Bitcoin Open Interest Surges as BlackRock ETF Filing Sparks Excitement

07.10.2023

Market Overview: 

Crypto Round up

AAVE Governance Proposal

Aave, the popular decentralized lending protocol, is undergoing a significant governance decision. A proposal has been put forth for Aave token holders to vote on the conversion of 1,600 ETH from the protocol’s treasury. The plan involves transforming the ETH into wstETH and rETH, potentially adding value and expanding the protocol’s offerings. https://www.cryptotimes.io/aave-holders-vote-on-governance-proposal-for-eth-conversion/ 

DJED Stablecoin Loses Peg on Cardano

In the realm of stablecoins, DJED, the algorithmic stablecoin built on the Cardano blockchain, has experienced a setback. The stablecoin failed to maintain its reserve ratio within the desired range of 400% to 800%, causing it to lose its peg. The team behind DJED is working to address this issue and restore stability. https://u.today/cardanos-djed-stablecoin-faces-critical-liquidity-problem 

Bitcoin Open Interest Surges with BlackRock ETF Filing

Bitcoin derivatives have been making headlines once again. Following BlackRock’s filing for a Bitcoin exchange-traded fund (ETF), open interest in Bitcoin has jumped by 25%, reaching its highest level since March 2022. This development highlights the growing interest and anticipation surrounding Bitcoin ETFs. 

dYdX Launches Testnet for Version 4

dYdX, the decentralized exchange protocol, has unveiled its testnet for Version 4, which aims to be “fully decentralized.” This upgrade introduces an on-chain order book and matching engine, enhancing the user experience and reinforcing the protocol’s commitment to decentralization. https://blockworks.co/news/bitcoin-open-interest-blackrock 

NFT Marketplace Blur Introduces v2 Updates

Exciting developments are happening in the NFT space as well. Blur, an NFT marketplace, has announced the launch of its v2. The update brings two key enhancements: trades now require 50% less gas, reducing transaction costs, and the introduction of Trait bidding, offering new opportunities for collectors and creators. https://www.galaxy.com/research/insights/nft-marketplace-update/ 

Traders Shift from Decentralized to Centralized Exchanges

Recent trends indicate a shift in trading preferences from decentralized exchanges (DEXs) to centralized exchanges (CEXs). The monthly trading volumes on DEXs, as a percentage of CEX volumes, have decreased from 22% in May to approximately 14% in early July. This transition showcases the evolving dynamics and growing prominence of centralized trading platforms. https://tokenterminal.com/weekly-fundamentals/exchanges-dex-69 

NFT Market News:

Oasys Unveils Game-Changing Updates and Partnerships for Blockchain Gaming

Oasys, a gaming-optimized blockchain platform, unveiled major updates during its Oasys Special Event at IVS Crypto 2023. The event featured presentations from industry giants like Ubisoft and Com2uS, who announced their plans to launch Web3 games on Oasys. Com2uS/XPLA partnership aims to create a thriving blockchain gaming ecosystem in Japan, integrating the highly anticipated AAA game “Summoners War: Chronicles” into Oasys. Meanwhile, Ubisoft announced its first-ever collaboration with Oasys to develop “Champions Tactics: Grimoria Chronicles,” further solidifying Oasys’ position as a leading blockchain platform for gaming. With updates on existing titles and partnerships, Oasys continues to revolutionize the gaming industry, fostering a supportive ecosystem for developers and offering a seamless user experience.

In addition to partnerships, Oasys introduced its second NFT project in collaboration with Bandai Namco Research Institute, focusing on the concept of “AI lifeform X NFT.” Furthermore, the platform announced the development of a dedicated wallet specialized for the Oasys blockchain, enhancing the overall gaming experience. With strong alliances and a pipeline of updates and titles, Oasys is poised to become the dominant force in blockchain gaming, driving mainstream adoption and revolutionizing the industry with its gaming-optimized blockchain.

https://mpost.io/ubisoft-and-com2us-announce-plans-for-web3-games-on-oasys/

https://egamers.io/oasys-unveils-ambitious-blockchain-partnership-with-ubisoft-and-com2us/ 

Latest News:

WELCOME FRIENDS: Hundreds of institutions and prominent individuals have invested directly in crypto, adopted the value thesis, or started building technology to support digital assets since Wave started tracking these developments in late 2020. Now the rise of the Metaverse, Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and Decentralized Autonomous Organizations (DAOs) is driving mainstream adoption of blockchain technologies everywhere we look. We’re continuing to keep track of it every week here:

• Mastercard is setting up a testbed, dubbed the Multi-Token Network (MTN), which will begin by exploring tokenized bank deposits, and which will be available in beta mode this summer in the U.K.
• The NEAR Foundation, the non-profit behind the ecosystem development of the NEAR protocol, is joining with Alibaba Cloud, the Chinese tech giant’s arm for computing and storage, to accelerate Web3 growth in Asia and the Middle East.
• The Hong Kong government established a task force for promoting Web3 development. The task force is chaired by Financial Secretary Paul Chan and is comprised of 15 non-official members from relevant sectors and key government officials along with financial regulators will participate.
• Shares of Bitcoin Depot, the world’s largest crypto ATM operator, more than doubled on their Nasdaq debut Monday following a merger with special purpose acquisition company (SPAC) GSR II Meteora (GSRM) that was valued at $885 million in August.
• Jinan, the capital of eastern China’s Shandong Province, has started encouraging the adoption of the country’s central bank digital currency (CBDC) by introducing digital yuan payments across all its bus routes.
• Cryptocurrency-friendly bank DBS is introducing new solutions for its customers in mainland China related to the digital yuan, also known as e-CNY.

REGULATORY ROUNDUP: We’re living through the era of regulatory recognition of digital assets. The legislation, litigation, and regulation happening today will dictate the entire future of our industry, and we have a historic chance to shape those changes by staying informed and providing public commentary.

• The U.S. Securities and Exchange Commission (SEC) will present its response to Coinbase’s first legal defense on July 13. The date for the hearing is now much earlier than expected, prompted by a “creative” defense tactic employed by Coinbase, where in the exchange filed its first response 40 days before the deadline of August 7.
• The Financial Services and Markets Act 2023, a reform bill in the United Kingdom, has been granted Royal Assent from King Charles, officially making it a law. Under this new law, cryptocurrency trading is recognized as a regulated financial activity. The amended Financial Services and Markets Act defines crypto assets as “cryptographically secured digital representation of value or contractual rights,” considering them as regulated financial instruments, products, or investments.
• Singapore is enforcing new crypto consumer protection measures as the city-state continues applying regulation to its burgeoning crypto industry. Chief among the new measures, the Monetary Authority of Singapore (MAS)—the country’s chief financial regulator—will enforce a ban on lending and staking for retail customers (individual traders, as opposed to institutional clients).
• The Seoul Southern District Court on Monday held the first preliminary hearing for Terraform Labs co-founder Daniel Shin and seven other former Terraform employees.
• Bitwage has halted USDC payments for US residents, citing ‘strict regulations’. The crypto payment company warned that users who fail to remove the stablecoin would have their wallet and bank accounts reset by July 13.

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