Ethereum and Solana Hit New Record Highs on Rising Interest in NFTs and DeFi
FN Media Group Presents Microsmallcap.com Market Commentary
NEW YORK, Nov. 8, 2021 /PRNewswire/ -- Ethereum set a new record high last week, pushing past $4600 and clocking in a 530% increase since the beginning of 2021. One of the factors pushing the second-largest cryptocurrency to new heights is the rising popularity of Decentralized Finance (DeFi) and non-fungible tokens (NFT) projects. Goldman Sachs global markets managing director Bernhard Rzymelka sees Ethereum climbing as high as $8,000 in the next two months. At the same time, Solana's SOL token has climbed by over 15,000% in 2021, creating an exciting opportunity for crypto and DeFi companies like WonderFi Technologies (NEO:WNDR) (OTC:WONDF), DeFi Technologies Inc., (NEO:DEFI) (OTC:DEFTF), Voyager Digital (TSX:VYGR) (OTCQX:VYGVF), Coinbase Global (NASDAQ:COIN), and HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) (TSXV:HIVE).
WonderFi Technologies (NEO:WNDR)(OTC:WONDF), a technology company backed by Sam Bankman-Fried that provides better access to DeFi, has continued to expand its portfolio of leading crypto and DeFi assets. On November 8, the company announced its investment in the Solana ecosystem, which is backed by Sam Bankman-Fried and FTX, and includes holdings of Solana and Serum as the two largest weighted assets. Participating in the Solana ecosystem will allow WonderFi to compete with blockchain's such as Ethereum, which hosts the majority of DeFi transactions today. WonderFi also invested alongside Ontario Teachers' Pension Plan Board, Temasek, Sequoia Capital and other major investors in the US$420M Series B-1 round of FTX, the global cryptocurrency company founded by Sam Bankman-Fried.
Last week, WonderFi Technologies also announced that it has established and deployed additional proof of stake validator nodes on the Ethereum network, meaning the company now operates a total of 10 Ethereum nodes. Currently staking ETH through a validator node yields approximately 6% APY on the staked assets.
These validator nodes are critical in securing the blockchain network and validating transactions, with validators earning rewards for ordering transactions and creating new blocks. Adding validator nodes grows WonderFi's infrastructure and opens additional opportunities for the company to explore.
These recent investments are just the beginning, as WonderFi's board has approved the company's plan to purchase up to C$10 million in digital assets to expand its exciting balance of long-term holdings. The approval follows a recently-completed bought deal financing of about C$26 million, a majority of which was allocated to the company's product development and distribution. The company also allocated a portion of the proceeds to grow its digital assets portfolio.
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