Nansen CEO Alex Svanevik discusses the multichain future and other trends shaping up the crypto industry in an exclusive chat.
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Mr Alex Svanevik, who is co-founder and CEO of analytics platform Nansen, thinks staking is likely to be a key trend in the months ahead. Staking is a service that lets users generate yields in return for allowing their tokens to be used to facilitate transactions on a blockchain. Nansen on Sept 10 announced its acquisition of a staking service provider.
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Alex Svanevik, CEO of blockchain analytics platform Nansen, spoke with Cointelegraph at Token2049 about the 2024 United States presidential election. Svanevik explained his opinion on the outcome of the elections and the implications for cryptocurrencies’ future in the US and abroad, depending on whether Donald Trump or Kamala Harris becomes president. “I think if Trump wins, it seems pretty clear that that’s very bullish for crypto in the US [...] in the sense that he is the most pro-crypto candidate. And on the flipside, I think if you look at the Democrats and Harris, […] it’s basically a relatively hostile environment for crypto.”
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According to Nansen research, Wintermute was the biggest market maker in the first week after the launch of cbBTC. Currently, the activity of cbBTC may be due to high-volume trading to support top liquidity pairs, and it may not reflect the number of users or actual demand. This bootstrapping by market makers may also be responsible for boosting Aerodrome’s position.
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Nansen CEO Alex Svanevik noted Coinbase currently holds about 36% of the supply, while market maker Wintermute is among the top holders. Svanevik predicted the token would substantially increase Base’s total assets through its rapid adoption. “This could explode total assets on [Base] pretty rapidly,” Svanevik stated. “Smart move. Looks like Wintermute is the #1 market maker for it. Will be a solid business for them.”
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Alex S. shares his vision for a future where blockchain technology outpaces traditional banking, creating a more inclusive and forward-thinking financial ecosystem. Together, we explore how Nansen overcomes the four key challenges of transforming raw blockchain data into practical insights for investors and preview the upcoming Nansen 2, featuring faster speeds, personalized insights, and integrated portfolio tracking, along with new support for Solana.
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This downtrend occurred as the network has shown weak on-chain metrics. Data from Nansen shows that the number of active addresses in the ecosystem has dropped to 43,208, down from over 91,000 in March and an all-time high of over 555,000 in April 2023. The number of Avalanche transactions and gas fees has also been in decline. The network handled 155,000 transactions on Sept. 10, down from over 600,000 in March. Its gas fee stood at less than $20,000, compared to the year-to-date high of over $300,000.
Read More -->BNB’s price increase was driven by on-chain metrics, which showed that the number of active addresses rose by 4% in the last 24 hours to 925.7k, while transactions increased by 15% to 4.2 million. According to data from Nansen, these transactions hit their highest level in almost a month.
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Blockchain data provider Nansen said it bought staking platform StakeWithUs, as CEO Alex Svanevik looks to expand beyond data provision into offering investment services for institutions and retail traders. While the purchase price was not disclosed, a spokesperson for the company said it was a seven-figure sum.
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The crypto market is often seen as a risky fringe business with high volatility and has been accused by the U.S. Securities and Exchange Commission of flouting securities laws. But its mainstream appeal has improved, thanks to the support from Wall Street institutions and corporate titans like Elon Musk and the approval of U.S. exchange-traded crypto funds. "We expect the uncertainty to hang over risk assets till November," Aurelie Barthere, principal research analyst, Nansen.
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Singapore-based blockchain data analytics platform Nansen has acquired staking service provider StakeWithUs, a deal that will enable Nansen to broaden its service offerings for different investor profiles. Over $80 million worth of assets are staked by 30,000+ users on StakeWithUs, supporting over 20 different networks such as Solana, Sui, Celestia, and dYdX.
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