Ethena (ENA) Rises Amid Buyback Program

Ethena (ENA) price surged 30% in August while exchange reserves dropped by 150 million ENA. This decline coincided with Ethena Foundation’s $260 million buyback program, which purchases around 5 million ENA daily. 

Ethena’s revenue exceeded $500 million, and the USDe supply reached a record level. These developments strengthen investor confidence, making long-term holding more attractive. 

BIO Protocol and Demand Driven by Staking

BIO Protocol, a prominent project in the DeSci sector, rose 265% in August. During this period, exchange reserves fell from 380 million BIO to 294 million BIO, a significant 22% drop. In the third week, investors withdrew 42 million BIO in just one week. 

BIO’s staking program accumulated 25 million tokens, and Arthur Hayes’ $1 million investment drew attention to the project. Additionally, the BioXP reward system encourages users to promote the project on social media, further boosting interest and accumulation. 

API3 and Momentum in the Oracle Sector

API3 rose 130% in August, and exchange reserves fell to their lowest level of the year. In the third week, 9 million API3 tokens were withdrawn, bringing reserves down to 17.19 million. The Upbit listing contributed to this surge. 

The oracle sector in general attracted investor focus. Chainlink’s (LINK) rally highlighted similar projects. According to Artemis data, August was the best-performing period for oracle projects. API3 accumulation helped stabilize the price above $1.50. 

These three altcoins demonstrated a selective altcoin rally in August. Buyback programs, staking incentives, and listings were key factors driving investor interest. In summary, ENA, BIO, and API3 showed strong accumulation signals alongside declining exchange reserves. 

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What sets API3 apart is its first-party oracle model, which allows data to be transmitted directly from providers to the blockchain, enhancing security while keeping the project fully decentralized. This eliminates the need for a central authority at the ecosystem level. 

API3 Token

API3 token is the native cryptocurrency of the platform. Token holders participate in platform governance via the API3 DAO. They can also stake API3 tokens in dAPIs to contribute to network security and earn staking rewards. API3 is an ERC-20 token running on the Ethereum network. 

Founders

API3 was founded in 2020 by Heikki Vänttinen, Burak Benligiray, and Saša Milić. Their mission was to decentralize existing oracle solutions and provide blockchain applications direct access to on-chain data without a central intermediary. 

• Burak Benligiray: Co-Founder 
• Heikki Vänttinen: Co-Founder 
• Saša Milić: Co-Founder 
• Joe Grech: Marketing Director 

How It Works

API3 provides decentralized infrastructure for smart contracts to access off-chain data. At the core of this architecture is “Airnode,” an oracle node operated by API3’s decentralized network, which connects smart contracts with external data sources. Airnodes use a first-party oracle model, meaning the data source itself is responsible for providing data, eliminating the need for third-party intermediaries. 

What Makes API3 Unique?

Unlike other oracle projects, API3 uses first-party oracle nodes run by data providers. Its Airnode technology allows API providers to convert APIs into dAPIs, creating a fully decentralized oracle solution. 

API3 Coin Functionality

API3 Coin (API3) is the platform’s native token and plays a key role in governance. Token holders vote in the API3 DAO and stake tokens to support network security. API3 is also used for subscription fees or accessing services within the network. 

Infrastructure & Network

API3 Coin is built on the Ethereum blockchain and follows the ERC-20 token standard, ensuring compatibility with other Ethereum ecosystem applications. 

Exchanges 

• Binance – API3/USDT, API3/TRY, API3/BTC, API3/USDC 
• Kraken – API3/USD, API3/EUR 
• KuCoin – API3/USDT 
• Huobi Global – API3/USDT 
• MEXC – API3/USDT 
• Gate.io – API3/USDT 
• Upbit – API3/USDT, API3/KRW 
• Decentralized Exchanges (DEX) – e.g., Uniswap on Ethereum 

Investors

API3 raised $4M in 2020, with $2M from DWF Labs in exchange for 711,744 API3 tokens. Other investors include Spartan Group, Laser Digital (Nomura), and Caladan (formerly AlphaLab). Major backers also include Placeholder, Pantera, CoinFund, Digital Currency Group, Accomplice, and Hashed. 

Partners 

• Polygon zkEVM: Provides access to multi-source decentralized data flows. 
• Avalanche: Offers dAPIs on Avalanche. 
• Binance: Collaborates on various services. 

Token Info 

• Total Supply: 150.72M API3 
• Max Supply: Not specified 
• Circulating Supply: 86.42M API3 

Token Distribution 

• Founders: 30% 
• Ecosystem Fund: 25% 
• Public: 20% 
• Partners & Contributors: 10% 
• Seed Round: 10% 
• Pre-Seed Round: 5% 

Key Features 

• dAPI Concept: Decentralized use of traditional APIs. 
• Multi-API Support: A single dAPI can include multiple APIs. 
• First-Party Oracle Network: Transparent network operated by API providers. 
• Decentralized Governance (DAO): Token holders vote on the project’s future. 
• Staking Rewards: Earned from dAPI usage. 
• Beacons: Provides developers with continuously updated off-chain data. 

Roadmap 

• 2020: Project founded; token launched; Airnode developed. 
• 2021: dAPIs developed; DAO governance implemented. 
• 2022: OEV mechanism integrated; Layer 2 prep started. 
• 2023: Layer 2 integration; ecosystem growth. 
• 2024+: Supported networks reached 40; TVS $600M; wider DeFi/dApp adoption. 

Official Links 

• Website
• Twitter
• Telegram
• Discord

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DWF Labs, one of the important market makers in the cryptocurrency market and attracting attention with its investments, continues its altcoin purchases and investments.

At this point, according to the latest statements, DWF Labs has led the latest funding round for API3, which is listed on Binance, and has invested in the altcoin called API3.

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Following this news, there was a sudden jump in the price of API3.

“We are proud to lead the strategic funding round for API3DAO! Congratulations to our team for this success.

This funding round will accelerate API3’s mission to revolutionize the oracle landscape and develop a global on-chain financial system.

We are eagerly awaiting the launch of the mainnet of OEV Networks, which further integrates its ongoing innovations and dApps and blockchain networks.”

The API3 team also announced the investment amounts in their official announcement.

Accordingly;

DWF Labs: 2M USDC – 711,744 API3

Spartan Group: 1M USDC – 355,872 API3

Laser Digital (Nomura): 500k USDC – 177,936 API

Caladan (formerly AlphaLab): 500k USDC – 177,936 API received.

API3 rose by more than 8% after the news and reached $3.19. API3 then experienced a pullback and is currently trading at $3.08 as of this writing.

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UMA Coin Price Analysis:

UMA Coin enormusly pumped from $1.9 to $7 last month. Then investors sold profits and the cryptocurrency’s price fell as low as $3.97. Today, Uma Coin is trading above $ 4.6, up 17% from $ 3.97. The support level to follow is $4, while the upper resistance zone is $5.

What is UMA?

UMA, the native cryptocurrency of the UMA protocol (Universal Market Access protocol), serves as the foundation for a platform that enables users to generate their own synthetic assets. These synthetic assets are digital tokens designed to mirror and monitor the value of real-world assets. Referred to as “priceless financial contracts” within the platform, these tokenized assets offer users the ability to gain exposure to various assets and markets in a decentralized and efficient manner.

API3 Price Analysis:

Like UMA, API3 has experienced a bumpy price movement over the past month. API3 rose from $1.5 to $3.3 and charted a bit scary for its investors. Finally, the coin is up 15% today, trading at $3.6. While our support zone in API3 is 3 dollars, the next resistance zone is 3.6 dollars, where it is currently located.

What is API3?

API3 serves as the native token of the API3 project, granting holders the privilege to engage in the governance of the API3 ecosystem via the API3 DAO (Decentralized Autonomous Organization). To acquire shares in the API3 DAO, token holders must stake their API3 tokens into the insurance pool, which additionally provides them with access to weekly staking rewards. This setup enables token holders to actively participate in shaping the future direction and decisions of the API3 ecosystem while incentivizing participation through staking rewards.

IMX Coin Price Analysis:

IMX has been on a slow but steady uptrend from $1.6. It has been rising for almost the last two weeks and is currently trading at $2.9, up 6%. While the support zone for IMX is $2.5, the resistance zone seems to be the $4 level. This price trend

What is IMX?

Immutable X (IMX) serves as the native token of an NFT (non-fungible token) marketplace, functioning as a layer 2 network solution for the Ethereum blockchain. Leveraging zero-knowledge proof technology, Immutable X provides users with low transaction fees, rapid transaction speeds, and enhanced scalability, enabling the network to handle a greater volume of transactions without compromising performance. This infrastructure facilitates efficient and seamless trading of non-fungible tokens while addressing some of the key limitations of the Ethereum network.

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Bitcoin is currently still pushing its resistance at the 26,100 level. Today at 17:00 Gary Gensler is speaking. If Gensler starts using harsh language about cryptocurrencies in this speech, also Bitcoin could break this resistance. Likely, we shouldn’t expect positive development from this speech. It is useful to wait for the important resistance levels of Bitcoin to be broken for trading.

‣ Important Developments to Occur Today:

Gery Gensler, the Chairman of the SEC, will testify in the House of Representatives at 17:00.

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The Latest Status in Cryptocurrencies –  September 27

‣ Bitcoin (BTC) At the time of writing, the BTC/USD pair is trading at 26.252 dollars, up 0.12%. Resistance levels for BTC are in the 26.800 dollars – 28.200 dollars range while support levels are in the 25.400 dollars – 25.000 dollars range.

‣ Ethereum (ETH) At the time of writing, the ETH/USDT pair is trading at 1592 dollars, down 0.10%. Resistance levels for ETH are in the 1694 dollars – 1731 dollars range while support levels are in the 1550 dollars – 1465 dollars range.

‣ Near (NEAR) At the time of writing, the NEAR/USD pair is trading at 1.07 dollars, down 0.34%. Resistance levels for NEAR are in the 1.22 dollars – 1.36 dollars range while support levels are in the 1.04 dollars – 0.79 dollars range.

‣ Dash (DASH) At the time of writing, the DASH/USD pair is trading at 26.6 dollars, up 0.28%. Resistance levels for DASH are in the 27.1 dollars – 32.9 dollars range while support levels are in the 22.8 dollars – 15.4 dollars range.

‣ Api3 (API3) At the time of writing, the API3/USD pair is trading at 1.16 dollars, up 6.35%. Resistance levels for API3 are in the 1.31 dollars – 1.43 dollars range while support levels are in the 1.02 dollars – 0.85 dollars range.

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With the postponement and non-approval of Bitcoin ETFs, Bitcoin has once again dropped to the $26,000 range. This situation can raise concerns about a possible recession for Bitcoin. Currently, an important support level for Bitcoin is at $25,000. Closures below this level could potentially take Bitcoin down to the $20,000 range.

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The Latest Status of Bitcoin and Cryptocurrencies

• Bitcoin (BTC) is currently trading at $26,101 with a 0.27% increase. The resistance levels for BTC are in the range of $26,800 to $28,200, while the support levels are between $26,000 and $25,000.
• Ethereum (ETH) is trading at $1,648 with a 0.13% increase. ETH has resistance levels between $1,694 and $1,731, and its support levels are in the range of $1,642 to $1,550.
• Matic (MATIC) is trading at $0.55 with a 0.36% increase. MATIC has resistance levels between $0.60 and $0.66, and its support levels are in the range of $0.52 to $0.48.
• Api3 (API3) is trading at $1.21 with a 5.70% increase. API3 has resistance levels between $1.30 and $1.45, and its support levels are in the range of $1.14 to $1.07.
• Tomo (TOMO) is trading at $1.13 with a 3.83% increase. TOMO has resistance levels between $1.24 and $1.40, and its support levels are in the range of $1.09 to $0.96.

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The post The Latest Status of Bitcoin and Cryptocurrencies! – September 1 appeared first on Coin Engineer.