Wednesday, 13 October 2021

Market Summary

Market Summary 13 October 2021

MCDEX: The New Kid on Perp Street

  • Crypto is having a slow day as BTC finds it difficult to climb above $58K. BTC is still well above the trend break we outlined last week, so there isn’t too much to worry about for now. But considering BTC is leading the market at the moment, a downturn could turn ugly for all of crypto.
  • MCDEX is an on-chain platform to trade futures and derivatives. The project launched on mainnet alongside Arbitrum on Aug. 31, and followed through with a deployment to BSC on Sep 28. Over $1B of volume has been traded on MCDEX since it launched.
  • Incentive programs on both Arbitrum and BSC attracted traders to the platform. However, as Arbitrum incentives got depleted, volume fell dramatically. We could be seeing a similar trend with MCDEX on BSC, as the incentive program ends in two days, but the DEX is still doing over $50M of daily volume. While this highlights the importance of incentives to bootstrap a new product, it’s worth noting that fresh incentives are coming to BSC.
  • As expected, MCDEX’s volume on Arbitrum was primarily ETH, but BSC traders traded more notional volume on the ETH perp than traders on Arbitrum.
  • One of the organic incentives on MCDEX arises from funding arbitrage (i.e. can users pay less funding using MCDEX over an established derivatives CEX).


Introducing Acala Quests: Prepare for the Acala Crowdloan and Earn More Rewards

  • As the Acala Crowdloan approaches, signaling the imminent launch of Acala and its DeFi liquidity hub on Polkadot, Acala is introducing a new way to prepare for the event and become eligible for bonus ACA rewards in addition to an exclusive NFT.
  • As an incentive, users that complete ALL of the program’s inaugural quests will receive an extra 2% ACA bonus on their crowdloan contributions, an Acala NFT, and their own referral code, which entitles them to an additional 5% ACA bonus on any referee contributions or an additional 10% ACA bonus by using their own referral code.


Russia doesn’t plan to follow in China’s footsteps by banning crypto outright, says deputy finance minister

  • While Russia continues to enforce a ban on cryptocurrency payments as part of a law which took effect in January, the country has no plans at this time to completely prohibit trading by its citizens.
  • According to an Oct. 12 report from local news agency Interfax, Alexey Moiseev, the deputy finance minister of the Russian Federation, said he believes Russian citizens will continue to be allowed to buy and use cryptocurrencies outside the country on foreign exchanges without the threat of legal action at home. Crypto payments in the country are currently banned, but Russians have been allowed to purchase and trade cryptocurrencies like Bitcoin (BTC).


Rubic has successfully integrated Trader Joe as a DEX for the Avalanche Network!

  • Today we are happy to announce that Trader Joe is now Live at This integration will allow our users to find the best rates across our integrated DEXs on the Avalanche network!


Binance Launches $1 Billion Crypto Fund

  • Crypto exchange Binance has launched a $1 billion growth fund to spur on the adoption of blockchain technology, as well as to support the Binance Smart Chain blockchain itself.
  • “With the $1 billion initiative, our focus will be widened to building cross-chain and multi-chain infrastructures integrated with different types of blockchains,” Gwendolyn Regina, investment director of the Binance Smart Chain Accelerator Fund reportedly said in a statement. 


iExec Launches The iExec Oracle Factory: Create Your Own Custom Oracle in Minutes!

  • The iExec team is excited to officially launch the iExec Oracle Factory, a developer interface allowing anyone to create decentralized oracles, from scratch, in minutes, and without any blockchain knowledge.
  • The iExec Oracle Factory provides infinite decentralized oracle possibilities in just a few clicks: deploy oracles directly from your browser, using only the API’s URL and key. Based on the iExec’s TEE (Trusted Computing Environment) technology, data processed via oracles is secured thanks to hardware enclaves. The iExec Oracle Factory opens up a whole range of blockchain and DeFi use cases by allowing developers to deploy oracles from any kind of data.


The ThunderCore Iris Hard Fork Phase 1 is Now Live

  • The ThunderCore Iris hard fork Phase 1 has gone live on Mainnet at block height 82312803, which happened earlier today.
  • In the announcement blog post, we shared the important features of ThunderCore Iris, and how they will impact ThunderCore developers and users. The goal of this Iris network upgrade is to bring the latest EVM Istanbul features to ThunderCore and further lower the barrier of porting Solidity projects into the ThunderCore ecosystem.
  • Iris complements the performance and security upgrade introduced in the Soter hard fork in December 2020, and one of the most notable upgrades is that we’ve increased the entropy of the RNG(Random Number Generator) for better randomness generation.

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