TLDR CRYPTO 2023-11-16

JP MORGAN’S ONYX TAPS AVALANCHE FOR TOKENIZED FUNDS, AVAX JUMPS 14%

Onyx by JP Morgan and Apollo Global has developed a proof-of-concept with Avalanche under Singapore's Project Guardian, aiming to transform asset and wealth management. Leveraging blockchain, smart contracts, and tokenization, this new development will enable efficient portfolio management. Additionally, the 'LayerZero' protocol will connect Onyx Digital Assets to an Avalanche subnet, providing access to tokenized funds offered by WisdomTree.

SEC DELAYS DECISION ON HASHDEX BITCOIN SPOT ETF APPLICATION, GRAYSCALE ETHER FUTURES FILING

The SEC has postponed its decision on Hashdex's application to convert its bitcoin futures ETF into a spot ETF and Grayscale's bid to introduce a new futures-based ether ETF. With no indication of how the regulator will rule, these delays likely mean that decisions on all of the Bitcoin Spot ETF applications will have to wait until after this calendar year is up.

COLORTRACE: FUNGIBLE TOKEN COLORING AND ATTRIBUTION

LayerZero has introduced ColorTrace, an algorithm that aims to solve the "fungible token coloring problem" - keeping track of specific fungible tokens and their origins. The algorithm aims to keep track of tokens upon transfer and redemption and reward minters proportionally. It offers a single-chain and cross-chain token color solution with "globally consistent" and "economically feasible" token coloring. This paper discusses potential applications of ColorTrace, such as stablecoin collateral tracking.

PANCAKESWAP LAUNCHES GAMING MARKETPLACE

PancakeSwap, a popular decentralized exchange from the BNB ecosystem, has launched a gaming marketplace that enables developers to create games with web3 components like cryptocurrency and NFTs. It has published two games, "Pancake Protectors" and "Pancake Mayor". PancakeSwap represents nearly 15% of all DEX market share, trailing just behind Uniswap. It supports nine blockchains, including Ethereum and Polygon zkEVM.

SOLANA IS LEADING, AND EVERYONE IS MAD + SHDW BULL CASE

This post delves into the ecosystem and how Solana’s newfound attention might impact ecosystem projects like Genesys Go's Shadow ($SHDW), which appear to be undervalued compared to Ethereum-based comps. Shadow is a file storage protocol much like Filecoin. The analysis compares the two and makes an argument for SHDW based on Filecoin’s valuation.

GROW THE PIE UPDATE: JUPITER EXCHANGE COMMUNITY AIRDROP BREAKDOWN

Jupiter, the most popular DEX on Solana, has provided a detailed breakdown of how it will distribute its JUP tokens in the first Phase of the airdrop. The allocation considers the past interactions of 955k wallets. An even distribution accounts for 2% of the drop while 7% is allocated depending on volume traded. The remaining 1% is reserved for community members on their online platforms. The token's full rollout schedule remains to be seen.

CHINA-BASED BOYAA INTERACTIVE TO ACQUIRE $100M WORTH OF BITCOIN, ETHEREUM

Boyaa Interactive, a leading Chinese board and card game company, has announced its plan to acquire around $100 million in cryptocurrency assets, predominantly Bitcoin and Ethereum, over the next year. Aimed at boosting its position in the web3 space, the purchase won't exceed a 10% premium for these digital currencies. The strategic decision follows a recent surge in institutional interest in Bitcoin and Ethereum.

BLOCKCHAINS AS PLATFORMS: BENEFITS, DRAWBACKS, AND TRADE-OFFS

This blog post provides a discussion on blockchains and their potential role as developer platforms. Key factors influencing developers' decision to use one blockchain over another include the offer of unique benefits such as decentralization and smart contracts, balanced against potential drawbacks such as speed, cost, and regulatory uncertainty. While infrastructure improvements are helping developers more easily use blockchains, there are still vast differences in developer experience across different chains and overall usability issues to address.

USDC LAUNCHES ON SEI AS CIRCLE ANNOUNCES STRATEGIC INVESTMENT IN THE LAYER-1 BLOCKCHAIN

Circle is investing in the Sei blockchain, co-founded by ex-Robinhood engineer Jayendra Jog, and is integrating USDC natively on Sei.

HOW VALUABLE IS REAL-TIME FINANCIAL MARKET DATA?

MICROSOFT, TENCENT, AND OTHER TECH GIANTS JOIN DECENTRALIZED INFURA NETWORK

Microsoft, Tencent, and 16 other Web2 giants are joining Consensys to decentralize the Infura network, enhancing access to Ethereum data and improving network resilience.

TOKENIZATION FIRM SUPERSTATE GETS $14M INVESTMENT TO BRING TRADITIONAL FUNDS ON-CHAIN

Superstate, led by Compound founder Robert Leshner, raised $14 million to develop regulated blockchain-based investment vehicles for US investors, focusing on tokenized assets and team expansion.