Binance Weekly Highlights: Stablecoin Valuation Dips as DeFi and NFTs Evolve

Feed-Creator-c98464aff · 2023-10-06T12:06:09.000Z

6 October 2023 Macro/Traditional Finance: UBS Asset Management's Tokenized Move: The institution has unveiled a tokenized money market fund on Ethereum's blockchain, enabling functionalities like fund subscriptions and redemptions, based out of Singapore. Grayscale's Ethereum Ambition: The firm has made strides towards transforming its Grayscale Ethereum Trust into a spot Ether exchange-traded fund. Crypto Landscape: L1/L2 Evolutions: Immutable releases its zkEVM Mainnet roadmap, targeting a launch between December 2023 to January 2024. StarkWare, an L2 developer for Ethereum, postpones the first unlock of its STRK token from November 2023 to April 2024. DeFi Movements: Decentralized exchanges see a trading volume dip for the sixth month in a row, clocking in at US$44.3B in September. Bluefin introduces v2 on the Sui network, featuring rapid optimistic trades and enhanced margin capabilities. Yield Protocol announces its impending shut down by year-end, citing dwindling demand and regulatory pressures. Stablecoins: Stablecoin market capitalization witnesses a consistent decline for the 18th month, touching a new low at US$123.8B. NFTs: OpenSea amplifies its offerings with OpenSea Studio, simplifying NFT project management for creators. Gaming: Mythical Games rolls out a Web3 game, Nitro Nation World Tour, on mainstream app stores, integrating NFT collectibles. Other Highlights: Binance assisted Thai police in cracking down massive criminal networks. Assets worth around US$277M were seized, with over 3,200 victims pursuing compensation. Manifold Finance has launched a new maximal extractable value (“MEV”) protocol and will integrate mevETH, a new liquid staking token launched recently. Cryptocurrency firm Ripple has obtained a license to provide digital payment token services in Singapore. 🔎 Latest Binance Research Publications Check out our latest publications: Monthly Market Insights - October 2023 Oracle-Less: Challenging the Status Quo The OP Stack: What's New? Explore our Binance Research website for more project and macro research reports and the Binance Legal website for latest updates and consultation responses. For more frequent market updates and insights, follow us on Twitter @BinanceResearch. Have a minute? Please share with us any feedback you may have via this form. That’s a wrap! Binance Research Read more https://research.binance.com/en/analysis About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes. General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.

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