💵Institutional Bulls Drive Grayscale Chainlink Trust To 200% Premium
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
📈 Markets in last 24 hrs:
|S&P 500||$4,378||↗ 0.28%|
|Arch WEB3||1.00pts||↙ -1.73%|
|↳ FINANCE||0.93pts||↙ -2.01%|
|↳ INFRA||1.14pts||↙ -1.55%|
|↳ CONSUMER||1.09pts||↙ -1.65%|
Learn more about Arch Indices here.
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On Tuesday Oct 3 a group of DeFi users received phishing emails that pretended to come from a group of companies and projects in the ecosystem, including The Defiant.
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Grayscale Chainlink Trust Shares Rocket To 200% Premium
TLDR GLINK, shares in Grayscale's Chainlink Trust, are trading at triple the price of spot LINK after the past week's inflows doubled the assets managed by the fund. The price of LINK is also up 100% in three weeks.
SO WHAT The shares are non-redeemable, meaning they are subject to extreme volatility and could quickly lose their premium in the event of significant selling. Some onlookers believe Grayscale's Bitcoin Trust could soon be approved to migrate into an exchange-traded fund.
Wintermute Threatens Near Over $11.2M Soured Stablecoin Deal
TLDR Wintermute's CEO is threatening legal action against the Near Foundation, alleging it tried to back out of a deal to redeem $11.2M worth Near's defunct stablecoin, USN.
SO WHAT Wintermute said it purchased the 11.2M USN from the FTX bankruptcy estate for $11M under the explicit understanding Near would redeem the tokens for USDT. However, Near is yet to redeem the assets after 10 weeks, with Wintermute saying it was recently offered a deal at just 20 cents on the dollar.
ETH Supply Trends Down After Two Months Of Inflation
TLDR A surge in demand for Ethereum block space is pushing the network's burn-rate back up following two months of inflation. Nearly 2,000 ETH was removed from supply in the past seven days, bringing the year-to-date total to 260,000.
SO WHAT Ethereum flipped inflationary for the first time this year in September, with newly minted Ether staking rewards outpacing the network's burn mechanism. Gas fees have since jumped more than 300%, signifying strong demand for transaction execution.
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Linea Kicks Off ‘DeFi Voyage’ Campaign
TLDR Linea, the recently-launched Layer 2 from Consensys, kicked off its "Voyage" campaign in a bid to bolster adoption. Users can earn non-transferrable tokens as rewards for tasks, igniting renewed airdrop speculation.
SO WHAT The news comes as Ethereum's Layer 2 is becoming increasingly competitive, with L2beat tracking more than two dozen networks in the sector. Linea hopes Voyage will reverse its slow initial growth, with the network currently ranking 14th among L2s by throughput.
Read More: Linea Kicks Off ‘DeFi Voyage’ Campaign
Kraken Exploring Options for Layer 2 Blockchain Network; Eyeing Polygon, Matter Labs, and Nil Foundation
TLDR Kraken, the popular U.S.-based centralized exchange, is reportedly making plans to launch an Ethereum Layer 2 next year. Anonymous sources cited by Coinbase said the company is considering Polygon, Matter Labs, and the Nil Foundation as possible partners.
SO WHAT Kraken's rumored Layer 2 ambitions follow the succuss of Base, an Ethereum L2 from the rival centralized exchange Coinbase, following its August mainnet launch. Base already ranks third by TVL and seventh by throughput.
Avalanche Builder Ava Labs Lays Off 12% of Team
TLDR Ava Labs, the team behind the Avalanche Layer 1 and subnet ecosystem, announced the downsizing of its workforce by 12%. The company said it now has enough runway to support operations for "years to come."
SO WHAT Ava Labs is the latest web3 team to announce cuts following last year's brutal market downturn. The news follows OpenSea letting go of half of its workers last week.