Daily Market Update - August 26, 2020- DeFi project Frontier Closes $1.85M Seed Round

Total Market Cap $356.9 BN (-2.03%)

Notable Movers (LEND) (+13.75%)

BTC Dominance 59.1% (+0.17%)

Digital assets market:

  • All of the top ten large-cap coins saw the red (approximately 6% drops across the board) with $ETH, $BCH, $ADA, $EOS taking the majority of the hit (each seeing  > 6% drops). Only coin in the green within the top 20 range was ATOM, ranked 15,  and  moved up +2.37% overnight to 8.35 levels

  • Overall, digital asset market cap down 3.7% overnight to $360B

  • $BTC and $ETH began trading down (-4%) as we entered the evening hours in Asia. They’ve been downtrending for the past few hours with $BTC sliding an extra $60 to $11,280, and $ETH broke below $380 with some overdue profit taking action given the overall crypto market has been relatively hot in recent weeks

  • $BTC dominance increased slightly (0.2% to 59.2) with $BTC physical traded volumes increasing 21% to $23B 

Alts and DeFi watch:

  • DeFi also didn’t fare well during this sell off either, with the sector’s market cap dropping to $13.9B and at 3.8% of overall digital asset market cap

  • $COMP peaked at $270 mid August and has been sliding down since, currently trading at 164 after a 10% drop over the past 24 hours. Trading below its 10D SMA by 6% or $11.  

  • $XTZ down 8% overnight from $3.67 to $3.40 levels at oversold levels, trading 23c below its 10D SMA

  • $LINK slowly recovering after three consecutive days of drops currently trading at 14.5 levels with tested support $13.50, trading at neutral RSI levels

  • $YFI at $13,300 levels after recovering back to $14,473 prior to the global sell off last night. Daily traded range running wild at $1,900

Frontier successfully closes $1.85M Seed Round

Led by industry heavyweights Alameda Research, Woodstock Fund, Mechanism Capital, Danish Chaudhry (Head of Bitcoin.com Exchange), NGC Ventures, CoinGecko, Spark Digital Capital, Black Edge Capital, AU21, TRG Capital, Bidesk, and Sandeep Nailwal (Co-founder of Matic Network).

Frontier will be among the first batch of projects ever listed on Serum, the world’s first completely decentralized derivatives exchange with trustless cross-chain trading. The Frontier application suite will also support Solana’s lightning-fast web-scale blockchain and its SPL’s, including $SRM.

To date, Frontier has added support for DeFi on Ethereum, Binance Chain, BandChain, Kava, and Harmony. Via StaFi Protocol, Frontier will enter into the Polkadot ecosystem, will now put vigorous efforts towards Serum. The Serum team will also provide the project with immense support as they build native Frontier integrations to strengthen the platform.

In addition to listing on Serum, the project is also exploring $FRONT liquidity additions into Uniswap, Mooniswap, Balancer, and soon to launch UniLend Finance. Further token distribution avenues that align with Frontier’s goals will follow.

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