PRESS RELEASE

Following the success of the Global DeFi Investment Summit that took place without any blemish at the  Dusit Thani Hotel in Dubai from 2-3 June 2021. This summit, the first of its kind, which has the aspiration of connecting investors, regional businesses, and leaders across all sorts of industries to the DeFi ecosystem, was a novel event in the Blockchain space. Curated based on industry modalities from top experts, it has emerging start-ups’ growth and global expansion in mind. The end goal was to bridge the gap between investors, experts, and DeFi projects. Further, the summit is a platform to create awareness about the DeFI ecosystem on the international stage and forge networks among Blockchain and digital asset communities from all over the world. It is a series of confab scheduled across five countries around the globe to showcase the best projects in Decentralized Finance while creating investment opportunities and avenues for them to expand. 

As the DeFi industry burgeons at an admiring rate and disrupts the traditional legacy financial system,  allowing anyone anywhere in the world to invest without 3rd parties and regulatory hindrances, it is imperative to create the springboard for start-ups in the space. This rationale inspired the summit, and we are thrilled to announce that it was a blazing success. Over 200 people attended in person. Moreover, Gulf  Xellence utilized the internet to enable more than 2000 people across the world to participate. It is considerably invigorating to announce that the summit attracted some of the best names in the industry as speakers. More than 25 prominent speakers engaged in two keynote addresses, six-panel discussions, and numerous presentations over the two days. Keynote Speakers Chaired by Jen Buakaew, Founder of To the  Moon Lab, Keynote speakers for the Global DeFi Investment Summit, Dubai, included Justin Sun, Founder at Tron Foundation, and Tim Draper, Founder at Draper Associates. Sun threw light on how DeFi is gradually changing the face of how the world is going to invest. Speaking via video, Draper explained that through DeFi, no one would be left behind when it comes to financial inclusion in the coming future. He urged the world to explore Decentralized Finance and how the Blockchain will change the world completely. 

Upcoming Summit 

The Global DeFi Investment Summit is coming back to Dubai once again in October 2021. Gulf Xellence will be looking forward to warmly welcoming you to help expand the frontiers of decentralized finance and Blockchain in general. 

The core goal of the Global DeFi Investment Summit is to bring global investors and DeFi investors under one umbrella and connect them together. Furthermore, various start-ups and local businesses from the relevant industries will also participate and connect to build business relationships. At the Summit,  technological and business innovations will be exhibited to the participants and investors. The core plan of the Summit is to increase awareness of the DeFi ecosystem to the global scene, interface blockchain and digital asset owners from every corner of the world. We aim at connecting DeFi investors and projects for introducing the DeFi innovations and insights presented by the DeFi experts in every country. There would be a live exhibition portraying the DeFi projects, examinations of the various similar business innovations.  More than 25 expert speakers would interact with participants and discuss everything about DeFi, NFTs,  Decentralized Exchange, Blockchain, Staking reward, Banking Transformation, AI Arbitrage, Lending DeFi  Regulations, Farming, and Financial Services, and many more.

Event Snapshots 

• 25+ Speakers & Panelists  • 02 Keynotes 
• 04 Panel Discussions  • 05 Sponsor Presentations  • 01 VIP Investors Dinner • 2000+ Online Attendees  • 300+ Global Attendees

Visitors Group 

• Crypto Community 
• Accelerators & Incubators 
• Investors 
• VCs 
• Family Offices 
• Influencers 
• DeFi & NFT Projects 
• Government 
• Youtubers 
• Entrepreneurs and many more involved in Blockchain & Crypto Space 

Summit Focus 

• Blockchain Ecosystem 
• Crypto Investing 
• Digital Currency Regulation & Policies 
• DeFi & NFTs 
• Enterprise Solution 
• Dapps 
• Dao 
• Dex & Cex 
• Decentralized Future

KEY SPEAKERS 

Some of the business leaders speaking at the Summit includes: 

• Jen Buakaew – Founder of Tothemoon Lab 
• Andreas Kartrud – CEO/ Co-founder at USWAP 
• Samson Williams President at Crowdfunding Professional Association • Michael Terpin Founder & CEO of Transform Group 
• Muhammad Salman Chief Mate of Invoicemate 
• Marcello Mari CEO at Singularity DAO 
• Sandeep Mehta Chairman & Secretary General – International Diplomatic Mission • Talal Tabbaa Co-Founder/COO at Jibrel Network 

WHY PARTICIPATE 

• Register as a delegate to benefit from direct insights of experts. 
• Showcase your brand and industry thought leadership in front of the very people that matter to  your business by becoming a Sponsor. 
• Showcase your latest technologies and services in your own exclusive space as an Exhibitor by  securing a display booth/table at the event. 
• A Summit program designed to offer learning and insight as well as discussion with some of the  industry’s leading minds. 
• Discover products and new technology from DeFI Projects. 
• Learn about the latest DeFI Innovations. 
• Meet the top industry leaders, policy makers, think tanks, family offices, venture capitalists,  institutional and private investors. 
• Explore the entire DeFI ecosystem and its future. 
• Meet the leading influencers. Deep dive into key topics alongside industry leaders and visionaries.

NETWORKING AT THE EVENT 

Global DeFI Investment summit offers an incomparable platform to connect with industry experts, get your business done and position your company for future success. Attending the event will help you  to: 

• Broaden your exposure in the marketplace and create a positive impression on as many people in your business community as possible. 
• A pitching opportunity for start-ups that will unite some of the agilest entrepreneurs and high-impact investors to design ground-breaking start-ups. 
• Identify those who might be prospects for your products or services. 
• Build relationships with those who offer products or services that might be of value to you or your clients. 
• Build partnerships and alliances and understand cutting-edge innovative technologies, which will define and drive the future of the industry. 
• Meeting dedicated to networking with budding as well as established entrepreneurs with similar aspirations to form valuable partnership

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Looking ahead, there are many ways the rest of the current cycle can play out moving forward. The following are two scenarios we are expecting to play out as long as the technical and on-chain data continue to show strength.

Our price targets are heavily time-based, condition-based, and blend multiple forms of analysis. Assuming bitcoin price reaches major technical targets to the upside and on-chain metrics are flashing significant sell signals, the probability of a bull market top will increase significantly.

If major technical targets to the upside are tested, and on-chain metrics show little to no signs of significant selling pressure – BTC can easily push higher.

As always – the following is not financial advice and the sole opinion of the writer. Please refer to the full disclaimer at the bottom of this page.

Base Case: $96k by December 2021

We believe BTC can reach $96k by December 2021 in our base case scenario. BTC will only have to double at current prices (~$48k as of writing these lines), which we believe is reasonable considering the deep supply exhaustion BTC is in.

To reach this level of $96k, BTC must first push above the major resistance zone between $51.1-58k.

During this retest of major resistance, it is crucial to monitor on-chain metrics and especially verify that long-term holders and entities holding large amounts of illiquid supply are not selling.

If no on-chain sell signals are flashing, this will likely pave the way for a retest of the current all-time high (~$65k) recorded in April 2021. The chart below shows a rough estimate of one of many paths BTC could take to reach our base case target of $96k.

Technical and on-chain resistance above $58k is not as heavy as the $56-58k area. Given that new large buyers continue to enter the market and shorts continue to get liquidated, breaking above the previous all-time high will not require much effort.

Once BTC closes above the current ATH level ($64.8k), we can expect an accelerated move to the upside as bitcoin price enters the price discovery phase. The latter stands for the levels where an asset was never trading before; hence, there are no previous resistance levels.

Using the 4-year cycle and BTC halving data, Bitcoin has historically reached its bull markets’ top late in Q4 of the year following the halving.

This indicates a blow-off top could occur sometime in December 2021 if BTC continues to follow this pattern. The longer than anticipated consolidation between $30k to $40k gives Bitcoin less time to form structure higher. Still, we have to keep in mind, huge parabolic runs may occur in a very short amount of time, just like the one that happened between January and April 2021 ($27k to $65k).

Another reason why we can expect significantly higher prices later this year is the Elliott Wave structure forming since late 2018. Bitcoin appears to have completed wave 3 to the upside, topping at $64.8k, with a complex wave 4 correction, bottoming at $28.8k. With the recent August rally higher, it appears Bitcoin is starting the final fifth bullish wave, possibly pushing bitcoin price significantly above previous all-time highs.

In this scenario, between the April-2021 all-time highs to our base case target of $96k, we expect whales to slowly distribute BTC to retails who are chasing the rally. The more we see on-chain distribution, the more likely BTC will come closer to a macro top.

The crypto community has discussed the probability of the bull market cycle extending into early Q1 or Q2, 2022. This must be taken into consideration and can be seen as a bullish catalyst. If the bull market extends into early 2022, this actually increases our base case target from $96k to the next confluent levels between $110k to $115k.

$178k BTC: The Bullish Case

We believe BTC can reach our bullish scenario target of $178k by December 2021 or a bit later, in case the cycle extends into 2022.

This will require minimal on-chain selling pressure, especially as bitcoin price pushes above $100k. As long as the long-term holders continue to hold, even with BTC at $100k, we can easily expect prices to move higher.

This scenario is dependent on the constant supply exhaustion, where the majority of BTC remains illiquid. The chart below is a rough estimate of the possible path Bitcoin could take to reach the bullish target. The following is just one of many ways this can play out:

Our technical targets to the upside found high levels of confluence around $178k to $190k. This also matches various other technical-based models, making this an area of interest for the 2021’s bull market top.

In this scenario, we can expect Bitcoin whales and entities holding large amounts of illiquid supply to start rapidly distributing. Price action at this stage will likely have gone parabolic, with $10K candles printed frequently. At these prices, valuation on-chain metrics such as the MVRV could be reaching previous cycle peaks depending on the activity on the Bitcoin network.

While these 6-figure targets may seem intimidating, they are less than a 4x increase from current levels.

To emphasize this, the scenarios are time-based and condition-based. It strongly depends on a variety of on-chain metrics flashing warning signals, especially when the bitcoin price reaches highly confluent technical targets to the upside.

At the time of this writing, BTC is currently aiming to validate a major technical buy signal which flashed last week to transition from a mid-cycle pullback into a bull market continuation.

Ideally, the $51.1-58k resistance zone must be taken out with a solid push to retest all-time highs at $64.8k. The next few weeks of price action are critical in determining the base case or bull case scenario.

The global adoption of cryptocurrency has skyrocketed over the last year when it registered a growth of 881%. As per the 2021 Chainalysis Global Crypto Adoption Index, crypto adoption in India has been the second-largest in the world over the last year.

The crypto growth story is stronger in the developing world with Vietnam leading the chart and Pakistan and Ukraine occupying the 3rd and the 4th slots.

Chainalysis is a New York-headquartered data platform which offers blockchain forensics services to government and private companies. It is the second year that Chainalysis has released its crypto adoption index. The 2021 report ranks 154 countries and uses 3 different metrics. It uses P2P exchange trading volume instead of gross transaction volume which favors developed nations.

In a blog posted on August 18, 2021, Chainalysis said that it tried to capture crypto adoption by ordinary people and focused on use cases, transactions, and savings instead of trading and speculation. Togo, Colombia, and Afghanistan figure among the top 20 countries in crypto adoption.

China and the United States, which occupied 4th and 6th places, dropped to 13th and 8th places respectively.

The high rate of crypto adoption by developing countries such as Vietnam, Kenya, Nigeria, and Venezuela is ascribed to investors’ efforts to preserve the value of their savings amid currency devaluations. They also take to cryptocurrency to send and receive remittances. Cryptocurrency is also being used for business transactions.

“Our research suggests that reasons for this increased adoption differ around the world — in emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions, while adoption in North America, Western Europe, and Eastern Asia over the last year has been powered largely by institutional investors,” the report said.

Chainalysis ascribes the rising adoption levels in emerging markets to a few key factors.

“We heard from experts that people in Vietnam have a history of gambling, and the young, tech-savvy people don’t have much to do with their funds in terms of investing in a traditional ETF, both of which drive crypto adoption,” said Kim Grauer, Chainalysis’ director of research, who put together the report.

Grauer said the case of Nigeria is different. “It has a huge commercial market for crypto. More and more commerce is done on the rails of cryptocurrency, including international trade with counterparties in China,” he said.

Countries, where capital controls are stringent, have also seen rapid crypto adoption. The example of Afghanistan underscores this theory. It is very difficult to move money in and out of Afghanistan.

The industry’s largest and most accessible on-chain data query tool for a wide range of blockchains, Unmarshal has released GraphQL API, a suite of tools that allows for pinpoint accuracy in on-chain data queries commemorating its August BUIDL Marathon product release.

GraphQL is a query language for APIs and a runtime for fulfilling those queries with your existing data providing a complete and understandable description of the data in APIs. It gives clients the power to request precisely what they need and nothing more, making it easier to evolve APIs over time while churning out powerful developer tools. Unlike other centralized APIs, developers can host their dapps on multiple chains facilitated through Unmarshal’s GraphQL. 

Unmarshal currently supports data querying on Ethereum, the largest smart contract platform, and Binance Smart Chain and Polygon. These have been the most transacted chains for a couple of months running. With Unmarshal GraphQL APIs, developers can initiate an on-chain query for Blocks, Transactions Transaction Receipts, and Transaction Logs for three of the most active smart contract platforms earlier mentioned. 

The key differentiating factor for Unmarshal’s GraphQL among other different on-chain metric inspecting tools like Dune Analytics is that Unmarshal supports multiple blockchains. Moreso, anyone interested in querying data using Unmarshal’s GraphQL does not require specific knowledge of HTTP/2. Another added advantage of using Unmarshal’s GraphQL is that users no need to set up any prior infrastructure such as Ankr or Chainstack before using the GraphQL query tool. All they need is just query the blockchain and have data delivered. Additionally, The output provided by Unmarshal’s API is decoded data presented in a human-readable format. 

The talented team at Unmarshal has been in a row, especially in August, with the GraphQL APIs becoming the third product to be released in less than three weeks. The first product was Token store, a product for querying token attributes, either with the token’s contract address or with the token ticker. A few days after the team released Token Store, they rolled out Self Service Kiosk, a portal that helps any user looking for Unmarshal’s data infrastructure with a single Sign-up. It can quickly test and connect to end-point APIs without waiting or seeking someone else’s help.

Polygon, Binance Smart Chain, and Ethereum lead the pack in the ongoing DeFi boom with smart contract API calls running into billions monthly on these networks. For context, Polygon facilitated more than 200 million transactions in June, at its peak when compared viz-a-viz Ethereum, Polygon’s peak transaction in June surpassed Ethereum’s by over 577%. On the other hand, Binance Smart Chain processed more than 130 million transactions in the same month. Furthermore, polygon saw more than 140 million transfers in July 2021 compared to Ethereum’s 61 million transfers and BSC, which facilitated 328 million transfers. Per smart calls, Polygon saw a whopping 1.75 billion smart contract calls in July 2021, almost equal to Binance Smart Chain’s 1.76 billion smart contract calls. On the other hand, Ethereum processed around 132 million smart contract calls in July.

With the GraphQL now released for pinpoint accuracy data query on Ethereum, Polygon, and Binance Smart Chain, developers and other stakeholders can obtain rich, on-chain data while rest assured of such data integrity.