GMGMGM! The Chicago Mercantile Exchange ("CME"), a regulated exchange favored by institutional investors, has reached ~$3.5B in BTC futures open interest ("OI"). In a couple of weeks, the CME has risen to the second-largest BTC futures exchange from fourth-place, and its market share is currently at ~24%. At ~$3.9B of OI, Binance is still the largest exchange for BTC futures. CME recently surpassed 100K BTC in OI for the first time, and many are suggesting that this is an indicator of BTC's recent strength being led by institutions. Another popular theory argues that many investors have migrated from offshore exchanges to CME, which has increased the OI. When it comes to new market entrants, Celestia's native token, TIA, will today be sent to wallets that claimed the airdrop. Token holders will be able to deposit TIA on almost all major exchanges around 2 p.m. UTC, with trading being enabled shortly after. On some exchanges, this depends on liquidity requirements for deposits, while other exchanges have indicated a specific time for when trading is enabled. For example, Binance has tentatively set trading for the token to open at 4 p.m. UTC. Once initial volatility cools off and TIA finds a steady price level, this could be a good reference for the valuation EigenLayer's potential token will trade at if launched.
The telegram trading bot, Unibot, reached massive hype during the summer and had over 2,000 daily active wallets at its peak at the end of August. Activity has since dropped off a bit, somewhat in line with activity on Ethereum. Today, posts of a potential Unibot hack started circulating on Twitter, and not long after, the project's official account tweeted that Unibot has experienced a token approval exploit from its new router, which has now been halted to contain the issue. The account also stated that any funds lost would be compensated. A malicious address stole several different tokens, swapped them for ETH, and finally forwarded the funds through Tornado Cash. In total, ~$640K worth of ETH was sent through the mixing service. Although Unibot has promised to refund all affected users, the price of the native token, UNIBOT, is still down ~22% on the day.
– Brick |
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THORChain had its highest monthly volume since its inception, reaching $3B in monthly volume at the time you are reading this newsletter. This is likely driven by streaming swaps, which launched three months ago on August 1, 2023. Streaming swaps allow swappers to get better price execution by splitting large transactions into multiple sub-swaps executed over a period of time. Users may choose between using a swap interval (time between sub-swaps) or swap count (how many sub-swaps should be executed) for their trade. The swap count chart is also on a tear, almost reaching levels not seen since early November 2022, and with unique addresses hitting an ATH of almost 5K on October 24, 2023. RUNE has noticeably outperformed the market since the local bottom of $1.48 on October 12, 2023, with the token being up 93% since then, compared to BTC and ETH, which are up roughly 28% and 18% in the same time period. |
Frens, it is AI season. OpenAI will be hosting its first developer conference on November 6, 2023. How does this relate to crypto? Well, first of all, the developer conference may be a catalyst for Worldcoin, considering that Sam Altman is behind the project, too. I'm not really sure how much people view Worldcoin as an AI project, but Sam Altman is an influential figure who moves the entire AI industry, so I would pay close attention to the conference. Yesterday, Biden issued an executive order to regulate AI. One key component of it was that any AI model that required more than 1e26 floating point operations or 1e23 integer operations to build must report to the government. If you don't think OpenAI is going to regulatory capture themselves to a $1T valuation, think again. Permissionless AI will require a permissionless stack, such as permissionless GPUs, so perhaps those may be a play going into the OpenAI developer conference. As usual, NFA, DYOR. |
ARB staking could act as a short-term catalyst for the ARB token and overall activity on the Arbitrum network. In the long term, it's a significant step towards transforming the ARB token from merely a governance token into a token with broader utility, at the cost of extra inflation. |
The onchain perps vertical within DeFi has proven its ability to generate substantial revenue and remains a sector poised for growth as more crypto activity migrates from CEXs to onchain venues. Can dYdX, the clear market leader today, thrive as a standalone appchain, or will implementation risk and large supply overhangs be too much for the protocol to overcome? |
Animoca Brands is partnering with NEOM to develop global Web3 services and a hub, supporting tech growth in the economic zone and Riyadh |
New a16z crypto investing vehicles could be introduced in 2025 |
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The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. Blockworks Research analysts may hold assets mentioned in this report, further outlined in the Firm's Financial Disclosures. |
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