Weekly DeFi Index
The market capitalisation and volatility indices were negative at -8.97% and -23.11%, respectively, while the volume index was positive at +3.99%.
- Synthetix, the decentralised finance (DeFi) protocol focused on derivatives, announced plans to acquire Kwenta, an exchange that split from its ecosystem in 2020. The acquisition would enable Kwenta to operate under the name ‘Synthetix Exchange’, merging the operations of both platforms into one entity. The proposal includes purchasing Kwenta’s entire circulating supply of 532,375 KWENTA tokens in exchange for 9.05 million new SNX tokens specifically issued for this transaction.
- Sky (formerly MakerDAO) co-founder Rune Christensen is preparing a proposal to stop token emissions and reduce the total supply of tokens. The proposed structure would support long-term supply reduction and include a burn mechanism, reflecting MakerDAO’s original tokenomics model.
Chart of the Week
Election-betting markets have risen in popularity during the US presidential election cycle. Polymarket, a blockchain-based prediction platform, saw its monthly trading volume exceed US$1 billion in October, with a cumulative trading volume of $2.45 billion from August to 6 November 2024.
Kalshi, another prediction marketplace, started accepting USDC deposits on 28 October, enabling US traders to bet on the presidential election and congressional races. This move has led to over $20 million in USDC being deposited by 21,000 users within 36 hours of its launch.
News Highlights
- The Open Network (TON) Foundation announced the launch of a new governance model called Society DAO, aimed at fostering a more decentralised ecosystem. The Society DAO comprises four founding members: TON Core, TON Society, Wallet in Telegram, and the newly established developer collective, TON Studio. In addition, TON revealed plans to launch a new synthetic bitcoin token, TON Teleport BTC, on its blockchain. The new token will serve as a decentralised bridge enabling BTC transfer on the TON network.
- Swell will join the Superchain ecosystem of Optimism (OP) by launching an optimistic rollup on the OP Stack. Its OP chain will adopt ETH as the gas token and allocate a portion of sequencer revenue to the Optimism Collective.
- Ondo Finance announced its partnership with Wellington Management to provide intraday liquidity for the latter’s tokenised US Treasury Fund, known as the Delta Wellington Ultra Short Treasury On-Chain Fund.
- Sonic SVM, the first Solana Virtual Machine (SVM) chain built for creating gaming economies, partnered with restaking platform Solayer and liquid restaking layer Adrastea to enhance Solana delegator rewards.
- Curve DAO members are voting on a new proposal to allocate 10% of crvUSD loan fees toward crvUSD savings to strengthen the stablecoin’s ecosystem. The vote began on 3 November and has received 9 million worth of vote-escrowed CRV (veCRV), representing 92% of votes in favour. However, this accounts for only 4% of the quorum required for the proposal to pass. Voting will end on 9 November.
- VanEck announced the listing of an exchange-traded note (ETN) in Europe that tracks the performance of Pyth Network’s native token, PYTH. The ETN will trade on Euronext Amsterdam and Euronext Paris, and will be made available to investors in 15 European countries, including Germany, France, and Norway.
Recent Research Reports
- Solana Staking: Staking on Solana can be divided into Staking-as-a-Service, liquid staking, staking with CEX, and solo staking. This report looks into Solana’s staking landscape.
- Intent-Based Protocols: Intent-based protocols simplify the user experience and lowers the entry barrier. Learn about them in our report.
- Research Roundup Newsletter [September 2024]: We present to you our latest issue of Research Roundup, featuring our deep dives into AI Agent in Crypto and Pair Trading.
Interested to know more? Access exclusive reports by signing up as a Private member, joining our Crypto.com Exchange VIP Programme, or collecting a Loaded Lions NFT.
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