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ā¬ļøNFT Trade Volume Tags Multi-Month High
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The NFT markets are making a comeback, with daily volume posting a four-month high of $28.6M on Nov 10. The milestone marks a nearly 400% increase in trading over the past month.
Infura has teamed up with Microsoft, Tencent, and 16 other launch partners to deploy its long-awaited Decentralized Infrastructure Network. The DIN enables developers to connect to Ethereum and other networks without exhibiting a central point of failure.
CertiK, a web3 security firm, warned that Solana's Saga phone exhibits a critical vulnerability. Solana disputed CertiK's finding, stating the vulnerability cannot be exploited without manual authorization from a phone's user.
PayPal described blockchains as financial rails underpinning new forms of payment. PayPal was recently subpoenaed by the U.S. Securities and Exchange Commission over its PYUSD stablecoin.
Uniswap launched its long-awaited Android to a waitlist of 430,000 users. Uniswap is targeting non-U.S.-users with the launch, with Android accounting for 70% of mobile users globally.
Plus, JP Morgan.'s digital asset unit, Onyx, teamed up with Avalanche to launch a Proof of Concept overlooked by Singapore's central bank.
āļø In todayās newsletter:
- NFT volume up 400% in one month
- Infura taps tech heavyweights for decentralized infrastructure
- Solana disputes phone vulnerability
- PayPal says blockchain is the future
- Uniswap launches Android app
- JP Morgan partners with Avalanche
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š Markets in last 24 hrs:
| Ticker | Value | 24h |
|---|---|---|
| BTC | $36,549 | ā -1.4% |
| ETH | $2,061 | ā 0.71% |
| S&P 500 | $4,496 | ā 1.91% |
| GOLD | $1,962 | ā 0.84% |
| Arch WEB3 | 1.05pts | ā -1.31% |
| ā³ FINANCE | 1.00pts | ā 0.08% |
| ā³ INFRA | 1.18pts | ā -2.05% |
| ā³ CONSUMER | 1.13pts | ā -3.74% |
Learn more about Arch Indices here.
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Markets
NFT Trading Volume Hits 4-Month High
TLDR NFT trading volume tagged a four-month high after jumping 400% in 30 days. The milestone coincides with a sizable uptick in activity on Blur leading up to the conclusion of its second airdrop campaign on Nov. 20.
SO WHAT NFTs were among the web3 segments hardest hit by the recent crypto bear trend, meaning the recent surge in activity was accompanied by a sigh of relief from many investors. However, whether the high volume can be sustained after Nov. 20 remains to be seen.
READ MORE: NFT Trading Volume Hits 4-Month High
Infrastructure
Infura Taps Microsoft and Tencent For Decentralized Web3 Infrastructure Network
TLDR Infura, the web3 infrastructure provider from Consensys, announced the tech giants Microsoft and Tencent as among a cohort of 18 launch partners for its Decentralized Infrastructure Network.
SO WHAT Crypto users have long been demanding more decentralized web3 infrastructure services, with many analysts warning that Infura posed a centralized point of failure for Ethereum. More than 430,000 developers use Infura to connect DeFi dApps, NFT marketplaces, and Layer 2 networks to connect with Ethereum and other blockchains.
Read More: Infura Taps Microsoft and Tencent For Decentralized Web3 Infrastructure Network
Business
Solana's Saga Phone is Vulnerable to Critical Exploit, Certik Says
TLDR CertiK, a blockchain security firm, flagged a vulnerability it says could place crypto assets held on Solana's Saga "at extreme risk." However, Solana rejected CertiK's findings, stating the vulnerability must be manually enabled by users and requires that an attacker has physical access to the phone.
SO WHAT Solana's long-awaited Saga phone went on sale in May, with the product also doubling as a hardware wallet for crypto assets. CertiK urged Solana to strengthen restrictions to prevent users from unlocking Saga's bootloader feature.
Read More: Solana's Saga Phone is Vulnerable to Critical Exploit, Certik Says
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Business
PayPal Takes a Stance and Says Blockchains Are the New Financial Rails
TLDR PayPal published a blog post declaring that "blockchain technology is the only technology that offers a fundamentally new way of doing payments." The thesis was uploaded to Mirror, a decentralized publishing platform.
SO WHAT PayPal's blockchain bullishness follows the launch of its PYUSD stablecoin in August. The U.S. Securities and Exchange Commission subpoenaed the firm over PYUSD two weeks ago, with PayPal's latest post reasserting its commitment to establishing a presence in the stablecoin sector.
Read More: PayPal Takes a Stance and Says Blockchains Are the New Financial Rails
DeFi
Uniswap Labsā Android App Releases to 430,000-Person Waitlist
TLDR Uniswap Labs rolled out an Android app to its 430,000-person waitlist. The launch follows the release of a Uniswap app for iOS users in April.
SO WHAT Uniswap Labs hopes the Android app will help drive adoption in international markets, with Android accounting for 70% of phone users worldwide. The app offers Chinese, Japanese, Spanish, Portuguese, and French language support in addition to English.
Read More: Uniswap Labsā Android App Releases to 430,000-Person Waitlist
Business
JP Morganās Onyx Teams Up With Avalanche To Automate Portfolio Management
TLDR JP Morgan, the world's largest bank by market cap, teamed up with Avalanche to carry out of a proof of concept exploring automated portfolio management. The trila will be overseen by the Monetary Authority of Singapore.
SO WHAT The partnership comes in stark contrast with past statements from JP Morgan CEO, Jamie Dimon, who characterized the entire crypto sector as a decentralized Ponzi scheme last year. However, JP Morgan also launched Onyx and JPM Coin in 2020.
Read More: JP Morganās Onyx Teams Up With Avalanche To Automate Portfolio Management
š OUR REPORTERS ARE WATCHING
š ELSEWHERE
- SEC Delays Decision on HashDex Bitcoin Spot ETF Application, Grayscale Ether Futures Filing (CoinDesk)
- OKX launches Ethereum layer-2 testnet using ZK-based Polygon CDK (Cointelegraph)
- Standard Chartered unit launches tokenization platform Libeara (The Block)
