{"id":562365,"date":"2023-11-25T00:00:24","date_gmt":"2023-11-25T00:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=562365"},"modified":"2023-11-24T18:31:58","modified_gmt":"2023-11-24T18:31:58","slug":"crypto-fund-exits-blur-for-lido-and-imx-endorsing-defi","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-fund-exits-blur-for-lido-and-imx-endorsing-defi\/","title":{"rendered":"Crypto Fund Exits BLUR For Lido And IMX\u2014Endorsing DeFi?"},"content":{"rendered":"

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading.<\/span><\/p>\n

Sigil Fund Sells BLUR For IMX And LDO\u00a0<\/span><\/h2>\n

On November 24, Lookonchain, a crypto analytics platform,\u00a0<\/span>noted<\/span><\/a>\u00a0that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain.<\/span><\/p>\n

The swap comes roughly three days after Sigil\u00a0<\/span>withdrew<\/span><\/a> 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days.\u00a0<\/span><\/p>\n

Related Reading: Ripple CEO Offers Perspective On Legal Fallout With The SEC<\/a><\/div>\n

To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume.<\/span><\/p>\n

\"BLUR<\/a>
BLUR price trending upward on the daily chart | Source: BLURUSDT on OKX, TradingView<\/a><\/figcaption><\/figure>\n

The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX.\u00a0<\/span><\/p>\n

In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop.<\/span><\/p>\n

LDO and IMX Are Key For DeFi And NFT<\/span><\/h2>\n

As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research<\/a>, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi.<\/span><\/p>\n

Related Reading: LooksRare\u2019s LOOKS Ready To Melt Faces: Analyst Predicts 10000% Surge Above $5.2<\/a><\/div>\n

In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart.<\/span><\/p>\n

Feature image from Canva, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

According to Lookonchain data, Sigil, a fund in Gibraltar, has exited BLUR, one of this week’s top-performing tokens, for Lido DAO’s LDO, and IMX, the native token Immutable X–a layer-2 scaling solution primarily dedicated to NFT trading. Sigil Fund Sells BLUR For IMX And LDO\u00a0 On November 24, Lookonchain, a crypto analytics platform,\u00a0noted\u00a0that Sigil sold 1.55 million BLUR for 807,799 IMX, worth roughly $1.14 million, and 210,905 LDO, trading at $540,000, at spot rates. The exchange was made via multiple transactions and done on-chain. The swap comes roughly three days after Sigil\u00a0withdrew 3.1 BLUR from OKX, a cryptocurrency exchange. Surprisingly, the fund is exiting BLUR when the token has dominated performance in the last few trading days.\u00a0 Related Reading: Ripple CEO Offers Perspective On Legal Fallout With The SEC To quantify, the token has more than doubled this week alone, surging to register new H2 2023 highs above $0.60. BLUR is already up 330% from its 2023 lows and continues to edge higher on rising trading volume. The Gibraltar-based crypto investment fund’s rotation from BLUR into core governance tokens of Lido DAO and Immutable X comes when there is FOMO around the 300 million BLUR airdrop in Season 2. Still, it is not immediately clear what might have advised the fund to exit BLUR–and not simply ride the current ride–for LDO and IMX.\u00a0 In retrospect, the shift could be an endorsement of decentralized finance’s (DeFi) resilience and inherent growth prospects. The rotation of funds into DeFi tokens could also signify a focus on backing decentralized ecosystem building rather than speculative NFT mania, as is currently the case with BLUR, which is rapidly rising, spurred by the Season 2 airdrop. LDO and IMX Are Key For DeFi And NFT As of November 2023, Lido DAO and Immutable X are some of the core platforms driving crypto and DeFi. Lido DAO plays a crucial role in Ethereum staking, while Immutable X offers a secure NFT trading infrastructure. Though recent troubles at FTX and other CeFi actors like FTX’s partner, Alameda Research, continue to cap upsides, Sigil’s allocation change is an endorsement for DeFi. Related Reading: LooksRare\u2019s LOOKS Ready To Melt Faces: Analyst Predicts 10000% Surge Above $5.2 In the future, it is not immediately clear whether LDO and IMX prices will edge higher. For now, it remains on an uptrend but is generally volatile and not galloping higher like BLUR. The token is up 80% from October 2023 lows at press time. Meanwhile, IMX is extending gains at 2023 highs, looking at price action in the daily chart. Feature image from Canva, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":562367,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[6132,90436,87863,90073,89461,87105,86030,86727,86387,87199],"class_list":["post-562365","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blur","tag-blur-price","tag-blurusdt","tag-immutable-x","tag-imx","tag-imx-price","tag-ldo","tag-ldo-price","tag-ldousdt","tag-lido-dao"],"acf":[],"yoast_head":"\nCrypto Fund Exits BLUR For Lido And IMX\u2014Endorsing DeFi?<\/title>\n<meta name=\"description\" content=\"A crypto fund is selling BLUR for other DeFi tokens, including LDO by Lido DAO and IMX issued by Immutable X.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Fund Exits BLUR For Lido And IMX\u2014Endorsing DeFi?","url":"http:\/\/wncen.com\/news\/crypto-fund-exits-blur-for-lido-and-imx-endorsing-defi\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-fund-exits-blur-for-lido-and-imx-endorsing-defi\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template122.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template122.jpg?fit=1380%2C780"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Dalmas Ngetich"}],"creator":["Dalmas Ngetich"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["blur","blur price","blurusdt","immutable x","imx","imx price","ldo","ldo price","ldousdt","lido dao"],"dateCreated":"2023-11-25T00:00:24Z","datePublished":"2023-11-25T00:00:24Z","dateModified":"2023-11-25T00:00:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Fund Exits BLUR For Lido And IMX\\u2014Endorsing DeFi?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-fund-exits-blur-for-lido-and-imx-endorsing-defi\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-fund-exits-blur-for-lido-and-imx-endorsing-defi\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-news-Template122.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Crypto-news-Template122.jpg?fit=1380%2C780\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Dalmas Ngetich\"}],\"creator\":[\"Dalmas Ngetich\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"blur\",\"blur price\",\"blurusdt\",\"immutable x\",\"imx\",\"imx price\",\"ldo\",\"ldo price\",\"ldousdt\",\"lido dao\"],\"dateCreated\":\"2023-11-25T00:00:24Z\",\"datePublished\":\"2023-11-25T00:00:24Z\",\"dateModified\":\"2023-11-25T00:00:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Crypto-news-Template122.jpg?fit=1380%2C780","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562365"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/384"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=562365"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562365\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/562367"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=562365"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=562365"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=562365"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}