Crypto Market Update: Analyst Shares Insights on Bounce, API3, Injective and More

January 28, 2024

Popular crypto analyst Layergg just shared an interesting market update, providing his take on several cryptocurrencies and events that happened yesterday.

Layergg started by highlighting an upcoming announcement from Bounce, a decentralized auction protocol. Bounce has a countdown on their website teasing an announcement in two days. Layergg noted that with big announcements often comes the risk of “sell the news” price drops.

Next, Layergg discussed API3 and its plans to launch a new Oracle EV Network to compete with Chainlink and UMA. This comes amid debates around the problem of Miner Extractable Value (MEV) and potential solutions.

Regarding dYdX, Layergg shared that the popular decentralized exchange’s community has approved a V3 Protocol upgrade that is set to go live on January 29th. This upgrade will bring new features and improvements.

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In addition, Layergg mentioned Injective (INJ) launching a new dApp on its mainnet this week as it continues to build out its cosmos-based ecosystem.

For Pyth Network and Drift Protocol, Layergg highlighted an issue where a Pyth price oracle bug led to an exploit on Drift’s platform. This demonstrates the risks decentralized protocols still face.

Finally, Layergg touched on SatoshiVM looking to reveal its tech roadmap within the next couple days, Somesing dealing with a hack and theft of 730M SSX tokens, Stellar delaying an upcoming protocol upgrade vote, and the growth of an OTC trading platform called Whales Market on Solana.

It was an eventful past day in the crypto markets, with big announcements, platform upgrades, hacks, and delays capturing attention. Analysts like Layergg will continue monitoring all the latest developments.

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