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Weekly Market Highlights - Binance Research team

2023-01-27 10:12

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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 U.S. Securities and Exchange Commission (“SEC”) has rejected a spot Bitcoin ETF effort by Ark Investment Management and 21Shares, for the second time. An earlier attempt was rejected in April 2022.

🔎 Crypto

L1 / L2:

The first mainnet shadow fork of Ethereum’s upcoming, Shanghai Upgrade, went live this week. The Shanghai Upgrade is the first major Ethereum upgrade since The Merge last September, and will introduce withdrawal capabilities for staked Ether. There is currently over US$25B of Ether locked in the staking contract.
Injective, the financial applications focused Layer-1, has announced a US$150M ecosystem fund. The fund aims to support projects building on Injective or Cosmos chains in terms of interoperability, DeFi, trading, and scalability solutions.

DeFi:

Decentralized derivatives exchange, dYdX, has delayed an upcoming token unlock from Feb 2023 to Dec. Over 150M tokens were set to be released, with the revised timeline showing that 83M of these will now be released on Dec 1 2023, followed by a staggered release for the remainder.
The Cardano-based decentralized stablecoin, Djed, is on track for a launch next week. Djed has been jointly developed by Cardano code maintainer, IOG, and ecosystem project Coti. Djed requires > 400% in collateral value to be posted before being issued.
Sushiswap is set to launch a perpetual futures exchange on the Sei Network. Sei is a L1 specialized in decentralized trading applications and is part of the Cosmos ecosystem. Perpetual futures exchanges are among the fastest growing sub-sectors in crypto.

NFTs:

Ethereum-based NFT collection, Pudgy Penguins, announced cross-chain capabilities with LayerZero and will allow “Lil Pudgys” to travel between Ethereum, Arbitrum, Polygon and BNB Chain.
Amazon is set to launch a digital assets division, with a NFT initiative expected in the next few months. Initial rumors suggest an April launch.

Others:

QuickNode raised US$60M in a Series B round at a US$800M valuation. QuickNode, founded in 2017, aims to bring Web2 infrastructure to Web3, and its clients include majors such as Twitter, Adobe, OpenSea and Chainlink. The platform handles over 200B API requests every month and will utilize the funding to continue its expansion.
Bahraini real estate company, Bin Faqeeh, now accepts Bitcoin and other cryptocurrencies for payments.

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Binance Research

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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