7 June 2024
Macro/TradFi
Pro-Bitcoin President of El Salvador, Nayib Bukele has been sworn in for another five-year presidential term after a landslide victory in February.
In the wake of a glitch which caused the listed price of several securities listed on the New York Stock Exchange to drop by up to 99.9%, Chainlink co-founder and CEO Sergey Nazarov commented and reminded the public that legacy financial systems are prone to critical vulnerabilities because of their highly centralized architecture.
Crypto
L1/L2:
Over US$3B worth of Ether has been removed from centralized crypto exchanges since the May 23 approval of spot Ether exchange-traded funds (“ETFs”) in the United States
BNB’s market value has surpassed that of Starbucks, reaching US$101.75B.
TON has officially announced the opening of registration for the fourth season of its Open League (S4). This season will include competitions in the categories of tokens, applications, NFTs, and DeFi. The deadline for applications is set for June 11th.
DeFi:
The Uniswap Foundation — the organization which oversees the decentralized exchange Uniswap — has postponed May 31’s highly anticipated vote on UNI staking and delegation rewards.
Safe (formerly Gnosis Safe), an EVM smart account ecosystem, has announced the launch of its native exchange Safe{Wallet} on Arbitrum. The development of which is supported by CowSwap.
Stablecoins:
Ethena Labs USDe stablecoin, which maintains its peg through arbitrage mechanics and a yield-returning cash-and-carry trade, has reached a supply of US$3B tokens just four months after its public launch in February.
Tether’s CEO, Paolo Ardoino, has criticized the upcoming Markets in Crypto-Assets (“MiCA”) regulations, particularly challenging the rule requiring stablecoin issuers to hold reserves in bank deposits.
Paxos International announced that it will be issuing an interest-bearing stablecoin called the Lift Dollar (“USDL”). The USDL will be regulated in the Abu Dhabi Global Market (“ADGM”) and will pay overnight yield on the interest Paxos International earns on the reserves backing it.
NFT:
A collection of Non-Fungible Tokens (“NFTs”) previously owned by the now-bankrupt hedge fund, Three Arrows Capital, is set to be auctioned at Sotheby's on June 18. The collection includes one Golden Ape BAYC, two MAYC, and one BAKC.
Magic Eden, a notable NFT trading market, has announced the launch of its mobile wallet iOS version testing.
Others:
The decentralized AI interaction protocol, Wayfinder Foundation, has announced the launch of its PRIME token functionality for community participation and development. Users can now visit the website to lock their PRIME tokens and start participating in the Wayfinder ecosystem.
Robinhood Markets agrees to purchase Bitstamp, a leading cryptocurrency exchange, for $200 million in cash. This acquisition marks Robinhood’s largest deal to date and is part of its strategy to expand its cryptocurrency offerings.
The Sandbox, a leading user-generated content (UGC) metaverse platform, announced that it has raised US$20 million of convertible promissory notes with a US$1 billion valuation cap. The strategic funding was led by Kingsway Capital and Animoca Brands with participation by LG Tech Ventures and True Global Ventures.
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Binance Research
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