1/ Robinhood, Paxos, Anchorage Digital, among others, have launched the Global Dollar Network to drive adoption of a new stablecoin, USDG. Issued by Paxos in Singapore, USDG complies with the Monetary Authority of Singapore's (“MAS”) upcoming stablecoin framework. The network aims to distribute income from USDG’s reserves among partners, as distinct from majors like USDT and USDC.

2/ The MAS announced plans to advance tokenization in financial services, focusing on creating commercial networks, developing market infrastructure, fostering industry frameworks, and enabling shared settlement facilities. MAS also launched the Global Layer One (“GL1”) initiative for cross-border digital infrastructure and published industry frameworks for tokenized fixed income and funds.

3/ Magic Labs and Polygon have launched Newton, a cross-chain network designed to make using dApps across multiple blockchains seamless. Built on Polygon’s AggLayer, Newton lets developers build dApps that work across different chains without requiring users to manage multiple wallets. Magic Labs will also integrate its chain-agnostic crypto wallet, Passport, into Newton.

pinned «Time to look at November's market insights! Discover the current market landscape and key insights on: 🔸 BTC & S&P500 Correlation 🔸 Application Revenues 🔸 New Token Launches 🔸 Memecoins Growth …and more. Read here ⬇️ https://www.binance.com/en/resear…»

Time to look at November's market insights!

Discover the current market landscape and key insights on:

🔸 BTC & S&P500 Correlation
🔸 Application Revenues
🔸 New Token Launches
🔸 Memecoins Growth

…and more.

Read here ⬇️

In case you missed it:
- Donald Trump is returning to the White House (Inauguration is in Jan 2025).
- The Republicans look likely to control both the Senate and the House.
- Overall, these give the Republicans powerful leverage in policy making (e.g., tax/fiscal spending).

Here's how the markets have reacted:
- Crypto market is on fire: BTC hit a new ATH, with altcoins and memecoins rallying. Trump's win is seen by many as positive for crypto. Remember, he also has crypto exposure through his NFT collections and World Liberty Financial (DeFi).
- Equity markets are up: Stock futures are positive, with S&P 500 on track for a potential record high. Trump's plans for deregulation, tax cuts and increased government spending is expected to stimulate the economy. Though, look out for higher tariffs.
- Higher treasury yields/long-term interest rates: 10-year yields have surged to 4.5%, a six-month high, driven by expectations that Trump's agenda could drive inflation higher (here we go again).
- Stronger U.S. dollar: At risk of over simplification, higher inflation = higher interest rates = stronger dollar.
- China stocks/Yuan feeling the impact: The yuan declined 1% v.s. USD, marking its largest decline in over a year. China H-shares tumbled, with the Hang Seng China Enterprises Index (HSCEI) down around 2.6% today.

What's next:
- Short-term: Expect more volatility in the coming days. Markets have the tendency to whipsaw. Liquidations may cause huge moves in the market.
- Medium-term: More fiscal spending, lower taxes, supportive regulations (hopefully) bode well for crypto.
- Others: Fed's FOMC meeting happens on Thursday. Markets still expect a 0.25% rate cut, which aligns with our view. However, we expect the number of rate cuts ahead to be fewer than initially expected, especially if inflation picks up with increased spending.

pinned «Memecoins - love them or hate them, they're certainly the talk of the town. Dive into an analysis of the rise of memecoins, and their potential impact on the crypto industry. Check it out ⬇️ https://www.binance.com/en/research/analysis/understanding-the…»

Memecoins - love them or hate them, they're certainly the talk of the town.

Dive into an analysis of the rise of memecoins, and their potential impact on the crypto industry.

Check it out ⬇️

Highlights 🧵:
1/ Binance has announced a partnership with Amazon Web Services (“AWS”) to leverage its generative AI capabilities for improving user onboarding, customer support, and internal system diagnostics. This collaboration has already led to significant improvements and Binance plans to further expand the use of AWS's generative AI technologies across various operational domains to drive innovation.

2/ The U.S. Treasury Department highlighted in its Q4 2024 Fiscal Year Report that stablecoin growth drove increased demand for U.S. Treasuries, estimating that US$120B of stablecoin collateral is invested in Treasuries. Tether, the largest stablecoin issuer, reportedly holds US$81 billion in T-bills.

3/ The U.S. Securities and Exchange Commission (“SEC”) has issued a Wells notice to blockchain gaming platform Immutable, signaling potential enforcement action. The notice allegedly concerns the listing and private sales of the platform's native IMX token in 2021. Immutable has vowed to contest the notice, arguing that the SEC's allegations are unfounded.

pinned «In under a year, spot #Bitcoin ETFs have drawn US$18.9B+ in net inflows, now holding US$63.3B, making them the third-largest segment of BTC holders. Our latest #Binance research dives deeper into how these ETFs are shaping crypto markets. Check it out ⬇️…»

In under a year, spot ETFs have drawn US$18.9B+ in net inflows, now holding US$63.3B, making them the third-largest segment of BTC holders.

Our latest research dives deeper into how these ETFs are shaping crypto markets.

Check it out ⬇️

Highlights 🧵:
1/ Stripe acquired stablecoin platform Bridge for US$1.1B, furthering its expansion into digital asset infrastructure. This move underscores Stripe's commitment to stablecoins and crypto, aiming to streamline stablecoin transactions for businesses and highlighting the growing importance of them in the financial sector.

2/ VanEck introduced staking rewards for its Solana exchange-traded note in Europe, allowing investors to earn passive income that is auto-reinvested daily. This non-custodial process has a 25% staking fee deducted before adding rewards to the ETN's NAV, ensuring max liquidity and proportional reward distribution. Meanwhile, VanEck is awaiting SEC approval for a Solana ETF in the U.S., which will not include staking rewards.

3/ ApeChain launched mainnet on Arbitrum Orbit, introducing native staking yield to APE holders. Apechain is also integrated with LayerZero for cross-chain capabilities. Yuga Labs, in partnership with Wire Network, aims to enhance creator capabilities on ApeChain with AI-driven tools. Additional features include the Yuga ID for simplified account management.

pinned «Want some insight into the state of crypto in Q1 2024? Look no further than our latest #Binance Research market pulse report, where we cover it all 🫡 Check it out ⤵️ https://www.binance.com/en/research/analysis/1q24-market-pulse»

Want some insight into the state of crypto in Q1 2024?

Look no further than our latest Research market pulse report, where we cover it all 🫡

Check it out ⤵️

Highlights 🧵:

1/ Runes, a new protocol for issuing fungible tokens on the Bitcoin network, has accounted for 40 to 80% of the Bitcoin transactions since its launch on April 20th. Much of this momentum came from market participants' speculation on Runes meme coins, which resulted in heightened network fees and, consequently, a notable increase in miner revenue. As the initial FOMO gradually subsides, it remains to be seen whether user interest in Runes will sustain in the coming months.

2/ Morgan Stanley is reportedly preparing to allow its brokers to recommend spot BTC ETFs to clients, with established risk criteria and trading limits. Separately, Google Cloud has announced its Web3 Portal, providing blockchain datasets and tools for developers.

3/ Binance has announced BounceBit as its first Megadrop project. Meanwhile, Metis has launched phase 2 of its decentralized sequencer upgrade, introducing features like transactions pools, sequencer mining, and more.

pinned «The fourth #Bitcoin Halving is finally upon us! Our new #Binance report explores the basics of the Halving, how Bitcoin's key metrics may be affected, miners, as well as, what we believe is the most important role of the Halving. Have a read ⬇️ https:/…»

The fourth Halving is finally upon us!

Our new report explores the basics of the Halving, how Bitcoin's key metrics may be affected, miners, as well as, what we believe is the most important role of the Halving.

Have a read ⬇️

Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.

Highlights 🧵:

1/ The next Bitcoin Halving is expected to occur on April 20, 2024, reducing the block reward from 6.25 to 3.125 BTC. This represents a 50% reduction in new Bitcoin issuance. Historically, previous halvings have been positive for BTC in the 6-12M period following the event. However, each halving’s impact is context-dependent, influenced by prevailing macroeconomic conditions and demand-side factors.

2/ Hong Kong regulators have approved several spot BTC and ETH ETFs, a step towards the city's status as a regulated crypto hub. Separately, Worldcoin has introduced an Ethereum Layer 2, World Chain.

3/ TON has introduced Memelandia, a cultural hub aiming to support community-driven meme coins and tokens. Meanwhile, Puffer Finance has raised US$18M in a Series A funding round led by Brevan Howard Digital and Electric Capital, reaching a US$200M valuation.

Highlights 🧵:

1/ Bolstered by the points system trend in the current market, the TVL of the yield trading protocol Pendle has experienced rapid growth, boasting a TVL close to US$5B. Additionally, the cumulative trading volume of Pendle has also surpassed the US$10B mark, with contributions coming from popular pools like LRTs and USDe.

2/ Circle has introduced new smart contract functionality allowing holders of BlackRock’s BUIDL to transfer their shares to Circle for USDC, offering speed and efficiency in asset tokenization. The SEC has issued a Wells notice to Uniswap, signalling potential enforcement action;

3/ EigenLayer and Eigen DA have launched on the Ethereum mainnet, introducing a solution for storing transaction data. Monad Labs has raised US$225M in funding led by Paradigm, aiming to build a high-performance Layer 1 capable of significantly increasing transaction throughput using parallel execution.

pinned «One of the least discussed parts of the modular thesis is the Data Availability ("DA") Layer. Our new #Binance report explores the basics of DA, the impact of EIP-4844, before providing a deep technical dive into Celestia, EigenDA, and Avail. Read on ⬇️…»

One of the least discussed parts of the modular thesis is the Data Availability ("DA") Layer.

Our new report explores the basics of DA, the impact of EIP-4844, before providing a deep technical dive into Celestia, EigenDA, and Avail.

Read on ⬇️

Highlights 🧵:
1/ Across various narratives, Memecoins have recorded the strongest year-to-date performance, with the category up >500% so far. Tokens related to real-world assets ("RWAs") also had a strong run this year, further spurred on by BlackRock's recent launch of a tokenized money market fund (BUIDL) that operates on the Ethereum blockchain.

2/ BNB Chain has announced the “Meme Innovation Battle” where up to US$1M will be rewarded to eligible teams deploying meme coin projects on the network.
Wormhole launched its governance token $W, allocating 6.78% of token supply to users. Ethena Labs also launched their $ENA token, airdropping 5% of supply earlier this week.

3/ Many developments on the stablecoin front, with Ripple announcing plans to launch a USD-pegged stablecoin later this year. PayPal has rolled out cross-border money transfers for its stablecoin, PYUSD, while upcoming stablecoin project Agora announced a US$12M seed round.