Issue #10

NYDIG raise $720m in their BTC fund, Fidelity launch an Ethereum Trust, MakerDAO plans to buy US Treasuries, Binance Chain hacked & more...


Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market $US982B, up 1.3% from last week.

Below is the weekly performance of the top crypto and NFT assets. 

 

News Headline Highlights

 Crypto Asset Project Updates

  • MakerDAO, the world’s largest DeFi lending protocol and issuer of the 4th largest stablecoin (DAI), announced on Thursday a plan to invest $500 million in short-term US treasury bonds and investment-grade corporate bonds. Some within the DeFi community view the decision to invest in US bonds as incompatible with Maker’s decentralised mission.
  • Binance Smart Chain was hacked in a bridge exploit that saw 2,000,000 BNB minted (>$600m). Binance responded by freezing the chain and rolling back the transactions to remove the additional supply that was added. However, before they were able to do so, the hacker had already moved ~$100m worth of assets off of the Binance Smart Chain (money which is still at large).
  • RTFTK, the Nike acquired NFT company, teased the launch of Project Animus. Whilst little detail has been shared, it would appear holders of RTFTK's CloneX NFTs will be receiving 'eggs' which will hatch creatures in the next stage of the projects roadmap. 

The Weekly Deal Room


Metric of the Week

Q3 2022 was tough for nearly all global investments. Outside of bitcoin, only precious metals (gold miner stocks) and cash (3-month Treasury Bills) posted positive performance during the quarter. 

In saying this, Q2 was also a tough investment period globally, in which Bitcoin significantly underperformed most asset classes. 

Source: NYDIG

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