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Weekly Market Highlights : Some Big News From the World of NFTs

Binance Research
2022-09-30 09:24
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 UK has had our attention this week, where we saw the Bank of England (BoE) take emergency action on Wednesday to avoid a meltdown in the UK pensions sector. BoE unleashed a £65bn bond-buying program to stem a crisis in government debt markets. The central bank further warned of a “material risk to UK financial stability” from turmoil sparked by chancellor Kwasi Kwarteng’s tax cuts and borrowing plan last week. Earlier this week, UK government bonds sold off sharply, and the pound hit a new 37-year low against the dollar as investors worried that Kwasi Kwarteng’s tax cuts and energy subsidies would place Britain on an “unstable” fiscal trajectory.

🔎 Crypto

L1:
The Cosmos Hub 2.0 white paper draft has been officially announced on the governance forum this week, including increasing the application scenarios, re-planning the distribution of Atom and handling fees, introducing two economic engines, and reducing the emission. One of the changes outlined is the reinvention of the Cosmos Hub as the “Interchain” web, which will enable other Cosmos blockchains to borrow the Hub’s validator pool to secure its network rather than having to find their own.
Cosmos, is an ecosystem of blockchains designed to scale and interoperate with each other - under the proposed changes, we expect Cosmos to become a more interoperable, decentralized, and secure ecosystem.
DeFi:
Ribbon Finance, the Ethereum-based DeFi derivatives platform, announced plans to launch a new crypto options trading service called Aevo. The new service is based on proof-of-concept and involves Chainlink's Cross-Chain Interoperability Protocol. This protocol allows for token transfers across blockchains as well as the development of cross-chain applications. Ribbon described the product as a “high-performance, order-book-based decentralized exchange” for crypto options trading. We welcome the continued development within the derivatives space and expect on-chain derivatives to play a bigger role in the future.

Olympus DAO is going through a lot of change, to say the least. The protocol, famous for sky-high APY, is taking another step toward its “bond-centric future”. Olympus, which still has more than $200M in total value locked, will slash the sky-high yield that led to its initial fame to focus on a more “sustainable” future. The annualized return for staking OHM, currently still at 266%, will be cut over the next several weeks to a mere 7%, according to Olympus representatives.

Did you know that BNB Chain has one of the highest transaction activities and one of the lowest fees across L1 blockchains? Year-to-date, BNB Chain recorded over 1.2B in total transactions (v.s. Ethereum: 301M) and average transaction fees of US$0.32 (v.s. Ethereum: US$13.10). For our latest report, we interviewed four project founders (PancakeSwap, Venus, Tranchess, pSTAKE) and gained some unique insights.

NFTs:
NFTs have had a week full of news. Opensea announced that it will support NFT on Ethereum L2 Optimism, and that it will launch several Optimism NFT projects, such as Apetimism and Bored Town. This is the sixth blockchain supported by Opensea, having previously supported Ethereum, Polygon, Solana, Klaytn, Arbitrum.

In other news, Apple is now allowing for apps selling NFTs to be installed and sold via its App Store. This comes at a hefty price, however, with Apple taking a 30% cut of each transaction. Magic Eden withdrew its service from the App Store after learning about the policy.

The Walt Disney Company announced this week that they would explore emerging technology opportunities, including NFTs, working at an "accelerated and aggressive timeline," according to a job posting on LinkedIn. At the same time, Meta introduces NFT crossposting and sharing on Instagram.
TradFi x Crypto:
The Japanese government will introduce remittance rules as early as next spring aimed at preventing criminals from using cryptocurrency exchanges to launder money. The Act on Prevention of Transfer of Criminal Proceeds will be revised to require the sharing of customer information between exchange operators. The move is aimed at tracking money transfers by people engaged in illegal activities.
🔎 Latest Binance Research Publications
Check out our latest publications:
  • Soul Searching - Soulbound Tokens
  • Tokenomics - Deep Dive
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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.
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