NEAR partners with NEAT Protocol to accelerate AI growth

Major developments for the week:

• NEAR partners with NEAT Protocol to accelerate AI growth
• Bitcoin ETF products see net inflows of approximately $1.82 billion
• Uniswap Foundation postpones governance proposal
• Deutsche Bank and Bitpanda Partner for Real-Time Crypto Payments
• Polkadot introduces One Frequency
• Telegram Introduces Digital Mini-App Payment System, Telegram Stars
• XRP Partnered with Clear Junction for GBP and EUR payouts

NEAR partners with NEAT Protocol to accelerate AI growth

NEAR Foundation this week announced the delegation of 1 million $NEAR tokens to NEAT, a rollup protocol designed to scale AI applications on the NEAR platform. The staking rewards from these tokens, estimated to yield an APY of 120-200%, will be redistributed to $NEAT stakers. This initiative aims to support AI and blockchain projects, promoting the integration of AI with blockchain technology.

NEAT is a rollup scaling solution based on the NEAR inscription standard, designed for AI and machine learning applications on NEAR. It utilises off-chain indexer nodes for execution and NEAR L1 for data availability, eliminating the need for smart contracts or verification logic on the L1, significantly reducing transaction costs.

See below for an overview of NEAT and its potential benefits.

Bitcoin ETF products see net inflows of approx. $1.82B

This week, Bitcoin ETFs hit the longest streak of net inflows since January. IBIT and FBTC recorded the highest total inflows, with $948 million and $679.4 million, respectively.

In contrast, GBTC experienced a net outflow, with a total volume of -$31.1 million. Despite the negative contribution from GBTC, the overall net inflow across all instruments amounted to $1,828.5 million. Other notable figures include BITB with $82.8 million, ARKB with $131.1 million, BTCO with $3.6 million, BRRR with $1.6 million, HODL with $12 million and BTCW with $1.1 million. The daily totals fluctuated significantly, peaking at $886.6 million on June 4, 2024 and a low of $105.1 million on June 3, 2024, demonstrating the dynamic nature of these assets over the week.

Past performance is not a reflection of future results

Uniswap foundation postponing first proposal

In other news last week, Uniswap announced that the first proposal to activate Uniswap Protocol Governance would be deployed on-chain. However, a stakeholder raised a new concern that requires further investigation. Given the irreversible and sensitive nature of the proposed upgrade, Uniswap has decided to postpone the vote. The community will be kept informed of any significant developments and updates will be provided once there is more clarity on future timelines.

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