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Institutions remain bullish on cryptocurrencies ahead of the planned launch of Ethereum spot ETFs next week. Bitcoin spot ETFs saw their largest daily inflow in 30 days, with $422 million pouring into the sector in one day.
Arca jumps on the tokenized treasury fund bandwagon. The digital asset investment manager is launching tokenized shares in the Arca US Treasury Fund in partnership with Securitize. The move comes as a growing number of traditional institutions explore the tokenization of real-world assets, including Goldman Sachs.
Grayscale is looking to support the booming web3 AI industry. Grayscale has unveiled a decentralized AI fund offering exposure to five cryptocurrencies positioned at the forefront of the sector.
Additionally, Hermetica launched a BTC-backed stablecoin on Bitcoin, StarkWare validates zero-knowledge proof on Bitcoin testnet, Veda unlocks multi-chain yield for DeFi protocols, and Trump plans to launch a fourth NFT collection.
✍️ In today’s newsletter:
- Bitcoin Spot ETF Inflows Drive Cryptocurrency Markets
- Arca Tokenizes Shares of US Treasury Fund
- On-chain RWAs are about to increase
- Grayscale Unveils Decentralized AI Fund
- Hermetica Launches Ethena-Inspired Bitcoin Stablecoin
- StarkWare Wants to Bring Zero Knowledge to Bitcoin
- Veda Deploys Multi-Chain Yield Infrastructure
- Trump announces the arrival of a fourth NFT collection
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📈 Markets in the last 24 hours:
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Discover our interview with Jeremy AllaireTHE Co-founder and CEO of Circleto learn more about The USD Coin Ecosystem. Catch up with our conversation with Chris Bradbury, the CEO of Summer.fito learn more about the new features of the project points campaign. Also, check out our explanatory dive into passive income strategies using DeFi protocols 👀
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📈Cryptocurrency Markets Recover as Bitcoin Spot ETFs Attract Strong Flows
Digital assets continue posting bullish dynamicswith Bitcoin up 3%, Ethereum up 2% and Polkadot up 4%. The move coincides with spot Bitcoin ETFs hosting daily inflows of $422 million.
💵Arca taps Securitize to list tokenized US Treasury fund
Arca seeks to capitalize on increasing adoption of Treasury assets on chain by partnering with Securitize to tokenize actions in the US Treasury Arca FundThe news comes as tokenized Treasuries have grew 140% to $1.86 billion by 2024 So far, Securitize is also facilitating access to BlackRock’s booming BUIDL fund.
👀Real-World Assets Sector Outperforms on Growing TradFi Tokenization Effort
Tokenization of real-world assets is poised for explosive growth. Goldman Sachs said he plans to launch three tokenization projects before the end of the year, while MakerDAO is ready to inject 1 billion dollars in the area.
🤖Grayscale Launches Decentralized AI Fund
Shades of grey$17 billion digital asset investment manager launches on Web3 The AI Train. Grayscale has launched a new fund offer exposure to five web3 projects positioning itself at the forefront of decentralized AI, covering Near, Filecoin, Livepper, Bittensor and Render.
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zkCheck is a dedicated zero-knowledge proof verification network designed for settlement optimization, built by Horizen Labs.
zkVerify is uniquely designed as the first modular solution for the settlement layer that reduces security costs by decoupling proof verification from settlement to L1.
Horizen Labs estimates that $47 million will be spent on proof verification in 2023 for zkrollups on Ethereum alone, and industry research predicts that zk proof generation will become a $10 billion market by 2030. zkVerify removes the cost and complexity of computationally intensive proof verification for developers building with zkrollups. Initially, zkVerify can be used to verify proofs on Ethereum and Bitcoin with a cost reduction of over 90%, and will quickly expand to support multiple blockchain architectures.
💲Hermetica Launches Bitcoin-Backed Synthetic Dollar
Hermetica has launched a BTC-backed stablecoin on the Bitcoin Network. USDh is inspired by Ethena’s USDe stablecoin, offering a 12% yield from funding accrued fees Since Short positions on BTC covered against Bitcoin cash holdings.
👨💻StarkWare Verifies Zero-Knowledge Proof on Bitcoin Testnet
StarkWare checked the first zero-knowledge proof on a Bitcoin Test Network using its new STARK verifier. This important step was made possible thanks to OP_CATa controversial code base abandoned by Satoshi Nakamoto currently being explored on the Bitcoin Signet testnet.
⬆️Veda Introduces Multi-Chain Yield Infrastructure After TVL Surpasses $1 Billion
Vedaa performance abstraction layer, claims to have Pioneering infrastructures allow DeFi Protocols has source yields Since multiple networks simultaneouslyThis decision comes less than a week after that of Veda TVL broken more than a billion dollars less than four months after its launch.
🆕Trump to launch fourth NFT collection because ‘people want it’
Former US President and Republican presidential candidate Donald Trump is considering launching a Fourth Series of NFT Trading Cards despite the pPrevious collections have performed poorly in secondary markets. In an interview with Bloomberg, Trump also reiterated his desire to see the UNITED STATES has leading the global web3 industrywarning that China is well positioned to dominate the sector.
🌍 SOMEWHERE ELSE
- ‘It’s a Bitcoin game’: Mark Cuban says Silicon Valley’s embrace of Trump revolves around cryptocurrency (CoinDesk)
- Hong Kong Monetary Authority unveils new regulations for fiat-pegged stablecoins (CoinGape)
- Staking and In-Kind Redemptions for Crypto ETFs May Be Reconsidered, SEC Commissioner Says (CryptoSlate)
- LI.FI lost over $10 million through wallets with infinite approval settings (Crypto Unleashed)