Thursday, 2 May 2024

Market Summary

Market Summary 2 May 2024

Bitcoin Price: US$ 58,364.97 (-3.80%) 
Ethereum Price: US$ 2,972.46 (-1.38%) 

Aave Labs, the firm behind the DeFi lending protocol Aave, is in the “temperature check” phase of a proposed upgrade to its protocol. This upgrade, part of a five-year roadmap, includes a next-generation version 4 with major upgrades and expansions, a new architecture, and a Unified Liquidity Layer for better integration of features, with a development timeline stretching from Q2, 2024 to a full V4 release by mid-2025. Meanwhile, the United States’ spot Bitcoin ETFs have posted record net outflows, with BlackRock’s iShares Bitcoin Trust (IBIT) seeing its first-ever outflow day, and nine other Bitcoin ETFs seeing a combined $526.8 million in outflows. Despite Bitcoin’s 10.7% fall over the last week, ETF Store president Nate Geraci maintains that the Bitcoin ETFs are still “operating smoothly across the board”. In parallel, the Zeus Network, a Solana-to-Bitcoin cross-chain bridge, plans to launch its Zeus Program Library (ZPL) by Q3 2024. This library will connect the two ecosystems, unlocking opportunities on Solana and facilitating activities like DeFi, GameFi, SocialFi, DePIN, and more. With a market cap of approximately 1.2 trillion dollars, and over 11,000 Runes generating over $135 million in fees within the first week on the Bitcoin blockchain, the potential for value transfer is immense. 

In a bid to provide clarity on the taxation of Bitcoin and crypto miners’ block rewards, U.S. lawmakers introduced the Providing Tax Clarity for Digital Assets Act to the U.S. House of Representatives. This legislation, which arrived approximately 10 days after Bitcoin miner rewards halved from 6.25 BTC to 3.125 BTC per block, is lauded by crypto advocacy group Coin Center for its “sensible policies”. Meanwhile, digital securities platform Securitize has successfully raised $47 million in a strategic funding round spearheaded by BlackRock. The funds are earmarked for product development, global expansion, and fortifying partnerships within the financial services ecosystem. In collaboration with BlackRock, Securitize launched the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on the Ethereum blockchain, which, within six weeks, grew to a market cap of $375 million, making it the largest tokenised treasury fund. Concurrently, blockchain oracle project Chainlink has joined forces with Financial Information eXchange (FIX) connectivity solutions provider Rapid Addition to create a FIX-native adapter for institutional digital asset trading. Powered by Chainlink’s Cross-Chain Interoperability Protocol (CCIP), this adapter will enable banks and financial institutions to send messages and interact with a wide range of tokenised assets, potentially driving institutional adoption for blockchain or crypto. 

Chinese authorities have apprehended a suspect, Lan Mou, who allegedly forged identities to claim other users’ airdrops in the StarkNet (STRK) airdrop. Mou is accused of submitting over 40 false Early Community Member Program (ECMP) airdrop forms, thereby claiming over 40,000 STRK tokens, which were later converted into over $91,000 worth of Tether. In another development, EigenLayer, the largest Ethereum restaking protocol, has been hit by over 12,412 withdrawal requests following widespread disappointment over its planned EIGEN airdrop. The mass withdrawals, initiated after the release of a white paper on its EIGEN token, could potentially shrink EigenLayer’s current total value locked (TVL) of $14.8 billion to just above $13 billion. Amid these events, Ethereum co-founder Vitalik Buterin has introduced “Binius”, a new cryptographic proving system that promises greater efficiency for zero-knowledge proofs. Operating directly on individual binary bits instead of larger numbers, Binius could herald significant performance gains over more traditional proof systems, particularly for computations involving small values and bit-level operations. 


Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further. 

Search All Articles

Related Articles


Wednesday, 22 May 2024

Market Summary
Bitcoin Price: US$ 69,638.62 (-0.80%)  Ethereum Price: US$ 3,789.60 (+3.49%) 

Tuesday, 21 May 2024

Market Summary
Bitcoin Price: US$ 70,202.86 (+5.97%)  Ethereum Price: US$ 3,661.78 (+19.23%) 

Monday, 20 May 20204

Market Summary
Bitcoin Price: US$ 66,248.02 (-0.96%)  Ethereum Price: US$ 3,071.19 (-1.66%) 

Friday, 17 May 2024

Market Summary
Bitcoin Price: US$ 65,257.47 (-1.39%)  Ethereum Price: US$ 2,944.70 (-2.90%)