No harm no foul for ONE holders despite Q4 performance

• Concord struggled as transactions and day by day exercise declined.
• New developments and elevated quantity supplied hope for the long run.

Concord [ONE], a layer 1 blockchain, confronted a number of challenges within the final quarter, leading to a decline in its total 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.

Supply: Messari

Learn Concord’s [ONE] Worth Prediction 2023-2024

The DeFi angle

One issue contributing to this decline was the departure of a well-liked 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.

Supply: Defi Llama

Moreover, the weighted sentiment round Concord additionally declined, suggesting that the crypto group had extra damaging issues to say concerning the community than optimistic. Regardless of this, quantity and improvement exercise on the community elevated.

The rising quantity advised greater 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.

Supply: Santiment

How a lot are 1,10,100 ONEs price right this moment?

“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.

Supply: Messari

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, will probably be attention-grabbing to see how Concord adapts and bounces again from these current difficulties.