📰Fake ETF News Drive Short-Lived XRP Rally
XRP surged 12% in less than half an hour after reports circulated a filing appearing to show BlackRock establishing an iShares XRP Trust entity. However, the token quickly gave back its gains after BlackRock confirmed it was not behind the filing.
GameFi tokens are rallying strong, with many leading assets up more than 50% in the past four weeks. The sector added 24% to its capitalization since the start of November.
Terraform Labs acquired the portfolio management platform, Pulsar Finance. The move signals Terraform's intention to revive the controversial Terra network.
Solana has overtaken the Ethereum by active addresses after jumping 71% in seven days. The milestone follows an impressive recovery for SOL.
Aave users on Harmony are pushing for a plan to recover some of the assets lost to the $100M Harmony hack last year. Aave incurred $1.2M worth of bad debt amid the incident.
Animoca Brands teamed up with Chiliz, a blockchain focused on issuing sporting collectables. Animoca purchased a trove of CHZ tokens and validate Chiliz Chain per the deal.
And shares in the Grayscale Solana Trust have curiously rocketed to a nearly 800% premium over the market value of spot LINK.
✍️ In today’s newsletter:
- Fake BlackRock filing drives XRP volatility
- GameFi assets outperform
- Terraform Labs acquires Pulsar
- Solana users surpass Ethereum
- Harmony hack hangs over Aave users
- Animoca Brands teams up with Chiliz
- Grayscale Solana Trust at 800% premium
📈 Markets in last 24 hrs:
|S&P 500||$4,412||↙ -0.08%|
|Arch WEB3||1.07pts||↙ -4.55%|
|↳ FINANCE||1.00pts||↙ -2.66%|
|↳ INFRA||1.20pts||↙ -7.5%|
|↳ CONSUMER||1.18pts||↙ -2.67%|
Learn more about Arch Indices here.
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Ripple Rallies 12% And Back In One Hour On Fake ETF News
TLDR A fraudulent filing appearing to suggest that BlackRock, the world's largest asset manager, planned to file for an XRP exchange-traded fund briefly sent the asset flying. XRP rallied 12% in less than 30 mins before giving back its gains after the filing was outed as a fake.
SO WHAT The incident comes as ETF hype is at all-time highs among crypto investors, with some analysts tipping that a spot Bitcoin ETF will receive approval in the coming months. BlackRock recently launched an entity suggesting it may soon file for a spot Ether ETF as well.
GameFi Tokens Outshine With Sharp Recovery
TLDR GameFi tokens are rallying strong, with many leading assets gaining more than 50% in the past four weeks. The sector also took in $1.5B worth of venture investment in the first half of the year.
SO WHAT The GameFi market momentum follows a brutal bear trend for the sector, with four of the sector's five-largest assets still trading at a 95% drawdown from their respective all-time highs. The combined capitalization for web3 gaming tokens is up 24% in two weeks at $11.5B.
Read More: GameFi Tokens Outshine With Sharp Recovery
Terraform Labs Acquires Data Company Pulsar Finance
TLDR Terraform Labs, the team behind the notorious Terra network, announced the acquisition of cross-chain portfolio manager, Pulsar Finance. The service will be directly integrated into Terraform Labs' cross-chain wallet, Station.
SO WHAT The news serves as a reminder that the Terra team hopes to revive its once bubbling chain. However, the project remains embroiled in legal challenges resulting from Terra's violent collapse last year.
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Solana Overtakes Ethereum By Active Users After 70% Spike
TLDR Solana continues to outshine the broader crypto sector, overtaking Ethereum by daily active users after 71% spike in one week. Solana hosted 356,300 unique wallets on Nov. 11, beating out the Ethereum mainnet's 330,000.
SO WHAT Solana has outperformed rival crypto assets in recent weeks. The network was buoyed by the anticipated FTX bankruptcy estate's SOL sales never materializing in addition to preparations for Solana's upcoming Firedancer upgrade.
Aave Assets Are Still Stuck Over a Year After $100M Harmony Bridge Hack
TLDR Aave users impacted by the $100M hack that rocked the Harmony network in June 2022 could soon vote on a proposal to recover 20% of their assets. Aave depositors lost roughly $1.2M to the incident.
SO WHAT The long-running saga of the Harmony's brutal hack showcases the trade-offs inherent to crypto. While users enjoy access to decentralized money and immutable contract execution, the same features of crypto regaled as benefits often poses a barrier to the recovery of stolen assets.
Animoca Partners With Chiliz To Boost SportFi
TLDR Animoca Brands, a top web3 gaming studio, announced a partnership with Chiliz, a blockchain focused on issuing officially-licensed sporting collectibles. Animoca purchase a stash of CHZ tokens and will validate the Chiliz Chain per the partnership.
SO WHAT The news comes as Chiliz is seeking to foster new and innovative "SportFi" applications on its network. In March, the project launched a $50M incubator program to stimulate development.
Grayscale Solana Trust Shares Surge To Insane 784% Premium
TLDR The Grayscale Solana Trust is the latest product from institutional asset issuer, Grayscale, to post outsized returns relative to its underlying asset. Shares in the Solana Trust rocketed to a nearly 800% premium after surging 132% since the start of November.
SO WHAT Grayscale's Trusts do not allow redemptions for their underlying asset, meaning the only way for investors to reduce their exposure is by selling to a buyer. As such, Grayscale Trust shares can experience extreme volatility compared to spot crypto markets.