The Weekly Airdrop: 0x90
November 10, 2023 // Overall Market +9.2%, Bitcoin tests $38k, Solana rips, and Ethereum joins the ETF race
2024 Academy: Summer Internship Program
Web3 Summer Internship program.
Work, learn, and live in the Web3 Citadel Dubai
Application Deadline: December 1, 2023
** Only 3 more weeks before the application window closes
MARKET UPDATE
Bitcoin added over $10,000 to its token price, from $27,000/BTC just one month ago. It is now $37.5k, marking a +6.4% rise this week alone. Ether has concurrently posted a notable +13.7% increase, reaching $2,136, in the wake of BlackRock applying for a Spot ETH ETF. Finally, Solana exhibited largely unexpected market strength, jumping +28.2% to $50/SOL, reflecting its continued relevance in the cryptocurrency industry.
DEFI OVERVIEW
The DeFi sector is currently experiencing a notable upward trend, significantly influenced by Ether’s rally and Bitcoin's performance. Concurrently, the Total Value Locked (TVL) in the crypto space has increased by +5.3% to $52.6 billion, reflecting a renewed investor activity in DeFi.
Aave
Aave has experienced a notable rise of +16.4% over the past week, signaling a recovery in market sentiment and a growing trend of leveraging within the markets. This uptick follows a critical governance decision where, on November 8, 2023, a proposal was unanimously passed to disable stable borrow rates for all assets, a preventative measure against a vulnerability reported by a white-hat hacker.
The successful vote led to the reversal of market pauses and the implementation of a permanent solution, with the Aave Guardian orchestrating the unpausing of the applicable pools. This series of actions, effectively coordinated with the Aave Guardian, has reinforced the safety of all Aave pools, bolstering user confidence and contributing to Aave's positive price performance in a vigilant and adaptive market environment.
WEB3 OVERVIEW
OpenAI's first Dev Day spurred significant interest in Web3's data services sector, as investors see increasing potential for AI integration with decentralized platforms. The surge in valuations reflects heightened anticipation for new AI-driven applications and use cases in the evolving digital economy.
The Graph
The Graph Protocol (GRT) jumped +17.7% this week, while concurrently experiencing a robust increase of +20.6% in network fees, totaling $8,391 over the past month.
This financial momentum aligns with The Graph's strategic roadmap launch, which introduces comprehensive objectives to revolutionize data services. These objectives encompass an expansion into a broad market of data services, enhanced developer experience and tools, protocol optimization for resilience and efficiency, improved performance through advanced Indexer tooling, and the development of a more interconnected and composable knowledge graph. This multifaceted approach is designed to solidify The Graph's position as a foundational layer for querying, analytics, and large language models within the blockchain ecosystem.
HIGHLIGHT: Polygon (MATIC)
Polygon Labs and the NEAR Foundation are joining forces to create a zero-knowledge (ZK) prover for Wasm blockchains, named "zkWasm." This collaboration is set to enhance the Layer 2 marketplace by enabling Wasm chains to seamlessly integrate with the Ethereum network. The zkWasm prover, when integrated, will provide developers with more versatility while utilizing Polygon's Chain Development Kit (CDK) to build or migrate blockchains.
The partnership signifies that the NEAR Foundation will become a pivotal contributor to the Polygon CDK, broadening the scope for developers to craft custom blockchains with a wider array of provers. Notably, this includes the choice to construct a Wasm chain, which promises greater alignment with Ethereum and facilitates access to its liquidity pools.
The zkWasm prover represents a significant technological advance, introducing a new runtime capable of generating zero-knowledge proofs to affirm the accuracy of native Wasm runtime executions. This development is anticipated to yield improved scalability and foster greater decentralization within the ecosystem.
This strategic move positions the NEAR Protocol to strengthen its connection with Ethereum, unlocking the potential for Wasm chains to leverage Ethereum's liquidity, thereby enhancing interoperability and liquidity sharing across the blockchain space.
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