Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ It has been a challenging week for crypto assets. Total crypto market capitalization fell by around 6.3% week-on-week as macroeconomic concerns weigh on overall sentiment. The rapid decline in crypto asset prices triggered liquidations amounting to millions of dollars. Traders continue to monitor stagflation risks and interest rate policy trajectory in the U.S..
2/ BlackRock's tokenized fund BUIDL has become the largest tokenized treasury fund just six weeks after its launch, capturing 30% of the market share. Much of BUIDL's rapid growth has been attributed to Ondo Finance, whose $50M inflow last week brings its total contribution to $140M. Overall, the on-chain tokenized fund landscape has seen steady growth, with a QoQ increase of 42% in Q1 2024.
3/ Elsewhere, MicroStrategy has introduced the Orange protocol, using ordinal-like inscriptions to anchor digital IDs on Bitcoin. Separately, Tether has invested $200M to acquire a majority stake in Blackrock Neurotech, a company specializing in brain-computer interfaces. This move highlights Tether's dedication to supporting transformative technology.
4/ EigenLayer has announced its highly anticipated token launch. 15% of $EIGEN has been earmarked to be distributed to ecosystem participants over multiple seasons. The airdrop, however, faced some criticism due to non-transferable tokens at launch and restrictions excluding users from certain countries.
Check out our latest publications from this week 🔎: Monthly Market Insights - May 2024