Daily Notes 12-09-2023
Developments
Franklin Templeton Spot Bitcoin ETF Application
Franklin Templeton has applied for a Spot Bitcoin ETF with the SEC, adding to the growing list of other titans like BlackRock and Fidelity who have applied previously. The BTC would be custodied with Coinbase and would trade on the Cboe BZX Exchange.
HSBC, one of the largest banks in the world with $3 trillion in AUM, is reportedly partnering with Fireblocks to create a cryptocurrency specific custody solution.
Fireblocks has previously developed custody technology for other notable Banks like BNY Mellon and BNP Paribas.
The ability for users to outsource custody of their Crypto to centralised systems - although somewhat opposing Crypto's intial goals of decentralisation - may invite otherwise skeptical and concerned users to cautiously enter the space.
The SEC Chair Gary Gensler has stated that the SEC is still reviewing its decision on Grayscale’s application for a Bitcoin ETF - as well as other applications for Bitcoin ETF’s.
Previously, the SEC rejected Grayscale’s application on the basis that the products did not have the necessary safeguards to prevent “fraudulent and manipulative acts and practices”. This decision by the SEC was then overturned after a lawsuit was won by Grayscale against the SEC on August 29th.
LayerZero, an omnichain interoperability protocol, announced a partnership with Google Cloud to act as their oracle for cross-chain messaging. The Google Cloud oracle is a purpose built verifier that will verify the authenticity of each LayerZero message by default unless a developer decides otherwise.
Ryan Zarick, the co-founder of LayerZero, has said that there is “no way an attack [on LayerZero] can happen without [Google Cloud] being compromised as well” - LayerZero effectively inherits the security that backs a Google service like Google Cloud.
MetaMask will be usable with non-EVM chains like Solana, Cosmos (and more) via Snaps. Snaps allows developers to create new user experiences for MetaMask wallets - the relationship between Snaps and Metamask can be likened to that between the Chrome browser and the Chrome Extensions service.
So far, over 34 “Snaps” have been deployed and have allowed customers to interact with a number of protocols, chains and services.
Trending Assets
Top 300 Performers
Rollbit had it’s largest hourly burn today, burning 378,365 RLB (49,557.49 USD). It was the top performer today, gaining 25%.
Top 300 Losers
Nothing of note in the top losers today.
Below $100M MC by performance, on chain
Top performer of the day is LINQ, up 34.65%. LINQ is followed by SPELL, up 34.27%, and UNIBOT, up 18.24%. Notably, SPELL had a governance post yesterday regarding a token loan to DWF Labs.
Above $100M MC by performance, on chain
GLM, up 24.13%, RLB, up 19.62% and OX, up 16.11%, are the top performers over the past day for tokens above $100M MC.
Above $1B MC by performance, on chain
OP continues to show strength, and is up 4.55% over the past day.
TVL
TVL Above $10M
Over the past day:
Alien Base AMM, DEX on Base, TVL grew by 22.70%.
friend.tech TVL grew by 20.99%.
ParaSpace Lending V2, lending on Ethereum, TVL is up 15.60%.
Fees
Notably Bitcoin fees earned grew 44.77% over the past day, making it the third highest fee earner. Additionally, Uniswap V3 fees earned grew 60.80% and GMX V1 fees earned grew 297.20%, following the volatility over the past few days.
Governance Proposals
RFP-23: Delisting BUSD as a Supported Asset
Proposal to delist BUSD as an asset on BNB Chain, since Paxos has halted the creation of new BUSD tokens.
Articles / Threads
Synthetix Perps Rewards: Optimism Trading & Lido Incentives Extension
Synthetix will be relaunching their trading incentives program starting on the 13th of September for both the Optimism Perps Rewards Program (100k OP per week for five weeks) and the Lido stETH Perps Rewards (1500 OP per week) programs.
Offchain Labs & Espresso Systems
Offchain Labs will be partnering with Espresso Systems to bring decentralized and open shared sequencing technology across Ethereum rollups. Offchain Labs and Espresso will be working on Timeboost, a transaction-ordering design and technical integrations of the Arbitrum Stack.
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