Research Summary
The report discusses various developments in the digital asset space, including Ostium Labs’ $3.5 million funding round, Prisma Finance’s integration with Stargate, and Bitfinex’s share buyback offer. It also covers the successful trading of CBDCs on-chain via automated market makers and bridges in an experiment by the Bank for International Settlements. The report further highlights the performance of various digital assets and governance proposals.
Key Takeaways
Ostium Labs’ Funding Round
- Ostium Labs Raises $3.5M: Ostium Labs, a decentralized protocol that will enable perpetual swaps for commodities and real-world assets, has raised $3.5 million in a seed round. The round was co-led by General Catalyst and Local Globe, with participation from Balaji Srinivasan and others. The exchange will also support the trading of crypto and foreign exchange pairs for various currencies.
Prisma Finance’s Integration with Stargate
- Prisma Finance Integrates Stargate: Prisma Finance has integrated their liquid staking token (LST) backed stablecoin, mkUSD, into Stargate, powered by LayerZero. This integration will allow for the fluid and swift transfer of value across multiple networks.
Trading of CBDCs On-Chain
- Uniswap and Project Mariana: The Bank for International Settlements (BIS) has successfully completed an experiment that involved trading of CBDCs on-chain via automated market makers (AMMs) and bridges. The experiment aimed to simulate financial institutions by deploying automated market makers to enable spot FX transactions between the tokenized currencies to be priced and executed automatically and settled immediately.
Bitfinex’s Share Buyback
- Bitfinex Share Buyback: Bitfinex has offered to repurchase $150 million of its shares from shareholders who received iFinex stock in 2016 in a swap arrangement. The buyback is due to the company’s positive performance over the last few years and aims to alleviate demands made by shareholders and offer them a way out of the company.
Performance of Digital Assets
- Trending Assets: LINQ and rDPX performed well, with increases of 15.07% and 12.31% respectively. LQTY was a top performer among tokens above $100M MC, up 39.20% this week and 92.04% over the past 30 days. LDO, a token above $1B MC, is up 1.23%.
Actionable Insights
- Investigate the Potential of Ostium Labs: With its recent funding round, Ostium Labs is poised to make significant strides in the digital asset space. Its focus on enabling perpetual swaps for commodities and real-world assets could be a game-changer.
- Monitor the Impact of Prisma Finance’s Integration with Stargate: The integration of Prisma Finance’s mkUSD with Stargate could streamline the transfer of value across multiple networks. This development could have significant implications for the efficiency and speed of transactions.
- Assess the Implications of On-Chain CBDC Trading: The successful experiment by BIS involving on-chain trading of CBDCs could pave the way for broader adoption and integration of CBDCs in the digital asset market.
- Consider the Impact of Bitfinex’s Share Buyback: Bitfinex’s decision to repurchase shares could have implications for its financial stability and the confidence of its shareholders.
- Track the Performance of Digital Assets: The performance of digital assets such as LINQ, rDPX, and LQTY could provide insights into market trends and potential growth areas in the digital asset space.
