Research Summary
The report delves into notable advancements in the cryptocurrency domain over the week. It touches upon Tether’s BTC accumulation, ETH’s burn mechanism, A16Z offloading MKR, the introduction of USDY by Ondo Finance, and the rollout of GMX’s v2. Further, it sheds light on Arbitrum’s move towards permissionless validation, Coinbase’s impressive revenue figures, a data breach at Voyager, and Microstrategy’s Bitcoin procurement, among other topics. The analysis also offers a glimpse into trending assets, governance suggestions, and updates from diverse crypto initiatives.
Actionable Insights
- Tether’s Strategic Move: Tether now ranks as the 11th largest holder of Bitcoin globally, with plans to invest up to 15% of its profits into Bitcoin, shifting reserves from U.S. government debt to cryptocurrencies.
- ETH Milestone: Since EIP-1559, a cumulative $10 billion in ETH has been burned.
- A16Z’s MKR Sale: A16Z has exited their MKR position, selling over 14,000 MKR in the past month.
- Ondo Finance’s New Product: Ondo Finance launched USDY, a tokenized note secured by US Treasuries and bank deposits, offering a 5% APY.
- Arbitrum’s Permissionless Validation: Offchain Labs announced BOLD, making validation of Arbitrum chains safely permissionless.
- Coinbase’s Revenue Beat: Coinbase reported Q2 revenue of $707.9 million, surpassing the estimated $662.5 million.
- Voyager’s Data Leak: Voyager Digital Holdings Inc. potentially faced a user data hack during a court-supervised liquidation process.
- Microstrategy’s Bitcoin Acquisition: Microstrategy acquired an additional 467 BTC in July, now holding 152,800 BTC.
- Curve’s Exploiter Returns Funds: The Curve Finance exploiter refunded approximately $12.7 million in returned funds.
- Conic’s Funding: Conic raised $1 million from Curve founder Michael Egorov, with an 8-month linear vesting schedule.
