Research Summary
The report discusses various developments in the cryptocurrency space, including Deribit’s open interest on Bitcoin perpetuals reaching a yearly high, Sky Mavis’ partnership with Foonie Magus, and Neutron’s acquisition of a stake in Confi. It also mentions Shadow’s $9 million seed round, Mantle’s launch of a liquid staking protocol, and Lugano’s acceptance of Bitcoin and USDT for municipal taxes. Other topics include Thirdweb’s vulnerability disclosure, Umee’s merger with Osmosis, and Grayscale’s Ethereum Trust conversion delay.
Key Takeaways
Deribit’s Open Interest Peaks
- Deribit’s Bitcoin Perpetuals: The open interest on Bitcoin perpetuals on Deribit’s derivative exchange has reached a yearly high of $740 million. This indicates a growing interest in Bitcoin derivatives, which could potentially influence the overall market dynamics.
Neutron’s Strategic Acquisition
- Neutron Acquires Stake in Confi: Neutron, a permission-less smart contract platform, has acquired a 25% stake in Confi, the company that built the programming environment CosmWasm. This strategic acquisition could potentially enhance Neutron’s capabilities and expand its market presence.
Shadow’s Successful Seed Round
- Shadow Raises $9M: Crypto startup Shadow, which offers a product that enables custom onchain data retrieval with just a few lines of code, has raised $9 million in a seed round. The round was led by Paradigm and saw participation from Coinbase Ventures, Electric Capital, Ethereum Foundation, Uniswap, and Flashbots.
Mantle’s Liquid Staking Protocol
- Mantle Launches LST: Mantle has launched its own Liquid staking protocol and ETH Liquid staking token mETH. mETH represents ETH staked on Mantle. The protocol currently has 43,309 ETH staked at a 3.97% APY for mETH holders.
Lugano’s Crypto Tax Acceptance
- Lugano Accepts BTC & USDT For Taxes: Lugano, a city in Switzerland, now accepts Bitcoin and USDT for municipal taxes. This move signifies a growing acceptance of cryptocurrencies in mainstream financial transactions and could potentially influence other cities to follow suit.
Actionable Insights
- Monitor Deribit’s Bitcoin Perpetuals: Given the yearly high of open interest on Bitcoin perpetuals on Deribit’s exchange, it could be beneficial to keep an eye on this trend as it could potentially influence Bitcoin’s price and overall market dynamics.
- Assess Impact of Neutron’s Acquisition: Neutron’s acquisition of a stake in Confi could potentially enhance its capabilities and market presence. It could be worthwhile to assess the impact of this acquisition on both companies and the broader market.
- Explore Shadow’s Product Offering: With Shadow raising $9 million in a seed round, it could be beneficial to explore the company’s product offering and its potential impact on the blockchain and crypto space.
- Research Mantle’s Liquid Staking Protocol: Mantle’s launch of its own Liquid staking protocol and ETH Liquid staking token mETH could potentially offer new opportunities for ETH holders. It could be worthwhile to research this protocol and its potential benefits.
- Consider Implications of Lugano’s Crypto Tax Acceptance: Lugano’s acceptance of Bitcoin and USDT for municipal taxes signifies a growing acceptance of cryptocurrencies in mainstream financial transactions. It could be beneficial to consider the implications of this move on the broader acceptance of cryptocurrencies.
