Weekly Market Insight: October Week 3

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Market Updates

14 Oct 2024

Headline News

- Last week, Bitcoin's price saw a modest 0.05% increase, recovering from concerns over higher-than-expected inflation data. This came after Federal Reserve official Raphael Bostic suggested the possibility of no rate cuts in November. The release of the PPI indicated moderate inflation increases in September and helped keep the possibility of a 25 basis point rate cut in November alive.
- The dismissal of Battle Born Investments court case potentially clear U.S. government to sell the seized 69,390 Bitcoin from the online black market, Silk Road. PlusToken, the ponzi scheme that was busted by Chinese authorities, approximately 9,891 of the seized 542K ETH appeared to be sending to various centralised exchanges.

- The inflation data in September came hotter than expected, to 2.4%, above forecasts of 2.3% despite lower energy costs during September. Meanwhile, PPI remained unchanged in September, lower than the market estimation of a 0.1% rise. The probability of no rate cut in November increased from 2.5% to 11.5%.
- Core PCE, the Fed favourite inflation measure, is estimated to be 0.21% to 0.25% based on the component released from CPI and PPI, higher than the previous 0.2% increase in August.
- The Chinese government stated to front-load ¥100 billion, increase the debt limit and support local governments in resolving debt risk in the National Development and Reform Commission, and the Finance Minister Conference. No further material stimulus details were released last week.

- Stripe is now supporting USDC payment, fulfilling the promise made in April 2024.
- UAE eliminates Value Added Tax (VAT) on all cryptocurrency and digital asset transfers.
- FTX was approved by court to repay up to $16.5 billion back to customers with 119% of their claims' value.
- VanEck launched a $30 million fund focused on investments in fintech, digital asset or AI firms in pre-seed or seed stages.
- The SEC charged 3 market makers and 9 individuals for engaging market manipulation. Meanwhile, the FBI charged 18 individuals and entities for widespread fraud and manipulation, creating its own token, NexFundAI, to "identify, disrupt, and bring these alleged fraudsters to justice".

- Scroll launched its token, SCR, on Binance Launchpool and Pre-Market listing. SCR traded at approximately $1.17 billion FDV with around $1.4 billion TVL.
- Uniswap introduced Unichain, a Layer-2 powered by OP Stacks that aims to become the home for DeFi and liquidity across chains. The chain utilises Rollup-Boost that uses TEE to achieve 250ms block time.
- AAVE launched a V3.2 upgrade, introducing Liquid eMode for greater control and flexibility over borrowing and collateral, users benefit from improved gas efficiency and customizable risk management.
- Avalanche Foundation announced an agreement with Luna Foundation Guard (LFG) to repurchase AVAX sold to LFG. The agreement is pending court approval.
- Sonic announced partnership with Layer Zero to integrate its cross-chain infrastructure.
- Babylon has completed its Cap-2 with 22,891 BTC being staked.

- RISC Zero introduced Steel 1.0, an EVM smart contract execution prover designed to bring offchain computation to EVM apps.
- AAA-game, Off the Grid, launched on PlayStation and Epic Game Store. The game utilises Avalanche subnet to issue in-game assets as NFTs.
- Arrakis announced DVMM, a decentralised MEV capture solution for market making strategies for LPs.
- Solv Protocol introduced The Staking Abstraction Layer (SAL), simplifying Bitcoin staking across chains.
- DeBridge introduced Hooks, enabling developers to build programmables on top of its cross-chain infrastructure.
- Antonio Juliano, the founder of dYdX, has returned as CEO. DYdX released Trump perpetual prediction market with 20x leverage.
- Ethena announced Securitize/Blackrock, Sky, Mountain and Superstate as the winners for its $46 million reserve fund allocation.

- World Liberty Financial (WLF) is expected to conduct token sales on October 15, seeking to raise $300 million at $1.5 billion valuation. WLF proposed to share 20% of protocol fees generated with AaveDAO and to allocate 7% of total WLFI token to AaveDAO.
- Ether.fi will begin to distribute LRT² token rewards starting October 15.
- Arkham Intelligence is reportedly planning to launch derivative exchange in November.
- NEAR will hold its [Redacted] event in Bangkok, Thailand from November 9 to 11.
- Frax Finance is expected to launch frxETH v2, shifting delegation model to validator lending model, in October.
- Curve is expected to launch st-crvUSD, staked crvUSD that is programmed to earn native yield from protocol revenue, soon.
- Mt. Gox postponed the deadline to repay creditors to October 2025.
- Ethena proposed onboard SOL ,and SOL derivatives such as BNSOL and bbSOL as part of USDe backing asset and hedging mechanism.
- Linea proposed to adopt Proof of Stake to achieve fast L2 finaility while decentralizing block validation.
- A new Ethereum proposal EIP-7781 suggests reducing the slot time from 12 seconds to 8 seconds, boosting transaction throughput by about 33%.

- STRK token unlocked on October 15th, amount representing 3.29% of the token supply.
- CYBER token unlocked on October 15th, amount representing 3.1% of the token supply.
- ARB token unlocked on October 16th, amount representing 2.56% of the token supply.
- APE token unlocked on October 17th, amount representing 2.28% of the token supply.
- MERL token unlocked on October 19th, amount representing 5.8% of the token supply.
- WELL token unlocked on October 23rd, amount representing 1.3% of the token supply.
- RON token unlocked on October 27th, amount representing 9.89% of the token supply.
- TIA token unlocked on October 30th, amount representing 82% of the token supply.

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