Bitcoin (BTC) closed the week up 1.26%, while Ethereum (ETH) underperformed alongside altcoins, closing down 3.26% in the same period. Total crypto market cap fell marginally, closing 0.11% down to end the week at $4.240T, up from $4.245T in the week before.
This week’s liquidations dropped back to regular levels, with liquidations skewed towards longs on big market dips, seeing several days with over $400M in long liquidations. Funding rates in general fell as risk appetites fell amidst a shifting sentiment.
- •📌 Luxembourg’s sovereign wealth fund allocates 1% of their fund into Bitcoin ETFs, the first European nation to do so. – Link
- •📌 Grayscale launches the first staking ETPs for Solana and Ethereum in the USA. – Link
- •📌 Bybit becomes the first exchange to secure a Virtual Asset Platform Operator License in the UAE. – Link
Why does it matter?
Markets continued the rally, with Bitcoin breaking new highs, before the market retraced violently into the end of the week, alongside weakness in traditional finance markets. Traditional finance markets also showed weakness, despite a strong start in the week, with the S&P 500 rising 0.19% over the week, and Nasdaq climbing 0.67%.
Notable altcoin outperformers this week included Zcash (ZEC), Railgun (RAIL), Cheems Token (CHEEMS), Useless (USELESS) and Zora (ZORA).
Binance Smart Chain takes the spotlight after a strong week from the BNB token and a series of initiatives to bring attention to memecoins on the chain.
- •📌 Binance introduces Meme Rush, in partnership with memecoin launchpad, four.meme, to bring memecoins on the Binance Smart Chain straight to Binance Wallet users. – Link
- •📌 PancakeSwap announces Cake Pad, a launchpad for new tokens, enabling CAKE holders to commit CAKE to receive a share of tokens allocated to Cake Pad. – Link
- •📌 Trust Wallet integrates Binance’s Meme Rush, expanding the reach of four.meme and their tokens. – Link
Why does it matter?
Attention wanes from Solana and its memecoins towards Binance Smart Chain, as CZ actively pulls users over through nurturing the memecoin ecosystem on the chain.
- •📌 Mantle launches UR, a neobank service enabling direct crypto-to-fiat spending, easy on and off‑ramping, with seven currencies supported at the moment. – Link
- •📌 Phantom introduces Phantom Cash, an all‑in‑one solution for on‑ramps, off‑ramps, spending crypto, supported by Visa and CASH by Bridge. – Link
- •📌 ZkSync rolls out their Atlas upgrade, increasing transactions per second to over 15K, reducing finality time and proving costs on the chain. – Link
- •📌 Tokenized RWA protocol, Ondo Finance, completes their acquisition of Oasis Pro, including their SEC‑registered digital assets broker‑dealer, and more. – Link
Why does it matter?
Neobanking is all the rage as crypto projects expand to reduce the friction of onboarding new users into crypto while allowing existing users to spend their crypto freely in the real world.
Source: https://coinmarketcap.com/chain-ranking/
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- •📌 Solana’s Meteora unveils their tokenomics for their Liquidity Generation Event (LGE), in which all stakeholders (excluding team and ecosystem reserve) will be fully liquid on launch. – Link
- •📌 Perp DEX aggregator, Rage Trade, winds down, with plans to return remaining funds to token holders and investors. – Link
Why does it matter?
Ethena continues their rapid growth across chains, with their stablecoin‑as‑a‑service expanding their reach to several large projects and chains.
- •📌 Bitcoin life insurer, Meanwhile, raises $82M in a new funding round led by Haun Ventures and Bain Capital Crypto, with support from Pantera, Apollo, and more. – Link
- •📌 Predictions market, Polymarket, raises $2B from NYSE parent company, Intercontinental Exchange (ICE), at a post‑money valuation of $9B. – Link
- •📌 Solana dePIN project, Grass, raises $10M in a strategic round from Polychain Capital and Tribe Capital. – Link
- •📌 Web3 payments solution, Coinflow, raises $25M in a Series A round led by Pantera, with participation from CMT Digital, Coinbase Ventures, Jump, and more. – Link
- •📌 Monad announces their airdrop claim date for 14th October. – Link
Source: @boldleonidas
Time to learn Chinese, bro.