DataLake Delisted From CEX And Pumped +600%: Bad News For Bitget?
Bitget could be in trouble as Datalake, a DeSci coin going viral, unlocks 600x gain after delisting LAKE crypto from Bitget exchange.
Not every day do we see “useful” projects surge 6X within hours. Often, these projects tend to flatline before exploding or, worse, dumping hard.
DataLake Soaring Amid LAKE Crypto Price Pump
After DataLake
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chose to take a different approach, delisting from Bitget, a centralized exchange, it only took a few days before the token soared, adding an impressive 600%.
According to Coingecko, DataLake is now among the top 10 most valuable decentralized science (DeSci) projects, tailing Origintrail and VitaDAO.
The total market cap of all DeSci projects stands at around $1 billion, adding nearly 20% in the past day and almost 100% over the past month.
Interest follows the high-profile appearances of Vitalik Buterin, the co-founder of Ethereum, and Changpeng Zhao, the founder of Binance, at a DeSci-focuses event in Bangkok.
What an unreal day at our BUIDLer House in Bangkok. Just when we thought our DeSci Day event couldn’t get any better, GOATs @cz_binance and @VitalikButerin dropped in to join the session.
Our guests not only had the chance to hear directly from DeSci project teams but were also… pic.twitter.com/TLGu06nMcI
— Binance Labs Fund (@BinanceLabs) November 13, 2024
To understand why DeSci could be the next big thing, even better than meme coins, you must examine what this subsector seeks to solve.
Simply put, DeSci integrates the distribution of blockchain and science, looking to make processes more transparent and core data even more accessible.
DeSci creators aim to resolve systemic issues facing science, such as low funding, restrictions on data sharing, and challenges in publishing research findings.
One of the many projects in this space is DataLake.
DataLake is a project by Ligia Kornowska and Wojciech Sierocki, both of whom are medical doctors.
Their innovation is simple: Tap into the blockchain to advance a patient-centered approach in research and clinical trial innovations.
DataLake uses Arbitrum technology, ensuring fast, secure, and cheap data management.
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The CZ and Vitalik Effect On DeSci Crypto Space
Before last week, DataLake and other DeSci projects hadn’t received the attention they deserved.
(Source)
However, when Vitalik Buterin attended the DeSci event hosted by Binance Labs and met with Changpeng Zhao, the community realized how crucial this sector is.
DeSci might be the only sector in this space with potential to literally save lives while also delivering 100x returns.
Maybe it's just me, but feels way more fulfilling than betting on shitty memecoins with no inherent value.
Bullish $LAKE
Bullish $CRYO
Bullish $RSC
Bullish…— Simon (@sjdedic) November 9, 2024
With this, they also realized just how undervalued these tokens were now that, in Zhao’s words, ” crypto has finally been validated enough to come to science.”
Interestingly, this shift in attention also came at an interesting time for DataLake.
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LAKE Crypto Willingfully Delist From Bitget
The project chose to delist from Bitget, pointing to unfairly low demand.
It is a decision described as “bold” and a stand against what some have described as potentially exploitative centralized exchange practices enabled by market makers.
LAKE, the token behind DataLake, is now trading on Uniswap and generating decent volume, far more than those in Bitget.
(Source)
In their Q3 2024 report, they observed that Uniswap accounted for $2.5 million in trading volume, more than 3X generated in Bitget.
At the same time, liquidity providers offering LAKE liquidity on Uniswap earned over $75,000 in rewards.
DataLake said the huge difference in trading volume reflected a growing preference for DEXes, further confirming their decision to exit.
The question now is: Will LAKE and DeSci continue to boom?
(LAKEUSDT)
When writing, LAKE is up 600% versus Ethereum, according to Uniswap v3 data.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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