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- Crypto Alpha - Week 44 2024
Crypto Alpha - Week 44 2024
All things Crypto, Web3 and Blockchain to keep you updated
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TL;DR
Microsoft Considers Bitcoin Investment
Mollah Claims to Be Satoshi Nakamoto
UBS Embraces Ethereum with Tokenized Fund Launch
Vitalik Leads KOL Mindshare Amidst Ethereum Defense
Sonic SVM Achieves $50M Staking Milestone
Solana ETF Applications Surge
Secret Network Integrates with Colossus Italy
Injective Reveals iAgent: AI-Powered SDK
Avalanche and Blockticity Develop COA Standard
Avalanche Foundation Awards Grant to The Pit Game
Consensys Reduces Workforce by 20% Amid Legal Challenges
Coinbase Enhances Trading with Real-Time Funding
And much more!
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Bitcoin Highlights of the Week
Microsoft shareholders are voting on a proposal to invest a portion of the company’s $3 trillion corporate treasury in Bitcoin, driven by inflation concerns regarding the US dollar. BlackRock, holding significant influence as Microsoft’s second-largest shareholder, is promoting this investment alongside its Bitcoin ETF for clients.
This decision could set a precedent for other major tech companies, such as Apple, Amazon, Google, Meta, and Nvidia, which collectively hold $377 billion in cash. Despite this, Microsoft has urged shareholders to vote against the proposal, highlighting a cautious approach toward digital asset investments.
At a recent event in London, British-Asian macroeconomist Stephen Mollah declared himself to be Satoshi Nakamoto, the pseudonymous creator of Bitcoin, coinciding with the 16th anniversary of the Bitcoin whitepaper's release. Mollah's claim was accompanied by promises of evidence, which ultimately included unconvincing screenshots after technical difficulties with his laptop.
While an event organizer alleged the presence of "cryptographic" proof, no such evidence was presented. Mollah, who has previously attempted to assert his identity as Bitcoin's creator, announced intentions to move Bitcoin from the Genesis block in the future, asserting he is the sole Satoshi Nakamoto, despite skepticism surrounding his credentials and claims.
BRICS nations, including Brazil, Russia, India, China, South Africa, and new members like Argentina, UAE, and Ethiopia, are considering Bitcoin for international trade to reduce reliance on the U.S. dollar. Matthew Sigel of VanEck highlights that mining Bitcoin is viewed as a strategic move for economic resilience among these countries.
Russia is leading in mining infrastructure, partnering with BitRiver and RDIF to enhance its capabilities. As Western sanctions hinder traditional financial access, Bitcoin may offer an alternative. This shift signifies a broader trend towards financial autonomy, potentially redefining global trade dynamics and the U.S. dollar's role.
Emory University has become the first U.S. university to invest in Bitcoin, committing approximately $15.1 million in shares of the Grayscale Bitcoin Mini Trust. This investment reflects a growing institutional interest in digital assets, signaling a significant shift from traditional investment strategies within academia.
By acquiring nearly 2.7 million shares, Emory joins the ranks of institutions diversifying their endowment portfolios in response to the rising popularity of cryptocurrencies. Additionally, Emory holds $768,269 in shares of Coinbase, demonstrating a commitment to innovation and financial diversification.
Tokyo-based investment firm Metaplanet has emerged as one of Asia's largest corporate holders of Bitcoin, recently surpassing 1,000 BTC after acquiring an additional 156.78 BTC on October 28, 2024. This marks a significant milestone for the firm, whose stock price has soared by over 600% year-to-date, drawing investor interest due to its disciplined and strategic approach to accumulating Bitcoin.
With a total valuation of approximately $69 million in Bitcoin, Metaplanet ranks 19th among global corporate Bitcoin holders. The firm's focus on transparency and innovative measures, such as its partnership with the Bitcoin verification provider Hoseki, further enhances its reputation in the digital asset market.
Daily Alphas of the Week
Ethereum Highlights of the Week
UBS has launched the "UBS USD Money Market Investment Fund Token" (uMINT) on Ethereum, marking a significant step in merging blockchain with traditional finance. As investor interest in tokenized assets grows, UBS APAC co-head Thomas Kaegi highlighted Ethereum's potential to meet this demand.
Crypto analysts believe UBS’s integration of Ethereum is likely to accelerate mainstream adoption. The fund follows UBS’s year-long tokenization pilot, ensuring secure asset management through smart contracts. This initiative aligns with recent tokenization efforts by financial giants like Franklin Templeton and BlackRock.
Vitalik Buterin's "The Splurge" is the latest phase in Ethereum's roadmap, focused on future-proofing against quantum computers and enhancing Ethereum's functionality. While quantum computers capable of breaking encryption remain hypothetical, Buterin emphasizes the need for proactive cryptographic defenses.
Additionally, "The Splurge" addresses Ethereum Virtual Machine (EVM) stability, with improvements such as the EVM Object Format (EOF) set to streamline layer 2 processes. Ethereum’s Pectra update, scheduled for late 2024 or early 2025, will bring critical features like account abstraction, allowing ERC-20 tokens for transaction fees and multidimensional gas, refining resource allocation for better transaction efficiency.
Hong Kong Exchanges and Clearing (HKEX) is set to launch the HKEX Virtual Asset Index Series on November 15, marking a significant step in Asia’s digital asset market. This index will offer a unified reference price for Bitcoin and Ether during Asia-Pacific trading hours, enhancing transparency by using data from multiple top-rated exchanges.
The move coincides with the Hong Kong Securities and Futures Commission’s (SFC) expansion of its digital asset exchange licensing framework. By early 2025, the SFC aims to establish a consultative panel with licensed exchanges, further strengthening oversight and compliance in Hong Kong’s digital asset markets.
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Franklin Templeton has extended its blockchain-based record-keeping system, Benji, to Coinbase’s Base, an Ethereum layer-2 network. This expansion allows trading of the Franklin OnChain U.S. Government Money Fund (FOBXX), which invests primarily in U.S. government securities, cash, and repurchase agreements, on the Base network.
Benji, used by the fund's transfer agent to record share ownership, enables investors to buy tokenized fund shares through the Benji app, where each share equals one BENJI token. Already available on networks like Avalanche, Stellar, Arbitrum, and Polygon, this move aims to broaden access to blockchain-based investment solutions.
Ethereum co-founder Vitalik Buterin has captured the top "Key Opinion Leader (KOL) mindshare" on social platform X this week. Known for his candid discussions on Ethereum’s development, Buterin’s recent posts defend Ethereum against critics while outlining its ambitious roadmap.
This strong stance, often referred to as "wartime mode," reflects his commitment to addressing community concerns and advancing Ethereum’s growth despite scrutiny. His position as a leading voice on X highlights his influence in the blockchain community and his dedication to Ethereum’s evolution in a rapidly changing crypto landscape.
Solana Highlights of the Week
Canary Capital has filed to launch a spot Solana ETF in the U.S., joining established firms VanEck and 21Shares. This filing follows recent approvals for Bitcoin and Ethereum ETFs, indicating growing institutional interest in SOL. If approved, investors could gain exposure to Solana without needing to hold the cryptocurrency directly.
Currently, Solana's market cap stands at $82 billion, reflecting a 400% value increase over the past year. Analysts expect that recent ETF nods may pave the way for Solana ETFs, though the SEC's stance remains uncertain, especially regarding its classification of SOL as a potential unregistered security.
Sonic SVM, a layer-2 blockchain on Solana, has surpassed $50 million in staked delegation, positioning itself as the largest delegated AVS (Actively Validated Service) on the Solayer platform. In a move to bolster the Solana staking ecosystem, Sonic has partnered with restaking platform Solayer and liquid restaking layer Adrastea.
Chris Zhu, CEO of Sonic SVM, emphasized this milestone as a testament to the growing sophistication of Solana’s decentralized services, suggesting that Solana's restaking and liquid staking could mirror the explosive growth seen in Ethereum’s ecosystem, which boasts significant total value locked.
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XYO, a decentralized physical infrastructure network (DePIN), has transitioned from Ethereum to Solana, leveraging the latter's high throughput, low transaction costs, and scalability. The XYO token is now tradable against Solana (SOL) and USD Coin (USDC) on Solana-native decentralized exchanges (DEXs) such as Jupiter and Raydium.
This move aims to enhance accessibility across multiple blockchain networks, allowing users to easily trade into and out of XYO while benefiting from its decentralized data ecosystem. Operating over 8 million nodes globally, XYO is positioned to support various Web2 and Web3 projects by verifying real-world data.
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