M3TA Recap: Sep 25 – Oct 01, 2023
October starts with a surprising surge in green. While the SEC postpones the decision on the Spot Bitcoin ETF, institutional investments reveal a different view. What is this view? Read on!
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Top performers (7D)
CantoDex - $CANTO: +89.9%
Price as of time of writing: $CANTO/USD - $0.2126
Canto is an L1 blockchain network built on Cosmos SDK and Tendermint Core, boasting EVM compatibility . Canto includes essential components such as Canto DEX, a feeless DEX catering to liquidity providers, and Canto Lending Market (CLM), a pooled lending platform akin to Compound v2. The $NOTE token, fully collateralized and issued by CLM, serves as a stablecoin pegged to USDC/USDT while supporting the broader Free Public Infrastructure (FPI).
Reason: Canto successfully migrated to a ZK-powered Ethereum Layer 2 solution using Polygon CDK on Sep 18th, and the price of $CANTO has been on a continuous surge ever since.
LeverFi - $LEVER: +55.4%
Price as of time of writing: LEVER/USD - $0.00297
LeverFi is an on-chain leverage trading platform with a permissionless approach, designed to enhance asset efficiency by offering a range of distinctive and straightforward features. It enables traders to deposit collateral that generates yield and trade asset price movements with leverage of up to 10x.
Reason: Positive developments since mid-August:
Aug 18, partnered with Neon EVM.
Aug 22, listed on Bithumb.
Sep 26, secured a $2M investment from DWFLabs.
Tellor Tributes - $TRB: +45.1%
Price as of time of writing: TRB/USD - $53.19
Tellor Tributes is a decentralized price oracle network created with the aim of offering dependable and decentralized data streams to applications running on blockchain.
Reason: $TRB's upward trajectory persists after being one of the standout performers last week. Notably, its funding rate has dipped to -3% twice.
Moonbeam - $GLMR: +39.3%
Price as of time of writing: GLMR/USD - $0.233
Moonbeam is a parachain on the Polkadot network that is fully compatible with Ethereum smart contracts. It simplifies the process of utilizing widely-used Ethereum developer tools to create or re-implement Solidity projects within a Substrate-based ecosystem.
Reason: On Sep 25, Upbit, South Korea's largest exchange, added support for $GLMR with GLMR/BTC trading, while Binance also introduced $GLMR Futures trading on the same day.
LoomNetwork(OLD) - $LOOM: +32.1%
Price as of time of writing: LOOM/USD - $0.1328
Loom Network is a multichain platform that specializes in creating side chains, which are smaller, customized blockchains linked to larger networks like Ethereum. Developers use Loom to build specialized blockchain networks tailored to their specific application needs, allowing them to adjust security, decentralization, and scalability independently of the underlying Ethereum network.
Reason: This could be attributed to the influence of the South Korean trading exchange Upbit, as the majority of the trading volume originated from Upbit. Today, Oct 2, $LOOM trading volume still ranks the highest on Upbit.
Top losers (7D)
Wemix - $WEMIX: -18%
Price as of time of writing: WEMIX/USD - $1.08
WEMIX, created by Wemade Tree Pte. Ltd., a subsidiary of WEMADE, serves as the flagship blockchain gaming platform. WEMADE, a gaming company with over two decades of experience, is publicly traded on the Korea Stock Exchange (Kosdaq) and has been a prominent player in the gaming market.
Everscale - $EVER: -15.4%
Price as of time of writing: EVER/USD - $0.044
Everscale is a Layer 1 blockchain built on the open Telegram network architecture with the goal of processing millions of transactions per second.
e-Radix - $EXRD: -8.5%
Price as of time of writing: EXRD/USD - $0.0589
Wrapped token of $XRD.
Radix - $XRD: -8.2%
Price as of time of writing: XRD/USD - $0.0593
Radix is a layer 1 smart contract platform that aims to decentralize the global financial system. It offers several features, including Scrypto, an intuitive programming language; Radix Engine, a programmable "DeFi Engine" that allows developers to create "components" of smart contract logic that can be snapped together like Lego bricks; and Cerberus, a consensus algorithm for atomic composability and linear scalability.
Energy Web - $EWT: -7.8%
Price as of time of writing: EWT/USD - $1.81
EnergyWeb is an open-source platform created to foster the growth of energy sector applications, with the goal of establishing a more transparent, inclusive, and sustainable energy system.
Reason: These tokens are presently undergoing a decline, reflecting a correction following their earlier price surge.
Macro
Institutional Investment Movement in the past 2 weeks (from Sep 16 to Sep 30)
While the SEC continues to pose challenges for the crypto industry with several delays of spot ETF decisions, the overall institutional sentiment remains positive with new investment in the industry and RWA approach. This strengthens the fact that the approval of Spot Bitcoin ETFs is highly likely, with U.S. House lawmakers pushing for it.
ETF-related
The SEC has postponed decisions on GlobalX and ARK Invest's proposals to establish Bitcoin Spot ETFs, while Congress urges Gary Gensler for approval.
The SEC has extended the review period for VanEck and ARK's Ethereum Spot ETF proposals to December 26.
Grayscale has filed an application to launch an Ethereum Futures ETF.
Valkyrie Investments has become the first to offer Ether Futures ETF.
VanEck is launching Ether Futures ETF.
The IYK web3 platform for creators and artists has raised $16.8M with participation from a16z.
Cross-chain oracle and “bridgeless” communication network Supra Oracles has secured an additional $24M in funding from Animoca, Coinbase Ventures, HashKey, Prosus Ventures, Razer, United Overseas Bank Venture Management, Valor Equity Partners, and more.
RWA-related
Mantle has announced 3 projects receiving investments from the $200M Mantle Ecosystem Fund. These projects are:
++ LiquidX, a venture studio focusing on building Web3 companies;
++ Valent, a decentralized money market delving into liquid staking derivatives finance (LSDFi) and real-world assets (RWAs);
++ Range Protocol, an integrated on-chain asset management platform. Previously, Mantle also collaborated with Ondo Finance on RWAs-related initiatives.MakerDAO has increased its Real World Assets (RWA) by an additional $101M through Monetalis Clydesdale, BlockTower Andromeda, and New Silver. This brings the total RWA assets to over $3.1B.
Binance Labs has unveiled 12 project teams to participate in Season 6 of the Binance Labs Incubation Program.
Circle launched Perimeter protocol, which supports various credit use cases, including invoice factoring, payroll advances, instant settlement for merchants, and credit trading for institutional investors.
Crypto Fundraising
Data analytics platform Bubblemaps has raised $3.2M in seed funding led by INCE Capital.
Blockchain startup Bastion has raised $25M in seed funding led by a16Z.
Ethereum network discovery platform Rated Labs has raised $12.9M in funding and is expanding to Solana and Polygon.
Crypto investment firm Blockchain Capital has raised $580M for an early-stage fund and a Series B fund, likely focusing on gaming and DeFi.
Aptos and Thala have established a $5M fund, initially injecting $1M to boost DeFi on Aptos.
Bril Finance's portfolio management platform on Sei has raised $3M.
Laser Digital, a subsidiary of the Japanese investment bank Nomura, has launched the Laser Digital Asset Manager fund with $500B.
ProofOfPlay, an on-chain game studio, raised a seed round of $33M, led by a16z.
Lens Protocol-based web3 social app Orb raises $2.3M from Stani Kulechov, Sandeep Nailwal and others.
Purchase or M&A
MicroStrategy has purchased an additional $147.3M worth of Bitcoin, increasing its total holdings to 158,245 BTC, approximately $4.68B. This results in a 4.65% loss when compared to the current BTC price of $28,293 (as of the time of writing).
Bitdeer has attracted the attention of 3 major institutional investors, including BlackRock, Inc., which has purchased 99,810 Bitdeer shares and has included Bitdeer in the portfolios of some of its ETFs.
Newly established exchange CommEX has acquired Binance Russia.
Tether Group, the company behind the $86.5B Tether cryptocurrency, recently bought 10,000 H100 GPUs from Nvidia for $420M. In an unusual arrangement, this purchase gives them a 20% ownership stake in Northern Data, a German-listed bitcoin mining company. Northern Data intends to lease these chips to artificial intelligence (AI) startups.
Investment Withdrawals
Ant Group plans to withdraw $100M from the A&T fund, signaling a departure from the crypto space.
Ripple backs out of Fortress Trust Purchase.
Micro
M3TA Telegram - Sep 26, 2023
This minor setback, representing just 2 weeks' revenue, has prompted HTX to offer a 5% reward and consider hiring the hacker as a security advisor, with the condition that law enforcement will be involved if the funds aren't returned within 7 days. Haven’t seen any update since.
M3TA Telegram - Sep 27, 2023
Celestia, with its goal of establishing an efficient data verification layer, announced a token airdrop on Sep 26, distributing 6% of its native token $TIA to ecosystem participants, developers, and active Ethereum rollup users until Oct 17, 2023, while noting restrictions for U.S. individuals and the importance of compliance with geographical rules and regulations.
M3TA Telegram - Sep 28, 2023
This marks the sixth major ecosystem to integrate CCIP, indicating that CCIP might indeed be the future of cross-chain solutions.
More details about Chainlink's CCIP in our “Chainlink's CCIP: Unlocking the Potential of Hybrid Smart Contracts!” article.
Disclaimer
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