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🐂ETF Bulls Close Grayscale Bitcoin Trust Discount
The Defiant Daily
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The discount between shares in Grayscale's Bitcoin Trust and BTC has fallen to its lowest level in two years amid bullish anticipation for a spot Bitcoin ETF. Grayscale recently filed to convert its trust into an ETF, with a U.S. court reversing the SEC's dismissal of the application last month.
EigenLayer launched a governance contest for prospective liquid staking token (LST) issuers hoping to score an integration on its platform. LST holders can vote to support their favorite issuer.
Solana's SOL token has hit a 14-month high amid the project's annual Breakpoint conference. SOL rallied 67.5% in just two weeks.
Jared Grey, the "Head Chef" of Sushi, published a one-year retrospective on his time with the company. While Grey oversaw the launch of multichain swaps and a budgetary restructure, Sushi is now grappling with market manipulation allegations and an SEC subpoena.
Plus, Pyth Network, a decentralized oracle provider, launched an airdrop for active users of DeFi protocols using its price feeds.
✍️ In today’s newsletter:
- GBTC outperforms Bitcoin on ETF hype
- EigenLayer looks to new LSTs to drive growth
- SOL surges 67% in two weeks
- Sushi CEO looks back on first year
- Pyth Network launches airdrop for DeFi users
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📈 Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $34,672 | ↗ 0.5% |
| ETH | $1,817 | ↗ 0.4% |
| S&P 500 | $4,238 | ↗ 1.05% |
| GOLD | $1,979 | ↙ -0.32% |
| Arch WEB3 | 0.87pts | ↙ -0.79% |
| ↳ FINANCE | 0.82pts | ↙ -0.98% |
| ↳ INFRA | 0.98pts | ↙ -0.34% |
| ↳ CONSUMER | 0.96pts | ↙ -1.33% |
Learn more about Arch Indices here.
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Markets
GBTC Discount Narrows To 23-Month Low On ETF Conversion Hopes
TLDR The discount between shares in Grayscale's Bitcoin Trust (GBTC) and Bitcoin is narrowing amid bullish anticipation for the firm's spot ETF filing. GBTC tagged an all-time low against Bitcoin in January at a 48.5% discount, with the shares now lagging by just 13.3%.
SO WHAT The rebounding price of GBTC comes after the U.S. Securities and Exchange Commission chose not to appeal a U.S. court's decision to reverse the SEC's decision rejecting Grayscale's ETF bid last month. The price of GBTC is up 200% since the year began, compared to 110% for Bitcoin.
READ MORE: GBTC Discount Narrows To 23-Month Low On ETF Conversion Hopes
Staking
EigenLayer Launches Voting Contest To Onboard New LSTs
TLDR Holders of liquid staking tokens now vote on which LST the EigenLayer restaking protocol should onboard next. Projects need to receive at least 15,000 ETH worth of votes to pass.
SO WHAT The news comes as the centralization of LSTs has emerged as a threat to the decentralization of Ethereum's staking layer. EigenLayer said it won't unpause LST deposits until it has onboarded new providers.
Read More: EigenLayer Launches Voting Contest To Onboard New LSTs
Regulation
Solana's SOL Token Soars to 14-Month High Amid Breakpoint Conference
TLDR The price of SOL has rocketed 67.5% in two weeks to tag its highest level since last August. The milestone comes amid Solana's annual Breakpoint conference.
SO WHAT Solana was hit particularly hard by the recent bear trend, with SOL opening the year with a 96% drawdown from its all-time high. However, the recent market momentum shows Solana's robust community and developer ecosystem has overcome the downturn, with SOL up 300% since January.
READ MORE: Solana's SOL Token Soars to 14-Month High Amid Breakpoint Conference
SPONSORED POST
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.
DeFi
Sushi CEO Reviews First Year In Office
TLDR Jared Grey, the Head Chef of the veteran decentralized exchange Sushi, published a retrospective on his first year leading the project. Grey highlighted the project's administrative overhaul, budget restructuring, and deployment of cross-chain swaps under his oversight.
SO WHAT Grey's comments follow long-term challenges for Sushi, with his installation following a lengthy governance crisis and falling market share. However, the project also faces new challenges in the form of an SEC subpoena and accusations a tokenholder is engaged in market manipulation.
Read More: Sushi CEO Reviews First Year In Office
DeFi
Pyth Network Unveils Retrospective Airdrop
TLDR Pyth Network, a decentralized oracle network, revealed plans for a future airdrop allocating tokens to DeFi users engaging with protocols secured by its service. Users can check for eligibility, but can't yet claim the tokens.
SO WHAT Pyth offers a decentralized alternative Chainlink, the dominant and centralized web3 oracle provider. The news follows the success of Celestia's token distribution, which opted to airdrop tokens to a diverse cohort of community members including Cosmos stakers and Layer 2 users.
Read More: Pyth Network Unveils Retrospective Airdrop
🔎 OUR REPORTERS ARE WATCHING
🌍 ELSEWHERE
- Abu Dhabi Enacts DLT Framework for DAOs, Web3, TradFi Firms (CoinDesk)
- Tether extends debt financing to Northern Data capped at $610 million (The Block)
- ProShares launches short Ethereum-linked ETF (CryptoSlate)
