Weekly Market Insight: May Week 5

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Market Updates

28 May 2024

Headline News

- Last week was the historical crypto political shift in the US. It started from 3:20am May 21st, Bloomberg senior ETF analyst Eric Balchunas stated to increase the odds of spot ETH ETF approval to 75% (up from 25%) due to "increasingly political issue" in a X post. 3 days later on May 24th, the SEC approved spot ETH ETF 19b-4 applications. The ETH price increased by 24.5% last week.
- Subsequently ETF issuers need to have the S-1 documents approved before listing of the ETFs. The Bloomberg ETF analyst expects S-1 approval to take weeks or longer.

Macro-Outlook

- The FOMC minutes released last week showed that participants were concerned about stubborn inflation and various members expressed willingness to tighten policy further when necessary, even though Chair Jerome Powell indicated unlikely the next move from Fed would be a hike in the previous FOMC press conference.
- The US durable goods orders in April increased by 0.7%, defying market expectation of a 0.8% decrease.
- The market estimation of having a 50bps rate-cut in 2024 dropped from 57% to 39.6%.

Upcoming Economic Calendar including,

- Thursday, May 30th 8:30pm: The US Q1 GDP Second Estimate
- Friday, May 31st 8:30pm: The US Core PCE Price Index, Personal Income and Personal Spending in April

Weekly-Cryptos-Overview

- Grayscale announced to launch two new trusts for Near Protocol and Stacks.
- Ether.fi introduced Ether.fi Cash, a mobile wallet with Visa credit card. Users are able to spend by borrowing USDC against eETH or swap them into USDC for instant settlement.
- Dfinity Foundation launched a new API for Internet Computer smart contracts to interact with any EVM, potentially introducing more EVM-compatible dapps integration.
- Elixir Games announced a strategic partnership with Avalanche to develop RoboKiden, a 3rd person party shooter game launching on PC, Xbox, PS5 and Switch.
- Sui introduced Mysticeti upgrade on testnet, which reduces consensus time on Sui by 80% to 390ms. It claims to be the fastest consensus layer.
- Gnosis introduced Metri, a self-custodial wallet for Gnosis chain which is powered by Safe smart contract. Metri empowers users with friendly interaction with Gnosis Pay, Circles features, sDAI, CoW Swap and more.
- Celo announced Bloom program to help founders through project's TGE and to have a successful launch on Celo.
- Fantom raised $10 million led by Hashed to support Sonic.
- Uniswap and Across Protocol proposed ERC-7683, a new standard that aims to create a universal filter network for cross-chain intents, reducing costs and fragmentation liquidity.
- MakerDAO allocated an additional 50 million DAI to the sUSDe/DAI vault and raised the debt ceiling to 450 million DAI.
- Manta Network introduced Manta CeDeFi, users are able to earn boosted yield from basis trading via Ceffu on top of yield in MANTA rewards.
- AIOZ Network is listed on Nvidia Accelerated Application Catalog, opening AIOZ's decentralised solution to millions of Nvidia clients.
- Livepeer introduced AI Subnet, enabling node operators to earn fees for processing AI inference and compute jobs.
- Binance Labs announced an undisclosed investment into Aevo.
- Binance announced the 2nd project on Binance Megadrop, Lista DAO. It is a permissionless overcollaterised stablecoin with underlying assets such as BNB, ETH and BTCB in BNB Chain.
- Soul Labs introduced itself as the cross-lending protocol, empowering users to lend on one protocol and borrow from another protocol. Soul also integrates with LayerZero for cross-chain implementation.
- Usual announced USD0, a permissionless fiat-backed stablecoin that redistributes the profits earned back to users.
- Fluent introduced blended execution network that supports multiple VMs such as Wasm, EVM and SVM.
- deBridge introduced its DBR governance token and distribution details. It has won the listing in Jupiter's LFG and is expected to launch in a couple months.
- Jupiter announced the Giant Unified Market (GUM) initiative, aiming to index memecoins, RWAs, stocks and forex on Jupiter for users to transact across all these markets atomically.
- Metamask is reported working to integrate the Bitcoin network, according to people familiar with the matter.
- Hyperliquid announced to support EVM. Testnet launch is expected to go live in the coming months.
- Morpho, a lending protocol with $1.8 billion in TVL, announced its launch on Base.
- Gala Games was exploited and the hacker minted 5 billion GALA. The stolen funds later returned to the team approximately 17 hours after the exploit and exploited tokens were burnt subsequently.

Upcoming Alpha: Token Unlock, Governance

- Sei's voting for V2 launch had passed and is expected to launch on May 27th.
- Stargate V2 is expected to launch on May 28th with lower fees, optimal liquidity and introduction of wrapped assets.
- Consensus 2024 will be held from May 29th to 31st. Multiple protocols are giving presentations on stage and interesting announcements may be introduced at the event. Among them, rumors suggest Chainlink and Swift will have major announcements at the event on May 30th.
- Uniswap will conduct the vote to enable fee-sharing mechanism on May 31st.
- Ethena updates its season 2 Sats Campaign, with new partnership platforms such as Curve's USDeFDUSD pool, Infinex, Karak and Bouncebit. Bybit USDe integration is expected to launch this week and an additional new CEX USDe integration will be announced this week as well. The campaign aims to conclude on September 2nd or the USDe supply hits 5 billion, whichever is earlier.
- Taiko launched its phase 1 of TKO airdrop, offering 5% of token supply for claiming. Taiko is a based rollup, where its sequencing is driven by Ethereum network. The protocol mainnet is expected on June 6th.
- Sam, founder of Arweave, indicated a major acquisition announcement to be made on June 6th.
- The Arbitrum community is voting on a 3-year 200 million ARB Game Catalyst Plan, which aims to help the growth of games on Arbitrum. The voting ends on June 8th.
- OP token unlocked on May 29th, amount representing 2.22% of the token supply.
- PRIME token unlocked on May 31st, amount representing 4.24% of the token supply.
- 1INCH token unlocked on June 1st, amount representing 8.52% of the token supply.
- DYDX token unlocked on June 1st, amount representing 11.91% of the token supply.
- SUI token unlocked on June 1st, amount representing 2.78% of the token supply.
- ZETA token unlocked on June 1st, amount representing 1.99% of the token supply.
- ENA token unlocked on June 1st, amount representing 3.62% of the token supply.

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