Research Summary
This report covers a range of developments in the cryptocurrency and blockchain space from September 11th to 17th, 2023. Key topics include the court approval of FTX’s liquidation of select crypto assets, the launch of Mountain Protocol’s US treasuries backed stablecoin, Sushi’s launch of its decentralized exchange on the Aptos network, and the launch of Synapse’s testnets. The report also discusses the applications for Bitcoin ETFs by Franklin Templeton and Grayscale, HSBC’s partnership with Fireblocks for a crypto custody solution, and LayerZero’s partnership with Google Cloud.
Key Takeaways
FTX Estate Liquidation
- Court Approval: FTX received court approval to liquidate select crypto assets, with an initial sales limit of $50M per week, increasing to $100M in the second week.
- Asset Holdings: FTX estate holds a large amount of SOL, which has been under selling pressure. The estate also owns 38 properties valued between $185 – $214 million and has secured ~ $2.6 billion in cash since FTX’s initial bankruptcy.
- Customer Claims: Currently, 36,075 customers have filed claims across FTX.com and FTX US for a total $16 billion in funds.
Mountain Protocol Launch
- USDM Stablecoin: Mountain Protocol launched its protocol and $USDM, a US treasuries backed stablecoin, providing users daily rewards reflecting the rate on US treasuries.
- Access to High Yield: $USDM aims to provide access to the high yield of treasury bills to people outside the US. It is not available to US customers.
- Funding Round: Mountain Protocol announced a funding round led by Castke Uskabd Ventures with participation from Coinbase Ventures, New Form Capital, Daedalus Angels, and others.
Sushi x Aptos
- Decentralized Exchange Launch: Sushi announced the launch of its decentralized exchange on the Aptos network, marking its first non-EVM compatible chain launch.
- Expansion: This launch brings the total chains that SushiSwap is deployed on up to 30.
Actionable Insights
- Monitor FTX Liquidation: The court-approved liquidation of FTX’s crypto assets could impact the market, particularly SOL, which is a large holding of the FTX estate.
- Explore Mountain Protocol’s USDM: The launch of Mountain Protocol’s USDM stablecoin could provide opportunities for users to earn daily rewards reflecting the rate on US treasuries.
- Consider Sushi’s Expansion: Sushi’s expansion to the Aptos network could present new opportunities for decentralized exchange users and developers.
