Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi
The start of the week saw the Swiss authorities broker an agreement to save Credit Suisse through a US$3.25B takeover by rival Swiss bank, UBS.
The U.S. Fed raised interest rates by 25bps to bring them to their highest level since 2007. The Bank of England also raised by 25bps, following an inflation surprise earlier in the week.
Busy week for the U.S. Securities and Exchange Commission (“SEC”) where they charged Justin Sun of Tron for the sale of unregistered securities, served a Wells Notice (generally preceding an enforcement action) to Coinbase and a subpoena to Sushi.
🔎 Crypto
L1/L2:
EOS Network Ventures committed US$20M to develop applications and gaming on the EOS network following the mainnet launch of the EOS EVM in April.
Immutable has partnered with Polygon to launch Immutable zkEVM. This EVM-compatible zk-rollup will be focused on gaming projects, powered by Polygon’s technology and give game developers a scalable and easy solution to build their product on top of. It is set to launch by the end of Q2.
DeFi:
Uniswap v3 is set to be deployed on the Avalanche chain. After the deployment, Uniswap will be available across seven different chains.
Synthetix has raised US$20M in a token sale round with DWF Labs. Synthetic’s perpetual futures product is also set to be integrated into DWF Labs’ trading business.
A proposal for a Sushi DAO Legal Defense Fund is currently in preliminary discussions among the community after the SEC subpoenaed Sushi, as well as Head Chef, Jared Grey.
MetaMask Institutional wallet has started an institutional Ethereum staking marketplace. The marketplace will feature the company’s own technology (ConsenSys Staking), as well as offerings from Allnodes, Blockdaemon and Kiln.
Stablecoins
Mastercard has announced a collaboration with Australian stablecoin platform Stables to launch a stablecoin digital wallet allowing users to spend their USDC anywhere Mastercard is accepted.
Telegram users will now be able to send each other USDT (on the Tron network).
NFTs:
Polygon has partnered with CRM software company, Salesforce. Salesforce plans to add the management of NFT loyalty programs for clients to its services and will help clients onboard to the Polygon chain to create them.
Magic Eden has launched a Bitcoin NFT marketplace to help users purchase Bitcoin’s Ordinal-based Inscriptions. This comes in the same week as Bitcoin NFT OGs, Gamma.io, announced the launch of their trustless Bitcoin Inscriptions marketplace.
Animoca Brands and Hex Trust have collaborated to launch Gryfyn, an NFT-centric multi-chain custodial wallet solution.
Gaming:
CCP Games raised US$40M to build a blockchain-based game set in the famous Eve Online Universe.
Leading game publisher Nexon has partnered with Polygon to launch a Polygon Supernet for a new game based on the popular MapleStory franchise.
Notable Raises:
“Alternative Internet” builder, Tomi, has raised US$40M to further build their network.
OP3N raises US$28M (valuation at US$100M) to develop their app, which aims to be a “web3 version of WhatsApp meets Amazon, or WeChat meets Alibaba”.
Crypto market maker, Auros, has announced a US$17M raise following a major debt restructuring after the FTX bankruptcy.
Turnkey, who specialize in building secure private key infrastructure for crypto devs, announced a US$7.5M raise.
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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.
