N0tably, $Sui (SUI)—a high-throughput Layer–1 blockchain based “on the Move programming language (originally developed by Facebook for its Diem project) outperformed in September, with a 116% return over Q3.”
$Aave (AAVE), the largest on-chain lending and borrowing protocol displayed strength across the entire quarter, “rising by 71% on the back of improving fundamentals, major governance proposals acting as catalysts for tokenomics and a revival of DeFi liquidity.”
Despite a slew of market pressures arising from German Government selling and Mt.Gox liquidations, Bitcoin’s liquidity “remains robust.”
The Coin Metrics report further noted that BTC’s market depth within 2% of mid-price across Coin Metrics’ suite of exchanges “ranges between $50-$100M, with a recent expansion towards $150M ($12B in average daily volumes), suggesting adequate liquidity to stabilize major price impacts.”
On July 23, 2024, which is a little over 5 months since the Bitcoin ETF was approved, the SEC extended their approval for the Ether ETF.
While on-chain holdings now reach upwards of $7.4B, we have seen net flows of –163M $ETH since the inception of the $ETF, mostly leaving from Grayscale’s Ethereum Trust (ETHE) upon conversion to an ETF which levies much higher fees than its competitors.
In Q3, the decentralized finance ($DeFi) sector was also in the limelight, with fundamental catalysts, ecosystem specific rebrands and “restructurings central to the discussion.”
Aave, the largest money market protocol with $20B in assets supplied across markets on 13 networks is “one of the highest revenue generating protocols in the ecosystem.”
On August 9th, 2024, BitGo had announced plans to restructure WBTC’s oversight through a joint venture with BiT Global, involving Justin Sun.
The report from Coin Metrics added that this partnership raised eyebrows across the industry, “particularly among DeFi protocols offering $WBTC collateral markets.”
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