the network, is currently 40% below its all-time high value point. However, I expect VLX to reach $0.4 by the end of February 2022,” Milko Trajcevski, a financial analyst at Invezz, told Capital.com.

A risk for the project lies in the fact that decentralised blockchain technology is only about nine years old, making it a relatively new frontier. Also, transaction fees on decentralised finance (DeFi) protocols can be particularly high during periods of network congestion.

For example, a cryptocurrency such as Ethereum (ETH), which was processed 1.1 million times a day during the month of July 2021, currently has an average fee of $33.56, according to data from BitInfoCharts.

Velas (VLX) price prediction: Buy, sell or hold?

In terms of a Velas crypto price prediction, algorithm-based forecasting service Wallet Investor gives a positive VLX/USD outlook. Based on historical data, Wallet Investor estimates the price rising to $0.343 by February 2022, reaching $1.228 in January 2024 and hitting $1.681 by January 2025.

Digital Coin Price supports the bullish VLX forecast, expecting the Velas token price to grow to $0.43164098515 in February 2022, $0.47734355406 in 2023, $0.68726640248 in January 2025 and $1.17 in January 2028.

While the Velas coin price prediction for 2030 is not yet available, Digital Coin Price suggests it could be $1.42 in December 2029.

“Velas’s price is currently down 4.76% but a big reason for the project’s overall success is that Velas allows users to earn staking rewards for producing blocks through a unique validator and delegator feature,” Anndy Lian, chairman of BigONE Exchange and chief digital advisor for Mongolia’s national productivity agenda, told Capital.com.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

www.anndy.com
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