Crypto Flipsider News – August 19th – Avalanche, Vietnam Leads Global Crypto Adoption, DOGE, Bitcoin GO, Cardano Ranks 3rd, Nvidia

Market Update; Animoca Brands Funding; Ethermine Staking Service; Hodlnaut’s IJM Approved; Qatar Crypto License
  • Avalanche: Powerful enough to reach the moon?
  • Vietnam leads global crypto adoption, DOGE leads Robinhood’s revenue
  • Bitcoin GO: Bitcoin pokemon
  • Cardano: ranks 3rd, attracts institutions, and counts 24% more staking wallets
  • Nvidia – sales growth of chips is on the horizon

Avalanche: Powerful Enough to Reach the Moon? 

Although other tokens faced small resistance, Avalanche has continued to surge despite it. The asset has gained almost 40% in value over the last 24h, 100% in 7 days, and 200% over the previous 30. The foundation has announced $180 million will be put into the development of a liquidity mining incentive program called “Avalanche Rush.” Its purpose is to alleviate the introduction process for a larger number of applications and assets into its Defi ecosystem. The two largest protocols to have been implemented so far are Aave and Curve. 

Flipsider:

  • Is this a sign that Ethereum killers are gathering to step on the toes of the second largest crypto?   

Vietnam Leads Global Crypto Adoption, DOGE Leads Robinhood’s Revenue

  • Global crypto adoption among individual investors jumped up by 880% over the past year, says Chainalysis Global Crypto Adoption Index. The rate is now 2300% higher than it was in Q3 of 2019. Vietnam leads the pack, recording the most widespread adoption.
  • Trading app Revolut reported higher revenues of nearly 4,300% from crypto transactions from Q2 of 2020 to Q2 of 2021. The majority of this (62%) came from DogeCoin transactions.

The crypto space has been seeing massive rallies since the second half of 2020.

Flipsider:

  • Mobile trading apps made investing stock and cryptocurrency markets easily available to everyone, especially younger, more inexperienced users. 
  • Sometimes higher engagement is achieved via unethical means.
  • Earlier this year Robinhood was punished for similar means. The trading app was fined a historic $70M amount for providing misleading info on critical issues, system shut-offs and inappropriate customer approvals.

Bitcoin GO: Bitcoin Pokémon

Crypto rewards app Fold has announced the release of an augmented reality (AR) feature that allows users to earn bitcoin rewards in a new and exciting way – by going on a bitcoin hunt in the style of “Pokémon GO.” 

Fold’s AR feature allows users to explore their surroundings while searching for bitcoin and other rewards, including merchant deals and cashback prizes. 

Users will be able to access the AR experience for a limited time every day, starting later this month.

Fold is not the first to make a game out of bitcoin. In recent years, the gamification of crypto, and finance in general, has been on the rise.

Flipsider:

  • As exciting as a new game for collecting rewards is, let’s hope it doesn’t cause the same psychological distress Pokemon Go did. After all, the world doesn’t need any more traffic accidents or injury risks.

Cardano: Ranks 3rd, Attracts institutions, and Counts 24% More Staking Wallets

Cardano (ADA) is once again the 3rd largest crypto by market cap. Its price jumped over $2.00 after the announcement dating the launch of smart contracts for September 12th. The project has witnessed $1.3 million inflows from institutional investors since Monday.

Respectively, the number of ADA’s staking wallets has increased by 24% since the first day of summer. Cardano now has over 754,000 staking addresses.

Flipsider:

  • Competition in the field of PoS dApp development platforms is intensifying. Ethereum, the main leader, has also recently taken a step closer to PoS with its London hard fork. 
  • Cardano’s smart contract programming language (Haskell) is not one of the most popular nor is it widely used by decentralized app developers.

Nvidia – Sale Growth of Chips on the Horizon

Nvidia is predicting $400 million in crypto chip sales.

The revenue estimate, including mining chips, is $537.5 million, up from the $327 million speculated in Q1.

The accuracy of these expectations will be determined once the tech company’s exposure to cryptocurrency mining has been empirically identified.

Wall Street expects the company’s data center revenue to grow by roughly 30%, totalling $2.3 billion. Besides its mining chip business, Nvidia’s core video game graphics card business is also expected to grow by 80%, up to $3 billion.

Flipsider:

  • Nvidia ramped up production to accommodate demand for its graphics cards back in 2017 with high hopes being forecast. As the price of crypto swelled, the opportunity to make big bucks went down the drain, which then caused investors to abandon the stock.
  • Let’s hope Nvidia doesn’t repeat mistakes of the past.

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