Summary

• The U.S. share of blockchain developers decreased from 40% in 2017 to 29% in 2022.
• Emerging markets like India are capturing the share away from the U.S.
• Regulatory crackdown on centralized exchanges and other crypto participants is threatening market dominance of the U.S.

U.S. Blockchain Developer Share Decrease

According to an analysis by Developer Report, the U.S.’s share of blockchain developers has decreased from 40% in 2017 to 29% in 2022, corresponding to about 2% drop every year. The ongoing crackdown by regulators on centralized exchanges and other crypto participants has left the U.S. crypto sector in a state of trepidation, threatening its market dominance that it has enjoyed over the last few years.

Emerging Markets Capturing Share Away From U.S.

Despite this decline, overall growth in development activity was encouraging with number of developers jumping almost by four times during this period as well. European nations combined accounted for 29% while Asia was home to 13%. India’s lucrativeness as a growing market for blockchain development was evidenced by data showing how it is eating into the share of the U.S., with its developer share steadily increasing from 2% in 2017 to 6% in 2022 – a more consistent growth trajectory than other regions showed at this time as well. Data from Europe also revealed an interesting development, with Ukraine’s share increasing from 4%-6%.

Ripple Labs CEO Concerned About SEC Stance

Recently there were reports that Coinbase was considering setting up a trading platform outside the US due to concerns of enforcement action on US‘ largest crypto exchange – furthering worries that US may not be as inviting towards blockchain development and cryptos anymore as it once used to be before regulatory crackdowns began occurring more frequently here recently than before.. Brad Garlinghouse, Ripple Labs‘ CEO said that because of such hawkish stances by SEC, crypto industry has already moved overseas which may dent prospects for US being attractive destination for blockchain development & cryptos again anytime soon .

Conclusion
Overall , due to regulatory scrutiny over centralized exchanges & other players , US‘ blockchain devloper share is slipping away and emerging markets like India are taking advantage . This could mean long term losses for US‘ existing market dominance and decreasing interest amongst developers .

• Cardano saw a decline in financial metrics in Q4 2022, however its daily transactions dApp transactions count rallied during that period.
• According to a report from Messari, Cardano’s revenues decreased by 28.3 percent and its market capitalization/TVL ratio dropped by 10.8 percent during the quarter.
• Despite this, Cardano saw growth in daily transactions count, dApp transactions, and engaged staking activity.

Cardano Suffers Financial Decline in Q4 2022

Cardano suffered a decline in financial metrics in Q4 2022. However, according to a new report from Messari titled „State of Cardano Q4 2022,“ the leading Layer 1 blockchain saw growth and some corresponding declines during the same period. Due to the unexpected collapse of cryptocurrency exchange FTX in November, there was a downturn in financial metrics like market capitalization and revenue as well as activity metrics such as the count of active addresses and total value locked (TVL) on the network.

Decrease In Revenue & Market Capitalization

The 90-day period under review was plagued by a significant decline in Cardano’s revenue due to lower transaction fees paid on the network which culminated in an overall 28.3% decrease for the quarter. Additionally, FTX and Genesis‘ collapses caused Cardano’s DeFi TVL (USD) to „decline through the 2022 bear market“ with a further 34.8% drop during this time frame while ADA’s price also dropped causing Cardano’s market cap/TVL ratio to decrease 10.8%. NFT sales also declined substantially with fewer unique sellers per day than competitors Flow and Polygon resulting in flat trading volumes throughout most of Q4 2022 aside from one momentary spike due to OREMOB’s launch project.

Growth In Daily Transactions Count & Engaged Staking Activity

Despite suffering financially during this time period, Cardano still logged increments in daily transactions count, dApp transactions, and engaged staking activity throughout Q4 2022 which helped buoy its performance somewhat despite other negative factors affecting it at that time such as FTX’s collapse and ADA’s price drop.

Conclusion

Though Cardano faced some difficult circumstances such as FTX regulatory issues and consequent losses due to ADA’s price drop which had an effect on its overall financial standing for Q4 2022, it still managed to experience some positive gains like growth increases for daily transaction counts and engaged staking activities which helped offset many of these losses somewhat making it possible for them to remain competitive within their space moving forward into 2023-24 despite facing significant headwinds along their path so far this year

• Shibarium, the layer-2 blockchain from Shiba Inu [SHIB] ecosystem has been released in its beta version.
• SHIB’s value increased to $0.00001033 at press time and it was the most traded token among the top Ethereum whales.
• The lead developer of the project reminded users not to spend their tokens on Puppynet as the current version is only for testing purposes.

Shibarium Network Launches Early Beta Test

The beta version of the highly-anticipated layer-2 blockchain, Shibarium, has been released by the Shiba Inu [SHIB] ecosystem and will be called ‚Puppynet‘. Technical indicators sided with a SHIB recovery at press time, pushing its value up 3% since news of the release was made public.

Burn Mechanism and Network Growth

Data from Shibburn revealed that burns have declined by over 95% in last 24 hours with over 23 million tokens removed from circulation. On the other hand, SHIB’s supply on exchanges dropped as holders expected a rise in price and chose to HODL instead. The network growth also increased with new addresses joining in anticipation of a potential bull run.

Shytoshi Kusama’s Advice to Community

Lead developer Shytoshi Kusama introduced an intake form for those looking to build on Shibarium and mentioned that documentation for validators will be released next week. He advised users not to spend their token on Puppynet as it is only meant for testing purposes currently.

WhaleStats Data

WhaleStats data pointed out that SHIB was the most traded token among top Ethereum whales at press time indicating significant demand for this cryptocurrency amid its current recovery phase.

Conclusion

The launch of Shibarium Network marks yet another milestone achieved in decentralized networks and opens doors to more opportunities within this expanding space while giving existing projects an opportunity to grow further through integrations with this layer-2 blockchain network.

• Two analysts from CryptoQuant have predicted that the value of Bitcoin [BTC] is poised to surge in 2023 based on their observation of historical trends and patterns.
• According to pseudonymous analyst oinonen_t, BTC’s price may see incremental growth throughout 2023 following a triple bottom structure in the market cycle.
• Another analyst Woominkyu suggested that long-term holders will gradually gain control of the market and increase prices again.

Predicted Surge in Bitcoin Value

Two analysts from CryptoQuant have shared their predictions based on historical trends and patterns observed in the BTC’s price movements in the 2018 – 2019 market cycle. Pseudonymous analyst oinonen_t looked at BTC’s on-chain active address data during the 2018-2019 cycle and found that it generated three individual bottoms as part of the reversal process. According to the analyst, this suggests that the market may see incremental price growth throughout 2023 following a similar triple bottom structure of last major cycle.

Long-Term Holders Gain Market Control

Another analyst Woominkyu studied the behavior of BTC long-term and short-term holders in relation to its realized price. Historical precedents revealed that BTC long-term holders have consistently outweighed short-term holders during periods when its price has successfully crossed its realized price, often leading to a rally in its value. The situation appears not to have changed much since then, suggesting that „long-term holders“ will gradually gain control of the market and raise prices again.

Positive Market Value To Realized Value Ratio (MVRV)

Despite some momentary slips and failure to reclaim $25K mark recently, on-chain data revealed that investors are still holding Bitcoin at a profit. Data from Santiment showed that BTC’s MVRV ratio remains positive which implies double profits for all current holders if they were to sell their holdings at present prices.

Investors Profit From King Coin

Many investors currently hold Bitcoin at a profit with good tidings for them ahead if predictions by CryptoQuant analysts come true this year. The experts‘ predictions suggest an upward movement for BTC’s price as we progress through 2021 into 2023 which could see further increases according to historical trends observed so far in its value movements over cycles.

Conclusion

CryptoQuant analysts predict a surge in Bitcoin [BTC] value this year with history providing evidence supporting gradual gains across 2023 backed by investors continuing to hold at profit as indicated by MVRV ratio remaining positive even during momentary dips recently witnessed by king coin’s value

• Cardano’s development activity has seen a recent improvement after a downward spiral since 16 February.
• The Valentine upgrade was rolled out with much optimism, but ADA has failed to capitalize on the opportunity and dropped 13% in the same week.
• On-chain metrics such as daily active addresses and MVRV ratio indicate that holders would incur losses if they choose to liquidate their positions.

Recent Development Activity

Cardano’s development activity bounced back impressively over the last few days. According to CoinMarketCap, ADA dropped significantly over the previous week, plunging 13%, at the time of writing. Furthermore, nearly $1.46 billion of Cardano’s market cap was wiped out in the same time period. But things could be taking a positive turn. Cardano’s development activity which was in a downward spiral since 16 February, bounced back impressively over the last few days, data from Santiment revealed.

Key Development Updates

Cardano published the latest edition of its weekly development report. The spike in development activity could be due to the key updates that happened in its ecosystem in the last seven days such as updates on fixes for peer-to-peer (P2P) code; releasing an updated set of network packages; progress made on Lace light wallet platform; implementation of initial partial index of Marlowe contracts and completion work on different way of dealing with contests during contestation period.

On-Chain Metrics

Cardano’s on-chain metrics scripted an uninspiring story. The daily active addresses nosedived since the start of February, per data from Santiment The negative MVRV Ratio implied that most holders would incur losses if they decide to liquidate their positions. The rising transaction volume in loss added more evidence to this observation lack of profitability in the network dented investors‘ confidence in ADA which was negative, at the time of writing..

Price Prediction 2023-24

At present there is no clear indication about what will happen with Cardano’s [ADA] price prediction 2023-24 however it does seem that there have been some positive developments recently which could lead them towards future growth and success going forward into 2023/4 .

Conclusion

It is difficult to determine whether or not Cardano [ADA] will recover from its recent losses but it seems like there may be some hope for those invested as there have been positive developments recently including improvements with network packages and Light Wallet Platforms being released soon before mainnet launch . Additionally , investors should also keep an eye on any future developments regarding ADA’s price prediction for 2023/4 as this could give more insight into how this coin might perform going forward .

• Polygon Labs announced on 21 February that the company has reduced its workforce by 20%.
• A report showed a steady decline in network revenue in 2022, despite an increase in user engagement and activity.
• The platform completed a major financing round of $450 million last year, which included investors such as Tiger Global, SoftBank and Galaxy Digital.

Polygon Labs Reduced Its Workforce

Polygon Labs, the developer company behind leading sidechain Polygon [MATIC], announced on 21 February that it has consolidated multiple business units resulting in a 20% reduction in its team.

Network Revenue Declined Despite User Activity Increase

Despite user engagement increasing last quarter due to the launch of Polygon’s zero knowledge-EVM public testnet, there was still a notable decline in revenue. The count of daily active addresses on the network jumped by 55%, bringing the year-over-year increase to 23%. Similarly, 32.59 million new addresses were created on Polygon between 1 October – 31 December which culminated in a 34.2% hike from Q3 2022. Further, during the period under review, the network recorded 262.47 million completed transactions according to Messari.

Major Financing Round Completed Last Year

In February last year, Polygon Labs completed its first major financing round of $450 million with private token event involving investors such as Tiger Global, SoftBank and Galaxy Digital among many others. As reported, their treasury remains healthy with over $250 million and over 1.9 billion MATIC tokens being held by them currently.

Strategy for Next 5 Years

To continue on this path of stupendous growth they have crystallized their strategy for the next 5 years to drive mass adoption of web3 by scaling Ethereum further which includes continued use of MATIC tokens for transactions and payments across dApps built on their platform as well as other blockchain networks like Ethereum or Polkadot etc .

Conclusion

The surge in user activity is evidence enough that Polygon continues to be seen as a viable option for developers seeking scalability solutions for their decentralized applications (DApps). With a strong treasury balance and strategic plans for mass adoption of Web 3 technology over the next five years, it looks like Polygon is well positioned to continue its upward trajectory even amidst declining revenue figures from 2022 onwards .

• The U.S Securities and Exchange Commission (SEC) is reportedly planning to propose a rule change that would make it harder for crypto firms to become qualified custodians for hedge funds, pension funds, and more.
• If approved, the new rule would require institutional outfits such as hedge funds and pension funds to shift their clients‘ digital assets.
• A five-member SEC team will vote on this approval on 15 February and put it out for public comment before a final vote takes place.

New Rules For Crypto Firms

The U.S Securities and Exchange Commission (SEC) is reportedly planning to propose a rule change that would make it harder for crypto firms to become qualified custodians for hedge funds, pension funds, and more. This proposal is set to be introduced on 15 February 2021.

Tighter Eligibility Requirements

If approved, the new rule would require institutional outfits such as hedge funds and pension funds to shift their clients‘ digital assets from existing crypto firms which are currently operating as „qualified custodians“. These institutions are required by law to have qualified custodians who can provide secure storage of digital assets on behalf of their clients.

Voting Process

A five-member SEC team will vote on this approval on 15 February 2021 and put it out for public comment before a final vote takes place which will take into consideration any feedback received from the public.

Regulatory Crackdown

This is the latest in a series of enforcement actions by U.S agencies as part of a renewed crackdown campaign against crypto firms operating in the country. Earlier this month, the SEC’s Division of Examinations announced its 2023 examination priorities which included emerging technologies and crypto assets with an emphasis placed upon ensuring that these companies met standards when making recommendations or providing investment advice; along with regularly reviewing disclosure practices related to risk management .

Conclusion

The proposal put forward by the SEC could have major implications for how cryptocurrency firms interact with institutional investors such as hedge funds and pension funds if approved after due process has been followed through with votes being taken into account along with public opinion before any decisions are made regarding changes in regulations surrounding them .

• Whale transactions on Cardano network surge, boosting ADA’s price.
• Growing Cardano ecosystem drives TVL growth and increased fees.
• Large transactions may manipulate prices and harm holders, but the number of active developers is increasing, leading to new applications.

Surge in Whale Transactions

The number of whale transactions on the Cardano network recently surged, according to Santiment, resulting in a 36% price increase for ADA. This has attracted attention from investors and could have a positive impact on the cryptocurrency’s future prices.

Growing Cardano Ecosystem

The Cardano ecosystem continues to grow as it attracts more users and developers. Daily activity on dApps rose significantly while transaction fees generated by Cardano also increased by 27%. The total value locked (TVL) in the network grew from $56 million to $107 million over the past month as well.

Large Transactions Could Manipulate Prices

Despite these gains, there is still a risk that large transactions may be used to manipulate prices or harm holders. It is important for investors to remain aware of this potential danger and monitor the network closely so they are not taken advantage of.

1, 10 & 100 ADA Worth Today

As of February 7th 2023, 1 ADA is worth approximately $0.40 USD; 10 ADA are worth approximately $4 USD; and 100 ADA are worth approximately $40 USD.

Cardano’s DeFi Angle

Cardano has started gaining traction within decentralized finance (DeFi) with their innovative applications designed to optimize user experience and security measures – further driving up its value within the crypto industry overall.

• Core Scientific has received permission from the bankruptcy court to borrow up to $70 million from B. Riley.
• The new credit facility will replace an existing one that was extended by B. Riley in December 2022.
• The U.S. Bankruptcy Court for the Southern District of Texas has granted Core Scientific the green light to go ahead with a $70 million credit facility from middle market investment bank B. Riley.

Core Scientific, the popular crypto miner that filed for bankruptcy in December 2022, has been granted permission from the U.S. Bankruptcy Court for the Southern District of Texas to secure a new $70 million credit line from middle market investment bank B. Riley. This credit line will replace an existing one that was extended by B. Riley in December 2022.

The new credit facility will provide the company with much needed liquidity during its chapter 11 bankruptcy proceedings. In order to secure the loan, Core Scientific requested an emergency hearing at the bankruptcy court to enable them to replace the existing credit facility with B. Riley. After the hearing, the court granted the company permission to go ahead with the new credit line.

The loan will be made on an interim basis in a single borrowing, and the remaining amount from the original $70 million will be available in one or more borrowings. Core Scientific intends to use the new credit line to settle the existing debtor-in-possession (DIP) facility with the investment bank.

The filing further revealed that the company’s shareholders are on board with the plan to replace the existing credit facility in favor of the new arrangement. Core Scientific reportedly stated that the Replacement DIP Facility was the result of „extensive marketing and hardfought negotiations with numerous potential lenders“.

The company has expressed its confidence that the new credit line will provide it with the necessary liquidity to successfully navigate its chapter 11 bankruptcy proceedings and emerge from bankruptcy with a healthy financial footing.

• Bored Ape Yacht Club (BAYC) holders have been in profit as demand for the NFT increased, with the APE token price rising and network growth declining.
• It was discovered that BAYC and related assets made up 50% of the overall Ethereum NFT volume in the past week, with the staking TVL and sales for BAYC also increasing.
• Mutant Ape Yacht Club (MAYC) also saw a 14.30% price growth in the last month, with most NFT collections in the BAYC cohort witnessing interest from the crypto space over the last summer.

The crypto space has been a roller coaster ride over the last year, with the market experiencing both highs and lows. Despite this turbulence, one asset has continued to outperform the rest: Bored Ape Yacht Club (BAYC). BAYC holders have been in profit as demand for the NFT increased, with the APE token price rising and network growth declining.

It was recently discovered that BAYC and related assets made up 50% of the overall Ethereum NFT volume in the past week. This high level of interest and demand for BAYC and related assets was reflected in the growing profitability of BAYC holders. Furthermore, the TVL collected by staking BAYC also increased, according to data provided by Dune Analytics. This was a positive sign for the network’s growth and adoption, although the APY generated by staking this asset declined materially, which could be a cause for concern for investors.

Sales for BAYC also surged with a 140% increase over the last 24 hours, according to Dapp Radar. This is a positive sign for the NFT collection’s future growth and profitability. The average price for Mutant Ape Yacht Club (MAYC) also grew along with the number of holders holding the NFT collection. Its price grew by 14.30% in the last month, according to NFTGO.

Overall, the increasing demand for BAYC and related assets has been a positive sign for the crypto space, with BAYC holders benefiting from the increase in value. The network’s staking TVL, sales volumes, and MAYC prices have also been on the rise, indicating interest from the crypto space and a potentially promising future for BAYC holders. With all of these developments, it appears that BAYC holders are in for a profitable summer.