In this article we go over the latest news for crypto projects Chiliz (CHZ), Avalanche (AVAX) and Waves (WAVES)
Amid Bitcoin’s rally over the past week, these 3 crypto assets also performed well, going on to post positive price increases.
Full details below.
Summary
All the news for crypto projects Chiliz, Avalanche and Waves
Let’s start the week by talking about the latest news regarding the developments of 3 crypto projects that are part of the L1 world, namely Chiliz, Avalanche and Waves.
Regarding the Chiliz fan token platform, it is worth noting the publication of a governance proposal in the section on collective infrastructure decisions.
In detail, the proposal, published from this address, is about the possibility of whitelisting a new deployer for blockchain layer 1, so as to increase the number of parties that monitor and evaluate the activities that are carried out on-chain.
The proposal will be active until block 4,002,940, which will be confirmed in approximately two days. Currently the majority of voters are choosing to confirm the proposal.
Instead, in the Avalanche universe they are discussing something else entirely: Ava Labs, the company behind the development of the Avalanche infrastructure, has introduced a new product to the market.
It is “AvaCloud,” which is a launchpad platform that facilitates the development of customizable blockchains.
The tool helps developers create networks without needing to create code, and with an infrastructure already set up in terms of data management and validators, with support available 24/h.
This will make blockchain development much simpler and cheaper than classic self-managed solutions, enabling much faster development in the industry.
Finally, the latest news regarding Waves speaks of an increase in the activities carried out in the network.
On Saturday 24 June, the blockchain, which was born in 2016 with the intention of being more scalable than Ethereum, recorded a 3-fold increase in transactions executed on a daily basis.
The number of tx processed on the layer 1 exceeded 50,000, a number not seen since January 2023.
Although there is very little general interest and TVL in the chain, given and considering that we are talking about a technology that is now obsolete, the increase in on-chain activity could be a sign of a short recovery.
Market analysis of the crypto assets Chiliz (CHZ), Avalanche (AVAX) and Waves (Waves)
Let’s now turn to the technical analysis of the 3 crypto assets Chiliz (CHZ) Avalanche (AVAX) and Waves (WAVES).
Over the past 7 days, amidst the BTC price growth supported by BlackRock‘s announcement in wanting to create a spot ETF for the cryptocurrency, CHZ, AVAX and WAVES have performed very well, growing in both volume and price.
Interestingly, while all 3 crypto assets have posted significant rises, they have done no better than king BTC, which has seen its dominance increase to 51%, within a general context in which altcoins are being speculatively penalized.
Going into more detail, let’s look at the price action of each cryptocurrency individually.
As for CHZ, the main directionality of the trend is still blatantly bearish, even following the roughly 20% growth in recent days.
The coin is still a long way from its all-time high of $0.94 touched in March 2021, with a drawdown of more than 90%.
CHZ is suffering from a loss of public interest in the world of fan tokens, so much acclaimed in the bull market and forgotten a few months later when the attractiveness of speculative markets has diminished.
In the last 24 hours the token is losing 4.4%, a decline justified by the major growth in recent days, with volume of $35 million and capitalization of $551 million.
For AVAX, the situation is very similar to that of CHZ, although the downtrend is less pronounced.
While it has also been crushed by the selling pressure of the bear market, we can glimpse some more pronounced attempts at price recovery.
Before the ferocity of the SEC loomed over the altcoin market, AVAX had tried on several occasions to break down the $21 threshold to approach higher levels, with volume-worthy accompaniment.
Now prices are down about 30% from that mark, but could visit it soon.
Should the $21 resistance be broken, AVAX would very quickly attack $30.
Remember that the more times a resistance is tested, the greater the breakout will be when it is finally breached.
Looking at the value of AVAX over the long term, we see how ATH is far behind here as well, with a drawdown of more than 90%.
In the last 24 hours the asset has seen a 0.65% decrease, volumes of $133 million, and a marketcap of $5 billion.
Finally, on the WAVES front, the situation looks much more interesting than the previous ones.
With the understanding that the intrinsic value of Waves is lower than that of Avalanche and Chiliz, with a significantly “older” infrastructure, prices are moving in a much more eventful manner.
On 24 May WAVES was up 57% with a volume increase of 50 times the previous candle.
Prices executed a reclaim of the $3 area, where the local top of February 2023 is located, however being pushed back to the $2.04 level where the cryptocurrency is currently trading.
The RSI during the pump sprang into the unbought zone, only to fall slightly between yesterday and today, going to confirm that the rally was only momentary.
Rather than an actual restart, it seems that WAVES was manipulated by some whale who wanted to take advantage of the low liquidity in the markets.
At the moment the general directionality is still bearish and it will take more than that to return to the all-time highs set at $63.8.
In the last 24 hours, WAVES is down 13%, with volume of $473 million and capitalization of $227 million.
A reflection on the essence of Layer 1s: are they really needed in the Web3 world?
The Layer 1 sector, after a glorious rise during the bull market of 2021, currently seems to be taken much less notice of by investors.
Probably the Web3 audience has realized that the market does not need dozens of L1 blockchains, with all the risks and issues related to scalability, security, and decentralization, but those few that dominate the industry such as Ethereum, Tron, Solana, BNB Chain, and Avalanche are sufficient.
By now, networks such as Eos, Waves, Tezos and Near represent obsolete solutions with unidirectional focus on the scalability factor, which has now been surpassed by new layer 2 prototypes that have come to market in a much more efficient manner.
Indeed, the current trend seems to be one of increasing growth in secondary (L2) substrates that maintain the security of the Ethereum network but make advances in the area of interoperability and transaction throughput.
In addition, the latest innovations in the zk field have brought out the importance of privacy for users, who can now take advantage of the potential of the blockchain world without revealing their address.
In the past, developers have focused on creating entirely different realities than Ethereum, posing as “killers” and attempting to bring out their own layer 1 infrastructure.
In fact, the past few years have confirmed Ethereum as the true “global computer for the world“-an infrastructure dedicated to developing the Internet of value that everyone can trust.
Rather than create alternatives to Ethereum, the latest generation networks have preferred to adopt the standard of Vitalik and his team, to integrate their own layer 2 technologies on the world’s most dominant blockchain after Bitcoin.
There is no point in trying to move beyond the queen of cryptocurrencies: the future is now already sealed, and it is etched within the Ethereum blocks, at best with off-chain delegations via the various layer 2s.
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