Research Summary
The report covers a wide range of topics in the crypto and blockchain space. It includes updates on various crypto projects, such as the bridging and staking of $DYDX on Cosmos, the launch of $NEAR’s Data Availability Layer, and the dissolution of the Aragon Association. It also discusses token airdrops, partnerships, and the launch of new services and platforms. Additionally, the report touches on regulatory developments, market trends, and investment activities in the crypto space.
Key Takeaways
Project Updates and Developments
- Token Airdrops and Staking: Several projects, including Pyth, LayerZero, and $PRISMA, have announced token airdrops. Additionally, $DYDX on Cosmos has gone live with its staking feature, and Arbitrum DAO has approved $ARB token staking.
- New Services and Platforms: Jupiter Exchange has launched a perpetual exchange, Binance has introduced a self-custody web3 wallet, and Magic Eden and Yuga Labs are creating an Ethereum NFT marketplace. Kraken is also reportedly planning to launch an L2 network.
- Partnerships: $NEAR is partnering with Polygon to develop a zero-knowledge prover for WebAssembly blockchains, and Animoca is partnering with Cool Cats for a web3 expansion into the Japanese anime market.
- Project Dissolutions and Layoffs: The Aragon Association is dissolving, and Ava Labs, the main developer of $AVAX, has laid off 12% of its workforce.
Regulatory Developments
- Legal and Regulatory Actions: SBF has been found guilty of defrauding customers, lenders, and investors of FTX. The SEC has opened talks with Grayscale regarding the conversion of its spot $BTC ETF, and has also issued a subpoena to Paypal relating to its $PYUSD stablecoin.
- Policy Changes: Hong Kong is considering allowing retail access to spot crypto ETFs, and Abu Dhabi is taking steps to legalize the operations of decentralized entities such as DAOs.
Market Trends
- Trading Volume: Crypto spot trading volume has increased for the first time in four months.
- Token Burns: Voyager has burned 83M $VGX worth $10.9M, reducing the circulating supply by almost 30%.
- Token Premiums: $GLNK, Grayscale Chainlink Trust, traded at more than a 200% premium, suggesting institutional demand for $LINK.
Investment Activities
- Investment Plans: Ark Invest and 21shares are planning to launch a new suite of digital asset ETFs. HSBC will offer digital-asset custody services for institutional clients in 2024.
- Investment Actions: MicroStrategy purchased an additional 155 $BTC for $5.3 million in October, bringing its total holdings to 158.4k $BTC worth $5.88T. Coatue, an investment fund, has marked down its stake in OpenSea by 90%.
Future Plans
- Upcoming Releases: TokenFi, $FLOKI’s sister token, will release its roadmap on November 10th. Debita Finance, a P2P oracle-less lending protocol on Fantom, is set to go live on November 11th.
- Strategic Shifts: OpenSea has cut half of its workforce and will be focusing on pushing out OpenSea 2.0. Evmos will be discontinuing Cosmos support and focusing solely on EVM-based transactions.
Actionable Insights
- Monitor Token Airdrops: Keep an eye on the token airdrops announced by Pyth, LayerZero, and $PRISMA. These could provide opportunities for users to acquire tokens and participate in these projects.
- Investigate the Potential of New Services: The launch of new services and platforms, such as Jupiter Exchange’s perpetual exchange and Binance’s self-custody web3 wallet, could offer new opportunities for traders and investors.
- Assess the Impact of Project Dissolutions and Layoffs: The dissolution of the Aragon Association and layoffs at Ava Labs could have significant impacts on the $ANT and $AVAX tokens, respectively. It would be prudent to assess these developments and their potential effects on these tokens.
- Consider Regulatory Developments: The legal and regulatory actions against SBF and Paypal, as well as policy changes in Hong Kong and Abu Dhabi, could have significant implications for the crypto market. These developments should be taken into account when making investment decisions.
- Track Market Trends: The increase in crypto spot trading volume, the burning of $VGX tokens, and the premium on $GLNK could signal important trends in the crypto market. These trends should be monitored closely.
