The developments in the crypto market continue at full speed without stopping. Altcoin projects are forming new partners, developing new products, announcing development programs for the future, and more are driving the crypto world. For example, Aave opened Aave Arc, Polygon announced 3 key milestones to launch in 2022, and Algorand partnered with a research university.
Altcoin project Aave (AAVE) launches enterprise product
DeFi project, currently the largest loan protocol in the crypto ecosystem, has opened the new Aave Arc, offering up to 30 investment firms in partnership with Fireblocks. Aave Arc will serve financial institutions and companies, offering them a way to borrow digital assets and capture the high returns that DeFi offers in a protected regulatory environment. Unlike the regular trusteeship protocol, liquidity pools on Aave Arc are allowed, meaning any institution that wants to use the service must be whitelisted first.
Fireblocks is responsible for completing the necessary checks for inclusion with each firm, following KYC/CDD/EDD guidelines and the guidelines of the Financial Action Task Force. Fireblocks CEO Michael Shaulov commented on the partnership, noting that “regulated DeFi tools could unleash a wave of new products and services such as flash loans and high-yield deposit accounts.”
Polygon (MATIC) announces 3 key milestones to launch in 2022
In 2021, Polygon added six new solutions: SDK, Avail, Hermez, Nightfall, Miden and Zero, ZK (Zero Knowledge) encryption. The altcoin announced that it would merge with roll-up platform Hermez Network in August 2021, in a $250 million deal. Hermez was eventually integrated into the Polygon ecosystem and became a component of Polygon’s solutions under the name Polygon Hermez.
Likewise, in November, Polygon Miden, a STARK-based, EVM-compatible aggregation, was born. Polygon Miden’s primary component, Miden VM, a STARK-based virtual machine, aims to solve the challenge of ZK aggregates in activating arbitrary logic and operations, including EVM (Ethereum Virtual Machine). According to the Tier-2 platform, in 2022, Polygon Hermez and Polygon Miden will launch their public testnets in the second and third quarters, respectively.
Algorand (ALGO) partners with Israel’s leading research university
The Algorand Foundation has partnered with Israel’s leading research university, Bar Ilan (BIU), to support blockchain technology education. In a blog post, the foundation stated that the partnership, which came as a grant for the 12th BIU Winter School on Cryptography program, aims to drive greater engagement on the Algorand Blockchain.
The program will primarily cover a variety of topics, including graduate students and postdoctoral researchers in cryptography, advances in private information retrieval and unregistered RAM, function secret sharing and homomorphic secret sharing, threshold signatures, and private set intersection. The winter school will take place from January 23 to January 26, 2022. According to BIU, as part of reaching a global audience, other interested students will have access to learning sessions on YouTube.
Altcoin project Celo (CELO) listed on Huobi Global
Celo is listed on Huobi Global and trading begins today. However, spot transactions can only be made after sufficient volume is reached. While investors will be able to make CELO deposits on Huobi Global today, they will be able to make transfers from Huobi Global to other exchanges on January 6th.
BabyDoge reaches 1.2M users and beats Shiba Inu
One of the first and biggest Shiba Inu competitors, the BabyDoge meme token has surpassed its ‘competitor’ in number of holders after an almost 100% price increase in the market. According to on-chain data provided by WhaleStats, the number of BabyDoge owners reached 1.12 million, while the number of SHIB owners still remained at 1.1 million investors.
The number of holders is seen as an efficient metric that allows traders to determine whether the asset is basically growing or not. Members from both the Shiba Inu and Baby Doge communities suggest that the strong growth of both altcoin projects is due to the asset’s low price and ability to show strong gains during each rally.
The Shiba Inu amassed a large chunk of its current supporter base during the mind-blowing 1,000% rally that took place in October 2021. The increase in the number of hoders in BabyDoge came about during the last 100% pumping on the market on January 2.