This week’s market cap and volume indices were positive at +6.28% and +40.62%,respectively,while the volatility index was negative at -21.97%.
Stablecoin issuer Frax Finance (FXS) unveils Ether staking service with a dual token model. The liquid staking system has three components: frax ether (frxETH), staked frax Ether (sfrxETH) and the Frax ETH Minter. Users can deposit ETH into Frax ETH Minter to get frxETH; however, to earn staking rewards, they would need to exchange frxETH with sfrxETH. This mechanism is quite different from Lido, another ETH staking protocol which only introduces one token (stETH).
Project Spotlight
Crypto.comsigned an MOU with game software development studioACT Games to collaboratively promote blockchain-based games. The two companies plan to utilise ACT Games’s IP and Crypto.com products to release games on the Cronos blockchain, provide Crypto.com Pay as a payment solution, and adopt the Crypto.com DeFi Wallet for ACT Games’s blockchain-based projects.
Crypto.com Capital recently announced its support of Souffl3, a leading NFT marketplace launched on the Aptos blockchain. Souffl3 has completed a US$2 million seed round co-led by Crypto.com Capital and Synergis Capital, and the funds will be used to build a “next-generation NFT experience for creators, builders, and traders”.
Brave announced the latest round of partners who joined its Wallet Partner programme in October. Through this programme, Brave’s native crypto wallet now features integrations with several Cronos projects, including Cronos ID, Minted, Ferro Protocol, and VVS Finance, and aims to help organically drive greater adoption of Cronos.
News Highlight
Matter Labsreleased the ‘Baby Alpha’ phase of zkSync 2.0 on the mainnet, which is described as the first ‘product-ready’ scaling solution that is natively compatible with Ethereum. This initial phase will focus on stress-testing and implementing security efforts to the network.
Arco Protocol, a DeFi platform launched on the Aptos blockchain, has gone offline following failed fundraising efforts via an initial DEX offering (IDO) and the loss of key partnerships. It later asked for a community vote through a Twitter poll, and the majority of respondents have requested refunds.
Team Finance temporarily paused all activity on its network after suffering a malicious exploit that drained $15.8 million worth of tokens from the protocol. According to blockchain data analytics company Peckshield, the hacker only required 1.76 ETH ($2,700) to execute the attack.
On 1 November, Lightning Networkreleased an ‘emergency hotfix release’ to all LND node operators on its network. This was after a bug caused the LND nodes to stop syncing, preventing them from parsing certain transactions, and is the second critical bug discovered in less than a month.
Web3 promises a new era for the Internet of Value. Blockchain technology is a key enabler of Web3, and could help to bring about a more viable, responsible and inclusive future.
As NFT utility grows, so does the potential to make money from them. Financialisation could help to achieve greater liquidity for and unlock the value of NFTs.
For NFTs to increase in value and be deemed viable economic and financial assets, they have to go beyond collectability and aesthetics. One way to tackle this is through utility.
Disclaimer
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.
The brands and the logos appearing in this report are registered trademarks of their respective owners.
Author
Research and Insights Team
Get fresh market updates delivered straight to your inbox:
zkSync launches ‘Baby Alpha’ on mainnet. Arco Protocol goes offline, asks community for confidence vote. Huobi’s HUSD stablecoin depegs after it’s delisted from the exchange.
¿Todo listo para comenzar tu viaje por el mundo de las criptomonedas?
Obtén tu guía paso a paso para abriruna cuenta con Crypto.com
Al hacer clic en el botón Enviar, reconoces haber leído el aviso de privacidad de Crypto.com donde explicamos cómo usamos y protegemos tus datos personales.
