Aave (AAVE) and ApeCoin (APE) were two of the biggest names in the massive hype around crypto in 2021, but it’s not clear that they’ll be able to keep that momentum once the bull market returns. This time around, TMS Network (TMSN) has been a major player so far, already raising more than $6 million in its token presale, which is currently in its fourth phase.
TMS Network (TMSN)
The TMS Network token presale is funding the development of a new, Ethereum-based decentralized exchange (DEX) that intends to be the all-in-one trading platform for anyone interested in using decentralized finance (DeFi). There are many issues found with existing crypto trading platforms, and TMS Network (TMSN) intends to solve these issues while offering features like low trading fees and price uniformity.
One of the main issues with traditional exchanges is a lack of transparency, which TMS Network attacks through the Ethereum blockchain. When all of the data, usually only available to those with access to a backend server, is available on a public blockchain, avoiding issues such as price manipulation and wash trading becomes much easier. In other words, TMS Network (TMSN) has nothing to hide.
In addition to offering a platform that innovates in the area of transparency, TMS Network also plans to launch a social trading feature, which will allow TMS Network users to make their own TMS Network (TMSN) trades public and allow newcomers to learn from TMS Network users with strong track records of success.
Aave V2 Polygon, an older version of the crypto lending protocol Aave, has a bug that affects some of its Aave asset pools. Users who have deposited Wrapped Ether (WETH), Tether (USDT), Wrapped Bitcoin (WBTC), or Wrapped Matic (WMATIC) into these Aave (AAVE) pools cannot withdraw them or perform any other actions with them.
The Aave bug was caused by a patch that updated the interest rate curve on May 16 but did not account for the different interfaces used by the Polygon version of Aave. The bug does not affect the security of the funds, as they are still locked in the contracts. It also does not affect Aave (AAVE) V3, the latest protocol version, or Aave V2 on Ethereum or Avalanche.
Recently, Aave has been expanding to other networks besides Ethereum.
ApeCoin is a token that powers the ApeCoin ecosystem, which includes various projects related to Bored Ape Yacht Club, a popular collection of NFTs featuring 10,000 unique apes.
Recently, ApeCoin experienced a massive surge in price and volume on Upbit, a South Korean cryptocurrency exchange. According to CoinMarketCap, ApeCoin (APE) reached an all-time high of $27.51 on May 24, 2023, representing a staggering increase of 1,950% from ApeCoin’s (APE) previous day’s closing price of $1.34 per ApeCoin. The ApeCoin trading volume also spiked to over $31 million.
The reason behind this sudden rally in ApeCoin (APE) is unclear, but some suggest that it could result from a coordinated pump-and-dump scheme by some ApeCoin traders or bots.
While Aave (AAVE) and ApeCoin (APE) have experienced success in the past, the reality is that the crypto market is starting to get itself back together based on new projects, such as TMS Network (TMSN), that can build on what previous projects were able to achieve last cycle. Regarding the tradeoffs of risks and rewards, TMS Network offers a better potential for gains to those who participate in the token presale.