The Weekly Airdrop: 0x84

September 29, 2023 // Overall Market (+2.08%): VanEck files for ETH Futures ETF, Gensler appear before House Committee, Valkyrie BTC + ETH Futures ETF launches

Sep 29, 2023

BTC was little changed from the end of the prior week heading into this one. Trading volumes across spot and derivatives venues edged lower to levels not seen since October 2020. BTC and ETH held up quite well despite rising rates and dollar strength, managing modest gains by the end of the week to settle at $27k and $1,675 at the time of writing.

Chairman Gensler was in front of the House Financial Services Committee this week and questioned on a variety of issues including his regulation by enforcement of the digital asset industry and the lack of rulemaking for the industry which has prevented many traditional finance firms from entering the space until recently.

Later in the week the SEC moved to further delay BTC Spot ETF’s, which comes as no surprise.

DEFI OVERVIEW

Onchain Activity

Curve has rallied (+28.8%) as Founder Egorov closed out his Aave V2 loans and significantly improved the health factors of the loans he has against CRV across Defi platforms

Offchain Activity

86 grant proposals have now been posted to the Arbitrum governance forum from protocols looking to tap into the allocations that may be used to help incentivize growth and usage

WEB3 OVERVIEW

Onchain Activity

The Graph (+0.2%) has seen a surge in fees generated over the last 30D, +181.1% to $82,750, while price hasn’t seemed to follow suit. This is yet another example of overall market conditions pulling a blanket on fundamentally growing protocols

Offchain Activity

Celestia launched their long-awaited TIA token and opened up a claims portal for non-US persons

HIGHLIGHT: Celestia’s TIA Kickstarts The Modular Era

Celestia announced the launch of their TIA token earlier this week, via an airdrop to 7,599 developers, and 576,653 active onchain users of the current modular ecosystem. As we have continually stressed, it pays to be onchain. Total TIA supply at genesis will be 1B.

Celestia’s mainnet will launch with an initial validator set of 100 validators, who will stake TIA tokens in order to participate in consensus and DAS for the network. Inflation is set for 8% at genesis, decreasing by 10% every year until it hits its long term issuance rate of 1.5%.

See if you are eligible for the TIA airdrop here, and dive in deeper into the details here.

Welcome to the Modular Paradigm.