- ROSE price has crashed by 61% from its all-time high.
- Oasis Network total value locked rose to $252 million.
- ValleySwap is the biggest app in Oasis’ network.
The Oasis Network price has sold off lately even after the network implemented its Damask upgrade and its total value locked (TVL) rose. The ROSE token is trading at $0.23, which is about 61% below the highest level in 2021.
Demask upgrade
Oasis Network is a relatively small blockchain project that provides a platform for people to build decentralized applications (dApps). It claims that applications built in the ecosystem have multiple privacy features that make them better.
Oasis has attracted a few developers in the past few months. The biggest DeFi application built in Oasis is ValleySwap, which is a platform to swap tokens, farm, and provide liquidity. It has a total value locked of over $192 million and a dominance of 76% in Oasis.
It is followed by YuzuSwap, which has a TVL of over $30 million. Other applications built using Oasis Network are Fountain Protocol and Lizard among others. In total, the network’s TVL has jumped to an all-time high of $252 million.
The biggest story this week was the launch of the Demask upgrade, which introduced multiple features to the network. Some of these features are on increased security, faster performance, and strengthened governance mechanisms.
Still, like other smart chains, Oasis faces substantial challenges going forward. First, as noted, ValleySwap has a dominance of 76%, meaning that a major issue in the network will affect the Oasis Network price. We saw this recently when Waves price declined after bad news from Neutrino.
Second, the industry is getting more crowded, with platforms like Ethereum, Cronos, and BNB Chain leading the way. Therefore, smaller networks will likely struggle gaining traction among developers.
Most importantly, with the Ethereum merge nearing, there is a likelihood that many people will opt to use its platform. Besides, it will have faster speeds and more stability than its peers.
Oasis Network price prediction
The daily chart shows that the ROSE price has been in a strong bearish trend in the past few days. The coin has moved below the 25-day and 50-day exponential moving averages (EMA), signaling that bears are in control. It has also formed a head and shoulders pattern, which is usually a bearish sign.
Therefore, there is a likelihood that the Oasis Network price will continue falling in the near term. A bearish breakout will be confirmed if the price moves below the important support level at $0.2060.
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