Weekly Market Insight: June week 4

English

Market Updates

25 Jun 2024

Headline News

- Consensys was notified by the Enforcement Division of the SEC that it is closing the investigation into Ethereum 2.0 and will not pursue an enforcement action against Consensys. This boosted the Ethereum community's confidence that ETH will unlikely be pursued by regulators as being classified as security in the future.
- Bitcoin dropped by 5.17% last week despite MicroStrategy announcing an additional purchase of 11,931 BTC. Bitcoin ETFs experienced 6 consecutive outflow ending last Friday, amounting to $544 million net outflow in 4 trading days last week.

- The US retail sales in May increased by 0.1%, slower than the market estimation of 0.2%. Meanwhile, retail sales in April were downwardly revised 0.2% decrease, well below forecast of 0.2% increase, indicating cooling signs of consumer sentiment.

Upcoming Economic Calendar including,

- Thursday, June 27th 8:30pm: US Durable Goods Orders in May and Q1 Final GDP
- Friday, June 28th 8:30pm: US Core PCE Price Index, Personal Income and Spending in May
- Friday, June 28th 9:00am: US Presidential Debate

- 3IQ, Canadian asset manager, filed a prospectus to list Solana ETP in Toronto Stock Exchange.
- Certik was accused by Kraken for extortion, demanding an unreasonable high bounty for allegedly stole $3 million from Kraken via a security flaw. Certik posted they had returned the funds based on their records.

- The Sui team introduced Walrus, a decentralised storage and data availability protocol, which offers cost effective blob storage.
- Optimism launched Alt-DA Mode Beta in OP Stacks, allowing rollups to launch with alternative DA Layer such as EigenDA, Celestia or Avail.
- Allo, a RWA focus chain joins Optimism Superchain via AltLayer.
- Fox Corp's Verify, a content licensing and verification protocol, announced to transition from Polygon PoS to zk-rollup using Polygon CDK. Ronin announced to launch zk-rollup Polygon CDK as well.
- CoreDAO's, a Bitcoin Layer-2 protocol, CORE token is listed on Coinbase.

- Ethena announced a partnership with Symbiotic to launch restaking modules using ENA and sUSDe for DVN based cross-chain messaging systems, and provide economic security for Ethena Chain in the future.
- Pendle introduced listing of the first Symbiotic LRT on the platform via weETHs by EtherFi and Veda.
- Instadapp introduced Fluid DEX, enabling users to lend and borrow with liquidity position. This allows collateral and debt to earn fees from providing liquidity for trading.
- dYdX introduced 800+ new listable markets in its latest upgrade with Skip and Raydium integration. The upgrade also included isolated markets, isolated margins and new LP vaults for those new markets.
- Tether introduced Alloy, the first Tethered asset, an over-collaterised asset using Tether Gold (XAUT).
- Marinade introduced Stake Auction Marketpalce (SAM) in its V2. SAM allows validators to bid for delegations and effectively passes staking reward, MEV and transaction fees to stakers.
- Convergent, a LSD-backed stablecoin that exclusively used jitoSOL as collateral, announced to launch testnet soon.
- Light Protocol introduced ZK Compression, enabling native ZK compute on Solana without requiring L2. Developers are able to pay lower state costs by compressing the state roots.
- RISC Zero introduced a general purpose zkVM 1.0, providing cheaper and faster ZK proofs computation.
- Zentry announced launch of Marion, a web3 game publishing division, bringing Ragnarok and other tittles on chain.

- Blast is expected to launch its token on June 26th.
- GMX, which granted the largest of 5.4 million ARB from the STIP-Bridge program, will start distributing incentives on June 26th.
- AGIX and OCEAN is expected to migrate to FET on July 1st.
- EthCC 7 will be from July 8th to 11th in Brussels.
- Drift, Perpetual Exchange on Solana, passed the proposal to launch DRIFT staking vault and fee discount for trading.
- Ether.fi DAO proposed to use 50% of protocol revenue for buyback ETHFI and build a treasury as well as seed a liquidity pool on Curve. The team will initiate with 5% of protocol revenue with future increases to be put to a community vote.
- Jupiter proposed a 30% reduction in JUP total supply with the team voluntarily cut 30% from their assigned allocation and corresponding 30% reduction in Jupuary emissions.
- Fantom committed 200 million FTM (approximately $115 million) to Sonic Labs Innovator Fund to accelerate migration, grants and airdrop.
- AO Computer announced to distribute 36% AO token AR holders and 64% allocation to assets bridged into AO network. AO token is expected to be tradable once the circulating supply hits 15% or estimation of 6 to 7 months.

- ALT token unlocked on June 25th, amount representing 6.92% of the token supply.
- YGG token unlocked on June 27th, amount representing 4.48% of the token supply.
- PRIME token unlocked on June 30th, amount representing 1.83% of the token supply.
- OP token unlocked on June 30th, amount representing 2.88% of the token supply.
- DYDX token unlocked on July 1st, amount representing 3.12% of the token supply.
- SUI token unlocked on July 1st, amount representing 2.65% of the token supply.
- MAV token unlocked on July 1st, amount representing 14.56% of the token supply.
- ZETA token unlocked on July 1st, amount representing 1.92% of the token supply.
- IO token unlocked on July 1st, amount representing 7.82% of the token supply.
- GAL token unlocked on July 5th, amount representing 2.6% of the token supply.
- XAI token unlocked on July 9th, amount representing 71.59% of the token supply.

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