TON leads crypto majors as BTC, ETH remain flat
|-
TON led gains in the crypto market on Monday as HashKey announced a partnership with popular GameFi project Catizen.
-
DYDX is also up as traders continue to be optimistic about weekly gains in its volume.
Bitcoin (BTC), ether (ETH) and most other crypto majors were flat in Asia as the region's business week began, with the CoinDesk 20 (CD20), a measure of the largest digital assets, down 0.43%.
One of the highlights of the Monday session was TON, the digital asset associated with Telegram. The token was up 5.6% as HashKey announced a partnership with the project.
HashKey will offer regulatory guidance, technical support for Catizen's blockchain infrastructure operations, and collaborate on initiatives within the Ton ecosystem to enhance Catizen's gaming experiences, a press release reads. Catizen is a Telegram-based, gaming platform with multiple cat themed mini games.
"[We'll] focus on the TON ecosystem to offer unique Web3 gaming experiences, fostering the prosperity and development of the TON ecosystem," Ben El-Baz, Managing Director of HashKey Global said in an e-mail. "Leveraging Telegram’s advantage to attract more developers represents a significant opportunity for TON."
Tim Wong, Chairman of the Catizen Foundation, also added in an emailed statement that Catizen seeks to transcend the short lifecycles of typical games by leveraging Web3's untapped potential, aiming to create a lasting impact through a strong community and the fusion of experienced game developers with skilled Web3 designers.
"In many projects with incomplete product models, crypto accelerates their decline. However, in a project with a comprehensive business model, crypto can be the core support that sustains upward development," Wong wrote. "This is because the user base and the Catizen ecosystem are continually reinforced by robust token incentives."
Elsewhere, DYDX is up 5.6% as the decentralized exchange continues to post gains in its weekly trading volume.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.