Friday, 21 October 2022

Market Summary

Market Summary 21 October 2022

Bitcoin Price: US$19,041.92 (-0.43%)
Ethereum Price: US$ 1,282.57 (-0.20%) 


Is Hadeswap the Sudoswap of Solana?

  • Hadeswap is an AMM-based NFT marketplace that launched on Sept. 26 on Solana. Since then, the platform has experienced outsized growth to become the second-largest NFT marketplace on Solana.
  • Over the last seven days, Magic Eden has done a total volume of 657K SOL. Hadeswap ranks a distant second with total volume of 56K SOL.
  • Hadeswap has built features comparable to Ethereum-based Sudoswap.  The protocol allows users to create liquidity pools by depositing NFTs and SOL. This allows holders to access instant liquidity by selling their NFTs to the pool.
  • Liquidity providers can earn fees by depositing NFTs and SOL. However, they also risk ending up with low-value NFTs and zero SOL in the pool.
  • Users can mitigate some of the risks by only providing liquidity to more proven NFT collections. Despite this, users must exercise caution since this remains a fairly new innovation in the NFT marketplace segment.


Tether stablecoins to expand to 24,000 ATMs in Brazil next month

  • Tether stablecoins will be available at more than 24,000 ATMs across Brazil starting Nov. 3, thanks to an integration with Brazilian payment solution startup SmartPay. 
  • Brazil residents and visitors alike will be able to visit their local Banco24Horas ATM and convert Tether stablecoins (USDT) into Brazilian reais, according to a Tether statement. The Banco24Horas ATMs are a common sight around Brazil, located in high-traffic areas such as malls, grocery stores and gas stations. 
  • “Adding Tether tokens to ATMs across Brazil provides the opportunity to include more people in the financial system,” Tether’s Chief Technology Officer Paolo Ardoino said in a statement. “This will bring major changes not only to the payments industry but to the entire Brazilian financial ecosystem.”
  • Tether calculated that Brazil-based crypto users moved more than $1.4 billion in USDT transactions in August. Brazil saw nearly 80,000 USDT operations that month, with transaction amounts averaging nearly $18,000. 


Bitcoin Undervalued by On-Chain Metric, Might Remain That Way: Technical Take

  • Bitcoin’s MVRV Z-score now shows the cryptocurrency has been trading at historically undervalued levels since June. The last time BTC’s MVRV Z-Score reached this level was in March 2020. BTC price ultimately increased from $5,200 to $60,000 in February 2021, when the Z-Score indicated that it was overbought, or trading at a level above its intrinsic or fair value.
  • A similar thing occurred between November 2018 and April 2019, when bitcoin remained undervalued, and the price subsequently rose from $4,200 to $13,000 over the next two months.
  • One consideration when applying the analysis is just how different the current economic climate is from some of these prior undervalued periods. During the quarters from March 2020 to February 2021, U.S. GDP growth averaged 2.2%, even though the stretch was pocked by the deep dislocations of the on-again, off-again coronavirus pandemic-racked economy. The outliers of a 30% contraction and 35% expansion were clearly driven by the COVID-19 shutdowns.


Bitcoin Flat as Volatility Hits 2-Year Low and Stocks Rise

  • Blockchain analytics firm IntoTheBlock’s data showed that bitcoin’s 30-day price volatility was at 31%, the lowest in almost two years.
  • At press time bitcoin (BTC), the largest cryptocurrency by market capitalization, was trading around $19,000, little changed over the previous 24 hours. The CoinDesk Market Index rose 0.07%. Ether (ETH) followed a similar trajectory to BTC, down 0.8% to $1,280 as of press time.
  • The listlessness offered a contrast with U.S. stocks, which rallied after better-than-expected third-quarter corporate earnings reports. A drop in weekly jobless claims suggested a continued strong labor market.
  • “The crypto market has become less responsive to macroeconomic problems,” said Serhii Zhdanov, CEO of crypto exchange EXMO.


Rarible 2 Introduces Major Updates to the Popular NFT Marketplace

  • Non-fungible token (NFT) marketplace Rarible has released a feature-packed update to its ecosystem called Rarible 2, which transforms the platform into an aggregated NFT marketplace and introduces the RARI Foundation and new RARI governance token rewards.
  • Notably, the platform has announced it is transitioning into an aggregated NFT marketplace, pulling Ethereum NFT listings from competitors like OpenSea, LooksRare, X2Y2 and Sudoswap. The change will allow users to find the best price for an NFT listed in multiple locations before deciding to purchase, with no additional fees from Rarible.
  • The platform has also launched a new feature that allows users to add multiple NFTs to a “shopping bag,” which will allow them to purchase several digital assets in a single transaction, thereby minimizing associated transaction fees.
  • In addition, Rarible 2 offers new updates to the distribution of the RARI, the RARI DAO’s governance token, and establishes the independent RARI Foundation, which is fully controlled and operated by RARI holders.


New Fidelity Plans Suggest Ether’s Non-security Status Is Here to Stay

  • Fidelity’s digital assets division is planning to roll out ether trading to institutional clients by month’s end, one signal the firm thinks the SEC will maintain its stance that cryptocurrencies are commodities, not securities. 
  • Fidelity Digital Assets is set to facilitate institutional investors when it comes to buying, selling and transferring ether — the native token of Ethereum — starting Oct. 28, a company spokesperson told Blockworks. 
  • “We are adding ether to our platform to address the growing interest from our institutional clients,” the spokesperson said. 
  • The move comes as uncertainty around token classification continues to ramp up. In 2018, William Hinman, the SEC’s then-director of corporate finance, said publicly that the regulator at the time had no plans to classify both bitcoin and ether as securities. 
  • “Offers and sales of ether are not securities transactions,” Hinman said in his speech.


Ethereum staking rewards rise with leveraged stakers seeing 11% APR

  • Ethereum staking rewards have risen in the last few weeks, with validators receiving larger transaction fees as a result of increased network activity.
  • As an example, the seven-day moving average for annualized staking rewards on stETH, a liquid staking token backed by ether, has climbed to 5.5%, as noted by DeFi researcher Mika Honkasalo on Twitter. This is up from just 3.5% in September, according to data from Lido Finance. 
  • For those leveraging their staking rewards, through offerings such as icETH or ETHMAXI, APRs have shot up as high as 11%. This is where the tokens are used to borrow more tokens and all of them are staked, increasing the yield. 
  • The main cause for the rising yield is increased network activity, specifically in ways that result in higher fees for network validators. In particular, maximal extractable value (MEV) activity — where bots front-run transactions on the blockchain — has picked up, Honkasalo told The Block.


Crypto Gaming Token AXS Under Pressure as $215M Unlock Looms for Axie

  • Axie Infinity, which experienced a meteoric rise in popularity last year as one of the first crypto-focused computer games, could face significant selling pressure as $215 million worth of the project’s AXS tokens are unlocked in the coming days.
  • Players earn Axie’s in-game cryptocurrencies and non-fungible tokens, which they can sell, trade or use to level up their characters.
  • Some 21.5 million tokens, almost 8% of the total supply, will be freed up when the vesting period expires Oct. 24, according to data site TokenUnlocks. Aleksander Larsen, chief operating officer of Axie developer Sky Mavis, told CoinDesk the unlock schedule is based on transaction block numbers, which he projected to take place on Oct 26.


Solana Web3 Phone ‘One of the Moonshots’: Anatoly Yakovenko

  • Solana Labs co-founder Anatoly Yakovenko took the stage last night at Disrupt, TechCrunch’s annual global startup conference, and hinted that Solana’s new smartphone Saga will offer a fresh alternative to the current business models used by companies like Google and Apple. 
  • “This is one of the moonshots,” he said, describing the Saga as an experiment that’s “cheap enough to try.” He added that it could present a challenge to the current rental models employed Google and Apple’s app stores, which can both take up to 30% in revenue from developers. 
  • “They’re built around a rent-seeking model where all the content is owned by the creator and you as a user rent it,” he said. “When you buy a video from Amazon, you don’t actually own it; everyone realizes that you don’t own it.”


A Year After Debut, ProShares Bitcoin ETF Has Underperformed Market by 1.8%

  • ProShares’ bitcoin (BTC) futures exchange-traded fund went live on the New York Stock Exchange a year ago, giving investors exposure to the world’s largest cryptocurrency without them having to own the coin themselves.
  • Since its debut, the long BTC futures-based ETF has underperformed bitcoin by 1.79%, according to data tracked by Arcane Research. In other words, the ETF, trading under the ticker BITO, has bled slightly more than bitcoin, which has declined nearly 70% since the fund’s launch date of Oct 18, 2021, according to CoinDesk data.
  • The ETF, however, has fared well compared with market expectations. After its inception, several observers were worried that BITO would underperform bitcoin by 10% to 13% because of “contango bleed” – the cost associated with rolling or moving the long (buy) position from an expiring contract to the next month’s contract.
  • “While bad, the underperformance was far lower than estimated based on 2021 data, forecasting 13% annualized rolling costs,” Arcane Research analyst Vetle Lunde wrote in a note sent to clients early this week.

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