Market
4 Crypto Predictions from Chainlink CEO Sergey Nazarov
Sergey Nazarov predicts that the total value locked (TVL) in Real World Assets (RWAs) could surpass that in crypto by 2027. The Chainlink CEO attributes this expected capital inflow to increasing interest from the traditional finance (TradFi) sector.
Tokenized RWAs have become one of crypto’s most significant trends in 2024, drawing substantial attention from major Wall Street firms.
Tokenized RWAs to Make TradFi DeFi’s Biggest User
Sergey Nazarov predicts that traditional finance (TradFi) will generate significant interest in decentralized finance (DeFi) protocols, positioning TradFi as DeFi’s largest user. This integration, according to the Chainlink CEO, could lead to clearer, more streamlined, and value-driven regulations.
“Real-world assets have already surpassed the total value locked in DeFi, and it’s still just a small percentage of what can be tokenized. I believe real-world assets will surpass the total value of cryptocurrencies in the next one to three years. Our industry will be defined by both the real-world asset blockchain format and the cryptocurrency format, fundamentally changing how people perceive our space and what it delivers,” Nazarov states.
Nazarov also believes that RWAs will drive the adoption of Central Bank Digital Currencies (CBDC), boosting on-chain purchasing power. This shift would attract more value into DeFi protocols and tokenized RWA systems.
Read more: Real World Asset (RWA) Backed Tokens Explained
He further anticipates the emergence of more blockchains, driven by lower costs and ease of development. These chains would be seamlessly interconnected, with Chainlink’s Cross-Chain Interoperability Protocol (CCIP) playing a key role in simplifying app development. Nazarov envisions this interconnectedness facilitating compliance, enabling a larger share of value to flow through regulated transactions.
Additionally, Nazarov predicts that governments will increasingly embrace blockchains, with the trend starting in Asia, followed by the Middle East — regions actively modernizing their infrastructure.
“I foresee a corridor of blockchain-based activity between the Middle East and Asia, involving real-world assets, commodities, and various other transactions across these regions. Both areas are actively reinventing their infrastructure and seeking trust-minimized ways to transact with each other. These developments might not be obvious to everyone right now, but I believe they are very likely to happen,” the Chainlink CEO adds.
Real World Assets Attract Institutional Interest
Tokenized RWAs have taken the industry by storm, progressively attracting institutional interest from major players like BlackRock, Grayscale, and Franklin Templeton. The sector’s market cap recently surpassed $10 billion, showing the progress RWAs have made in connecting traditional finance (TradFi) with DeFi.
Research from OurNetwork highlights that the private credit market is valued at $8.1 billion, while tokenized treasuries stand at $1.9 billion. Other tokenized asset classes remain under $1 billion.
“The private credit market currently stands at $8.1 billion while that of tokenized treasuries is $1.9 billion. The remaining tokenized asset classes fall under $1 billion,” research from OurNetwork highlighted.
Read more: What is Tokenization on Blockchain?
As shown in the chart, BlackRock’s BUIDL fund has emerged as a leader in the RWA sector. The fund continues to see rising dividend yields, indicating growing interest from institutional investors. DeFi protocols like Ondo have started incorporating BUIDL into derivative products, broadening its use case.
In addition to BlackRock, Franklin Templeton has positioned itself as a key player by deploying its Nasdaq-listed Onchain US Government Money Fund (FOBXX) on Arbitrum and Avalanche. Grayscale also operates a tokenized RWA fund on Avalanche while managing a diverse portfolio of crypto investment trusts.
Similarly, Goldman Sachs is exploring tokenized treasuries, and State Street is collaborating with Swiss crypto firm Taurus on an RWA tokenization project.
However, despite growing interest, tokenized real-world assets face challenges around token legitimacy. Legal recognition in courts and smart contract security remain significant hurdles that could slow the adoption of tokenized RWAs in both traditional and decentralized finance sectors.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Polymarket Faces Ban in France as US Election Betting Ends
According to a report from The Big Whale, the National Gaming Authority (ANJ), France’s gambling regulator, is preparing to block the prediction markets platform Polymarket.
Polymarket, the decentralized platform that allows users to bet on the outcome of political events, sports, and other occurrences using cryptocurrency, has gained popularity in recent months, especially with bets surrounding the US presidential election. More than $3.2 billion was reportedly wagered on the platform during this high-stakes period, with a record-breaking $294 million in volume on November 5 alone.
France Users May No Longer Access Polymarket
According to The Big Whale, a French website that covers the crypto industry, the ANJ’s impending ban comes after a French trader placed a $30 million bet on a Trump victory, reportedly attracting the regulator’s scrutiny.
The trader’s wager positioned him to make approximately $19 million in profits, a sum that has intensified concerns over Polymarket’s compliance with French gambling laws. A source close to the ANJ stated that despite Polymarket’s use of blockchain and cryptocurrency, its activities are akin to gambling, making it subject to restrictions under French law.
“We are aware of this site and we are currently examining its operation as well as its compliance with French gambling legislation,” The Big Whale reported, citing an ANJ spokesperson.
Read more: What is Polymarket? A Guide to The Popular Prediction Market
Legal expert William O’Rorke from ORWL Avocats explained that although Polymarket does not specifically target French users, its activities fall squarely under gambling regulations.
“Polymarket involves betting money on uncertain outcomes, which aligns with the legal definition of gambling,” O’Rorke noted.
Against this backdrop, the ANJ is well within its mandate to block the platform’s access in France. Accordingly, the French regulator may enforce the ban by blocking Polymarket’s domain name in France. It amy also pressure third-party players, like media outlets and online directories, to limit access to Polymarket links.
However, French users may still circumvent this by using virtual private networks (VPNs). This is because Polymarket’s crypto-based infrastructure allows for relatively anonymous participation.
France’s looming ban is not the first regulatory roadblock Polymarket has encountered. In 2022, the US Commodity Futures Trading Commission (CFTC) fined Polymarket $1.4 million for failing to register as a designated contract market. The CFTC also challenged Kalshi’s operations due to questions about betting on political events.
Polymarket’s Fate After US Elections
Meanwhile, the US election was a significant catalyst for Polymarket. It drove the platform to new heights in user engagement and bet volume. Polymarket’s election-related markets have been featured on major financial platforms, including Bloomberg, highlighting the platform’s appeal to mainstream finance.
As BeInCrypto reported, Polymarket’s election betting topped $3 billion, reflecting unprecedented participation. The platform, however, faces a crossroads in its path forward. Following the climax of the US election on Wednesday, data from Dune Analytics shows a steep decline in Polymarket’s activity.
Daily active addresses and transaction volumes, which soared in the election lead-up, have notably dwindled as election-related betting winds down. For instance, Polymarket’s open interest, a key indicator of active betting engagement, dropped from $350 million to $268 million after the polls closed. Similarly, monthly new accounts have also dropped by over 41% between October and November.
Against this backdrop, Polymarket may need to diversify its market offerings or potentially embrace a new model to maintain user interest. This is considering election-related activity comprised the majority of the prediction market’s volume.
Rumors are circulating about a potential move toward a decentralized governance token, which could distribute control over Polymarket’s operations to its community. This shift would reduce the liability of the central authority by decentralizing decision-making, though it remains theoretical, with no clear timeline.
Read More: How To Use Polymarket In The United States: Step-by-Step Guide
Polymarket’s fast ascent and regulatory challenges highlight broader industry tensions between innovation and compliance. With election predictions no longer a draw and an impending ban in France, Polymarket’s future remains uncertain.
Its long-term viability may depend on how well it adapts to evolving regulatory landscapes and whether it can maintain popularity beyond election season peaks.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Ready to Rally? Signs Point to a Bullish Move
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Market
Solana (SOL) Rallies Strongly, Setting Sights on $200
Solana started a fresh increase above the $172 support zone. SOL price is rising and might soon aim for a move toward the $200 level.
- SOL price started a fresh increase after it settled above the $165 level against the US Dollar.
- The price is now trading above $172 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could continue to rise if it clears the $192 resistance zone.
Solana Price Starts Fresh Rally
Solana price formed a support base and started a fresh increase above the $162 level like Bitcoin and Ethereum. There was a strong move above the $165 and $172 resistance levels.
There was a break above a key bearish trend line with resistance at $162 on the hourly chart of the SOL/USD pair. The price even cleared the $185 level. A high is formed at $192 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $155 swing low to the $192 high.
Solana is now trading above $172 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $192 level. The next major resistance is near the $195 level.
The main resistance could be $200. A successful close above the $200 resistance level could set the pace for another steady increase. The next key resistance is $212. Any more gains might send the price toward the $220 level.
Another Dip in SOL?
If SOL fails to rise above the $192 resistance, it could start a downside correction. Initial support on the downside is near the $188 level. The first major support is near the $180 level.
A break below the $180 level might send the price toward the $172 zone or the 50% Fib retracement level of the upward move from the $155 swing low to the $192 high. If there is a close below the $172 support, the price could decline toward the $165 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $188 and $185.
Major Resistance Levels – $192 and $200.
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