19 January 2024
Macro/TradFi
Assets under management in Bitcoin ETFs have exceeded that of Silver ETFs, making it the second-largest commodity in the U.S. ETF market.
Crypto
L1/L2:
BNB Chain has completed its 26th quarterly BNB token burn. Around US$636M, equivalent to 2.14M BNB, was burned.
Ethereum’s Dencun upgrade has gone live on the Goerli testnet, but took longer-than-expected to finalize. The next phase of upgrade is expected in a few more weeks, with an upgrade to the Sepolia testnet, followed by the Holesky testnet.
Solana Mobile has reportedly plans to launch a second smartphone. According to Coindesk, the phone will likely have new hardware and will be priced cheaper than the first smartphone.
Fantom has reduced the validator self-stake requirement from 500K to 50K FTM, thereby increasing accessibility of running a Fantom validator.
Data from L2BEAT indicates that Manta Pacific has ascended to become the third largest layer-2 by total value locked. This can be attributed to Manta’s New Paradigm campaign, which offers incentives to users who bridge ETH and USDC to Manta Pacific.
Blast has announced the launch of its testnet and stated that the forthcoming airdrop will have an allocation of 50% each for developers and users.
Frax Finance’s Layer-2, Fraxtal, is expected to launch in February.
DeFi:
Decentralized exchange dYdX has topped Uniswap v3 as the largest DEX by trading volume over a 24-hour period.
Following the rollout of front-end fees in October 2023, Uniswap has raked in US$2.6M in front-end fee revenue so far.
Solana DEX aggregator Jupiter has announced that its governance token, JUP, will be launched on January 31 and will feature an airdrop to approximately 1M wallets.
Earlier in the week, interoperability protocol Socket and its Bungee bridge suffered an exploited resulting in a loss of about US$3.3M
Stablecoins:
Circle's Cross-Chain Transfer Protocol has integrated with Chainlink’s Cross-Chain Interoperability Protocol, making it easier for cross-chain transfers of USDC.
The TrueUSD stablecoin traded below its peg and traded as low as ~US$0.97 at one point. At the time of writing, the stablecoin has recovered slightly, trading at around US$0.988.
NFT:
NFT platform OpenSea is reportedly developing OpenSea 2.0. According to its CEO, Devin Finzer, the upgrade will enhance user experience and provide greater distinction among NFT categories.
Other:
Daily trading volume of Telegram bot, Unibot, hit a new high of US$8.1M, a level not seen since August 2023, following its integration with Solana.
A report from CoinGecko revealed that over half of the tokens (14,039 out of over 24,000) listed on CoinGecko since 2014 are no longer in existence.
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