Research Summary
The report discusses the potential developments in the cryptocurrency market in February, including the launch of the first spot Bitcoin ETF in Hong Kong, the release of the Starknet token, the rebranding of Helio Protocol to Lista DAO, the reopening of EigenLayer’s deposits, the launch of Frax Finance’s L2 blockchain, and Ethereum’s Dencun Upgrade final test. It also highlights significant token unlocks and other key events in the crypto calendar.
Key Takeaways
Spot Bitcoin ETF in Hong Kong
- First Spot Bitcoin ETF: Harvest Global Investments, a major asset-management company in China, has applied for the first spot Bitcoin ETF in Hong Kong. The company aims to launch the ETF right after February 10. Venture Smart Financial Holdings also plans to launch a spot Bitcoin ETF in Q1 2024.
Starknet Token Release
- Starknet Token Launch: Starknet, a key project in the Ethereum L2 space, is expected to release its $STRK token in February. The launch of the token could lead to a surge in activity and Total Value Locked (TVL) in the Starknet ecosystem.
Rebranding of Helio Protocol to Lista DAO
- Helio Protocol Rebranding: Helio Protocol, one of the largest stablecoin protocols on BNB Chain, has announced its rebranding to Lista DAO. The company also announced exclusive token rewards for early token adopters.
EigenLayer’s Deposits Reopening
- EigenLayer Deposits Reopening: Eigenlayer, the largest restaking protocol, will reopen deposits. The company has removed the 200k ETH individual caps on LSTs. EigenLayer’s TVL currently sits at $2.1B.
Frax Finance’s L2 Launch
- Frax Finance L2 Launch: Frax Finance, an ecosystem of DeFi products on Ethereum, is expected to launch its own L2 blockchain, Fraxtal, on February 7. The new L2 will come with several innovations, including Gas Token Flexibility and Blockspace incentives.
Actionable Insights
- Monitor the Launch of the Spot Bitcoin ETF: Keep an eye on the developments regarding the launch of the first spot Bitcoin ETF in Hong Kong. This could potentially attract significant amounts of money and influence the Bitcoin market.
- Track the Starknet Token Release: Follow the release of the Starknet token, as it could lead to a surge in activity and TVL in the Starknet ecosystem, impacting the Ethereum L2 space.
- Observe the Rebranding of Helio Protocol: Watch the rebranding of Helio Protocol to Lista DAO and the company’s token rewards for early adopters, which could influence the stablecoin protocols on BNB Chain.
- Watch EigenLayer’s Deposits Reopening: Keep an eye on the reopening of EigenLayer’s deposits, as it could impact the restaking protocol market.
- Follow Frax Finance’s L2 Launch: Monitor the launch of Frax Finance’s L2 blockchain, Fraxtal, as it could bring several innovations to the DeFi products on Ethereum.
