💪Bitcoin Dominance Tags 30-Month High
Bitcoin continues to lead the markets, with BTC dominance soaring to a 30-month price high. The move coincides with an 18-month price high for BTC, and the fifteenth anniversary of the Bitcoin whitepaper.
The largest web3 venture investor, Andreessen Horowitz (A16z), said it plans to raise $3.4B for a fund investing in early and seed stage companies. A16z raised $4.5B for a crypto-focused fund last May.
Snowtrace, the top Avalanche block explorer, will retire its Etherscan-powered platform on Nov. 30. Moving forward, Snowtrace will support Avascan, enabling queries for every chain in Avalanche's ecosystem.
Arbitrum launched Orbit, a tech stack allowing users to build bespoke chains leveraging Arbitrum's Layer 2 infrastructure. The move follows similar product deployments from rival Ethereum scaling teams Optimism and ZkSync.
GameFi tokens are rallying, with the sector adding 7% to its TVL in a single day. Axie Infinity tokens were among the top performing, with AXS up 28% and SLP up 62% over seven days.
And nine cross-chain bridging teams have teamed up to condemn LayerZero for launching a stETH bridge without permission from the token's issuer, Lido. The teams advocate for the use of open tech standards, such as ERC-7281.
✍️ In today’s newsletter:
- BTC outperforms on whitepaper anniversary
- A16z announces new 10-figure fund
- Snowtrace ditches Etherscan for Avascan
- Unibot users lose $600K to hack
- GameFi tokens bounce back
- Bridging teams back ERC-7281
📈 Markets in last 24 hrs:
|S&P 500||$4,117||↙ -0.48%|
|Arch WEB3||0.91pts||↗ +3.52%|
|↳ FINANCE||0.85pts||↗ 2.63%|
|↳ INFRA||1.01pts||↗ 3.21%|
|↳ CONSUMER||1.03pts||↗ 7.04%|
Learn more about Arch Indices here.
THANKING OUR NEWSLETTER SPONSORS
| Newsletter continues below |
DeFi, done right.
Linea’s DeFi Voyage will bring everyone—from web3 newcomers to seasoned investors—an intuitive, immersive, and educational DeFi experience.
6 weeks. 10 waves. 10 core tasks. Choose from over 60 DeFi dapps to engage with. Collect Linea Voyage XP.
Coming on November 7th. Be ready.
Clipper is built for liquidity providers. It is designed to deliver above-market returns for holding ETH, BTC, and stables while eliminating impermanent loss. Deposit today and start earning.
BTC Bulls On Parade Amid 15th Anniversary of Bitcoin Whitepaper
TLDR BTC is outperforming the broader crypto markets amid the 15th anniversary of the Bitcoin whitepaper's publications. BTC is up more than 100% in 1.5 years, representing more than 51% of the combined cryptocurrency market cap for the first time since April 2021.
SO WHAT Sophisticated investors are backing Bitcoin's spot ETF, halving, and non-correlated asset narratives, with inflows to institutional Bitcoin products also tagging an 18-month high.
Andreessen Horowitz Plans to Launch a $3.4B Fund, Axios Says
TLDR Andreessen Horowitz (A16z) plans to raise $3.4B for a new fund investing in early and seed stage projects next year. The news was reported by Axios, with the outlet stating some of the funds will trickle into a16z's "sector-specific vehicles."
SO WHAT A16z is the largest VC firm investing in the crypto industry, raising $4.5B for a crypto fund last May. However, A16z's co-founder, Marc Andreessen, conspicuously neglected to mention web3 in his recent "Techno-Optimist Manifesto" essay.
Top Avalanche Block Explorer Snowtrace Is Abandoning Etherscan
TLDR Snowtrace, the most popular Avalanche block explorer, will retire its Etherscan-powered platform by the end of November. Snowtrace will adopt Avascan, an Avalanche-native block explorer, moving forward.
SO WHAT Avalanche celebrated the coming upgrade, emphasizing that Avascan will allow Snowtrace to support queries across Avalanche's entire ecosystem, including subnets.
Unlimit Crypto is backed by a battle-tested payments company and introduces the most comprehensive collection of Fiat-to-Crypto On- and Off-Ramps worldwide. Whether you need to onboard users to your NFT marketplace, supercharge your in-game economies or cash out with e-wallets, QR codes or instant bank transfers, Unlimit Crypto has everything you need.
Hacker Ransacks $600,000 From Popular Telegram Trading Bot, Unibot
TLDR Unibot, the second-most popular Telegram trading bot by daily users, was exploited for $600,000. The hack's perpetrator was able to steal assets from any wallet actively that did not revoke permissions for Unibot's contract.
SO WHAT The news is the latest example of the risks associated with Telegram trading bots, which require users to share their private keys. Maestro, a rival trading bot, suffered a hack last week, while Banana Gun executed a disastrous token launch last month.
Axie Infinity Tokens Lead GameFi Rally
TLDR GameFi assets are rallying, with the sector adding 7% to its combined market cap in 24 hours. Axie Infinity's AXS and SLP tokens bounced 28% and 62% in one week respectively, with many other prominent GameFi projects also boasting double-digit gains.
SO WHAT GameFi tokens were among the hardest by the recent crypto bear trend, with many of the sector's leading assets by market cap remaining down more than 90% from all-time highs. However, whether the sector's recent rebound can translate into a long-term recovery remains to be seen.
Read More: Axie Infinity Tokens Lead GameFi Rally
Bridging Protocols Advocate For Open Tech Standards And Condemn LayerZero
TLDR Nine cross-chain bridging protocols have teamed up to call for open standards for interoperability protocols. The post advocates for the adoption of the ERC-7281 standard, and criticizes LayerZero, a rival bridging project, for launching a stETH bridge without support from the token's issuer, Lido.
SO WHAT The manifesto takes aim at "proprietary" bridging standards like LayerZero's Omnichain Fungible Tokens for driving liquidity fragmentation, introducing smart contract risk, and undermining token-issuer governance.