Top Spot
With the failure of play-to-earn and move-to-earn tokens, the learn-to-earn (L2E) coin Hooked Protocol has newly gained popularity right after its initial exchange offerings a few days ago. Hooked Protocol aspires to be a gamified learning ecosystem, allowing participants to learn while playing. Wild Cash is Hooked Protocol’s first product, initially launched in Indonesia and Brazil only, earning 2 million monthly active users amidst the bear market. L2E is not a new concept but has not seen any protocols to successfully build sustainable business models. Despite a similar distribution schedule as previous P2E pioneers, HOOK, as the native governance token of the ecosystem, is designed for gas fee consumption and governance tokens only, while HGT, an in-game utility token, is set to absorb most inflationary pressures. In our view, HOOK may be able to avert a similar fate as other P2E tokens if the ecosystem can thrive and create huge token sinks.
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Chart of the Day
Market sentiments turned risk-off after a host of US banks sounded alarms about the bleak economic outlook. The dollar and Treasuries held on to Tuesday’s gains.Meanwhile, Asian equity benchmarks diverge after declines in the US markets. The yuan fluctuated as investors weighed the easing of COVID restrictions against disappointing trade data.
The broader crypto remained largely unchanged as major cryptocurrencies await the next direction. As of the time of writing, BTC is hovering near the $17k handle after posting a marginal loss over the last 24 hours. The largest cryptocurrency by market cap has been range-bound for the past few weeks on the back of low liquidity and stagnant trading activity. Apart from the largest centralized exchange, daily volume in BTC spot trading sits 65% below the yearly average, with the 7-day average approaching levels last seen in October 2020. Meanwhile, the realized profit and loss ratio plunged to an all-time low, indicating that most traders are underwater.
Similarly, ETH is testing the $1,250 handle with minimal action in the same period. Mid-to-large-cap altcoins have largely flipped red, with APT leading the downside correction on a 6.6% drop in a similar time frame.
Talk of the Town
Warner Music Group continues its foray into Web3 by teaming up with LGND Music, a new music and collectible platform built on Polygon. Set to launch in the coming months, LGND Music is an online marketplace that will offer songs as NFTs. Fans can purchase these collectibles and listen to them on the platform, along with other digital collectibles from musicians. This is part of WMG’s continued effort to lean into the metaverse, as the major music label has formed a number of Web3 partnerships with leading projects and marketplaces in the space this year alone.
Source: Bybit Blog
