Research Summary
The report discusses various developments in the digital asset space, including the launch of OKX’s Layer 2 chain, Aave’s increased borrow rate for GHO, and the live status of dYdX’s beta mainnet. It also covers the upcoming integration of Circle’s Cross Chain Transfer Protocol for USDC with Noble, the launch of Ankr’s rollup as a service product, and new crypto legislation in South Korea. The report also highlights trending assets and trading volumes.
Key Takeaways
Developments in Digital Assets
- OKX’s Layer 2 Chain: OKX has launched its Layer 2 chain, X1, on testnet through Polygon’s Chain development kit. The chain will use OKX’s native token, OKB, for gas fees and aims to be live on mainnet in Q1 2024.
- Aave’s Borrow Rate Increase: Aave has increased the borrow rate for its multi-collateral backed stablecoin, GHO, from 3% to 4.72% following governance approval. This is aimed at returning GHO back to its $1 peg.
- dYdX Beta Mainnet: dYdX Chain’s beta mainnet has gone live, allowing users to trade over 33 pairs. While there are no trading rewards at this stage, validators and stakers will accrue trading rewards.
Upcoming Integrations and Launches
- Circle’s Cross Chain Transfer Protocol: Circle’s Cross Chain Transfer Protocol for USDC will be integrated with Noble, an application-specific chain built for native asset issuance in Cosmos, on November 28. This will allow users to send their USDC directly from other chains to all Cosmos chains connected to IBC.
- Ankr’s Rollup as a Service Product: Ankr has partnered with Optimism to launch a rollup as a service product, enabling users to create an independent OP Stack-based L2 that exclusively serves traffic from their application or project.
Legislation and Trending Assets
- South Korean Crypto Legislation: As South Korea’s 2024 legislative election nears, democratic party candidates will be required to disclose their crypto holdings.
- Trending Assets: BANANA is up 34.37%, DYDX is up 21.49%, and RLB is up 12.91% over the past day. PRIME has also been performing well, up 10.69% over the past day and 94.91% over the past month.
Actionable Insights
- Monitor OKX’s Layer 2 Chain: Keep an eye on the development and performance of OKX’s Layer 2 chain, X1, especially its impact on the OKB token.
- Assess Impact of Aave’s Borrow Rate Increase: Evaluate the effect of Aave’s increased borrow rate on the value of GHO and its return to its $1 peg.
- Investigate the Potential of dYdX’s Beta Mainnet: Explore the opportunities presented by dYdX’s beta mainnet, particularly the potential rewards for validators and stakers.
- Explore Circle’s Cross Chain Transfer Protocol Integration: Investigate the potential benefits and implications of Circle’s Cross Chain Transfer Protocol’s integration with Noble.
- Understand South Korean Crypto Legislation: Stay informed about South Korea’s crypto legislation, particularly its impact on democratic party candidates and the broader crypto market.
