Snapshot 167

Crypto.com becomes the official global partner of the UEFA Champions League, Cronos zkEVM goes live

Hello Snapshotters,

Crypto.com and the UEFA Champions League have partnered to bring crypto to three billion fans! As its first and exclusive cryptocurrency platform partner, Crypto.com will collaborate with UEFA Champions League on unique experiences for fans by creating memorable moments at matches and driving fan engagement.

“We are thrilled to announce our new partnership with Crypto.com, one of the foremost supporters of some of the biggest sports teams and events in the world,” said Guy-Laurent Epstein, UEFA marketing director. 

Read the official announcement here.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 
Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

🏁 Cronos zkEVM Live

The Cronos (CRO) Zero-Knowledge Ethereum Virtual Machine (zkEVM) launched on August 15. The public mainnet alpha is now live and accessible.

🇧🇷 First Solana ETF Approved

Brazil’s Securities and Exchange Commission (CVM) approved a Solana-based ETF, the first of its kind in Brazil. It’s currently in the preoperational stage and pending approval from the Brazilian stock exchange B3. 

🤝 Bitcoin ETFs Authorized

Morgan Stanley’s financial advisors were authorized to recommend Bitcoin ETFs to clients. According to a CNBC report, the two eligible ETFs are currently BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC). 

💰 Bitcoin Holdings Reported

Goldman Sachs reported $418 million in spot Bitcoin ETF holdings. The Wall Street giant owns nearly seven million shares of BlackRock’s IBIT fund, making it the fund’s third-largest holder.

What’s Ahead

Ripple’s USD Stablecoin

Ripple began testing its USD-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum mainnet. The overcollateralized stablecoin backs each RLUSD by USD reserves or short-term cash equivalents at a ratio of 1:1 with USD.

Number of the Week

Chart of the Week

BTC and ETH’s seven-day At-the-Money (ATM) implied that volatility spiked on August 5, with ETH volatility increasing to an all-time high (ATH) since January 2023. 

This came as BTC and ETH briefly fell below $50,000 and $2,200, respectively, on August 5, which coincided with a drop in the broader equity markets and weaker-than-expected U.S. jobs data announced the week before. 

Research & Insights

Monthly Feature Article | Ethereum Super Chains

Our latest report looks into how Ethereum L2-based solutions like ZKsync’s Elastic Chain, Polygon’s AggLayer, and Optimism’s Superchain address scalability and interoperability challenges.

Read the full report: L2 Chains Integrations — The Super Chains

Crypto Trivia

What is a Layer-2 chain?

a) A blockchain that creates the initial blocks.

b) A secondary blockchain built on top of a blockchain to improve scalability.

c) A stand-alone blockchain that is not connected to any other networks.

Find the correct answer at the end of this newsletter.

NFT Spotlight

Inspired by the desert and jungle landscapes of planet Earth, Figueroa’s latest NFT collection, ‘Navigators and Explorers’ — which drops on Monday, August 19 — is based on the creator’s personal travels and experiences, diffused with memories, stories, and visions.

The main characters in these paintings are pilgrims and explorers who travel on foot or ride strange creatures they use as transportation. They can be scientists, magicians, shamans, nomads, or seekers of precious elements. All share the spirit of venturing into the reaches of the unknown.

An illustrator and filmmaker, Figueroa’s work holds a noticeable conceptual line with some tints of surrealism, religious syncretism, native cultures, and fantastic worlds. This drop features 🪂 NFT airdrops and a 🖼️ signed physical print.

Venture into the reaches of the unknown. But wait — there’s more!

Product Picks

Cronos Blinks Now Available With the Crypto.com Wallet Extension

Cronos Blockchain Links (Blinks) allow users to swap tokens on the Cronos or Cronos zkEVM chains while browsing X. Creators can also create and embed Blinks in their posts to seamlessly facilitate CRO and zkCRO transactions for their followers. Try it now with the Wallet Extension.

Crypto.com Merch Is Now Available in the Reward Store!

A limited quantity of Crypto.com merch is now available in the Reward Store, including baseball caps, T-shirts, and a set of three pairs of socks. You can redeem any of these — starting from 4,000 diamonds. Get yours now while stocks last! Explore the Reward Store now. 

Crypto.com App New Token Listings

Across Protocol (ACX)

Across Protocol is an intent-centric interoperability protocol that provides fast cross-chain value transfers, connecting rollup chains to the Ethereum mainnet. This mechanism results in faster transaction processing speeds and lower fees.

Crypto Level Up

What Is Volatility in Crypto?

Volatility is a key characteristic of the cryptocurrency landscape, and understanding it can help traders develop effective strategies to navigate market swings. 

Common Factors Influencing Cryptocurrency Volatility:

1. Market sentiment: News, social media, and trader sentiment
2. Regulatory developments: Policy changes and government regulations
3. Technological advancements: Innovations within the crypto space
4. Macroeconomic events: Economic crises, geopolitical tensions, and other events that affect the global economic landscape

Common Trading Strategies Amid Volatility:

1. Dollar Cost Averaging (DCA): Spreading crypto buys over time
2. Setting Stop-Loss and Take-Profit Orders: Helps limit potential losses and locks in potential profits, respectively
3. Portfolio diversification: Diversifying across projects and asset classes to spread risk
4. Staying updated: By subscribing to credible crypto news sources and influential figures

Learn more about volatility in cryptocurrency in this University article.

CryptoIRL

Coffee, a CROissant, and the Crypto.com Icy White Visa Card — all proof that @Jessedakilla is killing it. 

Hashtag #CryptoIRL with your Crypto.‌com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

BlackRock Warns Public About Cryptocurrency Investment Scams

BlackRock, a $10 trillion asset manager, has put out an investment scam warning in light of the spike in fraudulent activity surrounding cryptocurrency. It’s reported that malicious actors often use fake websites and social media platforms under the guise of being associated to BlackRock. The scam playbook includes promises of high returns and feigning urgency in a bid to incite people into investing quickly with no due diligence for fear of missing out (FOMO).

Here’s how to protect yourself:

1. Stay cautious of suspicious offers that seem too good to be true.
2. Verify the legitimacy of potential opportunities before investing.
3. Report fraudulent activity immediately to prevent more victims of scams.

Crypto Trivia Answer

b) A secondary blockchain built on top of a blockchain to improve scalability.

That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.