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Weekly Market Highlights - A Busy End to May
24 May 2024
Macro/TradFi
The U.S. SEC officially approved 8 spot Ethereum ETFs, including products from BlackRock, Fidelity, Grayscale, and more. There is one more step before trading officially begins - the approval of the S-1 registration statements.
Bitcoin and Ethereum ETPs have been approved for listing on the London Stock Exchange. The WisdomTree products will be among the first available to be traded, although only by professional and institutional investors, rather than retail.
The U.S. House Of Representatives approved FIT21, marking the first time a major crypto bill has passed in Congress. It will now head to the U.S. Senate. The bill will establish a regime to regulate the U.S. crypto markets, and install the CFTC as the leading crypto regulator in the U.S.
Grayscale announced two new trusts, for Stacks ($STX) and Near Protocol ($NEAR), allowing their investors to continue diversifying their crypto exposure.
The Trump Campaign announced last week that they will start accepting cryptocurrency donations, opening up a new source of funds and further courting the crypto community, as opposed to the more crypto-critical Biden campaign.
Crypto
L1/L2:
Cosmos has introduced its cross-chain auction platform, Hydro. Hydro introduces a bidding and governance platform designed to enhance liquidity provision across the Cosmos cross-chain ecosystem.
Ethereum L2 project, Taiko, has announced their genesis airdrop, with 5% of supply set to be distributed before mainnet launch.
DeFi:
Solana DEX aggregator, Jupiter, has kicked off its Giant Unified Market initiative to bring different investments like memes, RWAs, stocks, and forex into a single market on Solana.
Cross-chain bridge, deBridge, has announced their $DBR governance token. 20% of the 10B supply token is earmarked for the community & launch activities, including a genesis community airdrop.
Liquid restaking platform, Kelp DAO, has raised US$9M at a US$90M valuation.
Uniswap Labs and Across Protocol have introduced a new token standard, ERC-7863. The new Ethereum token standard is designed to simplify cross-chain interoperability.
Wallets:
Top crypto wallet, MetaMask, has announced that it is in the process of integrating Bitcoin support.
Leading Solana wallet, Phantom, has acquired a16z-backed browser extension wallet, Bitski. The Bitski team will help Phantom bring embedded wallets to Solana.
Other:
SocialFi platform, Farcaster, has announced a US$150M fund raise, led by Paradigm.
Dora Factory, a DAO infrastructure company, has raised a US$10M financing round.
STEPN has released its new social lifestyle app, STEPN Go. Go rewards users for daily movement and social interactions, and allows adding friends, messaging, avatars, and more.
DePin protocol, WeatherXM, has raised a US$7.7M Series A round.
Web3 marketing firm, Spindl, has launched an on-chain ad network. Spindl aims their service at providers of crypto wallets, whom advertisers can run ad campaigns with, while Spindle “attributes” whether an ad led to a sale.
Latest Binance Research Publications
Check out our latest publications:
Breakthrough DeFi Markets
Low Float and High FDV: How Did We Get Here?
Macro Thoughts: Not All Doom and Gloom
Explore our Binance Research website for more project and macro research.
For more frequent market updates and insights, follow us on Twitter @BinanceResearch.
Have a minute? Please share with us any feedback you may have via this form.
That’s a wrap!
Binance Research
About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
Macro/TradFi
The U.S. SEC officially approved 8 spot Ethereum ETFs, including products from BlackRock, Fidelity, Grayscale, and more. There is one more step before trading officially begins - the approval of the S-1 registration statements.
Bitcoin and Ethereum ETPs have been approved for listing on the London Stock Exchange. The WisdomTree products will be among the first available to be traded, although only by professional and institutional investors, rather than retail.
The U.S. House Of Representatives approved FIT21, marking the first time a major crypto bill has passed in Congress. It will now head to the U.S. Senate. The bill will establish a regime to regulate the U.S. crypto markets, and install the CFTC as the leading crypto regulator in the U.S.
Grayscale announced two new trusts, for Stacks ($STX) and Near Protocol ($NEAR), allowing their investors to continue diversifying their crypto exposure.
The Trump Campaign announced last week that they will start accepting cryptocurrency donations, opening up a new source of funds and further courting the crypto community, as opposed to the more crypto-critical Biden campaign.
Crypto
L1/L2:
Cosmos has introduced its cross-chain auction platform, Hydro. Hydro introduces a bidding and governance platform designed to enhance liquidity provision across the Cosmos cross-chain ecosystem.
Ethereum L2 project, Taiko, has announced their genesis airdrop, with 5% of supply set to be distributed before mainnet launch.
DeFi:
Solana DEX aggregator, Jupiter, has kicked off its Giant Unified Market initiative to bring different investments like memes, RWAs, stocks, and forex into a single market on Solana.
Cross-chain bridge, deBridge, has announced their $DBR governance token. 20% of the 10B supply token is earmarked for the community & launch activities, including a genesis community airdrop.
Liquid restaking platform, Kelp DAO, has raised US$9M at a US$90M valuation.
Uniswap Labs and Across Protocol have introduced a new token standard, ERC-7863. The new Ethereum token standard is designed to simplify cross-chain interoperability.
Wallets:
Top crypto wallet, MetaMask, has announced that it is in the process of integrating Bitcoin support.
Leading Solana wallet, Phantom, has acquired a16z-backed browser extension wallet, Bitski. The Bitski team will help Phantom bring embedded wallets to Solana.
Other:
SocialFi platform, Farcaster, has announced a US$150M fund raise, led by Paradigm.
Dora Factory, a DAO infrastructure company, has raised a US$10M financing round.
STEPN has released its new social lifestyle app, STEPN Go. Go rewards users for daily movement and social interactions, and allows adding friends, messaging, avatars, and more.
DePin protocol, WeatherXM, has raised a US$7.7M Series A round.
Web3 marketing firm, Spindl, has launched an on-chain ad network. Spindl aims their service at providers of crypto wallets, whom advertisers can run ad campaigns with, while Spindle “attributes” whether an ad led to a sale.
Latest Binance Research Publications
Check out our latest publications:
Breakthrough DeFi Markets
Low Float and High FDV: How Did We Get Here?
Macro Thoughts: Not All Doom and Gloom
Explore our Binance Research website for more project and macro research.
For more frequent market updates and insights, follow us on Twitter @BinanceResearch.
Have a minute? Please share with us any feedback you may have via this form.
That’s a wrap!
Binance Research
About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.
General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
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