Daily Crypto News Mar 1, 2022: Top 3 crypto updates

Following the release of the SundaeSwap platform and the expanding number of decentralized products on the Cardano network, the capitalization of DeFi products on the network has skyrocketed. And in today’s crypto news, Cardano’s TVL reached $117 million. Read more insights below.

While fashion isn’t new to the metaverse, according to Decentraland’s (MANA) creative director Sam Hamilton, demand for stylish digital clothes is on the rise. That said, the virtual gaming marketplace will organize the first-ever Metaverse Fashion Week (MVFW) on its platform. Read more on this crypto news below.

According to Messari data, Cardano’s transaction volume has surpassed that of Ethereum and XRP in the previous 24 hours. Last week, The Cardano blockchain handled a total transaction volume of $17.04 billion, while Ethereum and XRP had a total transaction volume of $5.25 billion and $700 million respectively. Read more on this crypto news below.

Quick Crypto News Roundup! 

Daily Crypto News  Mar 1, 2022

Cardano Attracts $50 Million to DeFi Projects in Last 30 Days

The total value locked in the Cardano network has increased sharply from $70 million to $117 million. The SundaeSwap decentralized platform holds the majority of the network’s funds, with $115 million now locked. MuesliSwap, a decentralized finance platform, is in second place, with $2 million locked.

Cardano’s ecosystem is less diverse in comparison to networks like Ethereum or even Polkadot, as almost all of the TVL is concentrated in a platform backed by network developers. Terra, for example, has the first place TVL-vise on the Ethereum network, with $20 billion locked, which is less than 20% of the TVL.

Read: Top 7 NFT Games To Explore In 2022

Source: UToday

Decentraland (MANA) Metaverse Launches World’s Biggest Virtual Fashion Show

Decentraland is set to host four days of virtual runway shows to showcase artificial intelligence fashion and wearable tech in the form of non-fungible tokens (NFTs) by some of the world’s most well-known fashion brands, including Tommy Hilfiger, Selfridges, Cavalli, Eli Saab, Vogue Arabia, Guo Pei, and others.

The immersive fashion event, which will feature a futuristic-looking runway, will take place in Decentraland’s new Luxury Fashion District. It will also host afterparties and pop-up metaverse shops.

The virtual runway will be surrounded by a shopping district modeled by the architecture of Paris’ iconic Avenue Montaigne, which is noted for its stylish clothes stores and decor. As per the press announcement, the event will take place from March 24th to March 27th.

Read: ​​How to Buy Virtual Land in the Metaverse?

Source: TheDailyHODL

Cardano Flips Ether, XRP In Transaction Volume

Cardano continues to lead Ethereum and XRP in terms of 24-hour adjusted transaction volume, with $12.75 billion, compared to $613 million and $3.56 billion for XRP and Ethereum, respectively. Notably, this was the first time Cardano’s adjusted transaction volume surpassed that of the benchmark cryptocurrency.

As developers hurry to join the Ethereum network, which is widely regarded as the leader in smart contracts, the network has experienced a lot of success. However, this has resulted in network congestion, which in turn has resulted in higher gas prices. Therefore, users have flocked to faster proof-of-stake (PoS) rival blockchains like Cardano, which have lower transaction costs.

Read: Cardano Technical Analysis

Source: ZyCrypto

Crypto Market Trend March 01, 2022

Here is a quick summary of the top crypto gainers and losers for the day. 

Top 3 Crypto Gainers 

*All prices are latest by 11 AM IST  1 March 2022.*

Top 3 Crypto Losers 

*All prices are latest by 11 AM IST  1 March 2022.*