26 January 2024
Macro/TradFi
Total volume for the new spot BTC ETFs after 9 days is now US$21.7B, whereas, total inflows are US$828M. GBTC has seen over US$4.3B in outflows, which are likely to slow down going forward, while BlackRock and Fidelity’s offerings have both attracted over US$1B in inflows.
The U.S. SEC delayed its decision on spot Ethereum ETF proposals from Grayscale, BlackRock, and Fidelity. The final SEC deadlines will fall in May.
China's People's Bank (PBOC) announced a 0.5% cut in the reserve requirement ratio (“RRR”) for banks, aiming to stimulate the economy and mitigate the equity market downturn.
The U.S. government has filed a notice to sell the US$130M of Bitcoin that was seized from the Silk Road case.
Crypto
L1/L2:
Injective launched Gas Compression, which they claim makes transaction costs on their blockchain the lowest across crypto. Each transaction on the network will have a nominal cost of US$0.0003.
Rollup-as-a-service (“RaaS”) and restaked rollup provider, AltLayer, launched its $ALT token this week, currently trading at a US$3.3B fully diluted market cap.
Polygon Labs has announced AggLayer, an aggregation layer to connect and bolster interoperability among L1 and L2 chains using zk-based security.
Mysten Labs, the team behind Sui, has furthered their partnership with Alibaba Cloud, and launched a number of new services for Sui devs. These include an AI-enabled development environment, educational programming across universities, the translation of Move documentation into Mandarin Chinese and Korean, etc.
DeFi:
Rabby, an EVM and Ethereum focused wallet has introduced a points program. They have dropped some initial points to every EVM address and are incentivizing users to switch over from Metamask, similar to the points program from Rainbow Wallet.
Drift Protocol, the largest perpetual trading protocol on Solana, has also launched a points program. They have announced up front that the program will not last any longer than three months as they want to “reward” their users, “not burn them”.
NFT:
BNB Chain NFT marketplace, Tabi, has announced Tabi Chain, a Cosmos-based gaming blockchain with EVM compatibility.
Other:
Axiom, a platform that uses zk-proofs to find historical Ethereum data i.e., a zk co-processor, has raised a US$20M seed round.
Digital asset platform, Web3Intelligence raised US$4.5M ahead the launch of its native $DOPE token.
Crypto-focused VC, 1RoundTable Partners, has announced that they are raising US$800M for a new fund. It will target growth stage companies across three major segments in crypto, including infrastructure, blockchain and financial services. They will also invest in “smaller” sub-sectors, like gaming, NFTs and metaverse.
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