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EMURGO To Invest $100 Million In Cardano To Bolster DeFi Adoption

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Picture of Cardano and its logo on a light blue background

Decentralized finance (DeFi) has become an increasingly important addition to the Cardano network following the launch of smart contracts capability. Developers have been working since the Alonzo hard fork to bring their DeFi solutions to the ecosystem. But with decentralized finance already underway on blockchains such as Ethereum and Solana, Cardano has had to play catch-up with these other networks.

This is why the recent announcement from EMURGO carries significant connotations for the future of DeFi on the network. EMURGO, which is the commercial arm of the Cardano Foundation, has made moves to help further the growth of decentralized finance solutions on the ecosystem. A $100 million investment is set to be made into the DeFi ecosystem in a big to promote the development and growth of the platform.

Related Reading | Billionaire Mike Novogratz Says He’s “Not Nervous” About Crypto Sell-Off

Pushing DeFi To The Forefront

The $100 million investment in the ecosystem is meant to go towards promoting the network’s capabilities to developers and uses. Although NFTs are now live on the blockchain, decentralized finance is taking a long time as developers need to build and test their protocols before rolling them out to users. Thus making sure that users’ funds in said protocols are safe.

Related Reading | Cardano Summit Sees Launch Of Exciting New Partnerships

DeFi on the network will bring things such as lending and borrowing, yield farming, and more to the ecosystem users, which are built on the smart contracts deployed on the Cardano network. The investment will hopefully help the blockchain carve out a niche for itself in the growing decentralized finance market. Also enabling it to compete with the big dogs such as Ethereum, Solana, and Algorand.

EMURGO Bolsters Cardano-Focused Projects

During the recently concluded Cardano Summit, EMURGO unveiled a number of investments made into Cardano-focused projects around the world. CEO Ken Kodama shared that the company had made strategic investments into projects being developed on the ecosystem. EMURGO participated in seed investments rounds on these projects. To bolster development on the blockchain.

ADA trends low at $2.04 | Source: ADAUSD on TradingView.com

These include Adanian, a tech incubator based in Africa that is focused on startups building on Cardano. Milkomeda, a dcSpark side chain project that bridges Cardano and other Layer 1 blockchain protocols benefitted from EMURGO’s investments. And last but not least, ADAVERSE, also focused on incurring African startups developing their offerings on the ecosystem.

Featured image from The Coin Republic, chart from TradingView.com

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Shiba Inu and Ethereum Price Analysis

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  • Shiba Inu exploded during the weekend to trade above $0.00004 at writing.
  • Ethereum returned above $4,000 and nearly touched $4,200.
  • The trading volume stands at $15 billion, with a market value of $20 billion.

While the Bitcoin market has maintained its bullish perspective, there has been some volatility. In the wake of Bitcoin’s meteoric rise to new all-time highs over $67,000, alternative cryptocurrencies have gained popularity. Last week, Ethereum rose above $4,000 for the first time in almost a year and came close to reaching $4,200. Solana has increased past $200, whereas Shiba Inu erupted over the weekend, trading at $0.00004 at writing.

Elon Musk, the founder and CEO of Tesla, has admitted that he does not own any Shiba Inu dogs, but this hasn’t seemed to concern the Shiba Inu community. On the other hand, Musk has stated that he now holds Bitcoin, Ethereum, and Dogecoin.

Despite the dismal news from the billionaire Tesla, the Shiba Inu rose past $0.00004 and was on the verge of reaching $0.000045 in value. According to the company, it has a $15 billion trading activity and a market capitalization of $20 billion. Shiba Inu has reclaimed the 11th market position, replacing the USDC coin.

At the time of this writing, the Dogecoin offshoot is trading at $0.000041 per coin. Support at $0.000035 has already been maintained, encouraging bulls to resume control of the market. Another push past $0.000045 might set off the next round of the rally toward $0.0001.

In the recent week, Ethereum came close to closing the gap on Bitcoin, which reached an all high of $4,400, but was forced to drop below $4,000. The zone around $3,900 was essential in ensuring that kept losses were in check and that recovery could get underway. As depicted on the four-hour charts, the 50 Simple Moving Average (SMA) and the rising trend line helped confirm this specific buyer congested zone.

During this period, Ethereum is trading at approximately $4,143 at writing, as bulls continue their efforts to turn the record high into resistance. In the same timeframe, the MACD is expected to offer a buy signal, which would further solidify the bulls’ position in the marketplace.

Please recognize that the relative strength index (RSI) has shifted back in favor of the bulls as it recoils from the middle and approaches the overbought level. This demonstrates that purchasers are becoming more active in anticipation of another rise that will push Ethereum to $5,000.

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Mr Beast Joins MetaWars’ Stellar Army of Backers

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Mr Beast Joins MetaWars’ Stellar Army of Backers

MetaWars is ready to launch to the stars after raising $2.3 million in seed capital, with none other than major YouTube star Mr Beast completing the stellar list of seed investors.

The hugely popular American content creator and philanthropist has been growing his cryptocurrency investment portfolio this year, and so the MetaWars team is especially delighted to have received his backing alongside seasoned venture capital firms after closing their strategic round.

Mr Beast joins ABV, Raptor Capital, CinchBlock, x21, CoinUnited.io, Double Peak, Magnus Capital, Everse Capital, Infinity Gainz, and Icetea Labs in providing the funding for the ambitious and exciting MetaWars project.

With these highly influential backers and their considerable reach onboard, the MetaWars team is expertly positioned to hit the marketing stratosphere and can fully focus on building the best space game in the blockchain.

The Massive Potential of MetaWars

MetaWars is a multiplayer sci-fi strategy game set in the future that will require both skill and strategy to master. A multi-layered, key tactical battlefield is the intergalactic setting for players to profit from the game’s war economy in a space exploration scenario.

Inside the game, players will need to find new universes, solve mysteries, claim territory, and defend their earned riches from adversaries in the metaverse. Anyone can build their own unique experience with the ability to exert control over the game’s ecosystem.

Players can wager, play-to-earn, and accumulate NFT collectibles through challenges, all while acquiring MetaWars’ utility tokens ($WARS) as profit, and in-game currency ($GAM) to help maximize that profit. The best players will also become the richest, according to the game’s design.

The Right Space To Be In

Video games have brought unprecedented growth to the cryptocurrency industry this year, with upwards of $50 billion reportedly raised in the first half of the year alone through investments, acquisitions, and public offerings in the blockchain gaming sector.

This is more than four times the number produced in 2020, catalyzed by a similar surge in the growth and popularity of non-fungible tokens (NFTs), which now play central roles in any video game title launched on the blockchain in the second half of 2021.

Following the advent of Decentralized Finance (DeFi) in the last two years, GameFi – which is simply the merging of DeFi and gaming – is already changing the way major stakeholders and investors find value.

In short, users can earn financial profits by playing video games. This is particularly important for projects aiming to serve large communities who want a loyal vase of users to utilize their tokens and engage with their products. And so the term Play-to-Earn was coined.

It is no great surprise, then, that Mr Beast – one of the largest YouTubers on earth with 71.6 million subscribers and a public passion for video games – chose to invest in MetaWars, one of the most promising titles that intend to maximize all of the capabilities of GameFi. His own personal interest in gaming makes his investment in the next huge trend a no-brainer.

Preparing For The WARS To Come

MetaWars is currently hosting an NFT auction for the public to gear up with mechas and additional resources. The prizes are valuable resources that would assist players in-game. To know more about the auction, visit here.

With $2.3 million seed funding secured, the next step for MetaWars will be preparing for its WARS public sale on three top launchpads.

MetaWars will conduct its public offering on GameFi, Red Kite, and Polylauncher on October 27th before listing on PancakeSwap, the leading decentralized exchange on Binance Smart Chain, on the same day.

Follow MetaWars’ official channels for more information and to stay up to date with developments.

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Crypto Platform Crypto.com Collaborated with Matt Damon and Water.org

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Crypto Platform Crypto.com Collaborated with Matt Damon and Water.org