The Weekly Airdrop: 0x86

October 13, 2023 // Overall Market (-4.3%): Digital assets saw inflows for the second consecutive week, FTX and Alameda employee testimonies continue, FRAX RWA's go live

Oct 13, 2023

BTC and ETH are under pressure after hotter than expected PPI and CPI. BTC had sold off (-4.7%) while ETH tumbled (-6.4%) since the weekly open to trade below $26.7k and $1,550, respectively.

Today is the final day for the SEC to appeal the court’s ruling in their case against Grayscale. Given the delay of spot BTC ETF’s from late September it wouldn’t come as a surprise if they were to appeal the decision. On the flip side, if they don’t appeal the ruling it would be significant as this would be the first sign the SEC is becoming more comfortable with firms launching the ETF’s.

DEFI OVERVIEW

Onchain Activity

sFRAX went live this week, initially offering users 10% APY through RWA’s. Thus far $35,166,695 FRAX have been staked and the yield has declined slightly to 7.3%. FXS rallied as much as +14.6% before giving back some gains Thursday evening

Offchain Activity

Arbitrum's first round of grant proposal voting has come to an end with 29 projects reaching quorum for a total of ~50m ARB tokens. These tokens will be distributed according to the plans laid out by each proposal with the goal of incentivizing growth and adoption of the L2 and Dapps

WEB3 OVERVIEW

Onchain Activity

Social platform Friend.Tech continues to generate significant fees with over $26.5m generated in the last 30 days alone

Offchain Activity

The Bank for International Settlements (BIS), has completed an experiment which saw the successful trading of CBDCs on-chain via automated market makers (AMMs) and bridges. The experiment was hosted under BIS and the central banks of France, Singapore, and Switzerland, using CBDCs in the form of the Euro, the Singaporean Dollar and the Swiss Franc

HIGHLIGHT: Scroll Launches on Mainnet

Scroll, a zero-knowledge EVM compatible Layer 2, is now live on mainnet, with ~381 ETH (~$580k) bridged to the chain so far, by 588 unique addresses. Scroll will be the second zkEVM to hit mainnet, after Polygon’s zkEVM.

Unlike Optimistic rollups, zkEVMs use validity proofs, which validate the state of an L2 at the time that the sequencer submits batched transactions to the L1. This guarantees instant finality of L2 transactions, and saves users the 7 day period that ORUs require for fraud proof submission. This is one of the reasons zk rollups are considered more secure.

Get started by bridging to Scroll here.