₿ BTC Tags 15-Month High Against Ether
Ether is now trading at its lowest level relative to Bitcoin since last July. Its relative underperformance comes after Ether posted its first inflationary month this year and as concerns grow regarding Lido's staking dominance.
Our resident degen-in-chief published a deep dive into using the bubbling SocialFi app, Friend Tech. The tutorial includes an onboarding guide and farming strategy.
And Deribit announced plans to launch options products for SOL, XRP, and MATIC. Deribit is expanding its offerings in response to declining volume amid the bear trend.
✍️ In today’s newsletter:
- ETH/BTC suffers long-term downtrend
- Beginner's guide to Friend Tech
- Deribit targets January for SOL, XRP, and MATIC contracts
- Introducing ETH Saver - A new home for leveraged staking
- Bumper: Move Over Options, This Is DeFi 3.0 Risk Management
- Smart Contracts Now Live on Stellar Testnet
📈 Markets in last 24 hrs:
|S&P 500||$4,336||↗ 0.63%|
|Arch WEB3||0.74pts||↙ -2.83%|
|↳ FINANCE||0.76pts||↙ -2.44%|
|↳ INFRA||0.73pts||↙ -3.21%|
|↳ CONSUMER||0.79pts||↙ -3.29%|
Learn more about Arch Indices here.
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ETH Slumps To 15-Month Low Against BTC
TLDR Ether tagged a 15-month low relative to Bitcoin today, with Ether changes hands for around 0.0575 BTC. Ether shed 26% against Bitcoin since the start of 2023.
SO WHAT Ether has steadily lost ground against Bitcoin since The Merge last year. While Ethereum is now grappling with post-merge challenges including renewed supply inflation and LST centralization, Bitcoiners are looking forward to next year's halving and spot Bitcoin ETF speculation.
READ MORE: ETH Slumps To 15-Month Low Against BTC
The Defiant's Ultimate Friendtech Guide
Friend Tech is a surging social trading app boasting a six-figure userbase from all corners of crypto: from DeFi and coin traders, to NFT collectors, builders, and thought leaders.
Our comprehensive guide to Friend Tech walks you through how to onboard, use, and farm the popular app.
READ MORE: The Defiant's Ultimate Friendtech Guide
Smart Contracts Now Live on Stellar Testnet
On Wednesday, September 20 at 1500 UTC, the Stellar Testnet successfully upgraded to Protocol 20, which introduces support for Soroban smart contracts. Developers worldwide can now access Soroban’s Turing-complete functionality to deploy and invoke DeFi protocols in a common, widely used sandbox environment.
The Stellar network has long been known for supporting connections to real-world financial infrastructure. With the Protocol 20 upgrade, the access those connections provide will combine with the innovation potential created by smart contracts to allow for something unique: cash to DeFi.
Many Stellar ecosystem projects are already poised to take advantage of the cash-to-DeFi opportunity. In a demo featured at Meridian, the annual Stellar conference, Beans, a user-friendly, consumer-facing Stellar network wallet, showed what it might look like to integrate with Blend, a Soroban-built lending protocol, to allow a user in Malawi to cash into a USDC balance via Moneygram and, in one click, deposit that balance into an interest-generating account. These types of interactions have the potential to open access to the next generation of financial infrastructure.
The Testnet upgrade is the last step before validators vote on a Mainnet upgrade, and if that vote goes through, the upgrade is immediate. The Stellar network will likely have smart contracts before the end of the year.
Deribit To Launch SOL, XRP, and MATIC Options Next Year
TLDR Top crypto options exchange, Deribit, is planning to launch products tracking SOL, XRP, and MATIC in January. The company also wants to apply for a brokerage license in the European Union and relocate its headquarters to Dubai.
SO WHAT Deribit's move to expand its offerings comes after volume on the platform fell by half from its year-to-date highs. Deribit is seeking to capitalize on renewed momentum in the Solana ecosystem, Ripple's easing legal woes, and the expansion of Polygon's ecosystem.