- Concord struggled as transactions and day by day exercise declined.
- New developments and elevated quantity supplied hope for the longer term.
Concord [ONE], a layer 1 blockchain, confronted a number of challenges within the final quarter, leading to a decline in its general transactions and day by day exercise. Based on Messari, the protocol noticed a considerable drop in its variety of transactions. This led to a decline in income, consequently resulting in a drop in customers.
Learn Concord’s [ONE] Value Prediction 2023-2024
The DeFi angle
One issue contributing to this decline was the departure of a preferred dApp, DeFi Kingdoms, from the Concord ecosystem. This additionally led to a decline within the platform’s Whole Worth Locked (TVL), which fell from $113 million to $7.7 million at press time.
As well as, the variety of stakers on the community decreased by 2.27% over the previous month, standing at 106,470 at press time.
Moreover, the weighted sentiment round Concord additionally declined, suggesting that the crypto group had extra adverse issues to say concerning the community than constructive. Regardless of this, quantity and improvement exercise on the community elevated.
The rising quantity instructed increased liquidity for Concord’s ONE token, whereas the rising improvement exercise implied that there could possibly be new updates and upgrades coming to the protocol quickly.
How a lot are 1,10,100 ONEs value as we speak?
“One” of many issues
Nevertheless, with the rise in quantity and improvement exercise, the volatility of ONE additionally rose, making it a riskier funding. Moreover, the market cap dominance of ONE declined, capturing simply 0.03% of the general crypto market at press time.
Regardless of these challenges, there was hope for the way forward for Concord as new developments may present a lift to the protocol. Because the crypto market continues to evolve, it will likely be fascinating to see how Concord adapts and bounces again from these current difficulties.