Ryze Ledger: Edition 3
Unlocking the potential of crypto, one insight at a time. Don't miss our portfolio news and emerging market focus.
Contents
What to Expect
Market Overview
Spotlight: Rise
Regulatory Updates
Ryze Labs Portfolio News
Emerging Markets Focus
1. What to Expect
In this edition, we shine the spotlight on ArDrive, redefining digital storage on the blockchain with an emphasis on data permanence and true ownership.
We also dive into the latest regulatory landscapes, discussing the SEC's approval of spot Bitcoin Exchange-Traded Funds and FINRA's 2024 oversight report emphasizing crypto assets.
Our portfolio news is brimming with significant milestones from Evertas, LayerZero, Orca, Push Protocol, Polygon Labs, DomiOnline, BLOCKLORDS, Persistence, and Nyan Heroes, each marking their strides in crypto insurance, protocol upgrades, liquidity solutions, decentralized communication, asset coalition, gaming innovations, and staking guides.
The issue wraps up with a focus on emerging markets, highlighting major developments such as Apple's removal of crypto apps in India, OKX's licensing in Dubai, the surge in USDC use for Asia remittances, Turkey's forthcoming crypto legislation, Bitcoin's recognition in a Honduran special economic zone, and Upbit's full licensing in Singapore.
2. Market Overview
Bitcoin (BTC) has experienced a 2.12% increase over the 30-day term.The price took a downturn after the approval of spot ETFs, an event which market participants seem to have treated as a 'sell the news' scenario.
Ethereum (ETH) has shown a strong performance, with a 14.83% rise in the same period, which can be attributed to the anticipation of an ETH spot ETF, now that Bitcoin’s was approved.
Solana (SOL) has seen an impressive 41.21% surge over the past 30 days, again outperforming the top 20 tokens.
3. Spotlight: ArDrive - Redefining Digital Storage on the Blockchain
File Storage with ArDrive
In an era where data is the new gold, ArDrive presents a groundbreaking approach to digital storage, transforming how we secure our most valuable digital assets. ArDrive isn't just another cloud storage service; it's a paradigm shift towards permanence and true ownership of data.
Key Features of ArDrive:
One-Time Payments for Lifetime Storage: Unlike traditional cloud storage that relies on monthly subscriptions, ArDrive offers a unique pay-once model. You pay for your storage needs just once, ensuring your data remains safe and accessible for over 200 years.
Decentralized and Open Source: Built on the Arweave blockchain network, ArDrive guarantees that your data isn't just stored; it's etched into the fabric of the digital universe, safe from the control of big tech companies.
Data Permanence Even Beyond the Company: ArDrive ensures that your data remains accessible, even if the company ceases to exist – a promise traditional cloud storage cannot make.
Empowering True Data Ownership: Break free from recurring payments. ArDrive's model allows you to own your data outright, eliminating the concept of data rental.
Community Governance: As a Web3 entity, ArDrive is community-owned. This means you're not just a user but a stakeholder with a voice in its governance and a share in its rewards.
How ArDrive Stands Out
For Families and Generations: Secure your family memories forever. From photos to important documents, ArDrive ensures that your digital legacy is preserved for future generations.
Privacy or Publicity, Your Choice: Whether you want to keep your data private, share it with a select few, or make it public, ArDrive provides the flexibility to control how your data is managed.
Perfect for Digital Art and NFT Storage: Optimize your digital art, photography, and NFT storage with ArDrive's robust and secure platform.
Immutable Record Keeping: ArDrive offers an unchangeable and time-stamped record of your files, ensuring data integrity and compliance across various industries.
Durable NFTs: Addressing a critical concern in the NFT space, ArDrive ensures the longevity of your NFTs, safeguarding them against disappearing storage or changing terms of service.
Archive the Web Permanently: With ArDrive, you can save a copy of any webpage forever, ensuring that your digital findings and creations are preserved indefinitely.
With ArDrive, you're not just saving files; you're securing a part of history forever.
4. Regulatory Updates
SEC Approval of Spot Bitcoin Exchange-Traded Funds (ETFs): The U.S. SEC has approved the listing and trading of spot bitcoin ETFs. This decision follows a court ruling that vacated the SEC's previous disapproval of Grayscale’s proposed ETP. The SEC emphasizes that this action is limited to ETFs holding bitcoin and does not signal an endorsement of crypto asset securities or a change in the Commission's view on the status of other crypto assets under federal securities laws. However, it’s very likely that Ether ETFs will be approved this year as well. We’ve done an extensive review of spot Bitcoin ETFs, be sure to check it out.
FINRA's 2024 Regulatory Oversight Report: The Financial Industry Regulatory Authority (FINRA) published its 2024 Regulatory Oversight Report, which for the first time includes a dedicated section on crypto assets. This section provides guidance for firms contemplating engaging in crypto asset-related activities, covering topics like cybersecurity, anti-money laundering protocols, and transparent reporting. The report emphasizes the importance of identifying and addressing relevant regulatory and compliance challenges related to crypto assets.
Focus on Crypto Market Manipulation: FINRA's report highlights the risks of market manipulation in the crypto space, particularly involving low-market-cap crypto assets. The report warns about manipulative schemes by bad actors, which are similar to those in the equities market. It emphasizes the need for vigilance against such schemes and advises firms to be cautious in crypto engagements.
5. Ryze Labs Portfolio News
Evertas Sees Remarkable Growth Among Bitcoin Miners
Evertas, specializing in crypto insurance, has shown extraordinary growth throughout 2023. Significantly, 50% of the top-20 Bitcoin miners now trust Evertas for their insurance needs. This milestone underscores Evertas' robust position in the market and its commitment to providing secure insurance solutions.
LayerZero Announces v2 Protocol Upgrade
LayerZero has announced version 2 of its protocol. This update, explained in detail by Bryan Pellegrino in a video, marks a major advancement in the protocol’s capabilities. The update is anticipated to enhance the efficiency and functionality of cross-chain interactions, further cementing LayerZero's position.
Orca Integrates Liquidity Terminal
Orca has implemented its advanced Liquidity Terminal. This update brings several useful features for Liquidity Providers (LPs), notably the Yieldfinder and Time to Profit Simulator. The Yieldfinder offers an accurate chart of historic fee yield, while the Time to Profit Simulator enables users to balance total yield against divergence loss.
Push: V2 and Roadmap for 2024
Push Protocol has launched V2 and unveiled its 2024 roadmap, focusing on decentralized communication. The year 2023 saw the introduction of comprehensive communication tools and incentive programs. The 2024 plan includes Push Nodes and a PoS network, enhancements in Push V2.5 and V3, and multi-chain interoperability, supporting non-EVM chains like Bitcoin, Solana, and Avalanche.
Polygon Labs Joins Tokenized Asset Coalition
Polygon Labs has joined the Tokenized Asset Coalition (TAC), aligning with the vision of a more open and transparent financial system. Polygon’s participation, particularly through its institutional-grade ZK scaling solutions, aims to facilitate the global financial industry's transition to blockchain technology and promote the onboarding of assets onto blockchain platforms.
DomiOnline: Dynamic Roadmap for Q1 2024
DomiOnline has announced its Q1 2024 roadmap, highlighting key features like the Open Alpha Release, dynamic weather implementation, enhanced NPC logic capabilities, $DOMI Beam bridge, blacksmith profession, and in-game storefront deployment.
BLOCKLORDS: 3-Month Milestone on Epic Games Store
BLOCKLORDS celebrates its 3-month anniversary on the Epic Games Store, marking a significant milestone supported by its initial investors. The game has gained traction, attracting attention from fans and industry stakeholders, reflecting its growing popularity and potential in the gaming community.
Persistence: Comprehensive Guide to $XPRT Staking
Persistence released a detailed blog post on $XPRT staking, offering valuable insights for newcomers and existing users. The guide covers staking fundamentals, instructions for staking XPRT using various wallets like Keplr, Leap Cosmos, IBCwallet, and Ledger, and answers to 16 frequently asked questions about validator selection, unbonding, staking rewards, and more.
Nyan Heroes Launches on Epic Games Store, Introduces Play-to-Airdrop
Nyan Heroes will introduce the "Play-to-Airdrop" feature in February. This innovative approach combines gaming excitement with cryptocurrency rewards.
6. Emerging Markets Focus
Apple Removes Binance and Other Crypto Apps in India: Apple has pulled Binance and other crypto apps from its App Store in India. This move comes amid increasing regulatory scrutiny and legal challenges in the Indian market for crypto-related services.
OKX Obtains VASP License in Dubai: OKX, a major cryptocurrency exchange, has secured a Virtual Asset Service Provider (VASP) license in Dubai. This license allows OKX to operate crypto exchange services in the city, expanding its global footprint and complying with local regulatory requirements.
Circle Reports Surge in USDC for Asia Remittances: Circle, the issuer of the USDC stablecoin, highlighted a significant increase in the use of USDC for remittances in Asia. In 2022, remittances worth $130 billion using USDC flowed into the region, demonstrating the growing role of stablecoins in cross-border transactions.
Turkey Nears Crypto Legislation Completion: The Finance Minister of Turkey announced the imminent conclusion of technical studies for new crypto legislation. This legislation aims to establish a regulated environment for cryptocurrencies, reflecting Turkey's proactive approach to embracing digital assets.
Honduras Recognizes Bitcoin in Special Economic Zone: A special economic zone in Honduras has recognized Bitcoin as a unit of account. This groundbreaking move signifies a major step towards the integration of cryptocurrencies in the country's economic and financial systems.
Upbit Secures Full Licensing in Singapore: South Korean crypto exchange Upbit has obtained a full Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). This license enables Upbit to provide regulated digital payment token services in Singapore, marking a significant milestone for the exchange's expansion in Southeast Asia.