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- Crypto Alpha - Week 46 2024
Crypto Alpha - Week 46 2024
All things Crypto, Web3 and Blockchain to keep you updated
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TL;DR
Bitcoin Overtakes Silver
Pennsylvania Bill for Bitcoin Reserve
Franklin Templeton Launches Benji on Ethereum
Bitwise Acquires Attestant for Ethereum Staking
SolFi Launches as Solana's Microstrategy
PayPal USD Integrates with LayerZero
Coinbase Launches COIN50 Crypto Index
MoonPay Simplifies Onboarding to Injective
BlackRock Expands BUIDL Across Leading Blockchains
Misyon Bank Launches Tokenized Crypto with Avalanche
Trump Appoints Elon Musk to Launch DOGE Agency
FBI Raids Polymarket CEO’s NYC Apartment
And much more!
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Bitcoin Highlights of the Week
Bitcoin's market capitalization has surpassed silver's, reaching $1.75 trillion and securing the eighth spot among global assets. The surge follows strong institutional demand and rising interest in Bitcoin ETFs, with the cryptocurrency hitting $89,560 before retracing. This marks the second time Bitcoin has overtaken silver this year.
While silver’s market cap has declined 6.24%, Bitcoin has risen 30% over the same period. The broader Bitcoin market has benefited from increased trading volume in related assets like Coinbase and MicroStrategy. Despite gold’s $14.7 trillion market cap, Bitcoin’s scarcity narrative fuels optimism about its future growth.
As Bitcoin approaches $90,000, both El Salvador and Bhutan have seen substantial increases in their Bitcoin holdings. El Salvador's holdings rose by over $100 million in one week, bringing their total to $523 million by Nov. 12. The country now holds about 5,900 BTC.
Bhutan, which began mining Bitcoin in 2019, saw its Bitcoin holdings surpass $1 billion, with 12,568 BTC valued at $1.03 billion. In addition to Bitcoin, Bhutan also holds Ether and other cryptocurrencies. Both countries are benefiting significantly from the ongoing market rally, which has pushed Bitcoin's market cap closer to $2 trillion.
Genius Group, a Singapore-based AI education technology firm, has committed 90% of its reserves to Bitcoin, implementing a "Bitcoin-first" strategy. The decision, inspired by MicroStrategy's approach, positions Bitcoin as a key asset to support the company’s growth in tech and education.
Following Bitcoin's surge to new highs, Genius Group’s stock spiked up to 150%, reflecting investor optimism. The company plans to acquire up to $120 million in Bitcoin and integrate Bitcoin payments on its educational platform. This strategy, aligned with its vision for exponential technologies, aims to build financial stability and enhance educational offerings on blockchain.
Australian crypto fund manager DigitalX has posted a remarkable 99% annual gain in its Bitcoin fund, surpassing its competitors. This follows significant cost-cutting measures, which saw the company reduce annualized expenses by $950,000 through restructuring. Despite a slight decline in its Digital Asset Fund's quarterly performance, DigitalX continues to demonstrate strong returns, including a 526% gain over five years.
The firm is preparing for the "mainstream moment" of crypto, driven by global political shifts and potential U.S. regulatory clarity, which could open new opportunities. Additionally, DigitalX’s spot Bitcoin ETF, launched on the ASX, provides Australian investors direct access to Bitcoin.
Pennsylvania lawmakers have introduced a bill allowing the state's Treasury to invest up to 10% of its funds in Bitcoin, aiming to protect against inflation and economic volatility. The proposed legislation, introduced by Representative Mike Cabell, would apply to the General Fund, Rainy Day Fund, and State Investment Fund, totaling over $16 billion.
Cabell cited major firms like BlackRock and Fidelity using Bitcoin for portfolio stability. This bill follows a broader push to incorporate Bitcoin into state-level reserves, reflecting the growing recognition of cryptocurrency as a potential safeguard during uncertain economic times.
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Ethereum Highlights of the Week
Franklin Templeton has launched its Benji tokenization platform on Ethereum, marking its fifth blockchain integration this year. Previously available only on Stellar and Polygon, Benji's expansion reflects Franklin's commitment to offering innovative blockchain solutions.
The platform aims to leverage Ethereum’s Virtual Machine and smart contracts to enhance tokenized funds. Franklin's on-chain market fund, worth $409 million, is among the largest, with tokenized treasuries seeing a nearly 2% rise in the past week, pushing their total market cap to $2.37 billion.
Bitwise has acquired Attestant, an Ethereum staking provider, bringing $3.7 billion in staked assets under its management. Attestant will be rebranded as Bitwise OS. This acquisition highlights Bitwise’s growing interest in crypto staking, reflecting its broader strategy to diversify beyond token holdings.
Known for its extensive crypto product range, Bitwise’s move into staking signals a shift toward more integrated crypto services, especially with institutional and family office clients. The acquisition positions Bitwise to capitalize on the increasing demand for Ethereum staking in anticipation of future market growth.
Joseph Lubin, co-founder of Ethereum, unveiled a new platform, Network State, aimed at empowering individuals to declare their personal sovereignty. The project, launched by Consensys, addresses the challenges crypto companies face amid regulatory uncertainty, particularly from the SEC.
Lubin criticized the industry’s stifling environment, describing it as "gaslighting" and hindering progress. The platform, sovs.xyz, operates on Consensys' Linea rollup, allowing users to assert various forms of sovereignty. The initiative seeks to foster decentralized, sustainable communities, marking a significant step toward integrating personal sovereignty into the evolving Web3 and AI-driven global economy.
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Consensys’ Infura has launched its Decentralized Infrastructure Network (DIN) as an Actively Validated Service (AVS) on EigenLayer, enhancing Web3 infrastructure services. This partnership utilizes EigenLayer’s Ethereum restaking platform to reduce development costs, improve service accessibility, and increase reliability.
DIN serves as a decentralized marketplace for Web3 infrastructure, connecting developers to multiple blockchains like Ethereum, ZKsync, and BNB Smart Chain. The AVS launch aims to scale the marketplace while maintaining low costs and boosting the ecosystem’s reliability.
Coinbase Wallet is set to launch a "tap-to-pay" crypto solution, positioning itself against payment giants like PayPal and Venmo. The feature, currently in internal alpha, aims to offer a faster, more global payment experience for merchants. Coinbase Wallet plans to be available in 50 countries by 2025.
Additionally, Base, Ethereum's Layer-2 network, is addressing interoperability issues and expects to launch a cross-chain solution within six months. This will enable seamless token transfers across Layer-2 networks, enhancing user experiences and expanding use cases in the growing Layer-2 ecosystem.
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Solana Highlights of the Week
DeFi Technologies has launched SolFi, a spin-off focused solely on the Solana ecosystem, likened to MicroStrategy’s Bitcoin strategy. SolFi offers direct exposure to Solana through trading, validator node operations, and ecosystem investments.
It aims to differentiate by generating higher yields on staked Solana using its proprietary MEV engine, delivering consistent cash flow. Like MicroStrategy’s BTC-focused model, SolFi plans to grow its treasury and accelerate operations by tapping capital markets. With investors bullish on Solana’s potential, SolFi seeks to replicate MicroStrategy’s success but within the Solana blockchain.
Solana’s (SOL) price surged 35% between November 5 and 11, reaching $222, nearing its all-time high of $260. This rally is fueled by increased smart contract activity, with its total value locked (TVL) reaching $7.6 billion. Key DApps like Jito, Raydium, and Drift contributed significantly to this growth, alongside decentralized exchange volumes surpassing $17.1 billion.
Although much of the recent activity is driven by memecoins, Solana is attracting diverse use cases, including NFTs. With moderate leverage and strong network activity, Solana is positioned for further gains, potentially achieving a new all-time high.
Huma Finance, a leading Payment Financing (PayFi) network, has launched its protocol on Solana, marking a key expansion in its mission to provide fast, affordable liquidity solutions. With $2 billion in transactions processed, Huma leverages Solana’s low-cost, high-speed infrastructure to offer instant liquidity to businesses.
The move highlights Solana’s growing role in global payments, evidenced by partnerships with PayPal and Stripe. Huma’s PayFi network addresses liquidity gaps in traditional finance, offering efficient on-chain payment solutions with zero defaults. The launch is accompanied by a campaign targeting accredited investors seeking high-yield stablecoin opportunities.
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