Hello Snapshotters,
Despite market fluctuations over the past couple of years, projects within the crypto space are still going strong, with over 80% of early-stage crypto start-ups that raised funds in 2022 continuing to remain active.
What’s happening with TradFi: The escalating conflict in the Middle East caused investors to move into traditional havens, such as gold and dollar bonds. But Hong Kong, Australia, and New Zealand are riding the highs of China’s stimulus, with the Hang Seng index surging by 4%, and the dollars of the latter two rebounding.
Read on for more news from the industry, including Crypto.com’s new function for Grid Trading Bots.
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
📏 Vitalik Buterin Proposes Alignment Metrics
Ethereum co-founder Vitalik Buterin suggested new metrics to assess how aligned projects are with Ethereum’s values. These include the level of open-source contribution, interoperability, and security of the protocol.
🇦🇺 ANZ Explores Tokenization
The Australia and New Zealand Banking Group (ANZ) has partnered with Chainlink Labs and ADDX under Singapore’s Project Guardian to test the feasibility of asset tokenization in financial markets and explore how its A$DC stablecoin can be transferred between blockchains.
🏆 Arbitrum Crosses Transaction Milestone
Layer-2 rollup Arbitrum One hit the major milestone of one billion transactions three years after its launch. Its transaction volume outpaces other optimistic rollup competitors like Base and Optimism.
📈 SOL Up Despite Correction
SOL is up 16.4% in the past month despite a slight dip with this week’s correction. The blockchain network is buoyed by bullish developments with the release of the Seeker smartphone and gaming development API.
What’s Ahead
💰 ETH Yield May Exceed Interest Rates
Institutional brokerage firm FalconX believes Ethereum staking returns may exceed U.S. interest rates by 2025. The main driving factors are falling federal rates and rising Ethereum transaction fees.
Number of the Week
Chart of the Week
The U.S. Federal Reserve announced a 0.5% interest rate cut in the September 2024 meeting, which coincided with a price rally for BTC.
While rate cuts lower the cost of capital and generally push investors toward higher-risk investments like crypto, the relationship between cuts and BTC price action is not a straightforward one. Historically, rate cuts don’t always lead to positive price movement for BTC in the short-term period.
Crypto Trivia
What does the term ‘Bitcoin dominance’ refer to in the crypto market?
A) The percentage of Bitcoin’s value relative to the global economy
B) The market share of Bitcoin compared to the total crypto market capitalization
C) The amount of Bitcoin held by institutional investors
Find the correct answer at the end of this newsletter.
NFT Spotlight
‘Once Upon Tomorrow’, the companion to Aleksandr ‘Shurick’ Agapitov’s book of the same name, drops on Monday, October 7. The 20,000 futuristic 3D helmet NFTs were designed by top artists in the gaming industry based on the artwork from Agapitov’s book Once Upon Tomorrow.
Agapitov, a Web3 entrepreneur and founder of Xsolla, was born in Perm, Russia, “a challenging environment within the old Soviet Union.” In his youth, he drew upon his entrepreneurial spirit to start an online currency exchange service before transitioning to gaming.
Now, he’s dropping NFTs. This collection features various utilities, including:
- A digital copy, physical copy, and audiobook of Once Upon Tomorrow
- Special digital photo album from Shurick
- Video game surprise and in-game items bundle
The future is today. Meta is more than just a verse.
Product Picks
Grid Trading Bot Upgrades on the Crypto.com Exchange
Capture token price volatility handsfree with the new ‘Trailing Up’ feature for the Grid Trading Bot on the Crypto.com Exchange. Simply enable ‘Trailing Up’ when setting up a Grid Trading bot, and enjoy automatic adjustments when the market moves up. Set up a trading bot here.
Set Target Price Orders for These Hot New Tokens
Automate your orders at the preferred price with Target Price Orders for new trending tokens, including. FWOG, EIGEN, WELL, UXLINK, CATI, and over 330 others. Set your orders without monitoring the market, and they automatically execute when the set preferred price is met. Both buy and sell orders are supported! Set up now.
Crypto.com App New Token Listings
EigenLayer (EIGEN)
EigenLayer is a protocol built on Ethereum that introduces restaking, which allows stakers to restake either natively staked ETH or liquid staking tokens (LSTs) in return for extra rewards.
Fwog (FWOG)
Fwog is a meme coin built on the Solana blockchain thatfeatures the internet meme frog.
Crypto Level Up
What to Know About the Web3 Smartphone, Solana Seeker
Touted as a next-generation Web3 smartphone, the $450 Solana Seeker was designed to host dapps and other crypto tools.
Key Features
Aside from traditional smartphone features, the Solana Seeker has a few unique traits benefiting the Web3 crowd.
- SeedVault Wallet: A natively integrated self-custodial wallet, SeedVault offers fingerprint entry, double-tap transactions, and account management.
- Solana Dapp Store: The store features a rewards tracker and exclusive dapps for Solana smartphones.
- Seeker Genesis Token: A soulbound NFT that unlocks rewards within the Solana ecosystem.
What Is Solana?
Solana is a high-performance blockchain designed to solve the blockchain trilemma of scalability, security, and decentralization.
Learn more about Solana Seeker and the project behind the Web3 phone here.
CryptoIRL
When the definitive internet hippo meets the definitive crypto card. The Crypto.com Jade Green Visa Card and @MooDengSOL in Thailand.
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
FBI Seizes $6M From Crypto Scammers Targeting U.S. Citizens
On September 26, the FBI seized over $6 million in cryptocurrency from Southeast Asian-based scammers who targeted U.S. citizens. The victims were misled into believing they were investing in legitimate crypto ventures.
In 2023, investment fraud was reported to be the most prevalent type of crypto scam, resulting in nearly $4 billion in reported losses, according to the FBI’s crypto fraud report.
Here’s how to stay safe:
- Be wary of unknown text messages and strangers approaching you through investment groups, social media platforms, and dating apps.
- Always do comprehensive research on any potential ventures before investing.
- Never commit more than you can afford to lose.
Crypto Trivia Answer
B) The market share of Bitcoin compared to the total crypto market capitalization
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
