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Now, onto today’s crypto insights!
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on Institutions going crazy for crypto, Ethereum debuting private accounts, Disney getting back into NFTs, Circle partnering with Sei & PancakeSwap’s gaming marketplace.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on Ronin Network and how their on their way to becoming the hub of web3 gaming.
🏦 Institutions Are Going Crazy For Crypto
We’re less than 6 months away from the Bitcoin halving and the institutional interest in crypto has gone crazy. They’re here for those gains!
You’re winning if you bought in before they did.
These are the latest moves made by the biggest players in finance:
1. BlackRock files for spot Ethereum ETF
It’s official! BlackRock has filed with the SEC for a spot Ethereum ETF.
We were expecting this after BlackRock registered the iShares Ethereum Trust as a corporate entity in Delaware last week and saw Nasdaq file paperwork with the SEC.
BlackRock has chosen Coinbase as the custodian for the Ethereum ETF which is no surprise, given that it’s also the chosen custodian for the spot Bitcoin ETF.
The fact that BlackRock has moved so quickly on an Ethereum ETF certainly looks promising for the possibility of a Bitcoin ETF being approved ASAP.
2. Grayscale’s SOL Trust goes wild!
Grayscale’s Solana Trust is following in the footsteps of its Chainlink Trust which popped off last week. Its $GSOL Solana Trust was trading at a whopping 869% premium to the spot market price of SOL.
Grayscale is the only institutional on-ramp for Solana as it’s listed on CME, the derivatives marketplace.
This has in part contributed to the CME overtaking Binance in terms of crypto derivatives market share.
3. JP Morgan’s RWA project
JP Morgan’s digital assets platform, Onyx, has partnered with Avalanche, Axelar, and LayerZero. They will work together on a testnet to allow fund managers to tokenize and buy real-world assets (RWA) across different blockchains.
This forms part of Singapore’s Project Guardian in collaboration with its central bank and the Bank for International Settlement (BIS).
4. Germany to custody crypto
Germany’s 4th largest bank, Commerzbank, will custody crypto after being approved for a crypto license.
The next step for the bank is to create a digital assets platform for institutions. It was also announced earlier this month that Germany’s 3rd largest bank, DZ Bank, has already launched its crypto custody services for institutional investors.
🥷 Ethereum Debuts Private Accounts
Is Ethereum the privacy blockchain killer?
Ethereum is bringing privacy to users with the launch of Nocturne on its mainnet. This makes it possible for private on-chain accounts.
It’s a big step forward for Ethereum in making the network more private and accessible. And it’ll be as easy as using a smart contract wallet.
Because rather than existing as a separate entity, like blockchain privacy tools already do, Nocturne will be embedded directly into the account layer.
Nocturne is currently compatible with any DeFi protocol with output tokens such as Uniswap swap tokens, Aave aTokens and Compound cTokens.
The plan for Nocturne is to make privacy the default experience for users across the entire Ethereum ecosystem. This will include an expansion to more dApps over time so users can have private accounts across Layer 1 and 2.
🪄 Disney’s NFT Dreams Come True (Again!)
Disney is jumping back into the world of NFTs. With one final goal for 2023: launching an NFT marketplace.
Disney’s had a rough year. Their metaverse plans…well, didn’t go to plan. It pulled the plug on that dream earlier this year as part of a plan to cut operating expenses by $5.5 billion and lay off 7,000 jobs.
But now that crypto winter is over, Disney is dreaming of NFTs once again. Except this time around, they’re moving away from the perhaps tainted term “NFTs” and trying to make “digital pins” happen.
Enter the Web3 world of Star Wars, Pixar, and Marvel.
Disney has partnered with Dapper Labs, the team behind the NBA’s Top Shot NFT marketplace.
Disney Pinnacle is built on Layer-1 blockchain Flow and will allow users to buy, sell, and trade NFTs of their favorite Disney characters.
Whilst no date has been released for the launch, the waitlist is already open for eager beavers.
🤝 Circle Partners With Sei Network
Layer-1 blockchain Sei only launched back in August and it’s already attracting attention from one big player.
Circle has launched its USDC stablecoin on Sei. Because in crypto, everyone loves the shiny new toy. And USDC has been quickly losing stablecoin market share.
So, Circle has been on a mission to claw back some of that market share by expanding into other chains such as NEAR and Optimism back in August.
Circle has also partnered with Noble and dYdX with Sei being Circle’s latest target.
This is all part of a long-term strategic partnership to revive and expand the USDC ecosystem. Which means the partnership doesn’t end there.
Circle’s investment arm, Circle Ventures, has invested an undisclosed amount in the Sei network. The plan is to integrate USDC into all the dApps within the Sei ecosystem.
🕹 PancakeSwap’s Gaming Marketplace
PancakeSwap just got beat out by THORChain.
It’s fallen to the No.3 DEX as THORChain takes the No.2 spot behind Uniswap. PancakeSwap has gotta get back in the game and it’s doing so quite literally by launching a gaming marketplace.
So, get ready for Web3 games featuring crypto and NFTs.
It’s launched with 2 games: “Pancake Protectors” and “Pancake Mayor.” Pancake Protectors is a tower-defense-inspired game launched earlier this year as a collaboration between PancakeSwap and Mobox. Pancake Mayor is a city-building simulation game where players use the in-game currency “Mayor Cash” to upgrade cities.
PancakeSwap works across 9 different blockchains so developers from any of these can build on the gaming platform: Ethereum, Polygon zkEVM, Base, BNB Chain, OpenBNB, zkSync Era, Arbitrum One, Linea, and Aptos.
The gaming narrative is one to watch for the bull market.
Do you think gaming will make a comeback? Reply to this email and let me know.
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Existing Projects / Tokens
- Avalanche [AVAX] and J.P. Morgan’s Onyx have entered into a collaboration to connect Onyx to Avalanche’s Evergreen Subnet. Onyx is J.P. Morgan’s private blockchain platform for wholesale payment transactions. Avalanche’s Evergreen Subnet is a permissioned subnet blockchain built specifically for institutions. This is a big win for Avalanche.
- DYDX has entered into a partnership with Circle and Noble (a Cosmos-based blockchain) so that Noble users can easily send USDC to dYdX. dYdX developers say the protocol’s open-source nature is allowing dYdX to quickly expand across the larger Cosmos ecosystem.
- OMG Network [OMG] pumped 16% late Tuesday evening after Vitalik Buterin published a blog post praising Plasma, the technological foundation of the OMG Network. Specifically, Buterin said Plasma “greatly reduces transaction fees” by “sidestep[ping] the data availability question”. He further noted that Plasma can offer better security as compared to validum / zk rollup technology.
- PancakeSwap [CAKE] announced Wednesday that it’s launching its own blockchain-based gaming marketplace. PancakeSwap describes it as “the ultimate hub for gamers, developers and community to play, build, and connect”. CAKE will be integrated into most games, and the marketplace will also serve as a developer launchpad for new games.
- SEI has received an undisclosed strategic investment from Circle Ventures, the venture capital arm of stablecoin issuer Circle. Both Sei and Circle say the investment is for the purposes of integrating USDC throughout the Sei’s ecosystem. Sei is an L1 built specifically and optimized for crypto traders.
- ThorChain [RUNE] is crushing it. According to DeFiLlama, TVL on this DEX has increased by 143% within the past 30 days, which is 5X to 6X the growth of its nearest competitors. Moreover, the DEX just hit a new ATH for the number of bitcoin deposited (1,344 BTC) in the protocol’s liquidity pool.
Upcoming Projects / Tokens
- X1 [OKB] is a new Ethereum L2 blockchain under development by crypto exchange OKX. Developers are using Polygon’s Chain Development Kit and zk rollup technology for X1. OKX’s native token – OKB – will be used for gas fees on the new network. X1 is expected to launch in Q1 of 2024.
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DRiP is Phantom App’s newest venture, an NFT drop platform built into Solana’s Phantom App, giving users free collectibles every week from the top artists, creators, and influencers in the industry.
Users can now get instant access to DRiP without an access code. As a bonus, both new and existing DRiP users can also claim an exclusive Phantom collectible.
To get started you’ll first need to Download the Phantom App. Once you’ve downloaded Phantom you’ll need to buy and send at least 0.1 SOL to your wallet address to qualify for participation in DRiP. Next, you’ll need to Complete the DRiP Signup process by connecting your wallet and confirming your balance of 0.1 SOL.
Once that is done you’ll be dropped onto the DRiP Discover Page. From here you’ll want to click on the Treasure Chest located in the top right corner next to your Phantom address. This will allow you to open one treasure chest every day for a chance to earn a rare or legendary DRiP NFT.
Users will start with 10 Droplets that will be spent each time they earn an NFT on DRiP. New Droplets are deposited daily to active users of the platform, making it super easy to maintain a healthy amount for your daily treasure chest rewards.
You can Follow and Subscribe to various artists on DRiP to remain active as well.
Web3 Gaming: What Is Ronin?
Ronin is an EVM-compatible sidechain that was first developed by Sky Mavis in order to run Web3 game Axie Infinity.
However, Ronin has now expanded beyond just Axie Infinity, and is on its way to becoming a hub of activity for Web3 gaming development, with several new titles launching, and migrating from other chains.
Ronin also, this month, launched the Ronin Name Service.
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Wealth Mastery (Lark Davis, and the Wealth Mastery writing team) are not providing you individually tailored investment advice. Nor is Wealth Mastery registered to provide investment advice, is not a financial adviser, and is not a broker-dealer. The material provided is for educational purposes only. Wealth Mastery is not responsible for any gains or losses that result from your cryptocurrency investments. Investing in cryptocurrency involves a high degree of risk and should be considered only by persons who can afford to sustain a loss of their entire investment. Investors should consult their financial adviser before investing in cryptocurrency.
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