Maxim Galash’s Post

Welcome to the June 2024 edition of the 𝗗𝗲𝗙𝗶 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗡𝗲𝘄𝘀! This month, we delve deep into the evolving landscape of decentralized finance, highlighting key developments that are reshaping the industry: 𝗦𝘁𝗮𝗯𝗹𝗲𝗰𝗼𝗶𝗻𝘀 𝗨𝗽𝗱𝗮𝘁𝗲: Tether halts USDT minting on Algorand and EOS, while stablecoin issuers now control over $120B in U.S. Treasuries. Paxos introduces Lift Dollar in UAE, and Tether launches the Alloy platform for synthetic assets. 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗨𝗽𝗱𝗮𝘁𝗲: BlackRock’s iShares Bitcoin Trust sets new records, with predictions suggesting Bitcoin could soar to $90K by year-end. 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 𝗨𝗽𝗱𝗮𝘁𝗲: VanEck sees Ethereum potentially hitting $22K by 2030 amid regulatory delays on ETF approvals. 𝗗𝗲𝗙𝗶 𝗧𝗿𝗲𝗻𝗱𝘀: Intensifying competition between Ethereum and Solana, coupled with a surging interest in altcoins. Whether you're a seasoned crypto enthusiast or just starting out, our in-depth analysis will keep you ahead of the curve. Visit our full coverage on Coinchange's blog: https://lnkd.in/eWa2UGbN

▶ Sygnum: 90% of representatives of large investor organizations invested in top digital currencies Sygnum Bank conducted a survey, according to which more than 80% of institutional investors recognized that digital assets are important in the global financial sphere and are rapidly changing the economy. The study covered 150 companies operating on the market for more than 10 years: funds, asset managers, banks, hedge funds, family offices, etc. It turned out that almost 90% of the study participants invested in Bitcoin, Ether and SOL. 57% of respondents intend to increase the volume of digital assets in their portfolio. 66% of respondents noted that they were ready to be part of the “cryptocurrency megatrend,” and 46% had purchased cryptocurrencies in order to diversify their portfolio. Just over 60% of respondents who intend to maintain or increase investments in digital assets hope to receive higher profits in the future. 37% of institutions called crypto coins a more profitable investment compared to conservative assets. Sygnum concluded that direct investment in digital currencies is still the best option for investors. They prefer to own assets directly and receive income from staking. The researchers also noted that large organizations are increasingly investing in popular cryptocurrencies and acquiring knowledge about the nature of the blockchain. Sygnum summarized that as the digital currency industry developed, many large investors moved from skeptics to crypto enthusiasts. And Coinbase CEO Brian Armstrong criticized US senators, including industry opponent Elizabeth Warren, for trying to turn US bankers against digital currencies. According to the entrepreneur, politicians were trying to influence the American Bankers Association and gain its support when lobbying for a draft law to combat money laundering using digital assets. Armstrong believes that a radical anti-cryptocurrency stance is a dubious political strategy. At the same time, the businessman pointed out that about 52 million people in the country have already turned to digital coins. Almost 40% of young people are confident that cryptocurrencies can expand their financial capabilities. What do you think about this?

Market sentiment 8.4 Monochrome, an Australian asset manager, has applied to Cboe Australia for a Spot Bitcoin ETF, potentially pioneering direct Bitcoin holdings. They anticipate a decision by mid-year. Investors are eagerly awaiting US inflation figures on Wednesday. The Bitcoin halving is less than two weeks away, marking one of the most awaited crypto event this year. Total crypto market cap is down -3.96%, Bitcoin -2.75%, Ethereum -5.24%, Avalanche -8.77% and Chainlink -6.63%. Crypto news; 1. US States Approach Cardano Foundation to Build Blockchain Voting Platform  - Although there are not specifics, a few US states are looking to Cardano to help with election transparency by applying blockchain to voting. https://lnkd.in/dqciBnbw 2. Spot Bitcoin ETFs Amass Over 500,000 BTC, Signaling Strong Institutional Interest  - Cumulatively, all U.S.-based spot Bitcoin funds, including those managed by Grayscale, now control 835,000 BTC. https://lnkd.in/dq5KgFVZ 3. Japan’s Sony Bank Experiments with Issuing Stablecoin Pegged to Yen on Polygon  - The trial involves Sony Bank experimenting with the issuance of a “stablecoin” tied to legal currencies like the yen. This stablecoin is designed to offer stability by being backed by real-world assets, thereby preventing major price fluctuations commonly seen in cryptocurrencies. https://lnkd.in/dd-jBQ_S 4. BlackRock adds US banks to Bitcoin ETF  - BlackRock, had added major U.S. banks as participants in its spot Bitcoin exchange-traded fund (ETF). The names listed in a filing shared online included Goldman Sachs, Citadel, UBS and Citigroup. https://lnkd.in/d4ZBXSKU Crypto Total Market Cap

The market showcases remarkable resilience as Bitcoin (BTC) breaches US$52,000 and Ethereum (ETH) hits $2,900. Institutional and venture capital interest is robust, with reports indicating a resurgence of investment enthusiasm. Spot ETFs are notably impacting the Bitcoin supply, outpacing the daily production of miners, leading to increased capital flow into both BTC and altcoins. Bitmex research highlights that ETFs are acquiring an average of 3,500 BTC daily, creating a significant gap with the 900 BTC contributed by miners, and this gap is expected to shrink to 450 BTC in April. Greyscale defends its fee structure amidst the ETF momentum, emphasizing potential tax advantages, while Metamask reports a record-high of 30 million monthly active users, showcasing a 55% growth in four months. The broader crypto landscape sees Robinhood's crypto activities generating $43 million in revenue, Revolut seeking trialists for a comprehensive crypto exchange, and major banks urging the SEC to adjust rules for Bitcoin custody. Positive regulatory developments emerge, with Japan considering rule changes to allow VC's and hedge funds to hold crypto assets, signaling potential support for web3 companies in the region. Ripple seeks to expand its US operations through the acquisition of a US-based custodian. Meanwhile, Chainalysis reports a 29% decline in illicit transactions on blockchains in 2023, with a noticeable shift in tactics towards bridges. On a macro level, former Binance CEO CZ has his sentencing delayed to April, and Fed Chair Jerome Powell urges the US to establish a regulatory framework for stablecoins. Despite challenges in regulatory conversations, the buoyancy of the crypto market is evident in Coinbase's Q4 revenues, which surged by an impressive 41%. With a strong sentiment to the market, be ready and well-equipped for your future trades at thesphynx.co

Dear connections, Following the uncertainties surrounding the recent 10% Bitcoin crash, I find it important to address our understanding and approach towards these market dynamics. In the cryptoverse, such shifts often spark a myriad of theories, creating a sometimes convoluted picture of events. As founder of Invtron DAO, we are dedicated to decoding this perplexity. Our mission is to dissect the matter at its core for a comprehensive understanding that could pave the way for strategic decisions and future planning related to investments and participation in the digital currency world. The speculated factors contributing to the crash range from the operations of Matrixport, statements from influencers such as Jim Cramer, to the inherent risks of high-leverage trading. Examining these variables, although crucial, has not satisfactorily unveiled the precise cause. What's clear, however, is the need for a deeper, more critical investigation of these market maneuvers. That's precisely what we do at Invtron DAO. We welcome all interested parties to partake in our quest to fathom the intricacies of the crypto-market. As we delve deeper into this incident, I invite you to join us and contribute to our comprehensive and open understanding of not just this occurrence, but the overall future of crypto. Visit us at invtrondao.com or invtron.com today and let's keep expanding our collective crypto wisdom. Our commitment extends beyond investment. We aim to provide platforms that foster informed discourse and facilitate learning in the dynamic, yet sometimes nebulous sphere of crypto. Remember, comprehension is the key to astute investment. Thank you for joining us in this exhilarating exploration. Malek Almsaddi Founder, Invtron DAO Author, DeFi: The People's Money

Here is a set of predictions about developments in the field of #Blockchain by 20 researchers and analysts, of @The Block. #BlockchainEnthusiasts across the world may get some thoughts and inputs to ponder over to the extent they find some of their predictions relevant. Readers may also admix their own thoughts and form the final views to work upon. The following is the summary of their consensus predictions.        § General expectations of crypto prices to appreciate in 2024, driven by a risk-on environment. § Approval of Bitcoin ETF in Q1 2024. § Bullish narratives include Real-World Assets, Decentralized Physical Infrastructure, and Artificial Intelligence. § Coinbase as a strong performer and beneficially of institutional adoption of crypto. § Increased adoption in Ethereum-based rollups from activation of proto-danksharding/EIP- 4844.   Names of those Researchers and Analysts are George Calle Steven Zheng Eden Au Abraham Eid Simon Cousaert  Marcel Bluhm  Mohamed AYADI  Jae Oh Song  Florence Kuria  Atharv Deshpande  #LarsHoffman Edvinas Rupkus  #IanDevendorf  #ShamelTejani #John Dantoni  #BrandonKae  #CarlosGuzman #JaidenPercheson  #KevinPeng #AfifBandak #BradKay These Authors’ Disclaimer is as follows: “The projects mentioned in our reports are not recommendations from our team and should not be misconstrued as investment advice. Many projects that appear in this outlook are highly experimental and, as such, will come with risks. Readers should evaluate their own risk tolerance before experimenting with these projects.” Sharat Chandra Prasanna Lohar Kamlesh Nagware Col (Dr.) Inderjeet Singh Deepak Ghadge Raj Kapoor RamKrishna (Ramki) CA CISA Jayjit Biswas Laura Degiovanni ䷼ Julius Peeteer ZESTE NDIKUM

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▶ Pantera Capital predicts another bullish rally in the crypto market The cryptocurrency market is at the beginning of another period, ushering in a bull cycle for digital assets over the next one and a half to two years. This is stated in the Pantera Capital report. “The next halving is projected to occur in April 2024. Investments in Bitcoin by large legal entities are growing after the appearance of spot BTC ETFs in the United States. We believe the combination of these positive factors will provide a strong tailwind for the next bull rally. In addition, legislators are seeking to clarify the regulation of cryptocurrencies,” says company CEO Dan Morehead. Previously, experts stated that the price of BTC during the halving this spring will reach $35,000, and by August next year the digital asset will peak at $148,000. A new report states that the coin’s current rate is already 60% higher than analysts’ estimates. DeFi applications based on Ethereum were previously valued at a range of 8% to 50% of the market capitalization of this blockchain. But if a BTC-based instrument reaches a similar scale to that of ETH, the capitalization of sites that are part of the Bitcoin ecosystem could increase to $225 billion. “Over time, this figure could grow to $450 billion,” Pantera Capital analysts suggested. They also pointed to an increase in trading volumes on decentralized platforms, which amount to about 3% of the total trading volume on traditional crypto exchanges. Experts noted the effectiveness of the dYdX derivatives platform model. “We can assume that dYdX’s capitalization will triple and exceed $10 billion over the next year. Investors will benefit not only from the growth in the value of the protocol, but also from the distribution of dividends,” says the Pantera Capital report. In addition, analysts raised the issue of asset tokenization. They believe this market could grow to $10 trillion by 2030 as financial institutions continue to adopt blockchain en masse.

▶ Analyst Jamie Coutts believes that in the current bull cycle, the crypto market capitalization can reach from $8 trillion to $10 trillion The Cointelegraph Innovation Circle believes that the crypto industry is showing significant dollarization of public blockchains. This leads to the exclusion of projects from circulation of digital assets and has a negative impact on the implementation of the plans of blockchain developers and members of their communities. “Stablecoins have become mainstream financial instruments, competing with established means of payment in traditional finance. They are clearly good for both money availability and inflation protection. However, how good this is for the implementation of the development plans of the blockchains themselves remains in question,” Megan Niewold, head of the media department of the BingX exchange, expresses concern. Amid decline in mutual settlements in native crypto-assets, for example, BTC and ETH, the use of stablecoins continues to grow, according to Innovation Circle. The rise in popularity of digital currencies pegged to the dollar or other fiat assets is challenging the views of some crypto enthusiasts. It consisted in the fact that private tokens of private companies can themselves become an instrument of exchange. Bloomberg Intelligence analyst Jamie Coutts is confident that the cryptocurrency industry will continue to grow. According to him, already in the current bull cycle, the capitalization of the crypto market can reach from $8 trillion to $10 trillion. Coutts noted that he expects the market to “grow to $10 trillion and the proliferation of systematic and factor-based trading strategies.” At the same time, he wrote that he does not believe that the reason for the recent increase in the value of the main digital coin and other crypto assets was only “hype” associated with the likely approval by the SEC of applications from companies planning to launch spot Bitcoin ETFs. “The market is sending the clearest signals that the very nature of asset allocation is changing. The spread between BTC's risk-adjusted returns and global assets has been declining since 2013, but this has changed over the past 3 years,” says Coutts. Other analysts also note the increasing attractiveness of BTC and other cryptocurrencies. This is probably due to market participants' expectation of a reduction in the base rate in the United States, which makes risky assets even more attractive to investors.

Ethena: A "Stablecoin" with a 27% APY Promise 🚀 Stablecoins are the backbone of the crypto economy, USDC alone settled over $7 trillions in on-chain transactions in 2023. With major financial analysts predicting the market cap of stablecoins to reach $3T by 2028, the importance of scalable, stable, and "decentralized" options cannot be overstated. 💰 Show me the money! If you don't know where the yield comes from, you are the yield, so, how is Ethena able to offer so much yield?🤔 First of all, it is not a stablecoin per se (uh?!🤯). It is a trade position that is tokenized in the form of a stablecoin. How does it work?🛠️ 1. Stake $ETH on @LidoFinance; 2. $stETH provides you yield; 3. $stETH gets margin on a third-party platform; 4. The margin is used to short $ETH on CEXes; 5. Funding gives you yield if positive (on average it is positive, more on this later); 6. The position is represented as a ERC20 stablecoin called $USDe By the way, this was tried before in an even more decentralized manner (UXD) but the DeFi infra was not ready.🏗️ 🚨 Main Risks (Is this another LUNA/UST?) 1. Funding yield goes negative for longer than expected. This would be absorbed by Ethena insurance fund. Also, opening and closing positions have a cost that can affect PnL. 2. CEX Blow Up💥: You'd lose 20% of the short leg (but you don’t lose your collateral since it’s segregated) so you’re net long instead of delta neutral. If the market is up then you’re now overcollateralised and if the market is down you'd be undercollateralised. 3. Euphoria: Athena team can start to play with riskier assets as collateral to juice yields and those get a blow🔪 4. eUSD faces credit risk if a platform fails to honor a short, potentially causing a proportional drop in its value. 5. Counterparty/contract risk. 6. Looped leverage (borrowing eUSD with eUSD) intensifies depegging. LUNA blew up because of its reflexive design ($LUNA minted and sold, both go to $0 to protect $UST peg); this system was used to subsidize the 20% yield which was unsustainable from the beginning. Ethena is fully collateralized in exchange ✅ 🧐The Big Question: Is Ethena Sustainable? I have my doubts, to be honest, for starts I don't think it should be called "stablecoin", it masks the risks. Secondly, I am skeptical about using an Insurance fund to absorb (subsidize) the days with negative funding rates. IMO, the negative interest rates should just pass to users (rebase downwards/slash USDe). Third, the success of Ethena relies on maintaining positive funding rates, which has been the trend. Yet, if Ethena's success grows significantly, it could alter market dynamics, potentially affecting these positive rates. In other words, the historic view is not useful if Ethena is large because the historic view does not have Ethena impacting rates. Simplified: - More capital looking to long = + funding rate => longs pay shorts. 📈 - More capital looking to short = - funding rate => shorts pay longs.📉