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GRT Slides to Top 10 Purchased Tokens Amid Bearish Crypto Market

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GRT Slides to Top 10 Purchased Tokens Amid Bearish Crypto Market

    • GRT made it into the top 10 purchased tokens of the 2000 biggest ETH whales.
    • GRT is a Web3 protocol for indexing and querying blockchain data with GraphQL.
    • GRT maintains its position as one of the top 50 cryptos on CoinGecko.

The Graph (GRT) has made it into the top 10 purchased tokens of the 2000 biggest Ethereum (ETH) whales in the past 24 hours, ETH wallet tracker WhaleStats reported.

Despite the crypto market bloodbath and bearish news everywhere, GRT was able to see a positive today, seeing an increase in the purchase of the token among ETH holders. Additionally, the token also has positions in the tracker’s top trading volume, top sold tokens, and top holdings among the top 100 ETH wallets.

This sudden surge in GRT purchases may be attributed to the movements of the project, namely its upcoming hackathon and partnership with prominent platforms. In addition to this, investors may also be simply enamored with the platform’s services.

GRT is a Web3 protocol for indexing and querying blockchain data with GraphQL. Its main purpose is to ensure that smart contracts that rely on The Graph protocol are successfully executed.

This aside, GRT will be launching its three-day hackathon “Graph Hack,” which will feature developers and creatives to build dapps “of the future.” Additionally, the event is sponsored by Harmony, a prominent blockchain platform. Harmony’s vouching of the event may be a testament to the technology, influencing investors.

On the other hand, GRT continues to maintain its position as one of the top 50 cryptos on CoinGecko. It has a huge market cap amounting to almost $2 billion with a 24-hour trading volume of $150 million. At the time of writing, GRT trades a decent price of $.27 per crypto. This price position of the crypto is proof that GRT is supported by investors globally.

In other news, reports stated that prominent cryptocurrency exchange Coinbase (NASDAQ:COIN) has sent letters to its Russian users informing them of their possible ban from the platform starting May 31. However, the exchange has given these customers the chance to provide documents that prove that they are not subject to any EU sanctions. Otherwise, their assets will remain frozen in their exchange wallet.

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Cryptocurrency

BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

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BIFI gains 100%+ after Beefy Finance adds new vaults and stablecoin liquidity pools

Winston Churchill’s statement to “never let a crisis go to waste” can be applied across many aspects of society, including the recent carnage seen in the crypto market. Last week’s volatility is likely to have newer investors and those who took on heavy losses questioning the future of the burgeoning asset class, but in every bear trend there is a silver lining.

One platform that appears to be capitalizing on the void created by TerraUSD’s (UST) collapse is Beefy Finance (BIFI), a multi-chain yield optimizing decentralized finance protocol.

BIFI/USDT 4-hour chart. Source: TradingView

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Cryptocurrency

Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

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Commissioner Kristin Johnson to sponsor CFTC Market Risk Advisory Committee

United States Commodity Futures Trading Commission (CFTC) commissioner Kristin N. Johnson was named the sponsor of the agency’s Market Risk Advisory Committee (MRAC) on Tuesday. She replaced CFTC chair Rostin Behnam in that role.

Johnson was nominated to be a CFTC commissioner by U.S. President Joe Biden in September 2021, concurrent to the nominations of commissioner Christy Goldsmith Romero and acting chairman Behnam as the permanent chair. Johnson was sworn in on March 30. She moved into the position after spending over a decade as a law professor. Johnson is the author of academic papers in which she has advocated for stricter controls over cryptocurrency. Johnson said in a statement:

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Crypto users react to Terraform Labs legal team purportedly leaving company

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Crypto users react to Terraform Labs legal team purportedly leaving company

The ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn following a supposed change in employment status for many on the firm’s legal team.

According to their LinkedIn profiles, Terraform Labs general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler and chief corporate counsel Lawrence Florio have all stopped working for the blockchain firm as of May 2022. Goldich started at Terraform Labs in August 2021 while Axler and Florio joined in January 2022.

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