5 January 2024
Macro/TradFi
Monthly crypto exchange volume crossed US$1 trillion in December, the first time since September 2022.
CoinShares data showed that digital asset investment products saw US$2.3B of inflows in 2023, making it the third largest year for inflows based on data back to 2017. Bitcoin saw 87% of these inflows, a historical high.
Notable Wall Street investment bank, Goldman Sachs, is rumored to be in talks to become an “authorized participant” for some of the Bitcoin ETFs that might get approved in the near future. This is a key role in the ETF industry.
🔎 Crypto
L1/L2:
Arbitrum One TVL increased to over US$10B, making it the first L2 to exceed the US$10B mark.
The testnet schedule for Ethereum’s upcoming Dencun upgrade has been finalized, with the Goerli testnet on 17 Jan, Sepolia on 30 Jan, and Holesky on 7 Feb.
DeFi:
PancakeSwap has reduced its total token supply from 750M to 450M. Following recent enhancements to tokenomics, $CAKEhas also achieved deflation in recent months.
Curve Finance is set to integrate ZetaChain to provide native BTC support for cross-chain swaps and omnichain asset pools. Users will be able to exchange BTC for ETH and have all of them together in a unified pool of liquidity.
Other:
Monthly NFT sales on Bitcoin reached an all-time high in December 2023 - hitting over US$881M. This is over twice as much as Ethereums’s December total of US$353M.
Leading Solana block explorer, Solscan, has been acquired by Etherscan.
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