Polkadot (DOT) and Cosmos (ATOM) have faced intense bearish pressure since August 17. Both tokens have recorded high network activity, but some analysts say the post-August 17 crypto bear sentiments will hinder any quick price recovery.
Meanwhile, Borroe ($ROE) defies all odds. It rose 25% when it moved to Stage 1 of its presale. Analysts agree that Borroe ($ROE) has strong potential to become one of the top ICOs 2023. Will it be enough to surpass Polkadot (DOT) and Cosmos (ATOM)?
Let’s see what the market is saying!
Excitement Builds Around Polkadot (DOT) Staking
The total value locked (TVL) in DeFi protocols has recently dropped to its lowest point since February 2021.
Data from DefiLlama showed that the TVL of the DeFi industry dropped to $37.5 billion on August 20, 2023 – 3 days after the spectacular market crash of August 17. The sharp drop in TVL reflects reduced activity that affected top DeFi projects since the price crash.
Interestingly, the drop in TVL comes amid excitement around the rising patronage of Polkadot (DOT) staking services. In Q1, 2023, several upgrades were added to Polkadot staking to boost its patronage.
Since Q2, 2023, Polkadot staking has been rising. However, after the recent market crash and its corresponding TVL drop, analysts doubt Polkadot (DOT) staking can return to the heights it reached in Q2, 2023.
Polkadot (DOT) was trading at $4.98 on August 14, 2023. Polkadot crashed by 7.6% to $4.60 on August 17, three days later. Experts say it could rise to $7.11 if DeFi activity recovers quickly, leading to increasing demand for its staking services.
Cosmos (ATOM) Is Yet To See Price Gains From Its Recent Partnership
On June 29, 2023, Cosmos Network announced that Polkadot (DOT) would join its Interchain protocol. ATOM’s Interchain protocol helps bridge blockchain networks. For instance, Cosmos (ATOM), a layer-zero blockchain, can easily connect with other layer-1 and layer-3 blockchains through its interchain protocol.
Many analysts had lauded the partnership, believing it would be a game changer for the crypto industry as DeFi projects will be able to run more efficiently. They also believed it would positively affect Cosmos’ (ATOM) price thanks to its new connection to Polkadot-based projects.
Ironically, Cosmos (ATOM) has not seen any price gains from the partnership. Cosmos’ (ATOM) price has even dropped further thanks to the August 17 crypto bear market.
Cosmos (ATOM) traded at $9.13 on June 29 after announcing its partnership with Polkadot (DOT). It remained in that range before dropping by 7% to $8.48 on August 5. Cosmos (ATOM) dropped by 12.8% to $7.39 on August 17 as the market succumbed to bearish pressures.
Borroe ($ROE) Finance: Connecting Web 3 Businesses to Revenue Providers
The Web3 industry is jubilant over the recent launch of Borroe’s ($ROE) decentralized fundraising platform. It uses blockchain technology and AI services to distribute loans to Web3 companies needing working capital efficiently.
Borroe was launched to aid Web 3 businesses with difficulty raising funds from the tradfi space. It also caters to individuals and firms looking to profit by providing revenue to blockchain-based companies and Web3 firms.
Overall, Borroe’s ($ROE) approach facilitates the easy generation of loans backed by future invoices like subscription fees, royalties, and other invoices.
Borroe ($ROE) ensures that loan providers take on appropriate risk by using AI to generate credit scores for each prospective loan request. It also notifies users when fundraising requests are made, thus ensuring an efficient marketplace for both givers and takers of revenue finance loans.
Thanks to being built on Polygon, Borroe ($ROE) users enjoy instant funding, speedy transactions, and low fees. They also enjoy special discounts on fundraising offers and marketplace fees.
Borroe ($ROE) is still in Stage 1, trading at $0.0125 after rising 25% from its Beta Stage price of $0.010.
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