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The crypto market, driven by optimism surrounding spot Bitcoin ETFs, witnessed an impressive 19% surge in total market capitalization in October, marking the second-largest monthly gain of 2023. Notable gainers included SOL, LINK, and BTC, concluding the month with price increases of 78%, 45%, and 28%, respectively.
Bitcoin dominance hit a 2.5-year high of 53.47% in October, as optimism behind spot exchange-traded funds (“ETFs”) approvals and short liquidations propelled a rally in Bitcoin prices. In October alone, Bitcoin prices were up 28%.
After two years of development, Scroll's eagerly awaited mainnet has launched, marking its place among the expanding roster of zkEVMs this year. While already attracting over US$26.6M in total value locked (“TVL”) and 43K users, Scroll is still in its infancy, with significant room to approach the billion-dollar benchmarks set by some of its Layer-2 (“L2”) counterparts.
Uniswap Lab’s newly introduced interface fee has resulted in over US$647K collected in the two weeks since launch. The market share of Uniswap has remained relatively stable, and it is still the largest decentralized exchange by trading volume.
Maker, the protocol behind the DAI stablecoin, has seen its annualized revenue surge and breach its all-time highs near US$200M. A significant driver of increased revenue has been Maker’s willingness to onboard real-world assets (“RWAs”) as collateral for DAI. Specifically, annualized revenues from RWAs are up 455% from October 2022 and are now responsible for the majority (66%) of Maker’s total annualized revenue.
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