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Welcome back to 0xResearch. Here's what we've got for you today: |
Swift x Chainlink pilot and OpenSea 2.0 teased Chart: NFT traders — Solana vs. EVM Degen: Term fixed-rate yields
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Tokenized funds meet Swift Network |
Swift, UBS Asset Management and Chainlink announced today the successful conclusion of a pilot project demonstrating the integration of traditional payment systems with tokenized assets. |
Part of the Monetary Authority of Singapore's Project Guardian, the pilot shows how financial institutions can use the Swift network for the settlement of tokenized fund subscriptions and redemptions. |
Traditional fund processes, particularly in the $63 trillion mutual fund industry, are often hampered by inefficiencies, manual interventions and settlement delays that lead to increased costs and reduced liquidity. This pilot aims to bridge the gap between digital assets and fiat-based systems across Swift's extensive global network, streamlining processes for the payment leg without requiring a complete shift to onchain transactions. |
Using Chainlink's platform for token minting and burning alongside Swift's infrastructure, financial institutions can now facilitate the tokenized fund lifecycle — from subscriptions to redemptions. |
Chainlink has been working with Swift since 2023, and the pilot builds on previous collaborations aimed at enhancing liquidity and operational efficiency within the tokenized fund landscape. |
MAS's Project Guardian promotes asset tokenization to improve financial market functions, and this trial used existing Swift rails to circumvent the need for new onchain infrastructure. |
Swift strategy head Jonathan Ehrenfeld noted the initiative aligns with Swift's mission to provide secure, scalable options for financial institutions exploring digital asset classes and currencies. Sergey Nazarov, Chainlink's co-founder, highlighted the significance of this off-chain payment capability, emphasizing its potential to increase capital flow and expand digital asset accessibility across TradFi institutions. |
As the financial industry increasingly explores digital assets, these kinds of interoperable solutions pave the way for broader adoption and operational efficiency across global markets. |
— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) |
OpenSea 2.0 is on its way |
OpenSea dropped a cryptic tweet yesterday, hinting at a "new OpenSea" coming in December 2024. |
What's OpenSea cooking? No one knows, but a waitlist to the new version of OpenSea has racked up about 308k wallets sign-ups so far. |
Initial speculation is pointing to an OpenSea airdrop token, despite the NFT platform's strong hints historically at taking the IPO route. |
Of all the major NFT marketplaces, OpenSea is the only player that has yet to launch a token. Blur, LooksRare, X2Y2, Tensor and Sudoswap all have a live token, while Magic Eden announced plans to launch one in August. |
A user leaderboard that tracked rewards for usage was also spotted in OpenSea's private beta, which the official OpenSea X account has retweeted. |
If OpenSea is indeed launching a token, that's cool, but it feels far too little, too late. NFT markets are down bad, with total NFT market caps down about 97% from their 2022 peaks. |
The points meta was hot in early 2024, but it's since faded off, so a points program built on NFT trading seems highly unlikely. |
For these reasons, it's hard to imagine OpenSea doubling down on an NFT-only strategy. |
In Solana land, Magic Eden has already pivoted to fungible token trading of BTC and ETH with a mobile-centric strategy on its own Magic Eden wallet. |
Based on its X account, Tensor seems to be persisting with an NFT product. The Solana NFT marketplace is still seeing an average of $3 to $6 million weekly trading volumes. |
Blur's last tweet was almost four months ago and Zora has pivoted to capitalize on memecoin trading with its new "ERC-20z" token standard that allows NFTs to be tokenized into fungible tokens. |
Most other NFT trading marketplaces have negligible daily trading volumes of no more than $22k, and are pretty much dead. |
OpenSea hasn't had a great year. The once-dominant player was brutally outcompeted by Blur, laid off 50% of its staff in November 2023, and then received a Wells notice from the SEC in August that alleged its NFTs were securities. |
Keep an eye out for details on OpenSea 2.0 at Devcon next week. |
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan) |
P.S. We're looking to improve the 0xResearch newsletter and make it more relevant to your interests. Help us out by giving us your feedback in this 2-minute survey. |
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NFT traders in 2024: |
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In terms of NFT trading, 2024 has been characterized by a rise of Solana on a relative basis, amid an overall downtrend. |
On the Ethereum side, only Base has made any substantial inroads in absolute terms. Polygon's PoS chain remains a major NFT player, but like everything else has been stagnating. |
— Macauley Peterson |
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The latest turn from Term Finance is turning heads: Its Blue Sheets Simple-Earn platform now opens institutional-grade fixed-rate lending to the DeFi crowd. For those unfamiliar, Term Finance initially catered to high rollers, running efficient blind auctions onchain to match big-money borrowers and lenders. |
Now, the platform — with backing from Coinbase, Electric Capital and Maelstrom — invites anyone with some ether or USDC to earn predictable yields, sans auction hassles and minimum balances. |
Co-founder Billy Welch notes that although the Earn platform is only available on Ethereum and Avalanche C-chain for now, there are plans to scale to Ethereum L2s and other EVM networks, as well as to add more assets. |
"Integrating Pendle assets is coming very soon — likely this week — as lenders have become more comfortable lending against these assets," Welch told Blockworks. "We are always interested in more exotic collateral types based on demand, but risk management and lenders' willingness to lend against assets is a large consideration." |
— Macauley Peterson |
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Sneak preview: Blockworks Research X thread |
The latest Polygon Protocol Governance Call (#26) covered multiple updates and proposals aimed at improving Polygon's infrastructure and governance. |
PIP-48: Polygon is introducing Path Based Storage Schemes (PBSS) in its PoS Bor 1.5.0 update, which will replace Hash Based Storage Schemes (HBSS). This Ethereum-inspired storage method reduces storage requirements by 74%, decreases block execution time by 60%, and cuts memory usage by 50%. However, PBSS lacks backward compatibility, and the Polygon team recommends node operators switch to this version, tested on the Amoy testnet. |
DNS Discovery: Modeled on EIP-1459, this upgrade enhances node sync by securely bootstrapping peer connections, significantly reducing sync times and improving network stability. |
PIP-47: This proposal seeks to migrate governance from Gnosis Safe to a new Aragon setup, with additional security audits underway. For now, Gnosis Safe remains in use, with a phased rollout planned. |
Community Grants Program: Polygon's first grant season allocated 34M MATIC, supporting over 700 projects across 11 categories, with a focus on consumer adoption. |
For comprehensive developer notes and dashboards, visit Polygon's protocol portal. |
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America votes, putting crypto's campaign dollars to the test |
A tumultuous presidential campaign comes to an end. Read more → |
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Tomorrow will decide major Senate race in US crypto's election efforts |
Republican challenger Bernie Moreno captured the industry's attention when he went up against a key member of the so-called "anti-crypto army" Read more → |
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 | GCR @GiganticRebirth |  |
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Many on CT might have not even been alive in 2000, let alone old enough to remember it Although it is common to believe your vote doesn't matter, perhaps a very quick history lesson is in order In an election for the ages, the final outcome of the 2000 election was decided a… x.com/i/web/status/1… | | | 3:36 PM • Nov 4, 2024 | | | | | | 8.66K Likes 903 Retweets | 1.18K Replies |
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|  | Santiago R Santos | #9159 @santiagoroel | |
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We talk about politics too much
Government should be invisible
Running in the background
Providing security and common services funded by fair taxation The government is here to serve the people
Somehow that role has inverted
Government is bloated and overreaching
We've gone… x.com/i/web/status/1… | | | 10:22 AM • Nov 5, 2024 | | | | | | 123 Likes 7 Retweets | 15 Replies |
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