💵Institutional Bulls Drive Grayscale Chainlink Trust To 200% Premium

GM Defiers!

Shares in Grayscale's Chainlink Trust are trading at a 200% premium over spot LINK after the product's total value locked doubled in one week. The non-redeemable shares are highly volatility, meaning they could quickly crash alongside significant sales.

Wintermute is threatening legal action against Near, claiming that its foundation is trying to back out of a $11.2M stablecoin redemption. Wintermute said it was assured the USN tokens were redeemable before buying the tokens from the FTX bankruptcy estate.

ETH's supply is again trending deflationary after steadily increasing for the first time this year. While around 1,900 ETH was burned this past week, Ethere's supply grew by 54,000 coins in the last two months.

Linea, the Ethereum Layer 2 from Consensys, launched its "DeFi Voyage" campaign in a bid to promote network adoption. Participants can earn non-transferable "XP" for completing various tasks on the network, with some onlookers speculating XP holders may be eligible for an airdrop in the future.

Kraken, the centralized exchange, is also reportedly eyeing the Layer 2 sector. Anonymous sources claim the company is engaging leading Ethereum scalability teams including Polygon and Matter Labs for the rumored project.

And Avalanche employees are the latest casualty of the recent crypto downtrend, with Ava Labs founder, Emin Gun Sirer, announcing the team laid of 12% of staff.

✍️ In today’s newsletter:

• Grayscale Chainlink Trust shares rocket
• Wintermute threatens Near with litigation
• ETH deflationary again
• Linea launches Voyage campaign
• Kraken's L2 rumors
• Avalanche sacks 12% of staff

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