Marcus Sotiriou, Analyst on the UK based totally virtual asset dealer GlobalBlock

Bitcoin is consolidating round $29,000 because the RSI indicator has now entered a duration that has traditionally preceded oversized returns on funding for long-term traders. Rekt Capital displays that after the RSI has reached this degree in the past and reversed, together with January 2015, December 2018, and March 2020, it has marked a macro backside.

Moreover, Glassnode displays that Bitcoin is coming near a area this is beneath the typical price foundation of all holders on-chain. In the past, when Bitcoin enters this area it has introduced 4 generational purchasing alternatives. Either one of those signs counsel that the crypto markets may well be nearing a backside for this bear-market we’re in.

The established DeFi lending platform, Aave, has introduced the release of Lens Protocol, a decentralized social graph that makes use of NFT property to energy social media platforms. It we could customers personal their content material via storing it as NFTs inside of a crypto pockets.

Lens Protocol have selected to construct on Polygon, because it permits quicker and less expensive transactions than Ethereum. This makes Polygon extra appropriate for a social community constructed round a doubtlessly huge collection of NFT property.

Aave CEO Stani Kulechov stated, “We imagine that content material creators will have to personal their audiences in a permissionless model, the place somebody can construct new person studies via the use of the similar on-chain social graph and knowledge.”

Many declare Lens Protocol is a competitor to centralised social media platforms like Twitter, because it powers decentralised social media platforms. Final yr, he tweeted “Since Jack Dorsey goes to construct Aave on Bitcoin, Aave will have to construct Twitter on Ethereum.” This obviously used to be now not a throwaway remark as Stani is now development a decentralised social media rival, however he has selected Polygon as an alternative. I believe Elon Musk will likely be excited by integrating Lens Protocol into Twitter’s infrastructure, as he’s so hooked in to making Twitter decentralised.

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