Polkadot's Time to Shine | Crypto Market Update 1.13

Time to shine | Market News

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What a jam-packed day of news for crypto!

Tonga looks to be set as the next country to adopt Bitcoin as legal tender. On the other end, Pakistan is looking to ban crypto altogether. Oasis Network has received another large investment after its first native DEX locks $100 million in 24 hours, and Polkadot begins its user adoption journey with Moonbeam (GLMR) launch. And despite all the commotion, the retail crowd seems disinterested in crypto.

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Time to Shine Polkadot!

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With the launch of Moonbeam (GLMR) yesterday, Polkadot Network (DOT) will have the ability to integrate EVM compatible platforms onto its multi-chain ecosystem, and 80 projects are ready to deploy.

Participates of the Crowdloan will receive four GLMR tokens for every contributed DOT token. GLMR began trading immediately post-launch on Kucoin. The tokens were initially available on Kucoin for .25, and GLMR reached $51 before settling around $12. The network’s initial valuation is near $1 billion, which is a bullish notion considering its nearest competitor is Harmony One (ONE), valued at $4 Billion.

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Polkadot benefits as an institutional investment favorite (chart below), shaping Moonbeam as a strong candidate to quickly climb up the Market Cap ranks with an early array of deployments, including DEXes, games, NFTs, and the additional benefit of nominal gas fees. The DeFi Parachain of Polkadot, Acala, is set to join the party any day, aiding liquidity on the Polkadot network.

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Moonbeam will join the pack of EVM compatible smart-contract platforms that have gained developers at a 4:1 rate over Ethereum in 2021. User adoption and overall market conditions will have an ultimate say, but Polkadot and Moonbeam are locked, stocked, and ready to go.

Polkadot’s time to shine has arrived.

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Major Crypto News

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• Northwest Arkansas offers $10k in Bitcoin to attract remote workers to transform the region into an up-and-coming tech hub.
• Checkout.com raises $1B in Series D to bring valuation to $40B. The fund will be used to further crypto payment processing.
• The first DEX on Oasis Network (ROSE) hits $100M in Total Value Locked (TVL) in 24 hours. ROSE has gained 14% in the last 24 hours.

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• Tonga may be the next country to adopt Bitcoin as legal tender in a nearly identical bill to El Salvador’s.

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“There i​​s very high-stakes game theory at play here, whereby if Bitcoin adoption increases, the countries that secure some Bitcoin today will be better off competitively than their peers. We, therefore, wouldn’t be surprised to see other sovereign nation-states acquire bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Fidelity Bitcoin Report

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• The Bank of Pakistan is seeking to ban all cryptocurrencies in the country.
• Congress will hold a hearing on Jan 20 titled “Cleaning up cryptocurrency: The energy impact of blockchains.”

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Don’t fret if you’re a fan of my NEWBIE section; it will soon be back. Unfortunately, I’ve had a busy week at my day job, and areas of the newsletter have suffered. Thanks for your patience and continued support!

Thanks for reading fam!

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Gabi

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