The Weekly Airdrop: 0x88
October 27, 2023 // Overall Market +17.7%, BTC makes a new yearly high, dYdX launches their own appchain, 4th consecutive week of inflows into digital assets
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MARKET UPDATE
Crypto markets continued to show strength this week after majors put in sizeable gains in the prior week. We saw significant strength from BTC and ETH carry over through the weekend and into Monday, where BTC traded as high as $35K to put in a new yearly high. We are seeing BTC dominance continue to surge as has been the case with past cycles at the beginning of bull markets, now standing at 51.8% which is a 4% increase in the past 7 days and indicative of a healthy rally forming as we see flows frontrunning an expected ETF approval.
Solana has been the strongest performer among majors notching a +20.8% gain over the past 7 days, as it aims to be the top monolithic alt-L1 going forward.
DEFI OVERVIEW
Onchain Activity
dYdX trading volumes have surged following recent volatility, remaining well above $1b in 24-hour volume and surpassing $2b in volume multiple days this wee. This comes as unique users on the exchange reached a 3-month high to similar levels we saw in August when BTC surged.
Offchain Activity
The Uniswap Foundation has teamed up with Conduit to roll out the Uniswap V4 Sandbox testnet. This platform will enable developers to tinker with new hooks and other building blocks via Uniswap's smart contracts.
WEB3 OVERVIEW
Onchain Activity
Filecoin +17.7% has seen a surge in fees generated over the last 30D, +23.34% to $443,040. The price appears to have followed this positive trend, possibly influenced by growing demand for decentralized storage solutions and improved market conditions.
Offchain Activity
Celestia has integrated with Arbitrum Orbit, enhancing the ease of blockchain deployment and scalability. This union allows developers to extend data publishing to Arbitrum One, Arbitrum Nova, and Celestia, leveraging Arbitrum Orbit's capability to create dedicated Orbit chains that settle to Arbitrum’s L2 chains.
Render is currently in the voting process of a proposal for integrating Beam as the second Compute Client in its network. It aims to harness the network's GPU supply for machine learning tasks, advancing AI development. It enables local Python development, auto-scaling GPU instances, and serverless deployments, reducing infrastructure management burdens.
HIGHLIGHT: dYdX open sources V4 codebase and launches dYdX chain
dYdX’s long awaited Cosmos based app-chain is in the final stages of launch after over a year of development. On Tuesday the code was open sourced to the public, allowing developers to familiarize themselves with it and look for bugs. Today they launched the chain itself, although the public front-end for bridging assets over will not be live until October 30th.
The transition to a decentralized off-chain orderbook should allow for significant improvements in transactions per second while remaining gasless. Currently, it has been successful at handling up to 2,000 TPS in testing and will vastly improve to experience and capabilities for traders on the platform, which is already one of the largest perp dexes.
Over the next couple of weeks, the foundation plans to migrate the dYdX token rewards to Cosmos to help migrate users from V3 to V4.
THE NEWSROOM
About M31 Capital
M31 Capital is a global investment firm dedicated to crypto assets and blockchain technologies that support individual sovereignty.
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