Daily Notes 11-01-2024
Developments
Spot BTC ETFs Approved with Over $4 Billion in Trading Volume
All Spot BTC ETFs were approved. Cumulatively, they have traded over $4 billion in volume so far.
SEC Commissioners Vote 3-2 in Favor of Spot BTC ETFs
SEC Chairman Gary Gensler and commissioners Hester Peirce and Mark Uyeda voted in favour of approving the spot BTC ETFs. Commissioners Jaime Lizárraga and Caroline Crenshaw voted against, which brought the final vote 3 to 2.
Grayscale to file for a Bitcoin covered call ETF
Grayscale files for Bitcoin covered call ETF following conversion of GBTC.
December's CPI Exceeds Predictions at 3.4%
Unseasonally adjusted CPI for December came in at 3.4% where predictions expected it to be 3.2%. Its previous value was 3.10%.
Circle Files for a Confidential US IPO
Circle, the issuers of USDC and EURC, has confidentially filed for a US initial public offering (IPO).
GBTC Discount Drops to Zero Following SEC's ETF Approval
GBTC (Grayscale’s spot BTC ETF) discount falls to 0% as the SEC approves the ETF conversion.
Injective Chain Launches 'Volana' Mainnet Upgrade
Injective chain launches mainnet upgrade “Volana” which adds a Real World Asset module allowing for “the seamless creation and management of permissioned assets with powerful arbitrary customization capabilities”.
Vertex Exchange Migrates to Native USDC
Decentralised exchange Vertex has migrated from USDC.E (bridged USDC) to native USDC.
Pendle Enters Liquid Staking Token Space with eETH
Pendle enters the Liquid staking token space with ether.fi’s eETH. Users that LP eETH will retain all benefits (EigenLayer points, ether.fi points and yield) as well as Pendle swap fees and PENDLE incentives.
Berachain Launches 'Artio' Public Testnet
Berachain launches its public testnet, “Artio”. Berachain is an EVM-equivalent L1 built on the Cosmos SDK and powered by Proof of Liquidity.
Orbiter Finance Announces Upcoming Token Launch
Orbiter Finance confirms a token launch coming this year. They also include that the “O-Points Program will play a crucial role in shaping our airdrop rules”.
Near Foundation Reduces Staff by 40%
Near Foundation cuts its staff by 40% (-35 employees). The cut mostly affects employees from marketing, business development, and community teams.
WAGMI Exchange Launches on Metis Chain with Advanced Strategies
WAGMI, a limited TVL decentralised exchange with advanced liquidity provision strategies and GMI mechanics, launches on Metis chain, with three strategies currently live.
Base Unveils 2024 Roadmap Focusing on Decentralisation and Lower Gas Fees
Base releases their 2024 roadmap. They plan to accelerate decentralisation while increasing network availability, driving down gas fees to sub $0.01, and making smart wallets the default.
Y2K Finance Introduces Turbo Options Vaults
Y2K Finance introduces “turbo options vaults” which allow for Call/Put-like options using the same deposit asset as the speculation asset. The service is to launch “later this month”.
Conic V2 Launch Proposal Focuses on Liquidity and Fee Mechanisms
A Conic V2 launch proposal has been posted to Conic’s governance forum. V2 will see support for Liquidity allocation modules and introduce a liquidity bootstrapping mechanism.
Hypr Network Goes Modular with Celestia Adoption
Hypr Network, a zero knowledge L2 optimised for gaming, goes modular as they adopt Celestia as their data availability layer.
Fidelity Prepares for Potential Spot BTC ETF Approval
Fidelity platform lists Ark 21Shares and VanEck’s spot BTC ETF in preparation of a potential approval.
Wintermute Reports 400% Increase in OTC Trading for 2023
Wintermute’s 2023 report showed a 400% increase throughout the year in over-the-counter (OTC) trading.
SSV.Network Mainnet Reaches $200 Million in TVL
SSV.Network, a DVT service provider, mainnet reaches $200 million in TVL.
Ripple Plans to Buy Back $285 Million in Shares at $11 Billion Valuation
Ripple is reportedly buying back $285 million of its stock at a $11 billion valuation from early investors and employees.
EigenLayer to Add New LSTs with 200k ETH Staking Cap
EigenLayer will add 3 new LSTs on January 29th - Frax’s sfrxETH, Mantle’s mETH, and liquid collective’s LsETH.
90% of Lido DAO Holders in Profit
90% of Lido DAO (LDO) holders are in profit.
Trending Assets
Below $100M MC by performance, on chain
KIZUNA, an AI and Bittensor related memecoin, is up 34.07% today. PTP, up 32.60%, and USH, up 31.83%, performed well today.
Above $100M MC by performance, on chain
ENS had a great day and is up 43.16%. OX is up 34.37%.
Above $1B MC by performance, on chain
AVAX, up 14.65%, is top performer for tokens above $1B. MNT had a good day, is up 13.90%.
Trading Volumes
LDO, MKR and AAVE dominated onchain volumes this week.
TVL
TVL Above $10M
Over the past day:
Merchant Moe, DEX on Mantle, TVL grew by 51.61%.
Aurora Plus, membership program for Aurora users, TVL grew by 25.60%.
ChainPort, multichain bridge, TVL grew by 22.16%
Fees
Curve DEX fees earned grew by 72.11% over the past day. Vertex Protocol fees earned are up 113.27%.
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