The Weekly Airdrop: 0x85
October 6, 2023 // Overall Market (+0.6%): Digital Assets saw first weekly inflow in 6 weeks, UBS launches money market fund on Ethereum, GMX fees up 2x w/w, and Huddle01 launches livestream on X
MARKET UPDATE
The start of October brought forward significant activity in crypto markets with the launch of numerous futures ETF’s on Monday October 2nd. BTC and ETH gained (+5.1%) and (+4.3%), respectively, in the early hours of trading on Sunday.
BTC is currently trading at $27.4K, which is just above the top of the range from the previous 4 weeks while ETH has retraced gains made early in the period.
With still no appeal coming from the SEC after the defeat in court regarding Grayscale’s BTC trust conversion, they have now moved to convert their ETH trust to a spot ETF as well. The SEC has until October 13 to file an appeal of the courts original decision.
DEFI OVERVIEW
Onchain Activity
GMX (+2.7%) sees a 112.2% weekly increase in fees, earning $642.9k after volatility returned to the markets. dYdX, similarly, saw a +47.3% increase in weekly fees. Periods of volatility are good for derivatives DEXs, and it is likely we continue to see a return of volume growth to these protocols
Offchain Activity
Despite multiple ETH futures ETF’s coming to market, there was rather small appetite from investors. This is likely due to the fact that the spot ETF’s are applied for and will provide a better option with lower fees and no cost from rolling the futures positions
WEB3 OVERVIEW
Onchain Activity
AKT (+13.7%) was a strong performer once again this week, as the network begins to see the positive effects of its GPU market, as network revenues have increased +281.1% over the last 30 days
Offchain Activity
Huddle01 launched an X (fka: twitter) livestream feature, and it allows users to stream their calls and events happening on Huddle01 live and directly to X without any 3rd party tool or custom settings
HIGHLIGHT: Jito Labs on Solana
Solana, as we are all very aware of by now, is a proof-of-stake blockchain, that can support high throughput. Like all PoS blockchains, active network participation is a critical component of maintaining network security, and again, like other blockchains, onchain activity is subject to MEV jobs.
Jito Labs is a liquid staking protocol that currently responsible for ~31% of all staked SOL. Jito runs MEV software that helps users capture higher SOL staking yields, through captured MEV.
Currently, Jito Labs offers one-click SOL staking, with an APY of 6.92%.
More on Jito and MEV on Solana here.
THE NEWSROOM
About M31 Capital
M31 Capital is a global investment firm dedicated to crypto assets and blockchain technologies that support individual sovereignty.
Website: https://www.m31.capital/
Twitter: https://twitter.com/M31Capital