Prizmabet

Celo Challenges Tron’s Leadership in Active Stablecoin Addresses

The CELO token rallied over 20% on Wednesday as Vitalik Buterin cheered Celo’s progress.

Celo, an Ethereum layer 2 and blockchain-based ecosystem dedicated to mobile-first decentralized applications and smart contracts, is challenging Tron’s position as the chain with the most daily active addresses using stablecoins.

The seven-day moving average of the daily active addresses using stablecoins on Celo has climbed to nearly 700,000, nearly matching Tron’s tally, according to data tracked by Artemis.

The surge follows Tether’s decision to deploy its industry-leading dollar-pegged stablecoin, USDT, on Celo in March. Since then, USDT worth over $200 million has been issued on the network.

A year ago, Celo and Opera partnered to launch MiniPay, a mobile-first non-custodial stablecoin wallet built on the Celo blockchain that facilitates the instant transfer of funds using a phone number.

“Within less than five months of its launch, MiniPay garnered over 1 million users across Nigeria, Ghana, and Kenya,” a Celo representative told CoinDesk in an email.

On Wednesday, Ethereum founder Vitalik Buterin cheered Celo’s progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data.

“Improving worldwide access to basic payments/finance has always been a key way that ethereum can be good for the world, and it’s great to see @Celo getting traction,” Buterin said on X.

Celo still lags behind Tron in terms of value of stablecoin transferred on-chain this month. Data from Artemis shows that Celo has registered just over $1 billion in the so-called transfer volume, significantly less than Tron’s $335.7 billion. Ethereum remains in the pole position with a tally of over $470.4 billion.

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Ethena Announces UStb Stablecoin Backed by Blackrock’s BUIDL

Reserves for UStb will be invested in BUIDL, which in turn holds U.S. dollars, U.S. Treasury bills, and repurchase agreements.

Ethena announced today that it’s developing a new stablecoin called UStb, which invests its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

Its the second stablecoin from Ethena, as earlier this year it launched USDe, a synthetic stablecoin that derives its value from the cash-and-carry trade, an arbitrage strategy between an asset and its derivative to maintain its $1 peg.

In a blog post, the team explained that UStb will be a “wholly independent product” with a different risk profile compared to USDe.

The team also wrote that UStb helps USDe manage risk during tough markets by allowing Ethena’s governance to reallocate backing assets to UStb when needed.

USDe has brought about some concern from industry stakeholders who say that while the trade is safe, volatility in the markets – which crypto is known for – can quickly cause it to unwind.

In a thread on X, the team addressed some of these concerns, pointing out that while USDe has remained stable despite recent bearish conditions, it can dynamically adjust its backing between basis positions and liquid stable products and may incorporate UStb during periods of weak funding rates if needed.

Ethena said in the post that UStb will be listed on centralized exchanges like Bybit, Bitget, and any future exchanges that Ethena partners with, where USDe is already used as margin collateral.

More details on UStb will be available in the coming weeks, Ethena said.

Wall Street Titan Guggenheim Tokenizes $20M of Commercial Paper on Ethereum

Blockchain platform Zeconomy assisted the $300B asset manager with the transaction and reports “massive demand” for digital assets.

Guggenheim Treasury Services, a subsidiary of financial services giant Guggenheim Partners, has issued $20 million of tokenized commercial paper on the Ethereum blockchain, its partner, blockchain platform Zeconomy, announced Thursday.

A spokesperson for Guggenheim confirmed the transaction took place but would not comment further.

The tokenization comes weeks after German industrial giant Siemens AG issued digital commercial paper via megabank JPMorgan’s Onyx and blockchain platform SWIAT.

Tokenization of traditional financial instruments, referred to as real-world assets (RWA), has become one of the hottest areas in crypto for TradFi firms to dabble in lately. The niche has grown to a $12 billion market capitalization, including $2 billion of tokenized U.S. government securities, according to research firm RWA.XYZ.

“With tens of billions of dollars locked in DeFi and corporate treasuries, we are thrilled to partner with GTS to address a clear need for more trusted and secure blockchain solutions,” said Giacinto Cosenza, Zeconomy’s CEO, in a statement.

“As clearly demonstrated by the ETFs approval and the growth of the tokenization space, there is a massive demand for these digital assets, and we want to enable our partners so they can be at the forefront of what could be a transformative moment in the financial industry,” he said.

The commercial paper was rated P-1, the highest credit rating available for such instruments, by Moody’s Investors Service. Commercial paper is short-term (less than a year, usually 30 days), unsecured debt issued by corporations.

While RWA is a new direction for Guggenheim, which boasts a whopping $300 billion in assets under management (AUM), the global investment firm has previously participated in the crypto ecosystem.

The firm’s Macro Opportunities Funds has for years been authorized to take on up to 10% exposure to the former Grayscale Bitcoin Trust (GBTC), which in January converted into one of the spot bitcoin (BTC) exchange-traded funds (ETF).

First Mover Americas: Bitcoin Regains $64K as ETF Flow Trends Flip Positive

The latest price moves in crypto markets in context for Sept. 26, 2024.

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

Latest Prices

CoinDesk 20 Index: 2,056.03 +1.34% Bitcoin (BTC): $64,350.91 +1.14% Ether (ETH): $2,6424.48 +0.09% S&P 500: 5,722.26 -0.19% Gold: $2,678.25 +0.8% Nikkei 225: 38,925.63 +2.79%

Top Stories

Bitcoin rose above $64,000 during the European morning to around $64,300, trading just over 1% higher in the last 24 hours. Other major tokens also registered gains, with ether adding 0.4% to $2,630. The CoinDesk 20 Index, a weighted measurement of the digital asset market at large, rose nearly 1.2%. In other markets, gold hit a record high and Asian stocks surged amid reports that China’s central bank will inject around $142 billion of stimulus into the biggest state banks to increase their capacity to support the struggling economy.

Bitcoin ETF inflows cracked $100 million for the second consecutive day on Wednesday and stretched their winning streak to five days. That flipped an indicator tracking 30-day net holdings among ETFs to positive for the first time this month, data from CryptoQuant shows, suggesting a rising trend of accumulation as opposed to sales. Ether ETFs enjoyed a second consecutive day of inflows, netting $43.2 million. While the ETH products remain over $500 million in the red since they listed in July, ether has outperformed bitcoin since the Fed’s rate cut last week, which coincided with an increase in network transactions and rising Ethereum transaction costs, known as gas fees.

Ethereum layer 2 Celo is challenging Tron’s position as the blockchain with the most daily active addresses using stablecoins. The seven-day moving average of the measure on Celo has climbed to nearly 700,000, nearly matching Tron’s tally, according to data tracked by Artemis. The surge follows Tether’s decision to deploy its industry-leading dollar-pegged stablecoin, USDT, on Celo in March. Since then, USDT worth over $200 million has been issued on Celo. On Wednesday, Ethereum founder Vitalik Buterin cheered Celo’s progress on X, galvanizing investor interest in the CELO token. As of writing, the cryptocurrency traded at 63 cents, representing a nearly 20% gain on a 24-hour basis, according to CoinDesk data.

Chart of the Day

– Omkar Godbole

Bitcoin Jumps Over $64K Ahead of Powell Speech; IBIT Options Could Provide Longer-Term Boost

Asian markets roared higher and gold notched another record following another round of Chinese fiscal and monetary stimulus.

Bitcoin (BTC) is again setting its sights on the $65,000 level not touched since the first week in August, with a speech later today from Federal Reserve Chair Jerome Powell potentially the next catalyst.

“The market will be following Powell’s speech closely for indications of any shifts in sentiment following last Thursday’s FOMC press conference, which signaled the potential for further easing,” traders at Singapore-based QCP Capital said in a broadcast message.

Powell is expected to speak at 13:30 UTC at the U.S. Treasury Market Conference amid mounting expectations for another U.S. interest rate cut this year. The Fed announced its first round of cuts last week – leading to risk assets such as bitcoin surging – and traders expect a 62% chance of an additional 50 basis point reduction in November, according to the CME FedWatch Tool.

Gold notched another in what’s become a series of record highs of late, climbing nearly 1% to above $2,700 per ounce. China is reportedly mulling a $142 billion capital injection into its banking system, along with a number of other stimulus measures. The Shanghai Composite soared another 3.6% and is on track for its best week in a decade. U.S. stock index futures are ahead about 1%.

Bitcoin’s appeal is starting to grow among retail and professional investors alike. Data from SoSoValue shows that the total daily net inflows cracked $100 million for the second day in a row for the BTC ETFs, marking a five-day streak of positive net inflows for the funds.

On the other hand, retail bitcoin investors have accumulated 35,000 BTC in the past 30 days, highlighting increased confidence and participation from smaller holders.

Meanwhile, some say the newly-approved options on Blackrock’s Bitcoin Trust (IBIT) has primed BTC for further gains ahead.

“The approval would increase liquidity and investor participation in the Bitcoin market, marking a further step toward broader institutional adoption,” onchain analysis firm CryptoQuant shared in a note with CoinDesk. “Indeed, Bitcoin options on the CME recorded a fresh high open interest of almost half a billion on March 12, 2024, growing by almost five-fold from their maximum level in 2023.”

Crypto Hackers Nabbed $409M in Q3: Immunefi

The figure is 40% less than in third-quarter 2023.

Hackers stole $409 million worth of cryptocurrency in the third quarter, and an additional $3 million was lost to fraud, according to a report by Immunefi.

The figure is 40% less than in third-quarter 2023, the bug bounty platform said.

The amount of capital locked on decentralized finance (DeFi) protocols represents an “unparalleled and attractive opportunity for blackhat hackers,” Immunefi said. There is currently $87.2 billion in total value locked (TVL) across DeFi, according to DefiLlama.

Most the quarter’s losses came from hacks of crypto exchanges, with India’s WazirX losing $235 million and Singapore’s BingX $52 million. The report said 32 other hacks accounted for 32% of total losses.

“We’re seeing a higher number of incidents targeting DeFi, while CeFi experiences fewer incidents but often with more severe consequences, with hundreds of millions in stolen funds in a single exploit,” said Mitchell Amador, founder and CEO of ImmuneFi.

“In CeFi, the biggest infrastructural issue is private key management, which is essential to maintaining the self-custody of crypto assets but is not typically subject to security audits. It requires rigorous key management policies, practices, and emergency plans.”

WazirX lost funds after hackers compromised the exchange’s private keys. The exchange halted withdrawals and froze trading on July 18, and is now seeking a moratorium from Singapore’s courts to give it time to restructure.

The Ethereum blockchain was the most common target for hackers, with 15 incidents of theft reported compared with eight on BNB Chain and two on Base.

There were also two incidents of funds being recovered after being stolen. Ronin Network recouped $10 million from a $12 million hack and ShezmuTech clawed back all $4.9 million that was taken.

Avalanche Unveils $40M Grant Program Ahead of ‘Avalanche9000’ Upgrade

The program, called Retro9000, is supposed to encourage developers to build on Avalanche ahead of a much-anticipated upgrade known as Avalanche9000.

The foundation supporting the Avalanche network is releasing a $40 million grant program to reward developers for building new protocols in the blockchain ecosystem.

The program, called Retro9000, is supposed to encourage developers to build on Avalanche ahead of a much-anticipated upgrade known as Avalanche9000, the Avalanche Foundation said Thursday in a press release.

“Normally, you ship a big upgrade to testnet, and if everything looks good, you immediately ship it to mainnet, and then you hopefully get adoption for it,” said Luigi D’Onorio DeMeo, chief operating officer at Ava Labs, the main developer firm behind Avalanche, in an interview with CoinDesk. “We kind of want to spin that on its head a little bit, and instead elongate the testnet process and do sort of what you can call an incentivized testnet.”

Builders and users will have to register with the Retro9000 platform to build on Avalanche, where the users receive some voting credits, based on their activity on the network.

“They’ll be able to effectively vote with those credits during the incentivized testnet on the builders, and this is going to be used as a signal for the Avalanche Foundation to then retroactively grant the participants afterwards,” D’Onorio DeMeo said.

“For a builder to actually qualify for the retroactive grant, they will have to eventually deploy on mainnet,” D’Onorio DeMeo said. “That is a prerequisite. The goal here is to allocate a substantial amount of funds, to build up a strong pipeline on testnet, so that when we go to mainnet, there’s a bunch of stuff to launch.”

AVAX Price

Avalanche9000 is expected to be Avalanche’s largest upload since its mainnet launch in 2020. It’s supposed to make launching layer 1s on Avalanche cheaper, easier to customize and smoother to maintain.

The project’s native token, AVAX, is down about 29% this year – underperforming Ethereum’s ETH, which is up about 13%.

The date for Avalanche9000 has not been set, but the testnet will be launched in October, D’Onorio DeMeo told CoinDesk.

“Once the incentivized test net closes, we will hope that people will deploy their projects at mainnet and then reward them retroactively,” he said.

Read more: Avalanche Becomes Latest Blockchain to Support Franklin Templeton’s Tokenized Money Market Fund

The Fed Pivot is Finally Here

Last week, the Fed cut its federal funds target rate by 50 bps to 5.00% p.a. (upper limit) which could have strong implications for the crypto community, says Andre Dragosh, head of research Europe, CoinShares.

“The time has come,” stated Fed chairman Jerome Powell back in August at the Jackson Hole central bank symposium. Last week, the Fed cut its federal funds target rate by 50 bps to 5.00% p.a. (upper limit) which was slightly more than markets had priced in before the FOMC meeting. In other words, the Fed positively surprised markets with this rate cut.

It is quite likely that the Fed is just getting started with rate cuts. At the time of writing, the market already expects 3 additional cuts (75 bps) by year-end and another 5 cuts (125 bps) next year through December 2025. The Fed has also telegraphed additional cuts via its latest Summary of Economic Projections (SEP) (aka “dot plot”).

Nonetheless, despite this more-than-expected interest rate reduction of 50 bps, it is quite likely that the Fed still remains “behind the curve.”

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For instance, a standard Taylor rule based on the unemployment rate and core PCE inflation implies that a fed funds target rate of around 3.6% p.a. is already warranted based on the underlying economic and inflationary momentum.

In addition, the latest fund manager survey by Bank of America indicates that monetary policy was still “too restrictive” in September 2024 – in fact, the most restrictive since October 2008 according to this survey.

There still remains an increased risk of a recession as several reliable indicators such as the prominent “Sahm rule” remain triggered.

That being said, our quantitative analyses imply that global growth has become less relevant for the performance of bitcoin while other factors like monetary policy or the US dollar have become more important.

In other words, a US recession might not be as negative as widely anticipated for bitcoin and other cryptoassets. To the contrary, it may lead to even more Fed rate cut expectations and US Dollar weakness which could provide even more tailwind.

With the latest move by the Fed and other major central banks, the global liquidity tide is clearly turning; global money supply has already reached new all-time highs and is accelerating. Expansionary money supply growth periods are usually associated with bitcoin bull runs.

The re-steepening of the US yield curve which tends to be a recessionary indicator is also an indicator for increasing liquidity and therefore bullish for scarce assets like bitcoin.

What is more is that the increase in global liquidity is coinciding with the increasing supply scarcity of bitcoin which has been intensifying since the latest halving in April 2024.

Our analyses have shown that there tends to be a significant lag between the halving event itself and the moment the supply shock starts to become significant, as the supply deficit only tends to accumulate gradually over time.

So, it appears as if there is a perfect confluence between an increase in potential demand via global money supply and a simultaneous reduction in available supply via the halving.

The market has been mired in “chopsolidation” – a choppy consolidating range-bound market – since the latest all-time high in March 2024. This was due to several factors such as government sales of bitcoin, Mt. Gox trustee’s distribution of bitcoins, or the macro capitulation in early August 2024.

In this context, the summer months have generally been one of the worst performing months for bitcoin historically with September being the worst month of the year.

However, Q4 tends to be the best month for bitcoin from a pure performance seasonality perspective and we also expect bitcoin to break out of this chopsolidation in Q4.

It seems as if the wait for a new break-out to the upside is finally over. The Fed pivot may have just delivered the perfect catalyst for that.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

Ethereum’s Changing Landscape

For investors, ETH’s future depends on how Ethereum balances innovation with maintaining healthy economic policy, says Matthew Kimmel, digital asset analyst, CoinShares.

Ethereum’s ability to host a wide-range of applications and assets has been evident for years, but the investment case for its native token, ETH, has become increasingly complex. In the wake of key protocol changes, particularly the hardforks activating EIP-1559 and EIP-4844, investors are asking how Ethereum’s adoption will translate into ETH’s long-term value.

While the platform has scaled, the relationship between its growth and ETH’s supply and demand — and thus its price — is no longer as straightforward as it once seemed.

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The EIP-1559 revolution: linking utility to token value

When Ethereum implemented EIP-1559 in 2021, it introduced a burn mechanism where the overwhelming majority of transaction fees (base fees) would be permanently removed from circulation. This created a direct relationship between Ethereum usage and ETH’s supply. As users paid for transactions on the Ethereum network, the burn would act as a deflationary force, reducing ETH’s supply and putting upwards pressure on its price.

In 2023, our valuation model at CoinShares showed that under the right conditions, where Ethereum generated $10 billion annually in L1 transaction fees, something it achieved at its 2021 heights, ETH could reach a value near $8,000 by 2028.

Since then, however, optimism has waned due to the Dencun hardfork and the rise of Layer-2s (L2), which have upended the fee burn and altered ETH’s value potential.

The rise of layer-2s: a double-edged sword

L2 platforms were designed to scale Ethereum by moving transactions off the main chain (L1) and onto faster, cheaper networks. Initially, L2s complemented L1, helping the network handle more transactions without clogging the base chain — like a pressure release valve giving balance in times of high usage.

But with the introduction of “blob space” in 2024, L2s could now settle transactions on L1 at much lower costs, reducing their requirement to pay expensive L1 fees. As more activity migrated to L2s, the supply burn that EIP-1559 was designed to instill began to drop, weakening the downward pressure on ETH’s supply.

The reality of Ethereum generating high L1 fees to support ETH’s value is now looking bleak. L1 transaction fees have steadily collapsed, leading to questions about what differentiates the services offered at each layer, and what will drive the L1 fee landscape moving forward.

A path forward: restoring the burn or adapting to new realities

Despite these challenges, there are potential paths forward to restore demand for L1 transactions and, in turn, ETH valuation.

One option is developing high-value use cases that rely on L1’s security and reliability, yet, given current trends, this appears unlikely in the near future. Another possibility is that L2 adoption grows so rapidly that the sheer volume of transactions compensates for the discounted fees — but this would require extraordinary L2 growth, beyond near-term expectations.

The most likely, and perhaps the most controversial, solution is repricing blob space to increase L2 settlement fees. While this would restore some of the L1 supply burn, it risks upsetting the economics of L2s that have been key to Ethereum’s recent success and enhanced its ability to compete as an ecosystem with alternative platforms (like Solana, Binance Chain, etc.).

The uncertain future of ETH

While L2s have scaled Ethereum, they have also disoriented the mechanisms that tie ETH’s value to its utility. For investors, this means that ETH’s future depends on how Ethereum balances innovation with maintaining healthy economic policy.

For now, ETH’s investment case is unsettling, and risks remain high as the Ethereum community decides its path forward.

Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.

Stablecoins Will Drive Institutional Adoption in Asia: Chainalysis CEO

In an interview, Michael Gronager also said it doesn’t matter who wins the U.S. presidential election.

SINGAPORE — Stablecoins will drive institutional adoption in Asia, “even if regulators are not happy with it,” Chainalysis co-founder and CEO Michael Gronager said in an interview at Token2049 in Singapore. Yet, while more users in the region have leaped into cryptocurrency than elsewhere, the U.S. is still the industry’s most influential geography.

Stablecoins, crypto tokens whose value is pegged to a real-world asset like the dollar or gold, underpin the crypto trading system. Also, because their value is fixed – or meant to be – they can be used as a store of value and a medium of exchange.

“One of the things we have seen as the biggest trends in crypto right now, and probably the killer app, is something as mundane as stablecoins,” he said. “Two-thirds of all transactions in transaction volume on blockchains are stablecoins.”

Chainalysis, a blockchain analytics company, regularly releases reports on the state of crypto and its adoption across the world. The most recent listed five Asian countries in the top 10 of the Global Adoption Index. India and Nigeria have kept the top two positions for two years in terms of grassroots crypto adoption, and Indonesia, a new No. 3, is the fastest growing.

“Last year, one or two banks in Japan said they wanted to launch a U.S. dollar-backed stablecoin within a year. It hasn’t happened yet,” Gronager said. “I had conversations last week in Japan and now we have 10 banks wanting to launch such stablecoins.

“Why hasn’t it happened yet? (Because) banks are slow. They talk to the regulator.”

Regulators definitely have “some level of concern” and many things will need to be ironed out, he said. In the meantime, banks have to face growing competition from stablecoins when it comes to remittances, according to Gronager.

While Asia appears to dominate in terms of adoption, the U.S. which ranks fourth in the Chainalysis report, is the most influential region because that’s where the trading volumes come from and the crypto economy looks to institutions like the U.S. Congress and Securities and Exchange Commission (SEC) for big signals.

“The real volume of crypto is tied to countries like the U.S. and others,” Gronager said. “The story we are trying to tell you is more like saying crypto users per capita. So basically, how many people using [crypto] within the country. The adoption is, like, who’s holding crypto for the average people in countries. In the U.S., that’s less than it is, for example, in India.”

Despite the regulatory influence and despite crypto influencers’ focus on the U.S. presidential candidates’ positions on the industry, the November election isn’t a big deal, Gronager said.

“It won’t matter much,” whether Donal Trump or Kamala Harris wins, Gronager predicted. “Just getting on the other side” of this election will be healthy for everyone.”