Research Summary
The report discusses the rising activity of Bitcoin Ordinals ($ORDI) and its impact on Bitcoin fees. It also highlights the potential of various Bitcoin DeFi projects such as $TRAC, $MUBI, and $BSSB. The report further explores the potential effects of a proposed update to censor Ordinals transactions, the upcoming upgrades for $STX and $SNX, and the benefits of $TIA for new rollups. Other topics include the upcoming $FXS halving, the Spot $BTC ETF decision, the DOGE-1 SpaceX Moon Mission, and the Arbitrum STIP Backfund proposal.
Key Takeaways
Bitcoin Ordinals’ Impact on Bitcoin Fees
- Surge in Bitcoin Ordinals Activity: The report highlights the significant increase in Bitcoin Ordinals’ activity, which has driven Bitcoin fees higher. For the first time since 2020, Bitcoin has surpassed Ethereum in daily revenue. This suggests that $ORDI could be a strong bet in the growing BRC-20 sector, which has recently reached a $3B market cap.
Upcoming Upgrades and Developments
- Nakamoto Upgrade for $STX: The report mentions the Nakamoto Upgrade scheduled for Q1 2024, which will reduce block times to only 5 seconds. This upgrade is expected to benefit $STX as the demand for participation in Bitcoin grows.
- $SNX Andromeda Upgrade: One of the largest upgrades for $SNX, Andromeda, is set to take place in December. This upgrade will feature the full V3 rollout, Base launch, and revenue share through buyback & burn.
Upcoming Events and Proposals
- Spot $BTC ETF Decision: The decision on the Spot $BTC ETF is expected no later than January 10th. Analysts predict a high likelihood of approval, which could significantly impact the cryptocurrency market.
- DOGE-1 SpaceX Moon Mission: The report mentions the DOGE-1 SpaceX Moon Mission, fully funded in $DOGE, which is expected to take place in January. This event could potentially influence the value of $DOGE.
Revenue-Sharing Programs and Staking Rewards
- $RBX Revenue-Sharing Program: $RBX, one of the leading perpetual exchanges on trading volumes, is set to start its revenue-sharing program in early 2024. This could potentially increase interest in $RBX.
- $APE Staking Rewards: The report mentions that $APE staking rewards will end on December 15th. This could potentially impact the value of $APE.
Proposed Changes and Upcoming Launches
- Proposed Changes for $ATOM: Following a successful proposal to cap $ATOM’s inflation rate to 10%, its co-founder Jae Kwon has proposed forking the network and launching a new $ATOM1 token.
- Launch of Fraxchain: The report mentions the upcoming launch of Fraxchain in January, where $frxETH will be the native gas token. This could potentially impact the value of $frxETH.
Actionable Insights
- Monitor Bitcoin Ordinals Activity: Given the significant impact of Bitcoin Ordinals’ activity on Bitcoin fees, it could be beneficial to keep a close eye on $ORDI’s performance and the BRC-20 sector.
- Stay Updated on Upcoming Upgrades: The upcoming upgrades for $STX and $SNX could potentially impact their value. Therefore, it could be beneficial to stay updated on these developments.
- Track Upcoming Events and Proposals: The Spot $BTC ETF decision and the DOGE-1 SpaceX Moon Mission could significantly impact the cryptocurrency market. Therefore, it could be beneficial to monitor these events closely.
- Consider Revenue-Sharing Programs and Staking Rewards: The upcoming $RBX revenue-sharing program and the end of $APE staking rewards could potentially impact their value. Therefore, it could be beneficial to consider these factors when researching these cryptocurrencies.
- Research Proposed Changes and Upcoming Launches: The proposed changes for $ATOM and the upcoming launch of Fraxchain could potentially impact their value. Therefore, it could be beneficial to research these developments.
