Research Summary
The report discusses various developments in the cryptocurrency and blockchain industry. It covers partnerships between Circle and BitoPro, JPMorgan’s Coin Systems, the launch of dYdX chain, Prisma Finance’s token launch, EtherFi’s partnership with Polygon zkEVM, and Arbitrum Orbit’s readiness for mainnet. It also mentions 0xSifu’s on-chain short, trending assets, trading volumes, total value locked (TVL), fees, and governance proposals.
Key Takeaways
Partnerships and Launches
- Circle’s New Partnership: Circle has partnered with BitoPro and FamilyMart to allow customers in Taiwan to redeem their loyalty points for cryptocurrencies.
- JPMorgan’s Coin Systems: J.P.Morgan’s Coin Systems, which uses a private blockchain, now facilitates $1 billion in daily transactions.
- dYdX Chain Launch: The dYdX chain went live to mainnet and its frontend for bridging to the chain is set to go live on October 30th.
- Prisma Finance’s Token Launch: Prisma Finance will launch their governance token, PRISMA, on November 2nd.
- EtherFi’s Partnership with Polygon zkEVM: ether.fi has partnered with Polgyon zkVM to bring native ETH staking to the chain.
Trading and Performance
- 0xSifu’s On-Chain Short: 0xSifu has migrated his $4.95M ETH short from Synthetix to GMX.
- Trending Assets: XMON is the top performer for tokens below $100M MC, up 34% over the past day. GNS, QNT, and RPL performed well today, while ARB outperformed over the past day for tokens above $1B MC.
- Trading Volumes: ARB, PEPE, and LINK had the highest trading volumes over the past day.
Total Value Locked (TVL) and Fees
- TVL Growth: ALEX, DEX on Stacks, TVL grew by 109.63%. Maple, multichain RWA, TVL grew by 108.58%. Cetus, multichain DEX, TVL grew by 12.20%.
- Fees: The report notes no notable changes in terms of fees earned.
Governance Proposals
- Balancer Proposals: Balancer has several proposals to activate gauges for various pools on different networks.
- Lido Proposal: Lido has a proposal for DAO approval for the addition of a new module that will utilize Distributed Validator Technology (DVT) on mainnet.
Actionable Insights
- Investigate the Potential of Circle’s Partnership: The partnership between Circle, BitoPro, and FamilyMart could potentially open up new avenues for cryptocurrency adoption in Taiwan.
- Monitor the Performance of dYdX Chain: With the dYdX chain going live, it would be beneficial to monitor its performance and stability.
- Assess the Impact of Prisma Finance’s Token Launch: The launch of Prisma Finance’s governance token could potentially influence the protocol’s governance and operations.
- Consider the Implications of EtherFi’s Partnership: EtherFi’s partnership with Polygon zkEVM could potentially enhance the utility of native ETH staking.
- Track the Performance of Trending Assets: Keeping an eye on the performance of trending assets like XMON, GNS, QNT, RPL, and ARB could provide insights into market trends.
