Research Summary
This report discusses the recent market events that have influenced token prices. It covers the drastic drop in Banana Gun’s token price due to a bug in their trading tax contract, Synapse’s release of a testnet for its Interchain Network, Ripple’s acquisition of Fortress Trust, and Telegram’s announcement of TON as its official blockchain network.
Key Takeaways
Banana Gun’s Token Price Plunge
- Unexpected Bug: Banana Gun’s token price plummeted from ~$7 to $0.02 due to a bug in their trading tax contract that couldn’t be fixed. This led the team to sell its treasury wallet and drain the LP pool.
- Market Share Decline: Following the failed token launch, Banana Gun’s market share in trading bot volumes fell from 65% to 50%. The report predicts a continued decline until the team can successfully relaunch the token.
- Relaunch Plans: The Banana Gun team plans to relaunch the token and compensate affected traders after conducting an audit.
Synapse’s Testnet Release
- Interchain Network: Synapse released a testnet for its Interchain Network and Synapse Chain, aiming to enhance security for Interchain Network users.
- TVL Ranking: The bridge currently holds $106m in Total Value Locked (TVL), making it the second-largest cross-chain protocol after Stargate.
- Product Security: With the Synapse chain, the product should theoretically be more secure.
Ripple’s Acquisition of Fortress Trust
- Acquisition Details: Ripple acquired Fortress Trust, a digital asset custodian, for less than $250M in a mix of cash and equity.
- Data Breach: Fortress Trust was recently in the news for a data breach involving a third-party vendor. Ripple made the affected users whole as part of the acquisition.
- Future Plans: Ripple plans to maintain Fortress Trust’s current products while also leveraging its Nevada trust license.
Telegram’s TON Network Announcement
- TON as Official Blockchain: Telegram announced that the TON network would be the official blockchain network for the Telegram messaging app.
- TON Space: A non-custodial wallet called TON Space will be rolled out for non-U.S. users in the next three months.
- Project History: Despite a previous setback with the SEC, the TON project continues to exist and is now focusing on supporting Telegram and its Web3 wallet.
Actionable Insights
- Monitor Banana Gun’s Recovery: Keep an eye on Banana Gun’s efforts to recover from the failed token launch and compensate affected traders.
- Assess Synapse’s Security Enhancements: Evaluate the potential security improvements brought by Synapse’s testnet release for its Interchain Network and Synapse Chain.
- Consider Ripple’s Expansion: Consider the implications of Ripple’s acquisition of Fortress Trust and its plans for the digital asset custodian.
- Investigate Telegram’s Blockchain Integration: Investigate the potential of Telegram’s integration of the TON network as its official blockchain and the rollout of TON Space.
