Research Summary

The report discusses key developments in the cryptocurrency space, including Sei’s support for the Ethereum virtual machine (EVM), dYdX’s social mitigation strategy, ProShares Bitcoin Strategy ETF’s (BITO) record high in total fund assets, Wormhole’s $225 million funding round, Celsius’ partial withdrawals, Velodrome’s frontend compromise, OCEAN’s $6.2 million funding round led by Jack Dorsey, and the launch of the Iota Ecosystem DLT Foundation. It also highlights the performance of various tokens and the increase in Ethereum fees.

Key Takeaways

Sei’s Support for Ethereum Virtual Machine

  • Sei’s EVM Compatibility: Sei, a chain built using the Cosmos SDK, is set to support the Ethereum virtual machine (EVM) in its upcoming v2 upgrade. This will allow for backward compatibility of EVM smart contracts and services with no changes, achieved through Sei nodes adopting GETH to process Ethereum transactions and the consequent state changes.

dYdX’s Social Mitigation Strategy

  • Proposal for MEV Mitigation: A proposal by investment firm Reverie has been posted for voting on whether to launch a social mitigation strategy for Miner Extractable Value (MEV) on the dYdX chain. The strategy would adopt a social slashing strategy to combat dYdX chain’s in-memory orderbook design that enables MEV.

BITO’s Record High in Total Fund Assets

  • BITO’s All-Time High: ProShares Bitcoin Strategy ETF (BITO) has reached an all-time high of $1.5 billion in total fund assets, indicating increased interest and investment in the fund.

Wormhole’s Funding Round

  • Wormhole’s Capital Raise: Wormhole, an interoperability protocol offering cross-chain bridging and messaging, has raised $225 million at a $2.5 billion valuation. The funding round saw participation from Brevan Howard, Coinbase Ventures, Multicoin Capital, and Jump Trading, among others.

Iota Ecosystem DLT Foundation Launch

  • IOTA’s Foundation Launch: The IOTA token has risen 50% in the last 24 hours following the launch of the ‘Iota Ecosystem DLT Foundation’, supported by $100 million in IOTA tokens vested over the next four years. The foundation, located in Abu Dhabi, aims to promote distributed ledger technology (DLT) in the Middle East.

Actionable Insights

  • Monitor Sei’s EVM Support: Keep an eye on Sei’s upcoming v2 upgrade and its impact on EVM smart contracts and services. This could potentially influence the Ethereum ecosystem and the broader DeFi space.
  • Track dYdX’s MEV Mitigation Strategy: Follow the voting process and potential implementation of the proposed social mitigation strategy for MEV on the dYdX chain. This could have implications for the platform’s users and the broader DeFi landscape.
  • Assess BITO’s Performance: Evaluate the performance of ProShares Bitcoin Strategy ETF (BITO) following its record high in total fund assets. This could provide insights into investor sentiment towards Bitcoin and crypto ETFs.
  • Research Wormhole’s Developments: Investigate Wormhole’s recent funding round and its plans for the raised capital. This could offer insights into the future direction of the interoperability protocol.
  • Examine IOTA’s Foundation Launch: Analyze the impact of the Iota Ecosystem DLT Foundation launch on the IOTA token’s price and the promotion of DLT in the Middle East.

Related Research