Major developments for the week
- MicroStrategy buys 9,245 more BTC at $623M, now owns 1% of total BTC supply
- Avalanche Foundation to launch Phase 1 of its Memecoin Rush
- Ethereum founder Vitalik Buterin announces novel staking model “Rainbow Staking.”
- DYDX to undergo $110.33M unlock on April 1, 2024
- Google incorporates Ethereum Name Service (ENS) data into its search results
- Fully permissionless proposals and withdrawals activated on Optimism Sepolia
- Fidelity amends ETH ETF application to include staking capabilities
- BlackRock introduces a digital asset fund; deposits $100M USDC on Ethereum network
MicroStrategy buys 9,245 more BTC at $623M, now owns 1% of total BTC supply
Last week, Bitcoin ETF products saw a significant net outflow of $887.6 million, with Grayscale’s outflows surpassing $2 billion. In a noteworthy move, Michael Saylor acquired an additional 9,245 Bitcoin for $623 million, increasing Microstrategy’s stake to over 1% of Bitcoin’s total supply.
Past performance is not an indication of future results
eToro’s @BitcoinWorldWide Smart Portfolio capitalizes on growing demand across the entire value chain, offering a seamless way for investors to navigate the expanding Bitcoin market. It positions them at the forefront of the digital currency revolution.
Ethereum takes Role in BlackRock’s Tokenized Fund
Ethereum also saw several major updates last week, the largest of which is highlighted by BlackRock’s launch of their tokenized asset fund, “BUIDL.” The tokenization of the Fund through BUIDL offers investors several benefits, including the facilitation of blockchain-based issuance and trading of ownership. This initiative not only broadens investor access to on-chain offerings but also guarantees instant and transparent settlements and supports cross-platform transfers. BNY Mellon’s involvement is key to bridging digital and traditional markets, ensuring seamless interoperability for the Fund.
Avalanche Foundation is launching Phase 1 of the Memecoin Rush
In other news, the Avalanche Foundation has initiated the first phase of its $1 million liquidity mining incentive program, Memecoin Rush, which is planned to unfold in several stages. This program, following the success of the Foundation’s earlier incentive initiatives, seeks to enhance liquidity and catalyse growth within Avalanche’s community coin ecosystem.
The launch phase includes collaborations with two Avalanche-based projects, SteakHut and Trader Joe, with announcements of additional partnerships anticipated in the near future. These initial collaborations are designed to encourage trading and improve liquidity for selected community tokens.
Memecoin Rush extends the Avalanche Rush program, an established liquidity mining campaign that has been a key driver in the development of Avalanche’s DeFi sector since 2021.
Our @Scalable-Crypto Smart Portfolio is positioned to leverage advancements in scalability, taking advantage of recent initiatives like the Avalanche Foundation’s launch. This program, featuring a $1 million liquidity mining incentive, is designed to strengthen Avalanche’s DeFi sector and surpass Ethereum by facilitating scalable transitions.
DYDX will undergo a $110.33 million unlock on April 1st, 2024
Scheduled for April 1st, 2024, DYDX plans to release 11.35% of its circulating supply. This comprises $61.19 million for investors, $33.7 million for founders, employees, advisors & consultants, and $15.45 million for future employees. $DYDX’s vesting schedule is estimated to reach completion by November 4th, 2026.
