Research Summary
This report discusses various developments in the cryptocurrency market, including FTX’s asset liquidation process, potential acquisitions of FTX’s assets by DWF Labs and Justin Sun, the expected launch of dYdX Chain, and $FXS’s expansion into RWA. It also covers the upcoming Staked FRAX Program, $UNIBOT’s Revenue Share program, Curve DAO’s token distribution, DWF Labs’ proposal to Abracadabra, and the expected launch of $RDPX V2. Other topics include $RDNT’s expansion to Ethereum, $ARB’s Short-term Incentive Program, $APE’s supply unlock, Mantle’s potential deployment in Ondo Finance’s $USDY, and upcoming crypto conferences.
Key Takeaways
FTX’s Asset Liquidation and Potential Acquisitions
- FTX’s Asset Liquidation: FTX is set to start its asset liquidation process, amounting to $3.3B, following court approval. The majority of their assets are in $SOL tokens, which remain locked until 2028.
- Potential Acquisitions: DWF Labs and Justin Sun are considering acquiring FTX’s assets through OTC deals to reduce the selling impact.
- Immediate Sell Pressure: Approximately $300M of the $SOL tokens, which have been distributed since 2020, might be used as immediate sell pressure.
Upcoming Launches and Expansions
- dYdX Chain Launch: The Cosmos-based app chain, dYdX Chain, is expected to launch by late September, with $DYDX as its native token.
- $FXS’s Expansion into RWA: $FXS is expanding into RWA with its upcoming FRAX V3 upgrade, which will allow users to access US T-Bills yield on-chain through FraxBonds.
- $RDNT’s Expansion to Ethereum: $RDNT is set to expand to Ethereum in early October, potentially expanding its market significantly.
Programs and Proposals
- Staked FRAX Program: $FXS will launch the Staked FRAX Program on September 16th, allowing users to earn interest on $FRAX at the “Frax Staking Rate”.
- $UNIBOT’s Revenue Share Program: $UNIBOT will start its Revenue Share program on September 15th, allowing eligible token holders to receive 2% of all trading fees.
- DWF Labs’ Proposal to Abracadabra: DWF Labs has proposed to Abracadabra to be a $SPELL market maker by requesting a 4.6B loan worth $2.2M and acquiring $1M at a 15% discount.
Actionable Insights
- Monitor FTX’s Asset Liquidation: Stakeholders should keep an eye on FTX’s asset liquidation process and potential acquisitions by DWF Labs and Justin Sun.
- Consider the Impact of Upcoming Launches and Expansions: The launch of dYdX Chain and the expansions of $FXS and $RDNT could have significant impacts on the market.
- Assess the Potential of New Programs and Proposals: The Staked FRAX Program, $UNIBOT’s Revenue Share program, and DWF Labs’ proposal to Abracadabra could present new opportunities for stakeholders.
