Toncoin rises as the market runs flat ➡️ | TokenNews

This week in tokens

Although there’s been little momentum in the market so far this summer, the token ecosystem is still pushing forward.

Major tokens like BTC, ETH, and SOL have trended down over the past week. One project that’s defied this trend is Toncoin, whose TON token rose 8.9% last week. The total value locked—a metric denoting a blockchain project’s usage—on Toncoin has soared over $600 million, helped in part by a flood of popular meme coins. Toncoin is the token project built by the global messenger service Telegram and you can find it via the token.com app now.

After receiving huge hype from 2020 through 2021, DeFi has taken a battering on the current market cycle. One of the most established DeFi projects, Curve, suffered again last week as the project’s founder Michael Egorov was liquidated on loan positions collateralised by his own CRV holdings. CRV tanked 25% as a result, extending a bleed that illustrates the weak sentiment around DeFi this year.

The other major stories of the week involve a couple of eye-watering figures: Paradigm, one of the token space’s top VC funds, announced it had raised $850 million for a new fund focused on early stage crypto projects. Meanwhile Terraform Labs, the development company behind the ill-fated Terra blockchain, agreed to a $4.47 billion settlement with the SEC over UST’s collapse. This agreement raised questions about whether the company does have such a significant sum stashed—and if the SEC should indeed be the recipients of the funds over Terra victims.

Although the market continues to chop, traders are now turning their attention to 2nd July—the rumoured launch date for the first spot ETH ETFs. Whether this launch will go down in the same fashion as the King’s did remains to be seen.

Tokens we’re watching

With a lack of volatility in the market, now is a good time to find robust projects with strong fundamentals. One example is Uniswap, whose UNI token jumped double digits last week. Uniswap is arguably the strongest brand in DeFi and Ethereum and you can learn more about it via our DeFi Blue Chips Collection now.

After the spot ETH ETFs go live, the Ethereum Ecosystem is sure to capture attention. Our dedicated Collection is a good place to learn about the world of Ethereum—dive into it to discover projects like Lido, the liquid staking platform that helps ETH holders earn extra yield. If Ethereum succeeds, the chances are some of its major projects like this will do too.

NFT art we love

Syturnia is a new work by Lord Neutron, one of the stars of the digital art scene. This piece imagines a surreal land brought to life by abstract forms and vivid colours. It went live on the Base Layer 2 chain last week.