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Weekly Market Highlights - The sequel to Uniswap and Polygon
16 June 2023
Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi
US inflation eased in May, with the consumer price index (“CPI”) rising by 4% compared to the previous year, the smallest increase since March 2021.
The US Federal Reserve halted consecutive interest rate hikes after 15 months, deciding to examine more data before acting further.
BlackRock, the world's largest asset manager, is preparing to file an application for a spot Bitcoin ETF, namely the iShared Bitcoin Trust.
Bank of China's subsidiary BOCI issued $28M in digital structured notes on Ethereum, becoming the first Chinese institution to tokenize a security in Hong Kong, with support from UBS.
🔎 Crypto
L1/L2:
Polygon has unveiled Polygon 2.0, a network of ZK-powered Layer 2 chains, aiming to enable secure and instant cross-chain interactions and establish the "Value Layer of the Internet”.
Ordinals has introduced recursive inscriptions on Bitcoin, allowing NFTs to reference each other and overcome the 4 MB block size limitation, leading to improved storage efficiency, reduced transaction fees, and potential use cases like 3D video games and an internal internet on Bitcoin.
DeFi:
Uniswap Labs has released the code for Uniswap v4, introducing customizable liquidity pools through the use of "hooks," enabling the development of on-chain limit orders and other innovative features, with the deployment of v4 planned after gathering community feedback.
EigenLayer, a re-staking protocol, is now live on Ethereum, enabling holders of liquid staking tokens to double down for additional yield with an initial limit of 3,200 per asset.
Singapore-based Ribbon Finance announces the launch of Aevo, an options exchange offering Bitcoin and Ethereum derivative products.
Stablecoins:
Tether mints 1 billion USDT on the Ethereum blockchain to support chain swaps, bringing its total supply to over 83 billion tokens.
Thailand has launched a pilot program for a retail central bank digital currency (“CBDC”) in collaboration with two banks and a Singapore-based payment service provider.
Colombia's central bank will pilot Ripple's CBDC Platform, exploring blockchain use cases to enhance payment systems and data management.
NFTs:
Salesforce Ventures spearheaded a US$6 million funding round for Mnemonic, a crypto data platform that provides NFT-related data, and plans to use the funds to expand its API suite.
Others:
Venture capital firm A16z has chosen London for its first international office, aiming to invest in the U.K. and European crypto ecosystem, citing supportive government policies and the U.K.'s potential as a crypto regulation leader.
Alchemy has launched AlchemyAI, an AI tool suite including ChatWeb3 and Alchemy ChatGPT Plugin, aiming to streamline web3 product development and to assist developers with predefined coding resources.
Binance has launched cloud mining services for Bitcoin, enabling users to subscribe and purchase hashrates for mining without owning the equipment.
Connext Labs, a protocol developing cross-blockchain compatibility, raised $7.5M at a $250M valuation with the aim of establishing the Connext Foundation for issuing development grants to Connext-built initiatives.
The Hong Kong Monetary Authority (“HKMA”) is urging major banks HSBC, Standard Chartered, and Bank of China to accept crypto exchanges as clients, as part of its bid to establish Hong Kong as a global crypto hub.
🔎 Latest Binance Research Publications
Check out our latest publications:
Monthly Market Insights - June 2023
The zkEVM World: An Overview of zkSync
Institutional Custody in Crypto
Explore our Binance Research website for more project and macro research reports.
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
Read more
https://research.binance.com/en/analysis
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.
Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi
US inflation eased in May, with the consumer price index (“CPI”) rising by 4% compared to the previous year, the smallest increase since March 2021.
The US Federal Reserve halted consecutive interest rate hikes after 15 months, deciding to examine more data before acting further.
BlackRock, the world's largest asset manager, is preparing to file an application for a spot Bitcoin ETF, namely the iShared Bitcoin Trust.
Bank of China's subsidiary BOCI issued $28M in digital structured notes on Ethereum, becoming the first Chinese institution to tokenize a security in Hong Kong, with support from UBS.
🔎 Crypto
L1/L2:
Polygon has unveiled Polygon 2.0, a network of ZK-powered Layer 2 chains, aiming to enable secure and instant cross-chain interactions and establish the "Value Layer of the Internet”.
Ordinals has introduced recursive inscriptions on Bitcoin, allowing NFTs to reference each other and overcome the 4 MB block size limitation, leading to improved storage efficiency, reduced transaction fees, and potential use cases like 3D video games and an internal internet on Bitcoin.
DeFi:
Uniswap Labs has released the code for Uniswap v4, introducing customizable liquidity pools through the use of "hooks," enabling the development of on-chain limit orders and other innovative features, with the deployment of v4 planned after gathering community feedback.
EigenLayer, a re-staking protocol, is now live on Ethereum, enabling holders of liquid staking tokens to double down for additional yield with an initial limit of 3,200 per asset.
Singapore-based Ribbon Finance announces the launch of Aevo, an options exchange offering Bitcoin and Ethereum derivative products.
Stablecoins:
Tether mints 1 billion USDT on the Ethereum blockchain to support chain swaps, bringing its total supply to over 83 billion tokens.
Thailand has launched a pilot program for a retail central bank digital currency (“CBDC”) in collaboration with two banks and a Singapore-based payment service provider.
Colombia's central bank will pilot Ripple's CBDC Platform, exploring blockchain use cases to enhance payment systems and data management.
NFTs:
Salesforce Ventures spearheaded a US$6 million funding round for Mnemonic, a crypto data platform that provides NFT-related data, and plans to use the funds to expand its API suite.
Others:
Venture capital firm A16z has chosen London for its first international office, aiming to invest in the U.K. and European crypto ecosystem, citing supportive government policies and the U.K.'s potential as a crypto regulation leader.
Alchemy has launched AlchemyAI, an AI tool suite including ChatWeb3 and Alchemy ChatGPT Plugin, aiming to streamline web3 product development and to assist developers with predefined coding resources.
Binance has launched cloud mining services for Bitcoin, enabling users to subscribe and purchase hashrates for mining without owning the equipment.
Connext Labs, a protocol developing cross-blockchain compatibility, raised $7.5M at a $250M valuation with the aim of establishing the Connext Foundation for issuing development grants to Connext-built initiatives.
The Hong Kong Monetary Authority (“HKMA”) is urging major banks HSBC, Standard Chartered, and Bank of China to accept crypto exchanges as clients, as part of its bid to establish Hong Kong as a global crypto hub.
🔎 Latest Binance Research Publications
Check out our latest publications:
Monthly Market Insights - June 2023
The zkEVM World: An Overview of zkSync
Institutional Custody in Crypto
Explore our Binance Research website for more project and macro research reports.
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
Read more
https://research.binance.com/en/analysis
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.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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