Weekly Crypto Update: Exciting Developments and Market Insights

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datelogo June 26, 2024

Category: MARKET RECAP


This week has been full of exciting updates in the crypto world. While many are busy chasing the latest 10x on meme coins, some significant alphas might have slipped under your radar. Don’t worry, we've got you covered with a comprehensive round-up of this week's most important crypto news and market insights.

Market Overview
- DeFi Market Cap: Fell by 1.7% to $94 Billion.
- Global Crypto Market Cap: Fell by 2.7% to $2 Trillion.
- NFT Market Cap: Fell by 11% to $31.5 Billion.
- Gaming Market Cap: Fell by 13% to $16.5 Billion.

Crypto & DeFi News
1. Ripple Launches RLUSD Stablecoin: Ripple launches RLUSD stablecoin on XRP Ledger and Ethereum, responding to the rising stablecoin market.


2. Stablecoin Transfer Volume Growth: Stablecoin transfer volume sees 16x growth over 4 years, signaling a maturing industry.


3. CoinStats Hack: CoinStats was hacked, affecting 1,590 crypto wallets. Users are urged to transfer funds immediately.


4. Hamster Kombat Airdrop: Hamster Kombat onboards masses into DeFi with an airdrop, claiming over 140M users.


5. SEC Investigation on Ethereum 2.0 Closed: The SEC has closed its investigation into Ethereum 2.0. LayerZero has launched its token $ZRO with 8.5% of its supply allocated to an airdrop.


6. Fluid DEX Launch: Fluid announced Fluid DEX, a DEX that maximizes capital efficiency, allowing users to earn more on collateral and get a discount on debt.


7. pSTAKE Finance BTC Liquid Staking Testnet: pSTAKE Finance launched its BTC Liquid Staking Testnet on Babylon.


8. Eigenlayer Phase 2 Airdrop: Eigenlayer launched Phase 2 of the Season 1 $EIGEN airdrop. Jupiter Exchange proposed reducing the total JUP supply by 30%.


9. Zero1 Labs Vesting Schedule Extension: Zero1 Labs's proposal to extend DEAI vesting schedules for team and validators has passed, removing 82.3% of the proposed supply from circulation for the next 12-18 months.


10. Global Bitcoin ETFs: Global Bitcoin ETFs now hold a total of 1.029 million BTC.


11. Mantle Introduces cmETH: Mantle introduced cmETH, its new ETH liquid restaking token. $ZKX, the social perp trading DEX, launched its token $ZKX.


12. Trader Joe's Liquidity Book V2.2 AMM: Trader Joe's launched Liquidity Book V2.2 AMM, introducing hook capabilities with the first implementation being concentrated incentives.


13. Balancer v3: Balancer presented Balancer v3, a new iteration of its AMM introducing hooks and enabling greater composability.


14. Binance and MicroStrategy Updates: Binance completed USDT integration on the Toncoin Network. MicroStrategy acquired an additional 11,931 Bitcoins for $786 million.


15. LayerZero Labs ZRO Token: LayerZero Labs introduced the ZRO token, which dropped 17% in 24 hours due to user dissatisfaction with the donation mechanism.


16. Record Market Cap for U.S.-listed Bitcoin Miners: U.S.-listed Bitcoin miners reached a record market cap of $22.8B in June, according to JPMorgan.


17. Gemini Founders Donate BTC: Gemini founders each donated $1 million in BTC to Trump's campaign, criticizing Biden's crypto stance.

Launches
1. Fluid Dex: Fluid Dex launched, focusing on capital efficiency and scalability.


2. Aleph Zero EVM Testnet: Aleph Zero launched the Aleph Zero EVM Testnet powered by Arbitrum Orbit on Gelato RaaS.


3. zkSync $ZK Token Launch: zkSync launched its $ZK token, seeing high trading and subsequent controversy.


4. BTC Layer 2 Relay Chain: BTC Layer 2 introduced a relay chain using WBTC as gas alongside a testnet event.


5. Celo L2 Testnet: Celo is launching its L2 testnet this summer.


6. Mystiko Network Incentive Program: Mystiko Network announced a $5 million ecosystem incentive program for developers.

Alpha of the Week
1. $BLAST: Blast is launching its token and airdrop on June 26.
2. $GMX: GMX will start distributing 5.4M ARB tokens as ecosystem incentives on June 26.
3. $ENA: The first $ENA restaking pools on Symbiotic will be released on June 26.
4. Reef Chain: Reef Chain will launch its first product of the year on June 27.
5. PlayMetalCore: Blockchain game PlayMetalCore will launch its game token on June 28.
6. Presidential Debate Tokens: $TRUMP, $MAGA, and $BODEN are in focus with the presidential debate between Biden and Trump scheduled for June 27.
7. $OP: $57M worth of OP tokens will be unlocked on June 30.

Current Crypto Prices

- Bitcoin (BTC): $61,664

- Ethereum (ETH): $3,373

- Tether (USDT): $1.00

- Binance Coin (BNB): $573.93

- Cardano (ADA): $0.39

- Solana (SOL): $137.44

Please tell us in the comments what other insights you want to see in the weekly round-up. We’ll be taking notes. See you again next week!


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