
Introduction
DePIN, or Decentralized Physical Infrastructure Network, incentivizes users to share personal resources to

Understanding The DePIN Economics

<div data-page-id="E0I5d7HzCohVs9xiDPtu7730sfc" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusE8fxv1zUdVC6GPASsXksvg">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusTsYPIU5zpEfPWEp64fhRdg" data-list="bullet">
<div>- Bitcoin price decreased by 0.88% last week, retraced to the level near $91,000. On-chain data indicated that the majority addresses that realised profit were long-term holders, particularly addresses that accumulated BTC from 2022 and 2023. Bitcoin ETF also experienced $138.07 million net outflow during the same period. Despite that, the crypto Fear &amp; Gear index remained above 70.</div>
</li>
<li class="ace-line ace-line old-record-id-VaKJdE3Vgo9rHkxmHsRuOwlCsTh" data-list="bullet">
<div>- Looking ahead, December could potentially be the month when Bitcoin reaches the highly anticipated $100,000 milestone. Historically, in previous halving years such as 2016 and 2020, Bitcoin posted gains of 30.8% and 46.92%, respectively, in December. This historical precedent offers hope for similarly strong performance this year.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxushbaLSXwXRPJmZp4evxMd9c">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuss2nKAvQEJDGmwFfd71Lmwd">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxuscOHstL7HVtdYuxonmzlkPc" data-list="bullet">
<div>- The FOMC minutes released last week indicated the future rate cuts to be gradual. The participants were uncertain on the level of the neutral rate of interest, but remain confident the inflation is on the path to 2% and the source of inflation is not from wages. The market increased the probability of a 25bps rate cut in December from 50.9% to 67.1%.</div>
</li>
<li class="ace-line ace-line old-record-id-Czb7dbjtco4zgWxzlm8uHHkCs6d" data-list="bullet">
<div>- The U.S. Durable goods orders in October increased by 0.2%, below expectation of 0.5%. The 2nd estimate of U.S. Q3 GDP was 2.8%, matched with expectation. The core PCE in October increased by 0.3% month-over-month, also within market estimation. The PCE prices rose by 2.3% year-over-year in October, aligning with expectations. Personal income in October increased by 0.6%, higher than the forecast of 0.3%. Personal spending in October increased by 0.4%, also slightly higher than expectation of 0.3%.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusPg2UETGBbUgiFzyoPU6aCg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusuD78km7A3jLLUBR8Icajne">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusNjnihvZLx6sk1khSLyIzMe" data-list="bullet">
<div>- Monday, December 2, 11:00pm: U.S. ISM Manufacturing PMI in November</div>
</li>
<li class="ace-line ace-line old-record-id-EpC5daH3ooIStxxb9tDuLMIYsPh" data-list="bullet">
<div>- Tuesday, December 3, 11:00pm: U.S. JOLTs Job Openings in October</div>
</li>
<li class="ace-line ace-line old-record-id-GAcLds19roqiD7x1Z8HugDD1sUg" data-list="bullet">
<div>- Wednesday, December 4, 11:00pm: U.S. ISM Service PMI in November</div>
</li>
<li class="ace-line ace-line old-record-id-SSEndbCwuonBQHxFC9muEkBSsVe" data-list="bullet">
<div>- Thursday, December 5, 2:45am: Jerome Powell Speech at the New York Times DealBook Summit</div>
</li>
<li class="ace-line ace-line old-record-id-ZQxTdhgIiockaLxZmSIuD0CnsSh" data-list="bullet">
<div>- Friday, December 6, 9:30pm: U.S. Non-Farm Payrolls and Unemployment Rate in November</div>
</li>
<li class="ace-line ace-line old-record-id-K4BhdFRvsoIlBbxtG9gu5ToFsfd" data-list="bullet">
<div>- Friday, December 6, 11:00pm: Michigan Preliminary Consumer Sentiment in December</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusxlG65QorJ7WpMdRAVCYBTe">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusKCNyByoeofOs7m3E3pPiBg">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusHWdhxCiST3KqHbpqemhrfz" data-list="bullet">
<div>- MicroStrategy brought another&nbsp;<a rel="nofollow" href="https://www.microstrategy.com/press/microstrategy-acquires-55500-btc-and-achieves-btc-yield-of-35-qtd-and-59-ytd-now-holds-386700-btc_11-25-2024">55,500 BTC</a>, holding 386,700 BTC in total. MARA also purchased an additional <a rel="nofollow" href="https://x.com/MARAHoldings/status/1861848253362274469">703 BTC</a>, bringing the total to 6,474 BTC.</div>
</li>
<li class="ace-line ace-line old-record-id-SSWwd4BnwoYNs9xhF7DuCqVkszf" data-list="bullet">
<div>- WisdomTree filed for the XRP ETF application in Delaware.</div>
</li>
<li class="ace-line ace-line old-record-id-Jvdqd2AnHomZFOxbzeFuFRPssbb" data-list="bullet">
<div>- Valour launched&nbsp;<a rel="nofollow" href="https://www.prnewswire.com/news-releases/defi-technologies-subsidiary-valour-launches-first-dogecoin-doge-etp-in-the-nordics-on-spotlight-stock-market-302316272.html">DOGE ETP</a> on Sweden's Spotlight Stock Market.</div>
</li>
<li class="ace-line ace-line old-record-id-DgVRdgwIYo6ZxwxwSwQuSJzNseT" data-list="bullet">
<div>- 21Shares launched 4 additional ETPs including&nbsp;<a rel="nofollow" href="https://x.com/21Shares/status/1861333216919166998">RNDR, PYTH, ONDO and NEAR</a> on Euronext Amsterdam and Paris.</div>
</li>
<li class="ace-line ace-line old-record-id-ZLCidWOeEoR2U9xSyqquaEQ0sad" data-list="bullet">
<div>- The U.S. Court ruled OFAC exceeded its authority in sanctioning&nbsp;<a rel="nofollow" href="https://www.reuters.com/legal/court-overturns-us-sanctions-against-cryptocurrency-mixer-tornado-cash-2024-11-27/">Tornado Cash</a>.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusoB2yv7djHiophkqC1A3vEb">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusuZNKT0r8vzLUzpillkN8ac">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-BFv8drhieo2Fa8xlFTNu9eOqspe" data-list="bullet">
<div>- Ripple announced onboarding&nbsp;<a rel="nofollow" href="https://ripple.com/ripple-press/archax-provides-access-to-abrdn-money-market-fund-on-the-xrp-ledger-in-collaboration-with-ripple/?utm_campaign=&amp;utm_medium=organic_social&amp;utm_source=twitter">tokenised money market fund</a> with Archax on XRP Ledger.</div>
</li>
<li class="ace-line ace-line old-record-id-FU4UdWeXToEVn4x4hR2uH6PCsT6" data-list="bullet">
<div>- Movement Labs announced integration with&nbsp;<a rel="nofollow" href="https://x.com/movementlabsxyz/status/1861832531437650036">Celestia</a>, enabling Move chains to post blob data to Celestia. Movement also introduced <a rel="nofollow" href="https://www.movementnetwork.xyz/article/movement-foundation-move-token">MOVE</a> token as the staking collateral and gas token for its Layer-2. 50% is allocated to ecosystem, community and initial claims.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusoVO5msvGqPXncg7ZazPtzh" data-list="bullet">
<div>- Supra, a multiVM Layer-1, launched phase 1&nbsp;<a rel="nofollow" href="https://x.com/SUPRA_Labs/status/1862174328915128382">mainnet</a> with EVM and MoveVM. SVM and CosmWasm are coming soon.</div>
</li>
<li class="ace-line ace-line old-record-id-CSW7d2fBfoDXpkxmjfwubLqxsjh" data-list="bullet">
<div>- Sonic launched&nbsp;<a rel="nofollow" href="https://blaze.soniclabs.com/">Blaze</a>, testnet 2.0. The current time to finality is about 840ms.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusdS3S8XQgnA5Sx0u5VySmnb">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxustc958xlqnW32ftaTTroUGg">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-DAMGdeu4aoAhIDxcqzAuS3ugseb" data-list="bullet">
<div>- Hyperliquid launched&nbsp;<a rel="nofollow" href="https://hyperfnd.medium.com/hype-genesis-1830a4dc2e3f">HYPE</a> token with 31% allocated for initial airdrop and 38.89% for future emissions and rewards. The token will be used for the staking collateral and gas token for HyperBFT. HYPE token is priced slightly below $10 billion in FDV and the platform experienced record highs in open interest, number of trades, daily new users and daily inflow.</div>
</li>
<li class="ace-line ace-line old-record-id-doxuswsBFbZlQE3y3cgH8bDiO0b" data-list="bullet">
<div>- Hyperlane launched&nbsp;<a rel="nofollow" href="https://x.com/hyperlane/status/1860102826824994820">Superlane</a> with Velodrome Finance, an interoperability layer that enables permissionless cross-chain solution to Optimism Superchain.</div>
</li>
<li class="ace-line ace-line old-record-id-USPNdVTuhoi826xGi4luzU4RsUd" data-list="bullet">
<div>- EtherVista launched Etherfun on&nbsp;<a rel="nofollow" href="https://x.com/ethervista/status/1861181882173411702">Base</a>, fees generated on the network will be used for VISTA buyback and burn.</div>
</li>
<li class="ace-line ace-line old-record-id-PEaOdBG6ro6sIQxbXAHu0gSasjc" data-list="bullet">
<div>- Pendle launched on&nbsp;<a rel="nofollow" href="https://x.com/pendle_fi/status/1861756886384877890?s=46&amp;t=jshF8V_1Mj-ozrPLlkmPzQ">Base</a>, starting with cbETH and BTC assets.</div>
</li>
<li class="ace-line ace-line old-record-id-Jcx3dkOWiowgBqxeAYiu5XCIsQe" data-list="bullet">
<div>- 1inch launched&nbsp;<a rel="nofollow" href="https://x.com/1inch/status/1861057933267599595">Fusion+</a> for all users, enabling intent-based cross-chain token swap.</div>
</li>
<li class="ace-line ace-line old-record-id-ZWmXdgmEooSwMyxzkhKupdJ1sTc" data-list="bullet">
<div><a rel="nofollow" href="https://x.com/bonsaitoken404/status/1860036259609289075">- Bons(ai)</a> launched an on-chain agent platform that agents created can trade, connect, and evolve via prompt-based learning. These agents track social trends, identify tokens, execute trades, and create memecoins.</div>
</li>
<li class="ace-line ace-line old-record-id-OBNDdJr65ovBRBxfRJxuZGVvsSb" data-list="bullet">
<div>- Justin Sun invested&nbsp;<a rel="nofollow" href="https://x.com/justinsuntron/status/1861121947372773545">$30 million</a> in World Liberty Financial, becoming the largest investor on the platform.</div>
</li>
<li class="ace-line ace-line old-record-id-LYp3dKOaDoedmcxl0AWuFtIosEe" data-list="bullet">
<div>- Liquity launched&nbsp;<a rel="nofollow" href="https://x.com/LiquityProtocol/status/1861720661984776262">V2</a> on testnet. V2 or BOLD features user-set interest rate, native stablecoin yield, multi-collateral support and real-yield to LQTY stakers.</div>
</li>
<li class="ace-line ace-line old-record-id-CHK9dCe92oMG6vxYQDIuwiXbslg" data-list="bullet">
<div>- After Binance announced the delist of REN, the dark pool protocol tweeted its&nbsp;<a rel="nofollow" href="https://x.com/renprotocol/status/1861441088524812683">v2</a> is coming.</div>
</li>
<li class="ace-line ace-line old-record-id-WZCHdV5GjoaHlNxoSyiuRN8vsof" data-list="bullet">
<div>- Flashbot introduced&nbsp;<a rel="nofollow" href="https://x.com/SheaKetsdever/status/1861480598000304148">BuiderNet</a>, a decentralised block building network for Ethereum that runs on TEEs and shares MEV &amp; gas fees with users.</div>
</li>
<li class="ace-line ace-line old-record-id-H6kRd6juUoyAAHxmEhouwDmbsfc" data-list="bullet">
<div>- Elixir's deUSD (DeFi version of BUIDL fund) announced&nbsp;<a rel="nofollow" href="https://news.curve.fi/curve-elixir-blackrock/">Curve</a> as the primary liquidity hub.</div>
</li>
<li class="ace-line ace-line old-record-id-CCoYdHB5No4EfpxexjauBUjcseg" data-list="bullet">
<div>- Clanker, a token launcher via Farcaster post, announced a&nbsp;<a rel="nofollow" href="https://warpcast.com/proxystudio.eth/0x095db9ad">40%</a> fee share with users who created the token. The platform also created ANON, the token previously purchased by Vitalik, which is used to post anonymous posts in Farcaster. The team is expected to launch Anonfun, enabling users to anonymously create tokens via both protocols' features.</div>
</li>
<li class="ace-line ace-line old-record-id-P9nYdOmlyoQyJ2xF2lxu5ZAEsph" data-list="bullet">
<div>- Helium passed&nbsp;<a rel="nofollow" href="https://x.com/HeliumFndn/status/1861886374963728603">HIP-138</a>, simplifying the Helium ecosystem by phasing out IOT and MOBILE tokens, rewarding all participants directly in HNT.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusF2UaAhknvYzhtW9ySa7VV0">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxus2HSU8UIa8t8JherECIMwAf">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-AyIjdgMQwoMJ5hxJtXiuEAzasOh" data-list="bullet">
<div>- Particle Network, a chain abstraction network, is expected to launch&nbsp;<a rel="nofollow" href="https://x.com/ParticleNtwrk/status/1861756691538231458">on-chain trading</a> on December 3.</div>
</li>
<li class="ace-line ace-line old-record-id-doxus3JmDbp5lZBbWmWaY5MvXiU" data-list="bullet">
<div>- Jupiter completed the first Jupuary vote with&nbsp;<a rel="nofollow" href="https://x.com/JupiterExchange/status/1862538626900664780">58%</a> voters favor with the baseline plan. However, the team is seeking a 70% supermajority on this proposal. There will be a second vote expected this week.</div>
</li>
<li class="ace-line ace-line old-record-id-FhyodOKmwoJjkEx9ILouqIz3sZf" data-list="bullet">
<div>- Kaia announced&nbsp;<a rel="nofollow" href="https://x.com/KaiaChain/status/1861596174446403711">Mini Dapps</a> on LINE will be launched in January 2025. The Dapp Portal SDK is expected to launch in December 2024.</div>
</li>
<li class="ace-line ace-line old-record-id-HnRDdSMayojCWmxKwB6ub5o3sPd" data-list="bullet">
<div>- Farcaster announced&nbsp;<a rel="nofollow" href="https://x.com/dwr/status/1861191168501194938">Frames v2</a> with full-screen application, browser-like rendering, onchain transaction request and overall better user experience. More features are expected to be launched this week and a full stable release is expected in Q1 2025.</div>
</li>
<li class="ace-line ace-line old-record-id-RaTudlNCzoniPJxcTb8uJLIvsEg" data-list="bullet">
<div>- Polkadot 2.0 with Async Backing (faster block production), Agile Coretime (optimisze validator resources) and Elastic Scaling (on-demand network capacity) is expected in&nbsp;<a rel="nofollow" href="https://x.com/paritytech/status/1862463817420038544">Q1 2025</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-BL54dMcTNoLpXXxtq47uZXB6sNg" data-list="bullet">
<div>- TON introduced&nbsp;<a rel="nofollow" href="https://blog.ton.org/unlocking-the-future-of-bitcoin-with-ton-teleport-btc">tgBTC</a> to the TON network. The token is currently on testnet and expected to launch on the mainnet in Q2 2025.</div>
</li>
<li class="ace-line ace-line old-record-id-Axctdh3nnoDC8qxKhMHuYDKLs8c" data-list="bullet">
<div>- GMX proposed to increase buyback and distribution from&nbsp;<a rel="nofollow" href="https://gov.gmx.io/t/gmx-increasing-buyback-distribute-fee-coverage-from-27-to-90/4175">27% to 90%</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-VNUBdUKPSoOJG8xxRWJugpSRsFe" data-list="bullet">
<div>- Berachain foundation proposed a&nbsp;<a rel="nofollow" href="https://forum.morpho.org/t/morpho-blue-license/1084">friendly fork</a> of Morpho Blue.</div>
</li>
<li class="ace-line ace-line old-record-id-KUVCdP0auoWQOKxbmpRuO5EXsrE" data-list="bullet">
<div>- Instadapp proposed to utilise&nbsp;<a rel="nofollow" href="https://gov.instadapp.io/t/enhance-inst-liquidity-through-protocol-owned-liquidity-pool-on-fluid-dex/960">5%</a> of INST total supply to establish a protocol-owned liquidity pool.</div>
</li>
<li class="ace-line ace-line old-record-id-ZFehdh5eAooTqaxdoEAu4iuEsZg" data-list="bullet">
<div>- Synthetix proposed acquiring TLX as part of the strategy to launch the "<a rel="nofollow" href="https://blog.synthetix.io/synthetix-vaulting-into-2025/">Synthetix Vaults</a>" series product.</div>
</li>
<li class="ace-line ace-line old-record-id-PdK8dBFWIoaLqXxWJtZuVllKsmb" data-list="bullet">
<div>- Andre Cronje, the Sonic co-founder, teased launching a "real" AMM (or&nbsp;<a rel="nofollow" href="https://x.com/AndreCronjeTech/status/1861064120218370554">Solidly v2</a>) that is formulated to handle stablecoins, volatile pairs and closely correlated volatile assets.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxus5Z7Tm0zypchbPM9b0TXsXf">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusXffWmlFFlGcUeSzUfQ44NL">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-JjTrdbMlho8LYSxd5tFug4sWsLE" data-list="bullet">
<div>- SUI token unlocked on December 3rd, amount representing 2.87% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-QKb8dcpePoYGRVxJAn1upJBQsmb" data-list="bullet">
<div>- JTO token unlocked on December 7th, amount representing 103.9% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-DENDdluxCok8GTxCDkcuoByRs0b" data-list="bullet">
<div>- IO token unlocked on December 11th, amount representing 2.88% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-BNp2dQeNKoDngwx49ciufbsvsYb" data-list="bullet">
<div>- APT token unlocked on December 12th, amount representing 2.11% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-N6gidvndooQSvnxFIkiumH46sQd" data-list="bullet">
<div>- STRK token unlocked on December 15th, amount representing 2.84% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-M8QOdCWy3outWVxJ8PVuVFzDspg" data-list="bullet">
<div>- ARB token unlocked on December 16th, amount representing 2.26% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-YUDgdgbFDo6SiwxsA0muxU8Gsfh" data-list="bullet">
<div>- APE token unlocked on December 17th, amount representing 2.16% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusmTRsoxsxl4Gj1Luhezf4fh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusqppjbKPiALMAw3OK75etUb">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



- Bitcoin price decreased by 0.88% last week, retraced to the level near $91,000. On-chain data indi

Weekly Market Insight: December Week 1 

<div data-page-id="OSvCdhW72obVJOx6MRnuu6euse5" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusZpLTA8JdyjeJHHjScCHk6f">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-CrY2dnfzpo14m3x5sRnuENdvs3g" data-list="bullet">
<div>- Bitcoin price surged by 9% last week, coming within $400 of the critical $100,000 milestone. The rally was potentially fueled by the launch of IBIT options trading, which helps bolstering liquidity, and the announcement that Gary Gensler will&nbsp;<a rel="nofollow" href="https://x.com/GaryGensler/status/1859658192298574096">step down</a> as SEC Chair on January 20, 2025, sparking optimism about potential regulatory shifts.</div>
</li>
<li class="ace-line ace-line old-record-id-LtRUdppALoPzrexJgYJuSBLrs3g" data-list="bullet">
<div>- Blackrock Bitcoin ETF, IBIT, began its&nbsp;<a rel="nofollow" href="https://www.cnbc.com/2024/11/19/bitcoin-etf-options-begin-trading-offering-a-new-way-to-hedge-bitcoin-exposure.html">options</a> trading on Nasdaq with the first day total notional volume of $1.9 billion via 289K call options compared to 65K put options. <a rel="nofollow" href="https://www.bloomberg.com/news/articles/2024-11-22/cboe-to-launch-cash-settled-bitcoin-etf-options-as-crypto-booms">Cboe</a> also announced the launching of cash-settled Bitcoin ETF options soon.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-YoRMdT6xooOYBexamUiuqpUxsSh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxushKy7Dsyr4oppxWJG8OnDJg">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-LGiidwPsro8LL2xWjczuqPHGsOd" data-list="bullet">
<div>- This week will be a shortened trading week for the U.S. markets, closing on Thursday for Thanksgiving and early at 1 PM on Friday for Black Friday.</div>
</li>
<li class="ace-line ace-line old-record-id-H4VsdtpuoonsWfxJNsFup8nksyh" data-list="bullet">
<div>- Market sentiment has shifted slightly, with the probability of a 25bps rate cut in December decreasing to 50.9%, down from 61.9% a week ago. Additionally, expectations for the Fed's policy path suggest a 51.7% probability of just three rate cuts (totaling 75bps) from now through the end of 2025.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusLlfny0ZEoY4yBmNzSZt5ue">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusUkrivrTTcDAIuxhhtBd9kf">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusMRC66Mi3tSTCCTMFR93U9g" data-list="bullet">
<div>- Wednesday, November 27, 3:00am: FOMC Minutes</div>
</li>
<li class="ace-line ace-line old-record-id-B59RdVn4roYTBExwtKzu3Pvtssd" data-list="bullet">
<div>- Wednesday, November 27, 9:30pm: U.S. Core PCE Price Index in October, Durable Goods Orders in October, 2nd Estimation of Q3 GDP, Personal Income and Spending in October</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusU3a5UdNyrQ6VEXb4hPbryc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuszpGtKRxrN4lF4fPWvfZC3d">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-W4jFdMCijoNOrSxvIn4ux3Prsnh" data-list="bullet">
<div>- The Trump administration is reportedly planning to establish a cryptocurrency advisory&nbsp;<a rel="nofollow" href="https://www.reuters.com/technology/crypto-industry-jockeys-seats-trumps-promised-council-2024-11-21/">committee</a> to drive crypto legislation, coordinate multi-agency regulations, and implement a bitcoin reserve strategy.</div>
</li>
<li class="ace-line ace-line old-record-id-DwX1dN876oKLBex3tFtuE7Ikscg" data-list="bullet">
<div>- Trump Media &amp; Technology Group is reportedly in talks about buying&nbsp;<a rel="nofollow" href="https://www.ft.com/content/d7f921d5-3668-4b6b-a98d-2681ad73610f">Bakkt</a>, a crypto-centralised exchange. The company also filed a trademark application for "<a rel="nofollow" href="https://www.nytimes.com/2024/11/21/business/trump-media-crypto-payment-service.html">TruthFi</a>", a platform intended to support crypto payments, custody, and digital asset trading.</div>
</li>
<li class="ace-line ace-line old-record-id-N9QNdUXJsokReuxmRRyuzrsQs0g" data-list="bullet">
<div>- MicroStrategy acquired another&nbsp;<a rel="nofollow" href="https://www.microstrategy.com/press/microstrategy-acquires-51780-btc-and-achieves-btc-yield-of-20-qtd-and-41-ytd-now-holds-331200-btc">51,780 BTC</a> and completed a <a rel="nofollow" href="https://www.microstrategy.com/press/microstrategy-completes-3-billion-offering-of-convertible-senior-notes-due-2029-at-0-coupon-and-55-conversion-premium_11-21-2024">$3 billion</a> offering of convertible senior notes due 2029 at 0% coupon and 55% conversion premium.</div>
</li>
<li class="ace-line ace-line old-record-id-ELbyd6xevotyzBxG44XubNzqsxf" data-list="bullet">
<div>- Bitwise registered a spot&nbsp;<a rel="nofollow" href="https://cointelegraph.com/news/bitwise-registers-solana-etf-delaware">Solana ETF</a> in Delaware.</div>
</li>
<li class="ace-line ace-line old-record-id-H6BMdRvkwoitXlx3oNUubSQCsVh" data-list="bullet">
<div>- Binance introduced&nbsp;<a rel="nofollow" href="https://www.binance.com/en/futures/BFUSD">BFUSD</a> with 19.5% APY yield. The new yield-bearing asset is able to be used as collateral for their leveraged trades and each user is subjected to a limited quote based on VIP levels. Coinbase announced a <a rel="nofollow" href="https://www.coinbase.com/en-sg/blog/Coinbase-Wallet-USDC-Rewards">4.7% APY</a> on users' USDC on Coinbase Wallet.</div>
</li>
<li class="ace-line ace-line old-record-id-EZAwdcEH8ovHEUxk3dsuykuPsFg" data-list="bullet">
<div>- Tether also launched&nbsp;<a rel="nofollow" href="https://hadron.tether.to/">Hadron</a>, a tokenization platform for a wide range of real-world assets including bonds, commodities, stocks, other stablecoins and loyalty points.</div>
</li>
<li class="ace-line ace-line old-record-id-WqyUdhJRuoB3cmxAA6ouiw1TsXb" data-list="bullet">
<div>- Tether minted another 5 billion USDT last week. At the same time, Ethena USDe supply increased approximately 700 million, representing a 20% weekly increase in the USDe supply and an all-time-high supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusldd8IuXSweN3EWXycntscg">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxus6HVMP0EVod0cYLX9jf16Ge">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusnhrvDx37nNr14LL2B1imff" data-list="bullet">
<div>- Astar Network announced&nbsp;<a rel="nofollow" href="https://x.com/AstarNetwork/status/1859630651768492180">Astar Evolution 1.5</a>, enabling ASTR to OP Superchains and Soneium dApps integration.</div>
</li>
<li class="ace-line ace-line old-record-id-MuGSd0ItdoRUxVxzyMVudYYjszb" data-list="bullet">
<div>- IOTA announced&nbsp;<a rel="nofollow" href="https://x.com/iota/status/1858510529976762695">IOTA Rebased</a>, upgrading to parallelize MoveVM and EVM mainnet.</div>
</li>
<li class="ace-line ace-line old-record-id-UMJWdkibNoRwQPxUDrputuJms7e" data-list="bullet">
<div>- Taiko launched&nbsp;<a rel="nofollow" href="https://x.com/taikoxyz/status/1855990091946295477">Multi-Proofs</a> on the mainnet, implementing multiple ZK proofs powered by RiscZero and Succinct.</div>
</li>
<li class="ace-line ace-line old-record-id-Mcxid5qQsoyn99xWk8KutBDoscK" data-list="bullet">
<div>- Startnet introduced&nbsp;<a rel="nofollow" href="https://community.starknet.io/t/starknet-v0-13-3/115053">Startnet v0.13.3</a>, enabling 5x cheaper blob gas.</div>
</li>
<li class="ace-line ace-line old-record-id-N4ZfdjMPzoBbHkxFp6NufJlRsog" data-list="bullet">
<div>- Mode launched the&nbsp;<a rel="nofollow" href="https://x.com/modenetwork/status/1859620976633200657">AI Agent App Store</a>, a hub for discovering and using AI agents in DeFi.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusx0gX802ZaoMgdqUoyk6TCg">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusQ4lQcYAk6OK73BLnRF5QSc">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-AwZGdk3XHoPEg2xjEBouVOAfsUd" data-list="bullet">
<div>- Sky Protocol announced an increase of Sky Saving Rate to&nbsp;<a rel="nofollow" href="https://x.com/SkyEcosystem/status/1858513349710913608">8.5%</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusC9rhOdzRUwuKi2LkxcZSud" data-list="bullet">
<div>- Ethena announced partnership with&nbsp;<a rel="nofollow" href="https://x.com/ethena_labs/status/1859906528314339690">Deribit</a> to bring USDe into the platform as derivatives margin collateral while earning rewards.</div>
</li>
<li class="ace-line ace-line old-record-id-WqjPdHyykoOuSqxb5bxu6eVdsYf" data-list="bullet">
<div>- Elixir introduced the&nbsp;<a rel="nofollow" href="https://x.com/elixir/status/1858862892440854917">deUSD</a> RWA Institutional Program, a partnership with Securitize to allow BUIDL and other RWA holders to seamlessly access DeFi using deUSD.</div>
</li>
<li class="ace-line ace-line old-record-id-A9pCduitloiYOIxiMiuu1aONsYg" data-list="bullet">
<div>- dYdX launched&nbsp;<a rel="nofollow" href="https://x.com/dYdX/status/1859279798473764959">MegaVault</a>, providing liquidity to various markets and earn yield from PnL on vault positions, trading fee revenue shares, and other potential incentives.</div>
</li>
<li class="ace-line ace-line old-record-id-WsDadu0OaoOEIVxwCMAuufoUsKc" data-list="bullet">
<div>- Injective officially launched&nbsp;<a rel="nofollow" href="https://x.com/injective/status/1858902461366345774">iAgent</a>, SDK for developers to create their own on-chain AI agent.</div>
</li>
<li class="ace-line ace-line old-record-id-M3ycdApuoosnOGxhdXGuKQedsIc" data-list="bullet">
<div>- INFINIT introduced&nbsp;<a rel="nofollow" href="https://x.com/Infinit_Labs/status/1859567557185044501">INFINIT Launcher</a>, enabling token launch with AI agents in minutes.</div>
</li>
<li class="ace-line ace-line old-record-id-QtCYd4jVioR9nfxfpnduuOkysUh" data-list="bullet">
<div>- TARS AI, the AI architecture protocol on Solana, announced the team has officially joined the&nbsp;<a rel="nofollow" href="https://x.com/tarsprotocol/status/1859524040282821105">NVIDIA Developer Program</a>, unlocking access to 150 advanced SDKs to supercharge development.</div>
</li>
<li class="ace-line ace-line old-record-id-MzOOdlH8CoystmxtPIAuROppsvD" data-list="bullet">
<div>- Blendy, the memecoins money market,&nbsp;<a rel="nofollow" href="https://x.com/BlendyProtocol/status/1859250447850017204">testnet</a> is now live.</div>
</li>
<li class="ace-line ace-line old-record-id-G5yHdAAkoo22CHxFLuUuUHk0sqe" data-list="bullet">
<div>- ORA Foundation introduced&nbsp;<a rel="nofollow" href="https://research.ora.io/t/announcing-ora-foundation/41">ORA</a> token with 333,333,333 total supply and intended to be used for Initial Model Offering (IMO) access, node staking and governance. The foundation plans to launch the token via <a rel="nofollow" href="https://ethresear.ch/t/explanation-of-daicos/465">DAICO</a>, a fundraising model introduced by Vitalik in 2018, giving token holders the ability to release the raised fund to the team by stages.</div>
</li>
<li class="ace-line ace-line old-record-id-CeoydVjt3olC15xH2dxubx8ysYb" data-list="bullet">
<div><a rel="nofollow" href="https://x.com/YOM_Official/status/1857484300993835329">- YOM</a>, a cloud gaming DePIN protocol, and <a rel="nofollow" href="https://x.com/peaq/status/1858880874843984094">aZEN</a>, a decentralised computing protocol, both announced migration from Solana to Peaq Network.</div>
</li>
<li class="ace-line ace-line old-record-id-YCTodt2TwoOxVIx3x5juV2eBsLi" data-list="bullet">
<div>- Morpho Labs's MORPHO token is now&nbsp;<a rel="nofollow" href="https://x.com/MorphoLabs/status/1859923650725736918">live</a> with approximately $700 million FDV and its TVL hit all-time-high of $3.4 billion according to DeFiLlama.</div>
</li>
<li class="ace-line ace-line old-record-id-DOmbdVrZwo0av3xlxabu4xRBsnf" data-list="bullet">
<div>- McDonald partnered with&nbsp;<a rel="nofollow" href="https://cointelegraph.com/magazine/110m-doodles-coffee-cups-appear-mcdonalds-us-nft-collector/">Doodles</a> and launched 110 million coffee cups across the U.S.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusgEzpPMoYoYB218wPjdDfic">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusFhODalBMHV0Z1R6tA3Xkne">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-K3ofdp8eVoyyFHxaywJuTDY8sTb" data-list="bullet">
<div>- Starknet's STRK&nbsp;<a rel="nofollow" href="https://voyager.online/staking-dashboard">staking</a> is expected to be live on the mainnet this week.</div>
</li>
<li class="ace-line ace-line old-record-id-GVyUd5Gq2oLtj5x85W4ug7VCs1c" data-list="bullet">
<div>- Zircuit, Ethereum Layer-2, is expected to enable its&nbsp;<a rel="nofollow" href="https://x.com/ZircuitL2/status/1859867590321111478">ZRC</a> token transferability on November 25.</div>
</li>
<li class="ace-line ace-line old-record-id-WYKqdNkXgoiJjtx9Cf4u9jjwsWd" data-list="bullet">
<div>- Jupiter will be conducting the first&nbsp;<a rel="nofollow" href="https://x.com/weremeow/status/1860429864744157611">Jupuary vote</a> from November 25th to 29th, proposing 2 additional Jupuaries airdrop of 700 million JUP (51.85% of current circulating supply) each with no lockup period.</div>
</li>
<li class="ace-line ace-line old-record-id-JKB6dm3xoo5HgAxF8oluzLTUsGh" data-list="bullet">
<div>- Avalanche is expected to release the&nbsp;<a rel="nofollow" href="https://x.com/AvalancheFDN/status/1858940053533454645">Fuji9000</a> upgrade on November 25. Fuji9000 is the last upgrade before Avalanche9000 upgrade.</div>
</li>
<li class="ace-line ace-line old-record-id-YxuJdG8HTolVPPx7Jmjuvk4wsef" data-list="bullet">
<div>- Chromia is expected to launch the&nbsp;<a rel="nofollow" href="https://x.com/Chromia/status/1858874387513938410">Asgrad upgrade</a> on December 3, introducing Chromia Extensions which is designed to expand the Chromia modular framework.</div>
</li>
<li class="ace-line ace-line old-record-id-ErPEdlwHto06a5xON4zurt7msBd" data-list="bullet">
<div>- Magic Eden, the dominant NFT marketplace on Solana and Bitcoin, plans to launch its&nbsp;<a rel="nofollow" href="https://x.com/MEFndn/status/1859994632555549007">ME</a> token on December 10.</div>
</li>
<li class="ace-line ace-line old-record-id-doxust2cruuXNARxDM8D0m2rKNg" data-list="bullet">
<div>- Jito proposed to allow JTO staking in the Node Consensus Network (NCN) and shares 15bps of Jito Tips via&nbsp;<a rel="nofollow" href="https://forum.jito.network/t/jip-10-decision-market-on-whether-to-adopt-jto-in-the-tiprouter-ncn-protocol-development/463">TipRouter</a> to JTO stakers.</div>
</li>
<li class="ace-line ace-line old-record-id-HHmAdyCidod77zx6lbyu2xTVsRd" data-list="bullet">
<div>- Aave proposed purchasing $4 million worth of&nbsp;<a rel="nofollow" href="https://governance.aave.com/t/arfc-fluid-alignment-with-inst-purchase/19921">INST</a> token to establish a friendly collaboration with Instadapp. INST surged approximately 20% on the same day with approximately $463 million FDV.</div>
</li>
<li class="ace-line ace-line old-record-id-CEHJdxMNdo9SnwxMMz7ua6fRsEe" data-list="bullet">
<div>- Monad is reportedly releasing its public&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/327005/monad-testnet?utm_source=twitter&amp;utm_medium=social">testnet</a> in phases.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusFlqX4bm7zvHRk6SlLI6Wrb">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusR5v5Rs6w8LsdHGsd7jzSfg">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-IawFdnZNOoqp9MxleR2uur6cs4b" data-list="bullet">
<div>- GRASS token unlocked on November 28th, amount representing 1.52% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-FhWodGanAowz85xWXFsu7rP5sKb" data-list="bullet">
<div>- IMX token unlocked on November 29th, amount representing 1.46% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-CB7jdXZiKomvyQxGWtsuogh4sDb" data-list="bullet">
<div>- OP token unlocked on November 30th, amount representing 2.56% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AfxydFDoSoKmS9xUArguLP3isBe" data-list="bullet">
<div>- TAI token unlocked on December 2nd, amount representing 6.5% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-UkPSdj1KUoG9RtxXd1nusO02svc" data-list="bullet">
<div>- SUI token unlocked on December 3rd, amount representing 2.87% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-L0Ytdtwg7of7uYx1iNeuuEhHsff" data-list="bullet">
<div>- JTO token unlocked on December 7th, amount representing 103.9% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-CCsAd9M0ioMSdsxGhi9uyI8ksDd" data-list="bullet">
<div>- IO token unlocked on December 11th, amount representing 2.88% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-O39gdzNKlo8OzAxP2uJurEsXskc" data-list="bullet">
<div>- APT token unlocked on December 12th, amount representing 2.11% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusvAq3j6QxrLQfcPICYXFOwb">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuskgJRMdIUI14EYjulRhWBtd">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



- Bitcoin price surged by 9% last week, coming within $400 of the critical $100,000 milestone. The r

Weekly Market Insight: November Week 5

<div data-page-id="O7VndTafmo9MtAxrvWsum0Yss9e" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusHVdPmLRs7AMtgO17XMfPGh">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusdLRkc4JZDgVPOqwRL44xPf" data-list="bullet">
<div>Bitcoin continued to hit a new all-time-high of $93,430 and closed last week with an 11.75% weekly gain. Bitcoin market capitalisation hits $1.778 trillion, surpassing silver market capitalisation.</div>
</li>
<li class="ace-line ace-line old-record-id-V89zdkgqFoM5khx9M0ouArlGsff" data-list="bullet">
<div>Donald Trump introduced the Department of Government Efficiency, DOGE, and elected Elon Musk and Vivek Ramaswamy to lead the new organisation. Dogecoin surged by 32% last week, while PEPE surged by 72% after Coinbase and Robinhood announced listing of the token to the exchanges. Ethereum experienced a short-term deflationary period as the result of PEPE trading. Memecoins daily trading volume also hit a new all-time-high of approximately $72 billion on November 14.</div>
</li>
<li class="ace-line ace-line old-record-id-XqQhdOOmiolXJvx8ObDuf5Z3sFc" data-list="bullet">
<div>Ethereum ETFs experienced a record high net-inflow of $515.17 million last week.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusY06u5qGSCM3cVMT1PWBIqd">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusUOINTtCELyC8jigSeIxHOh">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxuspcnp5F5BYlzpKWTTcmuSEh" data-list="bullet">
<div>The U.S. inflation rate accelerated from 2.4% in September to 2.6% in October, in line with market expectations. The PPI increased by 0.2% in October, which is also matched with market expectations.</div>
</li>
<li class="ace-line ace-line old-record-id-ORowdHW8hocNn7xq1ATu2dL8sIf" data-list="bullet">
<div>The Fed Chair Jerome Powell stated last Friday in Dallas Regional Chamber that 'bumps' are expected in the 2% inflation goal. At the same time, he emphasised the economy is not sending any signals that the Fed needs to be in a hurry to lower rates. The market further decreased the probabilities of a 25bps rate cut from 65% to 62% in December.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-D1J2dT236oUvUkxaXMUuunNwsRx">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusGEMcUUVlK6wlhwdWJ1Wr6e">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusVuP15t58woiNCNk41Catpf" data-list="bullet">
<div>Deutsche Bank announced technical updates on its <a rel="nofollow" href="https://x.com/Memento_Bc/status/1854126014261272727">Memento ZKChain</a>, including launching a testnet powered by zkSync and interoperability feature using Axelar.</div>
</li>
<li class="ace-line ace-line old-record-id-DXCxdVJZ0oQUXgx9N1yu1ybNskh" data-list="bullet">
<div>Bitwise acquired <a rel="nofollow" href="https://x.com/BitwiseInvest/status/1856698856336969778">Attestant</a>, a non-custodial Ethereum staking provider. The move is interpreted by the market that potential Ethereum ETF with staking enabled is on the way.</div>
</li>
<li class="ace-line ace-line old-record-id-KGYhdxUvZoDgfwxg6tjumUt1snf" data-list="bullet">
<div>Microstrategy brought another <a rel="nofollow" href="https://www.microstrategy.com/press/microstrategy-announces-btc-atm-activity-raised-2-billion-purchased-27200-btc-now-holds-279420-btc-with-btc-yield-of-26-ytd">27,200 Bitcoin</a> and currently holding 279,420 Bitcoin in the balance sheet.</div>
</li>
<li class="ace-line ace-line old-record-id-Gnz8dSrXzoSmKqxmOjwuhcjPscg" data-list="bullet">
<div>Pennsylvania introduced the <a rel="nofollow" href="https://www.palegis.us/house/co-sponsorship/memo?memoID=43298">Bitcoin Strategic Reserve Act</a>, aiming to allocate up to 10% of its state funds to Bitcoin. The bill will be submitted to the Republican-led Senate for review in the coming weeks and, if passed, will be submitted to the governor for signature.</div>
</li>
<li class="ace-line ace-line old-record-id-XPaddjkPao0n7hxFiVWuc3Yvs1f" data-list="bullet">
<div>Robinhood Crypto <a rel="nofollow" href="https://x.com/RobinhoodCrypto/status/1851900679985463737">relisted</a> SOL, ADA, XRP and PEPE to the platform.</div>
</li>
<li class="ace-line ace-line old-record-id-LDPeduIfGo5NmCxI02autdGDs06" data-list="bullet">
<div>Blackrock launched new <a rel="nofollow" href="https://x.com/Securitize/status/1856698550190473462">BUIDL</a> shares classes across Aptos, Arbitrum, Avalanche, Optimism and Polygon.</div>
</li>
<li class="ace-line ace-line old-record-id-VBOgdCKbvoB0Z3xzLS4u1HR5sWc" data-list="bullet">
<div>VanEck launched <a rel="nofollow" href="https://x.com/vaneck_eu/status/1856651228773552277">Sui ETN</a> on Euronext Amsterdam and Paris exchanges.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusM0yixanc580lFkVdvhAnCf">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxuserOL2pmWKyn0ZVKt0Xslvd">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxuszlHw3dpV3YO5AtiehFkibd" data-list="bullet">
<div>Ethereum researcher Justin Drake proposed Beam Chain at DevCon, an upgrade on consensus layer to achieve 4 second blocktime, quantum-proof security, 1 ETH staking requirement and zkSNARK on client level. The upgrade is expected to be completed by 2030.</div>
</li>
<li class="ace-line ace-line old-record-id-JkK0do93jo2WozxquEBuE2LDsUd" data-list="bullet">
<div>ENS introduced <a rel="nofollow" href="https://x.com/ensdomains/status/1855826392283525496">Namechain</a>, a zkEVM Layer 2, scaling ENS with low fees.</div>
</li>
<li class="ace-line ace-line old-record-id-R4Pdd4fkcouxvvx3plduvgzYsbf" data-list="bullet">
<div>Zero Network, a Layer-2 network built by Zerion, launched its <a rel="nofollow" href="https://x.com/zerion/status/1856359015586115883">mainnet</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-TWCedxsNLobk8hxp6O3ujUMysbf" data-list="bullet">
<div>Peaq, the DePIN Layer-1 network, launched its <a rel="nofollow" href="https://www.peaq.network/blog/peaq-is-live">mainnet</a> and PEAQ tokens in major exchanges. For more detail on Peaq and other DePIN protocols, please click this <a null href="https://www.chainup.com/marketupdates/Understanding-The-DePIN-Economics">link</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-PM3idX119oW8o0xVNs8uopzHswg" data-list="bullet">
<div>Espresso Systems, a shared sequencing protocol, launched its <a rel="nofollow" href="https://x.com/EspressoSys/status/1855973751982309624">Mainnet 0</a>.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxus3Ma9Z0rHn1Hdz1bRqMqqSb">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxuso5q3HZUxQEz1RcCClixHfe">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusYwreoG0rkOSPxw4uNIOn7b" data-list="bullet">
<div>Avara, Aave's team, launched <a rel="nofollow" href="https://family.co/blog/launch">Family wallet</a> featuring account abstraction, passkey, in-app messaging and more. It is now available on the iOS App Store.</div>
</li>
<li class="ace-line ace-line old-record-id-ENCqdqAMEojwikxgtC0um7ULsuf" data-list="bullet">
<div>RISC Zero introduced <a rel="nofollow" href="https://x.com/RiscZero/status/1857432353397776401">Kailua</a>, an innovative hybrid architecture that enables 1 hour finality for optimistic rollups and only generates proof in the event of disputes.</div>
</li>
<li class="ace-line ace-line old-record-id-KhzsdM2bqoH7xDxbiUEuUw1CsJb" data-list="bullet">
<div>Pendle introduced <a rel="nofollow" href="https://medium.com/pendle/boros-by-pendle-yield-trading-with-margin-63d026dc7399">Boros</a>, a new yield trading platform including off-chain rates and funding rate. The new platform will be working together with Pendle V2 and there will be no new token for Boros.</div>
</li>
<li class="ace-line ace-line old-record-id-GsEddxCTToto20xSNvOu6guSsbZ" data-list="bullet">
<div>Lens introduced <a rel="nofollow" href="https://www.lens.xyz/news/introducing-the-new-lens">V3</a> powered by ZKsync and Avail as its data availability layer. The New Lens features modular toolkit to enable developers to launch app-specific instances easily.</div>
</li>
<li class="ace-line ace-line old-record-id-FI6gdepbSo90VLxv6RiuxvH0s4f" data-list="bullet">
<div>Curve introduced <a rel="nofollow" href="https://news.curve.fi/introducing-scrvusd/">scrvUSD</a>, a yield-bearing stablecoin that shares the fees generated from crvUSD.</div>
</li>
<li class="ace-line ace-line old-record-id-G8Vhd95F7oB7Xixjfq8ufuBIsUb" data-list="bullet">
<div>AltLayer introduced <a rel="nofollow" href="https://x.com/alt_layer/status/1856590571307184310">Autonome</a>, a platform to accelerate the development of the &ldquo;Verifiable Agentic Web,&rdquo; and enable the creation, deployment, discovery and distribution of autonomous AI agents.</div>
</li>
<li class="ace-line ace-line old-record-id-PuChdmwX7o9QwBx1PWSunnZRsJg" data-list="bullet">
<div>LayerZero introduced <a rel="nofollow" href="https://x.com/LayerZero_Core/status/1856872776709067019">lzRead</a>, making data such as governance, TWAP, proof of reserve or state synchronization accessible across all chains.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusfIbptaWRuQWw17H8pbhXHc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusxIcg3Q5S5KBe28L88APK0g">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-IlLidHm6EofdpNxfDrjuOowYsVb" data-list="bullet">
<div>Bitwise is expected to launch <a rel="nofollow" href="https://www.globenewswire.com/news-release/2024/11/12/2978732/0/en/Bitwise-to-launch-world-s-first-Aptos-Staking-ETP-on-SIX-Swiss-Exchange.html">Aptos Staking ETP</a> on SIX Swiss Exchange on November 19.</div>
</li>
<li class="ace-line ace-line old-record-id-Twund9Qj8owOzlxRUgKupkkEsbb" data-list="bullet">
<div>NVIDIA Q3 earning is expected to be released after-market-close on November 20, Wednesday.</div>
</li>
<li class="ace-line ace-line old-record-id-Hp0FdnKx7ox387xf4Y3uIcqzsyR" data-list="bullet">
<div>Starknet is expected to launch STRK mainnet <a rel="nofollow" href="https://x.com/Starknet/status/1856213343528464458">staking</a> on November 26.</div>
</li>
<li class="ace-line ace-line old-record-id-S3RIdtNLqo3E1VxVZEyuzbvDsWf" data-list="bullet">
<div>DYDX <a rel="nofollow" href="https://www.dydx.foundation/blog/coming-soon-the-dydx-unlimited-era?utm_source=dYdXTwitter&amp;utm_medium=GlobalSocial&amp;utm_campaign=GlobalSocial">Unlimited</a> is expected to officially launch in November.</div>
</li>
<li class="ace-line ace-line old-record-id-NKX8dieSko4MYlxEKS3u0JdpsMf" data-list="bullet">
<div>Hyperliquid is expected to launch its HYPE token in November.</div>
</li>
<li class="ace-line ace-line old-record-id-WJ8hdHdcxowJYKxUyKMuXE4nsNd" data-list="bullet">
<div>Stacks founder Muneeb stated <a rel="nofollow" href="https://x.com/muneeb/status/1855652354483159133">sBTC</a> is expected to launch in December.</div>
</li>
<li class="ace-line ace-line old-record-id-MhrWdS8Oioi8dNx6Nl4uZc16sQg" data-list="bullet">
<div>Bonk launched BURNmas, aiming to <a rel="nofollow" href="https://x.com/bonk_inu/status/1857465407801798732">burn</a> 1 trillion BONK by Christmas for every user interaction stated.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusCviGlhwhgiKChZCbbbgpIh" data-list="bullet">
<div>Jupiter plans to host the first-ever Jupiverse Conference, <a rel="nofollow" href="https://x.com/jup_dao/status/1856081221484265490">Catstanbul</a>, in Istanbul at the end of January 2025 with no exact date announced. The 30% supply reduction passed earlier this year will be taken plan on the second day of Catstanbul.</div>
</li>
<li class="ace-line ace-line old-record-id-IrrkdIJLzo0puDxDJbRu0RwZsjc" data-list="bullet">
<div>Consensys announced Linea plans to launch <a rel="nofollow" href="https://linea.mirror.xyz/0sExLyJh33ktk6x2kg3l2z0xDVUDt3ilJzsA_Kx0sp0">LINEA</a> token by Q1 2025.</div>
</li>
<li class="ace-line ace-line old-record-id-KM2Qdyn7gonoI7xyhRAu1CRysec" data-list="bullet">
<div>Ethena's <a rel="nofollow" href="https://x.com/ethena_labs/status/1857232687326802306">sUSDe</a> has passed to be listed as collateral on Aave.</div>
</li>
<li class="ace-line ace-line old-record-id-M1t1dc150oTeCmxUYwOupL0Estf" data-list="bullet">
<div>Blur proposed turning on <a rel="nofollow" href="https://gov.blur.foundation/t/blur-improvement-proposal-1-bip-1-blur-fee-switch-veblur-tokenomics/1040">fee switch</a> by shifting the minimum 0.5% royalty to 0.5% protocol fees and introducing veBLUR.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusqgkkeAPhl7LopJv8Ucd93g">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusy7ArfJghgRO5CA1CKpdtob">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-HLcfdCgCComafex7KiLuzCOMsDd" data-list="bullet">
<div>MERL token unlocked on November 19th, amount representing 5.76% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-ZnoCddnnioQ8sVxRL4IuPiRostV" data-list="bullet">
<div>WELL token unlocked on November 23rd, amount representing 1.25% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-UjP5dBWWConyrYxJrXwupLc5sMc" data-list="bullet">
<div>IMX token unlocked on November 29th, amount representing 1.46% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-KK56d2Imwo9QtcxwtPyusOZbsWd" data-list="bullet">
<div>OP token unlocked on November 30th, amount representing 2.56% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-RCTdd2paXoXlUEx026auXOZ0sfn" data-list="bullet">
<div>SUI token unlocked on December 3rd, amount representing 2.87% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuscsfKskAyKpnkUFaGoikcVd">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusanIQlPDEoG0ZfvDVnssy7b">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



Bitcoin continued to hit a new all-time-high of $93,430 and closed last week with an 11.75% weekly g

Weekly Market Insight: November Week 4 

<div data-page-id="ZQEfdE54RoteoixlqY5uQxWGsab" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusvAzI45ESLhaBka75dVrSJg">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-YnL9dWJRSoG83cxMfUwuDOvwstf" data-list="bullet">
<div>- Bitcoin prices surged by 16.95% last week, the highest gain since February 2024, after Donald Trump's sweeping victory in the U.S. presidential election, the Senate and likely the House as well. Trump is expected to take office in January 2025. The market is anticipating actions promised by the new "crypto president", including removing the SEC Chair Gary Gensler, pardoning Silk Road founder, establishing Bitcoin as a U.S. reserve asset and overall favourable crypto policies.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusmm6GmI1J9ayoj6pcDkfsvg" data-list="bullet">
<div>- The Federal Reserve Chair Jerome Powell announced a 25bps rate-cut in the latter week, aligning with market expectations. Bitcoin dominance started to decline after the rate cut decision, indicating shifting interest to higher risk altcoins.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuscQ6knQ45fMtHKxjARzXcAc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusurO4P8OGoEdm4S16AF4oHU">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusoxarTmWdscaKvONcte02Fg" data-list="bullet">
<div>- The U.S. economy continues to show resilience. The ISM Service PMI in October increased to 56, higher than expectation of 53.8.</div>
</li>
<li class="ace-line ace-line old-record-id-MQTBdxpnQoDmvSxhfPNuhGurs8I" data-list="bullet">
<div>- Preliminary Michigan Consumer Sentiment in November increased to 73, the highest in seven months and above forecasts of 71. Despite this, Jerome Powell stated bumps on inflation progress are expected in the press conference last week and long-term inflation expectations appear to remain well anchored. However, the market still decreases its expectations of a 25bps cut in December from 82% to 65% in a week.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusNuXcUjRfI8lDNpUwJmu3ec">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusDsPj8ur6yD3MHsJQPscdXY">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusv32mVwXI4GvI6KGXdoKIec" data-list="bullet">
<div>- Wednesday, November 13, 9:30pm: The U.S. Inflation Rate in October</div>
</li>
<li class="ace-line ace-line old-record-id-HWundO0ezo5QVXxl1nXuncJGsob" data-list="bullet">
<div>- Thursday, November 14, 9:30pm: The U.S. PPI in October</div>
</li>
<li class="ace-line ace-line old-record-id-SMKXdp6gDoGRVCxIwgSua0Wgs9f" data-list="bullet">
<div>- Friday, November 15, 9:30pm: The U.S. Retail Sales in October</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusgMMPxiNhFi9Sn5UBgNioJj">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusOphjG96fEdugfCPsRn9Yxf">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus5ijITrkyS0dd6fENXf9Ivb" data-list="bullet">
<div>- Citigroup and Fidelity International developed a proof-of-concept for an on-chain money-market fund that includes a real-time digital&nbsp;<a rel="nofollow" href="https://www.prnewswire.com/apac/news-releases/citi-and-fidelity-international-demonstrate-tokenized-money-market-fund-and-digital-foreign-exchange-swap-solution-302295142.html">foreign exchange</a> settlement.</div>
</li>
<li class="ace-line ace-line old-record-id-YeuNdYJkGoUB3CxnbvhubCG9sCe" data-list="bullet">
<div>- Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos and Robinhood have partnered to release&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/324413/anchorage-digital-bullish-galaxy-digital-kraken-nuvei-paxos-and-robinhood-partner-to-introduce-global-dollar-network">The Global Dollar Network </a>to accelerate stablecoin adoption worldwide and to incentivize new use cases for USDG.</div>
</li>
<li class="ace-line ace-line old-record-id-XnFNd331goEhoBx35zYuB2a1sod" data-list="bullet">
<div>- An undisclosed&nbsp;<a rel="nofollow" href="https://pensiontrusts.cartwright.co.uk/news-update-cartwright-advises-first-uk-pension-scheme-on-bitcoin-asset-allocation.html">UK pension fund</a> is reportedly investing 3% of its assets into Bitcoin.</div>
</li>
<li class="ace-line ace-line old-record-id-WRsedBSeLoToloxlANLuTcuDsMe" data-list="bullet">
<div>- Michigan pension fund acquired 460,000 shares of&nbsp;<a rel="nofollow" href="https://cointelegraph.com/news/michigan-pension-fund-bitcoin-ether-etf-investment">ETHE</a>, according to a 13F filing.</div>
</li>
<li class="ace-line ace-line old-record-id-F3qGd0gZqovHlqxWD4RumGH8s6e" data-list="bullet">
<div>- VanEck launched&nbsp;<a rel="nofollow" href="https://www.vaneck.com/globalassets/home/media/managedassets/etf-europe/news-and-media/press-room/en_vaneck_pm_vpyt-etn_2024-11-05.pdf">PYTH ETN</a> in Euronext Amsterdam and Euronext Paris.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusYKnaXp23peiaRqOVJfgWTg">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxuswALk0FXKmoIbhw9ER0svyh">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusMwHl7ymqyfpJssr4GYSAXc" data-list="bullet">
<div>- Puffer launched its&nbsp;<a rel="nofollow" href="https://x.com/puffer_finance/status/1854489880077938736">UniFi</a> based rollup testnet for developers, offering sub-second transactions, instant withdrawals, and Ethereum-aligned decentralization firsthand.</div>
</li>
<li class="ace-line ace-line old-record-id-RQfqdOuySokobDxkmI7uHzvxs2f" data-list="bullet">
<div>- Soneium activated&nbsp;<a rel="nofollow" href="https://x.com/soneium/status/1853493237908209672">fault proofs</a> on Soneium Minato, extending the challenge period on Soneium Minato from 30 minutes to 7 days, aligning with the Superchain Ecosystem for enhanced security and reliability.</div>
</li>
<li class="ace-line ace-line old-record-id-Z79kdr56HoivusxZyoNuZmQKsce" data-list="bullet">
<div>- Nethermind, a major contributor to Ethereum, introduced&nbsp;<a rel="nofollow" href="https://x.com/NethermindEth/status/1854150431448109155">Surge Rollup</a>, aiming to be stage 2 rollup at launch leveraging Taiko Stacks and gigagas throughput per second.</div>
</li>
<li class="ace-line ace-line old-record-id-STq8dgu1UoVPAJxuPBGudSlXsye" data-list="bullet">
<div>- BNB Chain introduced&nbsp;<a rel="nofollow" href="https://x.com/BNBCHAIN/status/1854156995726545236">One-Stop Tokenization Solution</a>, enabling a simple and easy tokenization process.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusYKNR5cGAh5CAqQxmeGqyNg">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusWEHCbuTt6UkcYUqxonwSCb">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusQEcQkRFOpjP1I7QjZoxYAd" data-list="bullet">
<div>- Shogun launched its trading bot on&nbsp;<a rel="nofollow" href="https://x.com/shogunfi/status/1853500802280898806">Ethereum</a> mainnet. Shogun is an intent-based trading bot, which has integrated Solana and Ethereum. It plans to expand to TON and Sui next.</div>
</li>
<li class="ace-line ace-line old-record-id-SHDfdP2A6owBSXx0BzLuRntMslc" data-list="bullet">
<div>- Paraswap, DEX aggregator in Ethereum launched&nbsp;<a rel="nofollow" href="https://x.com/paraswap/status/1853765758519549952">Delta V2</a>, enables enhanced prices and expanded access by welcoming new agents and enabling API partners.</div>
</li>
<li class="ace-line ace-line old-record-id-CDMrduGSIoCXTexfsk8uf8Z7sNg" data-list="bullet">
<div>- SushiSwap introduced Dojo with&nbsp;<a rel="nofollow" href="https://x.com/SushiSwap/status/1854207275331907931">Vesting Launch</a>, allowing users to buy new tokens with a gradual release over 24 hours to deter early snipers and pump-and-dump activity.</div>
</li>
<li class="ace-line ace-line old-record-id-NpAAdHSxeosdIyxXR0ZuWmFWsFh" data-list="bullet">
<div>- The f(x) Protocol released its&nbsp;<a rel="nofollow" href="https://github.com/AladdinDAO/aladdin-v3-contracts/blob/main/whitepapers/f(x)_2.0_whitepaper.pdf">V2.0 whitepaper</a>, featuring 10x fixed leverage, zero funding costs, no individual liquidation risk, and a simplified perpetual trading model.</div>
</li>
<li class="ace-line ace-line old-record-id-Dky5dTtPOoG5w3xohgTuRrT8sEe" data-list="bullet">
<div>- Euler introduced&nbsp;<a rel="nofollow" href="https://x.com/eulerfinance/status/1853493538635620426">Prime</a>, a multi-collateral lending market that supports 11 collateral assets, high LTV and supports carry trades between yield and non-yield bearing assets. Euler Prime users are eligible for the rEUL reward.</div>
</li>
<li class="ace-line ace-line old-record-id-YDg0d5qt8o8SMpxCwT0u1JiLslh" data-list="bullet">
<div>- Bounce Finance introduced&nbsp;<a rel="nofollow" href="https://bouncefinance.medium.com/introducing-bouncex-a-perpetual-exchange-powered-by-auction-37ab154486fc">BounceX</a>, a perpetual exchange with AUCTION as trading collateral.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusx5GMadvm4ftVsdCj3EZCzc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxussSFFYU3lg6I05mZy7OzLoh">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusypmKsiKNH0LssqN2qYy3qe" data-list="bullet">
<div>- Morpho Labs passed the vote to enable&nbsp;<a rel="nofollow" href="https://x.com/MorphoLabs/status/1854193455129665683">MORPHO</a> token transferability. The team will deploy the wrapper contract soon.</div>
</li>
<li class="ace-line ace-line old-record-id-VMOgdzKHZonp2SxEExYuuGcKslf" data-list="bullet">
<div>- Wintermute proposed turning on the Ethena&nbsp;<a rel="nofollow" href="https://gov.ethenafoundation.com/t/wintermute-governance-proposal-for-ena-fee-switch/306">fee switch</a>. The proposal will go through Risk Committee to provide parameters.</div>
</li>
<li class="ace-line ace-line old-record-id-SKVsdZ8ggouOSFxWYHNuTx15snb" data-list="bullet">
<div>- OpenSea teased a new upgrade in&nbsp;<a rel="nofollow" href="https://x.com/opensea/status/1853462398587277737">December 2024</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-SFNsd7qXXofI68xSl3duVnaksFg" data-list="bullet">
<div>- Rujira, the merged protocol between Kujira and Levana, announced to launch DeFi hub leveraging Thorchain in&nbsp;<a rel="nofollow" href="https://x.com/RujiraNetwork/status/1852333842717393105">Q1 2025</a>.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusVVxRywticgdPU7KfHvXrUe">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusPsCiCe0z13e2iYOL6wRPrg">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-KqPNd6Mw5oxeXuxzo7huHuqNs6g" data-list="bullet">
<div>- APT token unlocked on November 12th, amount representing 2.19% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-KYWFddRnsogxMdxFTOGuvlq6ssf" data-list="bullet">
<div>- STRK token unlocked on November 15th, amount representing 3.02% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Z4LSdR1hjoVidnx3B3aurgh5sTR" data-list="bullet">
<div>- CYBER token unlocked on November 15th, amount representing 14.2% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-BYVYdLEZso4lizxnFKnuUx75sVU" data-list="bullet">
<div>- ARB token unlocked on November 16th, amount representing 2.32% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-E4ebdHvxdoCjqNxasICughUOstg" data-list="bullet">
<div>- APE token unlocked on November 17th, amount representing 2.09% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-JCTOdUJK8oMYm0xPfTquHQC8sjb" data-list="bullet">
<div>- MERL token unlocked on November 19th, amount representing 5.76% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Z3skdpHoNowJ1hxjzHquynfds1c" data-list="bullet">
<div>- WELL token unlocked on November 23rd, amount representing 1.25% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-JbSld7CKxoJLrpxmud9udF6YsVb" data-list="bullet">
<div>- IMX token unlocked on November 29th, amount representing 1.46% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-WJhldIKRnoPjIVxVxRbuAJjVsuj" data-list="bullet">
<div>- OP token unlocked on November 30th, amount representing 2.56% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusOCLnCseCoTrm7Gn1EY3bEc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusNLy7podscVhCFWXBVQEsZc">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



- Bitcoin prices surged by 16.95% last week, the highest gain since February 2024, after Donald Trum

Weekly Market Insight: November Week 3 

<div data-lark-html-role="root">
<div class="rich-text-paragraph" data-eleid="2"><span class="text-only" data-eleid="3">Donald Trump has won the majority electoral vote with 277 votes over Kamala Harris's 226 in the 2024 U.S. presidential election, securing the victory after a decisive win in Pennsylvania, according to Fox News. Media outlets also report that Trump held a strong lead across all seven swing states, paving his way to the presidency. Additionally, the U.S. Senate appears to have been secured by the Republican Party, gaining a majority with 51 seats. With Republicans also leading in the House (currently at 189 seats versus the Democrats' 163), the legislative landscape now favors pro-crypto policies, as Republican lawmakers have historically shown support for the industry.</span></div>
<div class="rich-text-paragraph" data-eleid="2">&nbsp;</div>
<div class="rich-text-paragraph" data-eleid="4"><span class="text-only" data-eleid="5">Trump&rsquo;s victory is anticipated to benefit the cryptocurrency sector, as the first "crypto president", particularly if he follows through on commitments to establish Bitcoin as a reserve asset, pardon Silk Road founder Ross Ulbricht, and replace SEC Chair Gary Gensler. The crypto sector could expect a more favorable regulatory landscape, particularly if Hester Peirce, a known advocate for crypto-friendly policies, assumes the SEC chair position. This shift may support the approval of ETFs for major tokens like Solana, Ripple, and Dogecoin, broaden Real-World Asset (RWA) applications, and drive institutional activity in decentralized finance (DeFi), given Trump&rsquo;s previous support for DeFi via initiatives like WLFI.</span></div>
<div class="rich-text-paragraph" data-eleid="4">&nbsp;</div>
<div class="rich-text-paragraph" data-eleid="6"><span class="text-only" data-eleid="7">On the fiscal front, Trump's policies could push the U.S. debt-to-GDP ratio to 116%, according to Bloomberg, creating potential pressure on the Federal Reserve to expedite interest rate cuts. Attention will now shift to the Fed&rsquo;s forthcoming decisions on rate adjustments and quantitative tightening. This macroeconomic environment could set a favorable stage for Bitcoin, with strong performance expected in Q4 and laying the groundwork for a potential bull cycle in 2025.</span></div>
</div>


Donald Trump has won the majority electoral vote with 277 votes over Kamala Harris's 226 in the 2024 U.S. presidential 

The Path of Cryptocurrency after US Presidential Election




Headline News



- Bitcoin's price crossed $73,500 last week, with dominance reaching over 60%the highest since March

Weekly Market Insight: November Week 2

<div data-page-id="KYbFdKsUIoRAm3xOvKVuBrTEs9c" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusZKXPFQl9qgtrKiBkH7tufe">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusWGd96SdSt5tAyJ2FDxofHh" data-list="bullet">
<div>- Bitcoin prices dipped 1.58% last week, reflecting a cautiously optimistic stance ahead of the U.S. 2024 presidential election next Tuesday. Meanwhile, the ETH/BTC pair reached its lowest level since April 2021.</div>
</li>
<li class="ace-line ace-line old-record-id-Xsvadzj1SoFfMTxprFjuP7m6sId" data-list="bullet">
<div>- Polls, including those from Ipsos and FiveThirtyEight, show Kamala Harris holding a narrow 2% to 5% lead over Donald Trump. However, prediction markets like Polymarket give Trump a 65% chance of winning. Pennsylvania, with its 19 electoral votes, remains a pivotal state in determining the next U.S. president. Poll closing times vary by state, generally ending around 7 p.m. local time. While the election winner is usually "called" within days, official finalization of results could take much longer and may extend to several months.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-E4IZdKCglovrkyxci7Nuak27s1f">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusOVP1iB8t2oGqgHLoa6zflb">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusNx5aFf8P06hmNgkXvdA8sc" data-list="bullet">
<div>- The U.S. durable goods orders in September decreased by 0.8%, slightly higher than the market estimation of 1% decrease. The data did not have a significant impact on the probability of having a 25bps rate-cut next Friday, which continues to remain at 92.8%.</div>
</li>
<li class="ace-line ace-line old-record-id-Ocecd1IqpoLPGSxmGlsu5xU4ske" data-list="bullet">
<div>- Israel carried out airstrikes on Iran, targeting missile and air defense sites. Crude oil dropped 5.11% lower during the Monday open. The assault was viewed as restrained by the market, potentially aiding diplomatic efforts for a regional deal.</div>
</li>
<li class="ace-line ace-line old-record-id-MHPcdseqmo6c0JxNQHpu8QkXsBT" data-list="bullet">
<div>- North Korea is dispatching troops to Russia, joining combat with Ukraine.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus8Lwfv6RYFAPuc4Ck2UoT5d">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusnbj0WctQNzoUwuYVWueRIh">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusJEQsSIIfR9VYm9dna6505g" data-list="bullet">
<div>- Tuesday, October 29 10:00pm: U.S. JOLTs Job Openings in September</div>
</li>
<li class="ace-line ace-line old-record-id-YTEPdsUWUogsoMxw36quIVJ9s6g" data-list="bullet">
<div>- Wednesday, October 30 8:30pm: U.S. Q3 Advance GDP Estimates and Quarterly Treasury Refunding Announcement</div>
</li>
<li class="ace-line ace-line old-record-id-Epu6daMPro5gIixgFF3utJCCsac" data-list="bullet">
<div>- Thursday, October 31 8:30pm: U.S. Core PCE, Personal Income and Spending in September</div>
</li>
<li class="ace-line ace-line old-record-id-JwVYdidTcoGts7x5LmSuyRAasJe" data-list="bullet">
<div>- Friday, November 1 8:30pm: U.S. Non-Farm Payrolls and Unemployment Rate in October</div>
</li>
<li class="ace-line ace-line old-record-id-IEFddW8kTokoHFxxdWDuQYves2f" data-list="bullet">
<div>- Friday, November 1 10:00pm: U.S. ISM Manufacturing PMI in October</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusBc1kFzpTncyJd5F4a9DzBk">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusaqDECYiVfzVexjitd61TjC">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus9AF3JfzzdmcBblmzISCeVc" data-list="bullet">
<div>- Tether is under&nbsp;<a rel="nofollow" href="https://www.wsj.com/finance/currencies/federal-investigators-probe-cryptocurrency-firm-tether-a13804e5">federal investigation</a> for possible violation of anti-money-laundering and sanctions rules, according to WSJ. Tether CEO, Paolo Ardoino, <a rel="nofollow" href="https://x.com/paoloardoino/status/1849876338573799912">stated</a> there is no indication that Tether is under investigation.</div>
</li>
<li class="ace-line ace-line old-record-id-AEvsd6pV7ovdWMxPsA0uq6Q9s4g" data-list="bullet">
<div>- VanEck announced that its Solana exchange-traded note (ETN) launched in the European market has successfully enabled the&nbsp;<a rel="nofollow" href="https://decrypt.co/287431/vaneck-solana-staking-rewards-europe?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=auto">staking function</a>.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusf4YGckQZoFdBU0wq2BGmFb">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusZQWh2qq0lY8JoyvKzrZKbb">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-XrJVdhv3Ioyz3cxJ3oruv51esFf" data-list="bullet">
<div>- Kraken announced&nbsp;<a rel="nofollow" href="https://x.com/inkonchain/status/1849443457883885801">Ink</a>, an Ethereum Layer-2 powered by OP Stacks, testnet during Ethereum Devcon and mainnet is expected in Q1 2025.</div>
</li>
<li class="ace-line ace-line old-record-id-BegQdK8a1o547Tx9njAulOFosvf" data-list="bullet">
<div>- GnosisDAO announced the launch of the GnosisVC Ecosystem, a&nbsp;<a rel="nofollow" href="https://x.com/tw_tter/status/1850123566072611100">$40 million venture fund</a> that focuses on advancing the RWAs and improving decentralized infrastructure.</div>
</li>
<li class="ace-line ace-line old-record-id-doxuszSTUWtBQpHhY0Wb9c4d9pf" data-list="bullet">
<div>- Avalanche launched a&nbsp;<a rel="nofollow" href="https://x.com/avax/status/1848438450950648220">Visa credit card</a>, users are able to spend their credit limit based on the assets held by users.</div>
</li>
<li class="ace-line ace-line old-record-id-NRtOdFLuPors2ixB1I1ucpvCsfc" data-list="bullet">
<div>- Dymension introduced&nbsp;<a rel="nofollow" href="https://x.com/dymension/status/1849056771266023895">Initial RollApp Offerings</a> (IRO), the raised fund will be used to seed the liquidity on Dymension's DEX with the LP token burned. RollApps are able to select their preferred bonding curve for IRO.</div>
</li>
<li class="ace-line ace-line old-record-id-ODC9dfR3ioQqGCxlIEDu5TQesKg" data-list="bullet">
<div>- Gala introduced GalaChain Decentralisation&nbsp;<a rel="nofollow" href="https://news.gala.com/wp-content/uploads/2024/10/GalaChain-Decentralization-White-Paper-DRAFT.pdf">whitepaper</a>, transiting its consensus mechanism from Raft (leader-based) to Byzantine Fault Tolerance algorithm, improving the security and scalability of the network.</div>
</li>
<li class="ace-line ace-line old-record-id-DoENdYLisojRoWxXtRTumpJjssg" data-list="bullet">
<div>- Sophon has chosen&nbsp;<a rel="nofollow" href="https://x.com/sophon/status/1848710859775726008">Avail DA</a> as its data availability layer.</div>
</li>
<li class="ace-line ace-line old-record-id-Ytytd4C5hoCqMexqteRuDxzTsK1" data-list="bullet">
<div>- Mantra launched its RWA-focused Layer 1&nbsp;<a rel="nofollow" href="https://x.com/MANTRA_Chain/status/1849095580200440132">mainnet</a>, allowing users to stake OM, bridge tokens for future airdrops, and earn KARMA.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusWvui4ha0eD6x5w9FadjS8g">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxus0JgGKJcBp3JdXnKf0ue4pe">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus0TseCmgbXuIQG2qu5Na2Nc" data-list="bullet">
<div>- Virtual Protocol upgraded Luna, its top AI agent on their platform, to&nbsp;<a rel="nofollow" href="https://x.com/luna_virtuals/status/1848351879501435071">Sentient Mode v2.0</a>, enabling her* to control her own X account without human oversight. Luna is now able to <a rel="nofollow" href="https://x.com/virtuals_io/status/1849841392241283559">transact freely onchain</a> and reward tokens to users that completed the quests announced.</div>
</li>
<li class="ace-line ace-line old-record-id-Ki5vdtC8HoBhjOxIgxZuyUGKsxg" data-list="bullet">
<div>- LayerAI introduced&nbsp;<a rel="nofollow" href="https://x.com/LayerAIorg/status/1848694605572657494">AI Agent Launchpool</a>. Each memecoin will be led by one AI agent with a social profile. All the launched memecoins will be paired with its protocol token LAI.</div>
</li>
<li class="ace-line ace-line old-record-id-Fr6CdanNLovnoHxjDbmuYKsQsTh" data-list="bullet">
<div>- Uniswap launched its&nbsp;<a rel="nofollow" href="https://blog.uniswap.org/permissionless-bridging-is-now-live">intent-based bridging</a> powered by Across Protocol.</div>
</li>
<li class="ace-line ace-line old-record-id-HNrIdpJcmoLCccxK3gouXSBBspe" data-list="bullet">
<div>- Sushi swap unveiled its&nbsp;<a rel="nofollow" href="https://x.com/SushiSwap/status/1848382959319199749">Super Swap</a> roadmap which promises to swap everything focusing on its new Route Processor tech to enhance liquidity.</div>
</li>
<li class="ace-line ace-line old-record-id-JPDydIh22o9f8CxyC7uusWsgsfd" data-list="bullet">
<div>- Chainlink and 11 institutions including Euroclear, Swift, Franklin Templeton and UBS announced an initiative to make&nbsp;<a rel="nofollow" href="https://x.com/chainlink/status/1848441681219359081">corporate actions</a> into structured data using AI and blockchain technology.</div>
</li>
<li class="ace-line ace-line old-record-id-FxdldWg4ToxavvxmAbKujrijsfY" data-list="bullet">
<div>- Ethena's USDe is now accepted as&nbsp;<a rel="nofollow" href="https://x.com/wintermute_t/status/1849798388377845877">margin collateral</a> for OTC trading with Wintermute.</div>
</li>
<li class="ace-line ace-line old-record-id-A5Vxd7S6moMiNlxjv1ourr4Isff" data-list="bullet">
<div>- Decentraland has released its&nbsp;<a rel="nofollow" href="https://x.com/decentraland/status/1848741832382890123">Decentraland 2.0</a> with improved performance, creator economics, quests and roadmap for better in-game communication, VC/AR and mobile support.</div>
</li>
<li class="ace-line ace-line old-record-id-UqAadxslVo8IM5x7XSwu7eIwsYv" data-list="bullet">
<div>- Pump.fun launched a function to&nbsp;<a rel="nofollow" href="https://x.com/pumpdotfun/status/1848782937178648963">tokenise video</a> with the newly launched tokens.</div>
</li>
<li class="ace-line ace-line old-record-id-S4dgdu5zzoDoSxxSH4pupnKts4d" data-list="bullet">
<div>- Arkham Intellegent is now supporting&nbsp;<a rel="nofollow" href="https://x.com/ArkhamIntel/status/1849844726519800027">Solana</a> blockchain.</div>
</li>
<li class="ace-line ace-line old-record-id-LCs2dJoH8olY2qxUml1uPqlIsvf" data-list="bullet">
<div>- Safe Wallet launched gasless deployment of the&nbsp;<a rel="nofollow" href="https://x.com/safe/status/1849420846676488568">multichain address</a>.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus2lUatlkINuMOXm16lvfKRh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusDv9sJMyz6r36HuJ4kfaZFh">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-KsdydD349oRpSGxTLy6uh3kksLe" data-list="bullet">
<div>- Grass, a decentralised data scrapper protocol, is expected to distribute its airdrop on October 28.&nbsp;<a rel="nofollow" href="https://x.com/grassfdn/status/1849525091157123313">GRASS</a> token will be used as network fees, staking, incentive and governance. Revenue generated by the network will be used to buyback GRASS and redistribute to stakeholders.</div>
</li>
<li class="ace-line ace-line old-record-id-ShYYd2xzlo5P5kx9jl6uXxPHshe" data-list="bullet">
<div>- Stacks&nbsp;<a rel="nofollow" href="https://x.com/muneeb/status/1846930820126105807">Nakamoto mainnet upgrade</a> is expected to launch on October 29.</div>
</li>
<li class="ace-line ace-line old-record-id-F9pHdWjVgoGRu3xDwFKuafRhsUb" data-list="bullet">
<div>- Base is expected to launch&nbsp;<a rel="nofollow" href="https://x.com/base/status/1849199337504465335">fault proofs</a> to mainnet on October 30, enabling permissionless challenge invalid withdrawals. Base will be categorised as stage 1 rollup after the upgrade according to L2Beat.</div>
</li>
<li class="ace-line ace-line old-record-id-VKI7dAMojor29fxZiKDuXGa5sQe" data-list="bullet">
<div>- Chainlink SmartCon will be held from October 30 to 31 in Hong Kong.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusr5NmSdVke6nPsjTibAbxzc" data-list="bullet">
<div>- Elixir announced the&nbsp;<a rel="nofollow" href="https://x.com/elixir/status/1848780470449770819">mainnet</a> phase 1 launch on October 31.</div>
</li>
<li class="ace-line ace-line old-record-id-ViwGdSSd7oy4KjxuqLLuRpz3s7d" data-list="bullet">
<div>- Sky (previously MakerDAO) founder Rune Christensen proposed options to recenter the&nbsp;<a rel="nofollow" href="https://x.com/RuneKek/status/1848383711802212426">Maker brand</a> or continue with Sky as the core brand.</div>
</li>
<li class="ace-line ace-line old-record-id-WtkjdPIILoGBw3xe5A0uti3Csoh" data-list="bullet">
<div>- Microsoft shareholders will be voting to approve the "<a rel="nofollow" href="https://www.sec.gov/Archives/edgar/data/789019/000119312524242884/d878959ddefa14a.htm">Assessment of Investing in Bitcoin</a>" on December 10. The board recommends voting against the proposal.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxuspItRuPsc5Y0OefOqgzIGBd">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusLwQbaEOpmzgyBWqJmyOPed">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-OXP4d0ut1otMiCxiNYiuzeP7sz9" data-list="bullet">
<div>- WELL token unlocked on October 23rd, amount representing 1.3% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Afuyd3d6YoM4U9xL2kPu2L04ssd" data-list="bullet">
<div>- RON token unlocked on October 27th, amount representing 9.89% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-NDJidHUj9ok5sXx9MjrumGiZsuh" data-list="bullet">
<div>- TIA token unlocked on October 30th, amount representing 82% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AH4ZdJ65doGuvZxeqlvuQN3lsFh" data-list="bullet">
<div>- IMX token unlocked on November 1st, amount representing 1.98% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-NER4dWFkHor9Txx2FnCuNje1sob" data-list="bullet">
<div>- SUI token unlocked on November 3rd, amount representing 2.96% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-RxbHdKmjjoqiCFx82RauFwKIsbe" data-list="bullet">
<div>- APT token unlocked on November 12th, amount representing 2.19% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus7nSCpERahE6CXccOIgptCh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusSqZtyzWyFYiof3pGbRuHkd">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



- Bitcoin prices dipped 1.58% last week, reflecting a cautiously optimistic stance ahead of the U.S.

Weekly Market Insight: October Week 5

<div data-page-id="E8mjdd6Vco73Z7xHzv0ufeEGsPe" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxus5mTkK3xZGk9UtRiCphcu9d">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusJcekd5bMhhsmbojzRWXU2g" data-list="bullet">
<div>- Bitcoin's price surged by 9.81% last week, driven by market optimism surrounding the upcoming U.S. election in November and a higher certainty of a 25bps rate cut in the forthcoming FOMC meeting. Bitcoin spot ETFs saw their highest weekly net inflow since March 2024, reaching $2.13 billion. Meanwhile, Ethereum spot ETFs recorded their third week of net inflows, totaling $78.89 million last week.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusZVi0jby0uo9DuSStFGqaUj">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusdZv19HhFGquF0fsqjlomSh">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusFyXseB9pPnTpoc0NPRBmwc" data-list="bullet">
<div>- The U.S. retail sales in September increased 0.4%, higher than the expected 0.3% increase, showing signs of a resilient economy. Despite that, the market expected 92.3% probability to have a 25bps cut in the November FOMC meeting.</div>
</li>
<li class="ace-line ace-line old-record-id-COvqdepP8oqA75x2KLQuaJQAsyb" data-list="bullet">
<div>- Japan's inflation rate in September decreased by 0.3% from a 0.5% increase in August. This decline provides the Bank of Japan with further justification to hold off on raising interest rates in the near future.</div>
</li>
<li class="ace-line ace-line old-record-id-ZYaVdWzmkoDqFNxuS2JuQoy1stb" data-list="bullet">
<div>- China's GDP growth fell from 4.7% in Q2 to 4.6% in Q3. The central bank vowed to offer more easing and support after the GDP clocked in.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusKpcsxftjQ4lAdsGqTrLUNg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxus70aCQOWld8VEQQOSbT1iRd">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus2aZQFkJOeBK0sgL0Wb2lvg" data-list="bullet">
<div>- Friday, October 25, 8:30pm: The U.S. Durable Goods Orders in September</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-XKoAdtyxhox7RGxvYTIuXwNVsUb">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxus18HOms6ju7Nc0VEVGCqONf">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusWbASyIgLDfQKR1lp0le3Ng" data-list="bullet">
<div>- The U.S. SEC approved trading and listing of multiple Bitcoin ETF&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/322083/sec-gives-nyse-the-go-ahead-to-list-options-trading-for-multiple-spot-bitcoin-etfs?utm_source=rss&amp;utm_medium=rss">options</a> on NYSE and Cboe.</div>
</li>
<li class="ace-line ace-line old-record-id-CMyqdU61xoAsq5xmVy6uDgL4sLe" data-list="bullet">
<div>- Blackrock and Securitize are reportedly having early conversations with exchanges such as Binance, OKX and Deribits to use&nbsp;<a rel="nofollow" href="https://news.bloomberglaw.com/securities-law/blackrock-seeks-bigger-foothold-in-crypto-derivatives-market-1">BUIDL</a> as collateral for derivatives trading.</div>
</li>
<li class="ace-line ace-line old-record-id-CFzdd6hREo54Lrxf9b3utShVsDb" data-list="bullet">
<div>- Stripe acquired&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/322144/stripe-acquires-stablecoin-platform-bridge-for-1-1-billion-in-cryptos-largest-acquisition-techcrunch">Bridge</a> for $1.1 billion, to further expand its business to help merchants with stablecoin payments.</div>
</li>
<li class="ace-line ace-line old-record-id-OdYGdShF6ol7fVxSuvBuwzhysJe" data-list="bullet">
<div>- Grayscale filed to convert its&nbsp;<a rel="nofollow" href="https://x.com/Grayscale/status/1846623890703049160">Digital Large Cap Fund</a>, which consists of BTC, ETH, SOL, XRP and AVAX, to ETF with the SEC.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusaxqMzSCMZscmDeOJAq2DOd">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusTjaFGikEuwKh1FpchQTGJg">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-S1qidiWjYoZAZyxt0SUuyQw8sNb" data-list="bullet">
<div>- ApeCoin launched&nbsp;<a rel="nofollow" href="https://apechain.com/the-blueprint">ApeChain</a>, a Layer-3 powered by Arbitrum Orbit, aims to make easily accessible content, competitive environment and being the distribution funnel. ApeChain features native yield on Apecoin, ETH and stablecoins and interoperability powered by <a rel="nofollow" href="https://x.com/LayerZero_Core/status/1846950989800394980">LayerZero</a>. Multiple meme coins have been minted through <a rel="nofollow" href="https://ape.express/explore/bondingcurve">Ape.Express</a> (Pump.fun equivalent on ApeChain) and traded in <a rel="nofollow" href="https://dexscreener.com/apechain">Camelot</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-QXXPdQQbLoLbttxFe0Lu3awSsth" data-list="bullet">
<div>- Worldcoin launched&nbsp;<a rel="nofollow" href="https://world.org/blog/announcements/hello-world-5-key-announcements-from-new-world-event-san-francisco">Worldchain</a> powered by OP Stacks, World App 3.0 with mini apps in its wallet, new Orb, World ID 3.0 (enabling storing information from physical NFC-enabled passports) and rebranded Worldcoin to World.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusHeXzA40YHxpNR9DK81v9h0" data-list="bullet">
<div>- Fuel Network, the high-performance rollup which features UTXO-based, parallel execution, FuelVM, native account abstraction and aims to become stage-2 rollup next, has launched Fuel Ignition&nbsp;<a rel="nofollow" href="https://x.com/fuel_network/status/1846536888003313786">mainnet</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-Ja4mdzJCJopZGJxZ1zauI4hLsod" data-list="bullet">
<div>- Avail announced partnership with&nbsp;<a rel="nofollow" href="https://blog.availproject.org/avail-symbiotic-partner-to-create-a-unified-framework-for-innovation/">Symbiotic</a> to integrate multi-asset restaking into Avail Fusion, sharing security to verified services on Avail, and making Avail DA available to Symbiotic builders.</div>
</li>
<li class="ace-line ace-line old-record-id-JLCrdBlBSotzkGxOMfiufaLAsmv" data-list="bullet">
<div>- Plume Network, a RWA-focused Layer-2, announced partnership with Projective Finance to bring over&nbsp;<a rel="nofollow" href="https://x.com/plumenetwork/status/1846584620273500475">$100 million</a> in solar assets onchain.</div>
</li>
<li class="ace-line ace-line old-record-id-PEnwdecRBokwNPx2Q3CuKOAFsae" data-list="bullet">
<div>- Pretzel Layer, the modular Layer 2 built on top of Berachain's proof-of-liquidity and powered by Arbitrum Orbit, has launched its&nbsp;<a rel="nofollow" href="https://x.com/pretzelbuild/status/1844014585176609269">testnet</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-ALn8du3EKoz4Uux4S8cuxV2XsUd" data-list="bullet">
<div>- Mode, a DeFi focus Layer-2, introduced&nbsp;<a rel="nofollow" href="https://mode.mirror.xyz/p8IasF_R3wFhRZmmoP6bf8gHQ-ZfBK6O0pMXBQBOmOw">veMODE</a> in season 3 program with $2 million in incentives. Stakers will not be required to lock their MODE, MODE/ETH pairing can be used to vote and emissions will be rewarded to protocols instead of pools.</div>
</li>
<li class="ace-line ace-line old-record-id-BbkudFChjozAjkxUarOuhUEtsCs" data-list="bullet">
<div>- Ripple named Uphold, Bitstamp, Bitso, MoonPay and 5 other entities as partners for its upcoming&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/321054/ripple-bitstamp-bitso-bullish-stablecoin">RLUSD</a>, fiat-backed stablecoin launch.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusoRWC6HXfafyBOLviQqe1ke">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusk65qyqingLiSkgjevdJqqh">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusiHi3fpZM0YNTF5m0SDvvUg" data-list="bullet">
<div>- Hyperlane, a permissionless cross-chain protocol, introduced&nbsp;<a rel="nofollow" href="https://x.com/hyperlane/status/1846585868360077446">Superlane</a> with Velodrome Finance to bring seamless interoperability to Optimism Superchain.</div>
</li>
<li class="ace-line ace-line old-record-id-KsW5dWrROot2pLxnhxmujDIGsIb" data-list="bullet">
<div>- Hyperliquid, the top decentralized derivative exchange, introduced its protocol token&nbsp;<a rel="nofollow" href="https://x.com/HyperFND/status/1845851735363027270">HYPE</a> which is expected to launch together with its HyperEVM.</div>
</li>
<li class="ace-line ace-line old-record-id-Z3cAdUDrho7ezIxjzrBu8iAusNb" data-list="bullet">
<div>- Axelar partnered with&nbsp;<a rel="nofollow" href="https://x.com/axelar/status/1846914980312211964">TON</a>, leveraging Mobius Development Stack (MDS) to connect TON ecosystem to broader interoperability layer.</div>
</li>
<li class="ace-line ace-line old-record-id-KeqUd7mbWoD7ijxEVzZu0fkHsQd" data-list="bullet">
<div>- Osmosis introduced&nbsp;<a rel="nofollow" href="https://x.com/osmosiszone/status/1846170470879842703">Osmosis Pay</a>, a visa debit card powered by Cypher.</div>
</li>
<li class="ace-line ace-line old-record-id-T1YOdOHyKoPuYkxxCemuWQgHsib" data-list="bullet">
<div>- PancakeSwap introduced&nbsp;<a rel="nofollow" href="https://blog.pancakeswap.finance/articles/introducing-pancake-swap-x-zero-fee-and-gasless-swaps-on-ethereum-and-arbitrum">PancakeSwapX</a> on Ethereum and Arbitrum, enabling aggregated swap with zero trading fee and zero gas fee for limited time.</div>
</li>
<li class="ace-line ace-line old-record-id-WbX7dIxJzoXBpkxWjJmu2hE0seb" data-list="bullet">
<div>- Kraken introduced&nbsp;<a rel="nofollow" href="https://blog.kraken.com/news/kbtc">kBTC</a>, a wrapped Bitcoin, on Ethereum and Optimism.</div>
</li>
<li class="ace-line ace-line old-record-id-GElUd8kWGolVT5xRGLOuBExbsxd" data-list="bullet">
<div>- World Liberty Finance released a "<a rel="nofollow" href="https://static.worldlibertyfinancial.com/docs/us/gold-paper.pdf">Gold Paper</a>", stating that 75% of the project's net proceeds will be distributed to the Trump family without liability. The WLFI has raised over <a rel="nofollow" href="https://dune.com/fergmolina/world-liberty-financial">$13.6 million</a> from its pre-sales.</div>
</li>
<li class="ace-line ace-line old-record-id-KnZqdkHFqoMbxdx1lfWur3dosvc" data-list="bullet">
<div>- Pump.fun launched&nbsp;<a rel="nofollow" href="https://x.com/pumpdotfun/status/1847730806334378287">Pump Advanced</a>, integrating mini charts, top holders and social activities. The terminal offers zero fees in the first month. The team plans to launch its own token soon.</div>
</li>
<li class="ace-line ace-line old-record-id-WR9hdHByxo7LgBxTEhCutCsKsAg" data-list="bullet">
<div>- SingularityDAO, DeFi-focused protocol spin-off from SingularityNet in 2020, announced plans to merge with Cogito Finance and SelfKey to form&nbsp;<a rel="nofollow" href="https://www.coindesk.com/business/2024/10/15/singularitydao-plans-to-merge-with-cogito-finance-selfkey-to-form-ai-focused-layer-2/">Singularity Finance</a>, a layer-2 for tokenizing GPUs and other AI-powered financial tools.</div>
</li>
<li class="ace-line ace-line old-record-id-Qwchdt2OZoXkeWxvXwuudl24scb" data-list="bullet">
<div>- Jupiter released&nbsp;<a rel="nofollow" href="https://x.com/JupiterExchange/status/1846898580856229937">Ape.Pro</a>, enabling users to one-click purchase meme coins.</div>
</li>
<li class="ace-line ace-line old-record-id-OnIbd70K9osfOrxCoJrur53SsMe" data-list="bullet">
<div>- DeepBook, a decentralized central limit orderbook (CBOL) exchange built on Sui, has launched its&nbsp;<a rel="nofollow" href="https://x.com/DeepBookonSui/status/1845770720481013910">DeepBook V3</a> and its native token, DEEP, on Sui mainnet. DEEP token can be used to pay for trading fees and staking could reduce the trading fees or enjoy trading rebate on the platform.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusJhkcXKlxpLfgQkBkvPGvae">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusBLKNLzkHz9UdarWWKLFD4g">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-TEi6dE81XoAXvyxdaZYuIA02sAg" data-list="bullet">
<div>- SushiSwap and dYdX are expected to have major announcements respectively on October 21.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusOio1tfHlmeuwojeH9uHcPh" data-list="bullet">
<div>- Cosmos's Cosmoverse conference will be held in Dubai from October 21 to 23.</div>
</li>
<li class="ace-line ace-line old-record-id-NVrkd99CroiM47xOI5Tu5lDwsbd" data-list="bullet">
<div>- Cardano Summit 2024 will be held in Dubai from October 23 to 24.</div>
</li>
<li class="ace-line ace-line old-record-id-Cqzldeq2GonoWvx4m0VuFxFEsXc" data-list="bullet">
<div>- Mantle's native ETH liquid staking protocol, mETH, is expected to launch its governance token, COOK on October 23.</div>
</li>
<li class="ace-line ace-line old-record-id-Flbbd8PmuoaOWPxL3ekuIW9tsRc" data-list="bullet">
<div>- Fluid is expected to launch Fluid DEX this week, enabling users to utilise their debt as trading liquidity.</div>
</li>
<li class="ace-line ace-line old-record-id-LQYmd8FsJof39txSnqHuC6d3sSc" data-list="bullet">
<div>- Eclipse is expected to launch its public mainnet (launched mainnet for developers in July) by the end of October. Eclipse has contributed over&nbsp;<a rel="nofollow" href="https://celenium.io/rollups">55GB</a> of data to Celestia DA, the top data size contributor to Celestia DA.</div>
</li>
<li class="ace-line ace-line old-record-id-Gj2Kd8mXqoYQk1xri5eu5OycsuB" data-list="bullet">
<div>- Maple announced the launch of&nbsp;<a rel="nofollow" href="https://maple.finance/news/syrup-token-launch-13-november">SYRUP</a> token will be taking place on November 13. SYRUP will be converted 1:1 with MPL and will accrue fee revenue generated from Maple and Syrup protocols.</div>
</li>
<li class="ace-line ace-line old-record-id-QGC3dZ9mQo7mG8xcuWyucL0YsIw" data-list="bullet">
<div>- Pendle will integrate&nbsp;<a rel="nofollow" href="https://x.com/0xSonicLabs/status/1846903537940475987">Sonic</a> Chain. Pendle V3, an upgrade for leveraging yield trading, is expected to be launched by the end of 2024.</div>
</li>
<li class="ace-line ace-line old-record-id-HZW9diBFWo4JOvxjA0JulG1Qsuh" data-list="bullet">
<div>- Ethena proposed integrating&nbsp;<a rel="nofollow" href="https://gov.ethenafoundation.com/t/hyperliquid-ethena-liquidity-and-usde-integration/268">Hyperliquid</a> into its liquidity and hedging engine, and USDe integration on Hyperliquid EVM mainnet in the future.</div>
</li>
<li class="ace-line ace-line old-record-id-BpEpdaO6YokzzaxaoeuugAHCseb" data-list="bullet">
<div>- ZKsync proposed&nbsp;<a rel="nofollow" href="https://x.com/zksync/status/1846904535651852340">ZKsync Ignite</a>, distributing 300 million ZK to DeFi users over 9 months.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxush3EFc2GdW7avs9Yrgp2VSf">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusN12zbIBblrHujiqclQcOsc">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Zz3ldf58AoaNqdxyeLuuL9uysKd" data-list="bullet">
<div>- WELL token unlocked on October 23rd, amount representing 1.3% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-OR4idJ8d9o7leVx89vmu8up8s7c" data-list="bullet">
<div>- RON token unlocked on October 27th, amount representing 9.89% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-SoaBdlWUfo32nAx2MxHunctRsZg" data-list="bullet">
<div>- TIA token unlocked on October 30th, amount representing 82% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-XAhBdhXEuoIyijxD5k9uQurrs1d" data-list="bullet">
<div>- IMX token unlocked on November 1st, amount representing 1.98% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AB8kdGoA8oXfhKxrSBxuIolssVh" data-list="bullet">
<div>- SUI token unlocked on November 3rd, amount representing 2.96% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuskdsKsCI4NBTqSZMnZ1mk2f">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusMkgG6hoITyVx51XhEZKLKg">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



- Bitcoin's price surged by 9.81% last week, driven by market optimism surrounding the upcoming U.S.

Weekly Market Insight: October Week 4

<div data-page-id="XLO5dMqxPoKjpwxV96Luq4iXsIh" data-lark-html-role="root" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusutGkqvjMGiU23cIWBXdygx">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusPtPwLk4V7QeuTDfeSfBFxg" data-list="bullet">
<div>- 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.</div>
</li>
<li class="ace-line ace-line old-record-id-PZYhd0KdbogFaPxSOG2utQh0sBf" data-list="bullet">
<div>- 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.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuspwONmHliYeCYmXWB5yPtRe">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusY4uwwvWb1yZmy9iwpwMJNt">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusGzP1em3I0zGwC4RcM0NGog" data-list="bullet">
<div>- 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%.</div>
</li>
<li class="ace-line ace-line old-record-id-SuaJdzb6FoRanWxzVqRuiI4KsPe" data-list="bullet">
<div>- Core PCE, the Fed favourite inflation measure, is estimated to be&nbsp;<a rel="nofollow" href="https://www.chaincatcher.com/en/article/2146864">0.21%</a> to <a rel="nofollow" href="https://finance.yahoo.com/video/does-ppi-fed-next-rate-142406877.html">0.25%</a> based on the component released from CPI and PPI, higher than the previous 0.2% increase in August.</div>
</li>
<li class="ace-line ace-line old-record-id-SHbwdqlPPoLhoPxyRQIufR7bsdb" data-list="bullet">
<div>- The Chinese government stated to front-load &yen;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.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusVWpkptrRLjR0ardCouyrrK">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusimzJcvRZciIiJyFMcqw0Ug">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusjnibOu9RutBDDqGpou8XPd" data-list="bullet">
<div>- Thursday, October 17, 8:30pm: The U.S. Retail Sales in September</div>
</li>
<li class="ace-line ace-line old-record-id-YHHsd30d2oEOrVx3tefugj0is8g" data-list="bullet">
<div>- Friday, October 18, 7:30pm: Japan Inflation Rate in September</div>
</li>
<li class="ace-line ace-line old-record-id-K2JndjXsaoJrFbx3rHfu2cm8std" data-list="bullet">
<div>- Friday, October 18, 10:00pm: China Q3 GDP</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusYeKkeVjzT8ASIuZ4z71Xdg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusrLS7FFqOv37S8atDaIqadd">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus2SNvgmIbQge0kBRibwdcjh" data-list="bullet">
<div>- Stripe is now supporting&nbsp;<a rel="nofollow" href="https://decrypt.co/285581/stripe-crypto-payment-support-usdc-following-six-year-hiatus">USDC payment</a>, fulfilling the promise made in April 2024.</div>
</li>
<li class="ace-line ace-line old-record-id-WaNDdty4DoRFDnxuaOKu80FXsSl" data-list="bullet">
<div>- UAE eliminates&nbsp;<a rel="nofollow" href="https://www.coindesk.com/policy/2024/10/07/uae-exempts-crypto-transactions-from-value-added-tax/">Value Added Tax</a> (VAT) on all cryptocurrency and digital asset transfers.</div>
</li>
<li class="ace-line ace-line old-record-id-QrUIdP04bohyZNx3GhpuhRr2sHf" data-list="bullet">
<div>- FTX was&nbsp;<a rel="nofollow" href="https://www.bloomberg.com/news/articles/2024-10-07/ftx-clear-to-repay-customers-as-firms-seek-slice-of-1-billion">approved</a> by court to repay up to $16.5 billion back to customers with 119% of their claims' value.</div>
</li>
<li class="ace-line ace-line old-record-id-WirAdM4c4oyCtwxBeJQu5jB9sRd" data-list="bullet">
<div>- VanEck launched a&nbsp;<a rel="nofollow" href="https://www.coindesk.com/business/2024/10/09/vaneck-to-invest-in-early-stage-ventures-including-crypto-with-new-30m-fund/">$30 million fund</a> focused on investments in fintech, digital asset or AI firms in pre-seed or seed stages.</div>
</li>
<li class="ace-line ace-line old-record-id-SxmsdecT2oRLmmxPVXIuq3lYswh" data-list="bullet">
<div>- The SEC charged 3 market makers and 9 individuals for engaging&nbsp;<a rel="nofollow" href="https://www.sec.gov/newsroom/press-releases/2024-166">market manipulation</a>. Meanwhile, the FBI charged 18 individuals and entities for widespread fraud and manipulation, creating its own token, <a rel="nofollow" href="https://www.justice.gov/usao-ma/pr/eighteen-individuals-and-entities-charged-international-operation-targeting-widespread">NexFundAI</a>, to "identify, disrupt, and bring these alleged fraudsters to justice".</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusB1WriPMc7NcRq2eQfUhsDb">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusx9Xucz2kQX2AuuOHRSzd9e">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus3rzbpcxswNFKH49gzy6Ubb" data-list="bullet">
<div>- Scroll launched its token,&nbsp;<a rel="nofollow" href="https://www.binance.com/en/support/announcement/introducing-scroll-scr-on-binance-launchpool-and-pre-market-22df1ba38f4a4033924a1adecf93735e">SCR</a>, on Binance Launchpool and Pre-Market listing. SCR traded at approximately <a rel="nofollow" href="https://coinmarketcap.com/view/layer-2/">$1.17</a> billion FDV with around <a rel="nofollow" href="https://l2beat.com/scaling/summary">$1.4 billion</a> TVL.</div>
</li>
<li class="ace-line ace-line old-record-id-WLeAdh0AVoVQWZxpuWguz3Jus5d" data-list="bullet">
<div>- Uniswap introduced&nbsp;<a rel="nofollow" href="https://blog.uniswap.org/introducing-unichain">Unichain</a>, 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.</div>
</li>
<li class="ace-line ace-line old-record-id-Y1AOdmGWwoJRb9xJI10uDx15sch" data-list="bullet">
<div>- AAVE launched a&nbsp;<a rel="nofollow" href="https://x.com/aave/status/1843649551632113777">V3.2 upgrade</a>, introducing Liquid eMode for greater control and flexibility over borrowing and collateral, users benefit from improved gas efficiency and customizable risk management.</div>
</li>
<li class="ace-line ace-line old-record-id-HVEhdFyMaozkaMxpxu5uvKlssMh" data-list="bullet">
<div>- Avalanche Foundation announced an agreement with Luna Foundation Guard (LFG) to&nbsp;<a rel="nofollow" href="https://x.com/AvalancheFDN/status/1844825065889907158">repurchase</a> AVAX sold to LFG. The agreement is pending court approval.</div>
</li>
<li class="ace-line ace-line old-record-id-Ajekdy37zoC0l0xPasMu1K6asbc" data-list="bullet">
<div>- Sonic announced partnership with&nbsp;<a rel="nofollow" href="https://x.com/0xSonicLabs/status/1843658181391847596">Layer Zero</a> to integrate its cross-chain infrastructure.</div>
</li>
<li class="ace-line ace-line old-record-id-WFVedWd5coCKrixyqpxu3uLrsZd" data-list="bullet">
<div>- Babylon has completed its&nbsp;<a rel="nofollow" href="https://x.com/babylonlabs_io/status/1843795314282770869">Cap-2</a> with 22,891 BTC being staked.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusALHY3Z4wUepJ9WCcXHFMcc">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusRbNZqlRYXffu3dLgqzOwHc">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusve3bMeMVN8QwMaeWUd2DNS" data-list="bullet">
<div>- RISC Zero introduced&nbsp;<a rel="nofollow" href="https://risczero.com/blog/introducing-steel-1.0">Steel 1.0</a>, an EVM smart contract execution prover designed to bring offchain computation to EVM apps.</div>
</li>
<li class="ace-line ace-line old-record-id-AquMdO9pEo5ztexfvhcudv0zsnd" data-list="bullet">
<div>- AAA-game,&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/320163/crypto-battle-royale-game-off-the-grid-launches-on-playstation-and-epic-game-store">Off the Grid</a>, launched on PlayStation and Epic Game Store. The game utilises Avalanche subnet to issue in-game assets as NFTs.</div>
</li>
<li class="ace-line ace-line old-record-id-KGZgdAS1lofAU0xxfCRuB8oGscd" data-list="bullet">
<div>- Arrakis announced&nbsp;<a rel="nofollow" href="https://mirror.xyz/0x929fCf268A62e684221f1e39B8b6ddA2f0dA4AeC/qoVRfb9FK6iTEXbs4yGp1h0Py8xCvrfs-Qp_-AqWkIE">DVMM</a>, a decentralised MEV capture solution for market making strategies for LPs.</div>
</li>
<li class="ace-line ace-line old-record-id-XGzLdSkZho5VEBxztJwulWV0swd" data-list="bullet">
<div>- Solv Protocol introduced&nbsp;<a rel="nofollow" href="https://x.com/SolvProtocol/status/1843607388181672008">The Staking Abstraction Layer </a>(SAL), simplifying Bitcoin staking across chains.</div>
</li>
<li class="ace-line ace-line old-record-id-DdiHdkiAdoAoeMxqZDxumkHOsUe" data-list="bullet">
<div>- DeBridge introduced&nbsp;<a rel="nofollow" href="https://x.com/deBridgeFinance/status/1843631377788612624">Hooks</a>, enabling developers to build programmables on top of its cross-chain infrastructure.</div>
</li>
<li class="ace-line ace-line old-record-id-KqdfdZtLPotsTAxmuGUuVGLZsif" data-list="bullet">
<div>- Antonio Juliano, the founder of dYdX, has&nbsp;<a rel="nofollow" href="https://dydx.exchange/blog/the-return">returned</a> as CEO. DYdX released <a rel="nofollow" href="https://x.com/dYdX/status/1844726487091433793">Trump perpetual</a> prediction market with 20x leverage.</div>
</li>
<li class="ace-line ace-line old-record-id-AZLRd1667oOdHAx1DsbuhO9Us7e" data-list="bullet">
<div>- Ethena announced Securitize/Blackrock, Sky, Mountain and Superstate as the&nbsp;<a rel="nofollow" href="https://gov.ethenafoundation.com/t/rwa-reserve-fund-allocation-winners/235">winners</a> for its $46 million reserve fund allocation.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus9aS71K6CASFJ28l5COn8Qh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuspFHeFwWBrikfN8MMEE1UGc">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusRtqRl4e84mSKaJu7UwbMic" data-list="bullet">
<div>- 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&nbsp;<a rel="nofollow" href="https://governance.aave.com/t/temp-check-world-liberty-financial-aave-v3-instance-on-ethereum-mainnet-proposal/19383">7% of total WLFI</a> token to AaveDAO.</div>
</li>
<li class="ace-line ace-line old-record-id-YjNfdMB1coiBqBx7YDjuX4fGsWN" data-list="bullet">
<div>- Ether.fi will begin to distribute&nbsp;<a rel="nofollow" href="https://x.com/ether_fi/status/1843443388970160459">LRT&sup2;</a> token rewards starting October 15.</div>
</li>
<li class="ace-line ace-line old-record-id-LMCrdx3aJo9swhxjYnZu2g9Vsic" data-list="bullet">
<div>- Arkham Intelligence is reportedly planning to launch&nbsp;<a rel="nofollow" href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiTj4zThYuJAxVRUGwGHX0rIOEQvOMEKAB6BAgLEAE&amp;url=https%3A%2F%2Fwww.bloomberg.com%2Fnews%2Farticles%2F2024-10-11%2Fcrypto-firm-arkham-backed-by-openai-s-altman-to-launch-derivatives-exchange&amp;usg=AOvVaw2mez3wvKQ06hlpKOhRxhPG&amp;opi=89978449">derivative exchange</a> in November.</div>
</li>
<li class="ace-line ace-line old-record-id-J52Bd3QjjoqooHxkotcu4Ipcswh" data-list="bullet">
<div>- NEAR will hold its&nbsp;<a rel="nofollow" href="https://redactedbangkok.ai/">[Redacted]</a> event in Bangkok, Thailand from November 9 to 11.</div>
</li>
<li class="ace-line ace-line old-record-id-MzECdaEcJohhDux5yLHu3qQQsUf" data-list="bullet">
<div>- Frax Finance is expected to launch frxETH v2, shifting delegation model to validator lending model, in October.</div>
</li>
<li class="ace-line ace-line old-record-id-GOQndJdqao3VifxL5Jauy8GCstf" data-list="bullet">
<div>- Curve is expected to launch st-crvUSD, staked crvUSD that is programmed to earn native yield from protocol revenue, soon.</div>
</li>
<li class="ace-line ace-line old-record-id-FvSrdEbuVol6cXxXydcuWQsJsVe" data-list="bullet">
<div>- Mt. Gox&nbsp;<a rel="nofollow" href="https://www.mtgox.com/img/pdf/20241010_1b5ee10e-cf5b-420e-9e41-43ccd9e515e5_announcement_en.pdf">postponed</a> the deadline to repay creditors to October 2025.</div>
</li>
<li class="ace-line ace-line old-record-id-GmWDdOOTKojsUKxKA15u8SaNsSd" data-list="bullet">
<div>- Ethena proposed onboard&nbsp;<a rel="nofollow" href="https://gov.ethenafoundation.com/t/proposal-onboard-sol-as-a-usde-backing-asset/232">SOL</a> ,and SOL derivatives such as BNSOL and bbSOL as part of USDe backing asset and hedging mechanism.</div>
</li>
<li class="ace-line ace-line old-record-id-MepxdVz9So6Hc0xpq9buF0Mustg" data-list="bullet">
<div>- Linea&nbsp;<a rel="nofollow" href="https://community.linea.build/t/proposal-towards-linea-s-decentralization/7701">proposed</a> to adopt Proof of Stake to achieve fast L2 finaility while decentralizing block validation.</div>
</li>
<li class="ace-line ace-line old-record-id-MWTTdsTRNokCLXxf62YupzFPslb" data-list="bullet">
<div>- A new Ethereum proposal <a rel="nofollow" href="https://github.com/ethereum/EIPs/pull/8931">EIP-7781</a> suggests reducing the slot time from 12 seconds to 8 seconds, boosting transaction throughput by about 33%.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusHxZK3iVHlohwR2Jm7mOQjc">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusKASaEjIZDIPeKEU7A3bNXg">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Lo6ydge13oVrWYx77wOu4AdZsQb" data-list="bullet">
<div>- STRK token unlocked on October 15th, amount representing 3.29% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-BEGfdIH0no5dEnxdWHuu2Wcwsbf" data-list="bullet">
<div>- CYBER token unlocked on October 15th, amount representing 3.1% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-I6QBdaCYWoI4yvxr1ukuZVL0s7d" data-list="bullet">
<div>- ARB token unlocked on October 16th, amount representing 2.56% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-OUgEdZg8BoH1O0xvSfeur6C6sAc" data-list="bullet">
<div>- APE token unlocked on October 17th, amount representing 2.28% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-En6md0gYAo9uMxxOrmLu6cMoszc" data-list="bullet">
<div>- MERL token unlocked on October 19th, amount representing 5.8% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-EdVhd0NS4o3efFxM6wBu9StRsxh" data-list="bullet">
<div>- WELL token unlocked on October 23rd, amount representing 1.3% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-CGkUdTUPAo7LMqxwaB0ucmAjsag" data-list="bullet">
<div>- RON token unlocked on October 27th, amount representing 9.89% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AtuxdDE40ongUHxqhCKuACCIscg" data-list="bullet">
<div>- TIA token unlocked on October 30th, amount representing 82% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusDjeRBYp7WEQKMAmf6iQCdb">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusuQQSmY7hT4jz7K0wX80BMh">Please click <a rel="nofollow" href="https://chainupgroup.larksuite.com/share/base/form/shruso3ZBWdvpzRlCT4jwnicgrb">HERE</a> to subscribe for weekly market insight and exclusive research.</div>
</div>




Headline News



- Last week, Bitcoin's price saw a modest 0.05% increase, recovering from concerns over higher-than-

Weekly Market Insight: October Week 3 

 Gain real-time cryptocurrency & Web3 market analysis and insights from ChainUp for informed decisions. Stay ahead with actionable market updates