But there’s some disagreement in the space over whether that kind of DeFi-like token flipping really constitutes wash trading.īlur, for its part, points to data aggregated on Dune Analytics that shows a much smaller percentage of wash trading on its platform, and CryptoSlam confirmed to Decrypt that it has expanded its methodology to denote alleged wash trades. On-chain data shows that Blur’s sudden rise in NFT trading volume is primarily fueled by whales-that is, traders with significant holdings of a given asset-who are constantly buying and selling NFTs via the marketplace’s bid pools in an effort to “farm” token rewards for the next airdrop. The cause of the surging trading volume has split opinion in the NFT space, prompting a notable Web3 analytics firm to discount much of the recent trading data from the Blur marketplace.ĬryptoSlam, a leading platform for tracking NFT sales, announced on Friday that it would remove $577 million worth of Blur trades from its data due to “market manipulation.” The platform also said that it will filter future Blur trades on its platform through an updated algorithm that excludes what it sees as suspicious sales. ![]() ![]() ![]() Upstart marketplace Blur has risen to the top of the NFT world in recent weeks, vaulting ahead of longtime leader OpenSea through tokenized trading rewards. A leading NFT analytics platform has flagged 80% of recent trades on Blur as “inorganic,” but is it really wash trading?
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