Weekly DeFi Index
The market capitalisation and volume indices were positive at +4.53% and +25.44%, respectively, while the volatility index dropped by -10.43%.
- Uniswap Labs unveiled its own Layer-2 network, Unichain, built on Optimism’s OP Stack technology. Set to debut on a private testnet, Unichain aims to enhance transaction speed and reduce costs while improving liquidity. Uniswap CEO Hayden Adams emphasised that the network could serve as a DeFi hub across multiple chains, similar to how Uniswap functions on Ethereum. Unique features include a trusted execution environment for secure block building and a community validation network planned for 2025.
Chart of the Week
Polymarket has facilitated over 13 million betting trades to date, recording more than 300,000 daily trades on average between 6 and 15 October. The platform’s rising popularity is due to ongoing regional conflicts, as well as the upcoming United States presidential election.
To date, only 14.6% of Polymarket wallets have profited, with a majority winning less than US$100.
News Highlights
- The Avalanche Foundation is negotiating a deal to repurchase 1.97 million AVAX tokens from Terraform Labs’s bankrupt estate. In 2022, the foundation sold AVAX to the Luna Foundation Guard, a nonprofit organisation that supported the defunct Terra ecosystem, for $100 million, and now plans to buy it back. The repurchase is pending approval from the court overseeing Terraform Labs’s estate.
- The Ethena Protocol announced its intention to invest $46 million into real-world assets (RWA). This includes an allocation of $18 million into BlackRock’s BUIDL fund, $13 million into Sky’s USDS stablecoin, $8 million into Mountain’s USDM stablecoin, and $7 million into Superstate’s USTB.
- Ethena Labs proposed adding SOL to its treasury as collateral for its USDe synthetic stablecoin. This move aims to enhance USDe’s stability, which is maintained through a combination of collateralised stablecoins and hedged trades. If approved by Ethena Lab’s independent Risk Committee, SOL will be gradually integrated into the treasury with an initial allocation target of $100 to $200 million.
- Hyperliquid, a decentralised perpetuals trading platform, is preparing to launch its native token, HYPE, in a genesis distribution conducted by the Hyper Foundation. HYPE will play an important role in Hyperliquid’s Proof of Stake consensus and Ethereum Virtual Machine (EVM).
- Circle launched a native version of its USDC stablecoin on the SUI blockchain.
Recent Research Reports
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| Research Roundup Newsletter [September 2024] | AI Agent in Crypto
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| Research Roundup Newsletter [September 2024] |
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- 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.
- Asset Allocation With Crypto: Adding BTC improves portfolios by up to 2% annually. The ‘Modern Portfolio Theory’ is able to accommodate portfolios that hold a mix of TradFi, BTC, and ETH.
- AI Agent in Crypto: This report looks into AI agents in the cryptocurrency realm. The landscape in crypto includes Agent Creation, Trading, Smart Wallets/Payments, Gaming, Social, Art/NFT, and Security.
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.
Recent University Articles
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- What Is Bittensor (TAO)?: Bittensor (TAO) is changing how machine learning trains AI models. We explain the fundamentals, and explore how the TAO token plays a key role.
- What Are Crypto CFDs and How to Trade Them: Learn how to trade a crypto Contract for Difference (CFD) in the Crypto.com App, and the advantages CFDs offer over spot trades.
- Solana Staking: A Guide to Staking SOL: Learn how to make the most of your SOL with Solana Staking — including current return rates.
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