Despite the active sale of Bitcoin this week, altcoins did not show a clear depreciation. The total value of cryptocurrencies remained sideways, testing the lower limit of $1.05 trillion and returning to local highs of $1.10 trillion at the end of the working five-day period.
Investors have chosen a speculative tactic, buying back the top 30 tokens with positive corporate news, the most attention in the top 30 rating went to: Flow, Near Protocol and Polkadot.
A 45% increase in Flow over the week was expected by many traders. Blockchain, designed specifically for gaming projects and the release of NFTs, has come under the attention of Meta.
Mark Zuckerberg decided to abandon the design and launch of his own decentralized network, after the resounding failure of Libra (Diem). The idea of NFT support presented by the owner of social networks Facebook and Instagram will involve third-party wallets and blockchains. The choice fell on Coinbase Wallet and Flow, which led to the service cryptocurrency pump.
Near Protocol is also under the constant attention of investors who position the ecosystem as a potential competitor to Ethereum. Blockchain has already achieved an impressive transaction speed of up to 300 thousand per second and a low transfer fee of $0.01.
The rise of NEAR quotes (+17%) occurred at the end of the week. The developers of the protocol have made public a successful fix for a security issue that could expose wallet seed data to a third party.
Startup Hacxyk discovered a vulnerability in the recovery mechanism back in June. Near Protocol users could access the wallet via email and SMS. However, these seed phrases could have been disclosed to Mixpanel employees, a Near Protocol recovery service partner.
Information about the fixed vulnerability appeared at the time of the mass hacking of Solana wallets, where the private key was also compromised. Both projects are competitors and NEAR in this situation received bonuses as a more reliable project.
The growth of Polkadot (+8%) also has a “hacker connotation”. Cryptocurrency media at the end of the week publicized the SlowMist report, which clearly shows the danger of using bridges between blockchains. Losses of $1 billion over six months actually “bury” the idea of creating sidechains that move capital from different networks within the same DeFi platform.
Polkadot already has a mechanism to securely move tokens between parachains. Developers of smart contracts and individual networks do not need to think about bridges. They are embedded in the mechanism of the ecosystem and have a common validation.
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