The only thing predictable about cryptocurrency is that it’s highly unpredictable. Digital currency Bitcoin has shaved close to 20% off a record set just weeks ago, while Ethereum is down over 12% off its November high of $4,891. However, despite volatility in the crypto space, the DeFi market as a whole has weathered the storm surprisingly well.
While cryptocurrencies like BTC and ETH struggle to regain their footing, a slew of blockchain game tokens, DeFi tokens, and Metaverse assets have witnessed double-digit gains and even triple-digit gains over the same period.
Blockchain game startup Gala Games (GALA) has soared 700% this month, virtual world Sandbox (SAND) is up 54% for the week, and Decentraland (MANA) captured a new record high at $5.90 before retreating to $4.88 on Friday.
DeFi apps have also done well holding on to previous gains. After hitting a record TVL (total value locked) of $275 billion on November 9, DeFi Llama shows current TVL down only 6%, sitting at $258.5 billion. DeFi protocol Curve continues to dominate, with $20.21 billion TVL.
According to CoinMarketCap, there are over 10,000 cryptos on the market right now, with new ones popping up all the time. However, many of these tokens fail to ever really take off, often because developers lack a compelling use case. Blocto could be different.
To initiate any crypto transaction, users must have a crypto wallet. This is the crypto universe equivalent of a brokerage account – it’s where all your digital assets are stored. Most of the wallets available right now are overly complicated and difficult to manage, failing to deliver on the type of seamless user experience between general apps and dApps that could encourage wider-spread adoption of crypto.
Blocto is a new kind of smart contract wallet meant to address long standing issues with private key management, gas fees, and complicated wallet addresses. With a Blocto wallet, users can access and manage crypto, NFTs, and other digital assets across different blockchains from one place, without having to deal with multi apps or hold native tokens.
Blocto offers users seedless account management and a customizable user experience, all accessible with an email account instead of downloading an app.
According to a recent study from The Economist Intelligence Unit, unfamiliarity with blockchain technology and difficulties knowing where and how to buy crypto are two of the most significant barriers to the mass adoption of cryptocurrencies.
Blocto helps address these issues by making it easier for anyone to start using blockchain apps regardless of their level of tech-savviness.
On November 22, 2021, DeFi Technologies announced that it began staking Blocto tokens, in part to support the launch of its DeFi Infrastructure & Governance business across various blockchains. But what is a Blocto token, and what does it do?
We’ve covered what Blocto is – it’s a user-focused cross-blockchain ecosystem. With Blocto, anyone can easily access dApps, crypto, and NFTs from one place, regardless of the blockchain they are built on, while developers can integrate Blocto identity and payment services for seamless onboarding.
BLT is Blocto’s native utility and governance token. It’s the foundation of the Blocto ecosystem and the interoperable link between the Blocto wallet, users, and the blockchain.
By holding BLT, DeFi Technologies will have the opportunity to participate in the decision-making regarding the development and marketing of Blocto products, features, and integrations.
Commenting on the move, Russell Starr, CEO of DeFi Technologies, said, “We are extremely excited about the continued expansion and growth of the DeFi Infrastructure & Governance business. This is yet another exciting business for DeFi Technologies. Along with our other business lines, DeFi Technologies remains one of the most innovative companies in the crypto and DeFi ecosystem.”
Disclaimer: The company described in this article is a customer of NAI Interactive Ltd. This material is for informational purposes only and is not intended as a recommendation or offer or solicitation for the purchase or sale of any securities or financial instruments, or for transactions involving any financial instrument or trading strategy.