Weekly Market Highlights - BNB Greenfield Mainnet is here

20 October 2023The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team. 🔎 Macro/TradFiStandard Chartered is set to introduce a crypto custody service in Dubai, UAE, catering to institutional clients and supporting Bitcoin and Ethereum.Metamask announced an integration with Stripe to enable on-ramp service for U.S. users.After CoinTelegraph released clarification on sharing false spot Bitcoin ETF news, Larry Fink, CEO of BlackRock, acknowledged the global client demand for crypto and attributes recent price action to a 'flight to quality' amidst speculation of spot Bitcoin ETF approvals.🔎 CryptoL1/L2:The BNB Greenfield Mainnet is officially live, introducing a fully public decentralized data storage network and marking a new era for Web3 data ownership.The 25th quarterly BNB token burn has successfully completed. Over 2.1M BNB have been burned with an approximate value of US$501M.Manta Network has partnered with Polygon Labs to migrate from Optimism to Polygon as a zkEVM layer-2 using Polygon CDK. Manta Network co-founder has added that the transition would better position the protocol to provide the best-in-class experience for developers and users.Immutable, an Ethereum layer-2 NFT scaling platform, has postponed the vesting of 125M IMX tokens to July 2024. The decision aims to bolster Immutable's long-term sustainability.Lightning Labs has launched its Taproot Assets protocol on the main network, facilitating the creation of stablecoins and other assets on Bitcoin and Lightning. The protocol aims to equip developers with tools to expand Bitcoin as a multi-asset network while preserving its foundational values.The Solana Foundation has joined forces with UAE's Dubai Multi Commodities Centre (“DMCC”). Solana will offer technical and business support, Web3 education, and expand their grant program for DMCC Crypto Centre members. DeFi:Uniswap v3 introduced a 0.15% swap fee on trades involving ETH, USDC, and other tokens. This introduces another revenue source for Uniswap to sustain its operations. In other news, a new hook enabling KYC verification on Uniswap v4 has ignited community debate. This hook allows users to undergo KYC checks before trading on a pool.BitGo, a cryptocurrency custody solution, has acquired HeightZero, which offers software tools for wealth managers to incorporate crypto and digital assets into client portfolios.dYdX Trading, the company behind dYdX, will forgo trading fee revenue from its forthcoming v4 platform, transitioning to a public benefit corporation. This move emphasizes dYdX's commitment to aligning closely with its community.DeBank's Rabby Wallet introduces 'Rabby Desktop,' a DApp security-centric client. The platform facilitates safe dApp access via domain names, IPFS, ENS, or local files, minimizing single-point risks.Stablecoins:Crypto market maker Wintermute has partnered with stablecoin issuer Mountain Protocol to strengthen liquidity for USDM, which gives non-U.S. users yield-bearing access to U.S. Treasury bonds.Others:The RAK Digital Assets Oasis (“RAK DAO”) has launched, creating an economic free zone focused on supporting businesses in blockchain, digital assets, Web3, and AI.MyShell, an opBNB-based AI platform, has raised US$5.6M in seed funding, achieving a valuation of US$57M. The funding round, led by INCE Capital, Hashkey Capital, among others, emphasizes the growing interest in AI platforms integrated with tokenomics.Elixir Protocol secured US$7.5M in a Series A round at a US$100M valuation. Spearheaded by Hack VC, the funding aims to enhance liquidity in decentralized orderbook exchanges.Account Labs has raised US$7.7M in funding for its Google-enabled UniPass crypto wallet. The wallet, leveraging account abstraction, aims to offer a smarter user experience in the crypto space.🔎 Latest Binance Research Publications Check out our latest publications:Q3 State of Crypto - Market PulseDemystifying the Intent-Centric ThesisMonthly Market Insights - October 2023Explore our Binance Research website for more project and macro research reports and the Binance Legal website for latest updates and consultation responses.For more frequent market updates and insights, follow us on Twitter @BinanceResearch. Have a minute? Please share with us any feedback you may have via this form.That’s a wrap!Binance ResearchRead morehttps://research.binance.com/en/analysis About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. 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