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Solana Hits New Records, up 770% in 2023 🚀

Following a 100% gain in the last 30 days, Solana has also set records for new and active addresses. Plus the top news, stats, and reports from this week.

Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 200k weekly subscribers. This week Solana setts new records, Barry Silbert and Mark Murphy exit the Grayscale board, Coinbase obtains approval for digital asset operations in France, and we see big new venture rounds for Akron Energy ($110M) and Addressable ($13.5M).

The countdown to one of the key historical catalysts for the start of each four-year bull market cycle

Price performance since we began writing Coinstack in January 2021

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

  1. Akron Energy, Ohio-based data center infrastructure provider, has raised $110M in private funding to expand its data center megawatt capacity, led by Bluesky Capital Management

  2. Addressable, a Web3 Growth Marketing Leader, has raised $13.5M, led by BITKRAFT

  3. Web3mine, with a vision is to empower the world to collectively coordinate capital and hardware to build an open, performant and resilient internet for everyone, has raised $6M seed round, led by 1kxnetwork 

  4. Academy of Digital Industries, a Georgia-based progressive education platform offering an extensive range of digital training and masterclasses, has raised an undisclosed sum in a series A funding, led by Tether

  5. Immutable ecosystem, a purpose-built platform for crypto gaming that we think has both the momentum and the technology to service a real consumer adoption wave, has raised an undisclosed, led by Framework Ventures

🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week… 

  1. 🚀 Solana sets records for monthly new and active addresses amid price rally: According to data from The Block, Solana's network has also already set records for monthly new and active addresses, despite a week still remaining in the month. 

  1. ⚖️ Barry Silbert, Mark Murphy to exit Grayscale board: Digital Currency Group CEO Barry Silbert has resigned as Grayscale’s chair, according to a Tuesday filing with the US Securities and Exchange Commission. DCG President Mark Murphy will also be leaving the board. Both resignations are effective Jan. 1, 2024. 

  1. 🚀 Coinbase obtains approval for digital asset operations in France: The VASP registration will let the company offer custody of digital assets, buying or selling digital assets in legal tender and trading of digital assets against other digital assets, CNBC said on Thursday, citing a statement.

  1. 🚀 Circle Secures Conditional Registration in France Under DASP rules: Circle said that it is now conditionally registered as a Digital Asset Service Provider (DASP) or Prestataire de Service sur Actifs Numériques (PSAN) with France’s financial regulator, the Autorité des Marchés Financiers (AMF)

  1. 🚀 Paxos Secures New York Regulatory Approval to Expand USDP Stablecoin to Solana: Paxos, a major player in the stablecoin market, has secured regulatory approval from the New York Department of Financial Services (DFS) to expand its stablecoin offerings to the Solana blockchain

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💬 Tweet of the Week

Source: @ramahluwalia

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. Drift crosses $100M in TVL, $1B in 30D volume, $3B in cumulative volume

Source: @OurNetwork

2. GMX V2 crosses $7M in revenue since its launch in August

Source: @OurNetwork

3. Solana has just returned to triple-digits, now up 770% on the year, and has achieved its highest price since April 2022. 

Source: @DavidShuttleworth

4. Zeta nears 50% perps market share on Solana following their Z-Score incentive campaign

Source: OurNetwork

5. Polynomial crosses $4.20B+ in volume with 69+ markets

Source: @OurNetwork

6. Top Moving Coins From the Top 100

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

About the Author: Paul Veradittakit, is a Managing Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing into blockchain companies and cryptocurrencies. This is an excerpt from the full article, which you can find here.

Bridging the Gap between DeFi and TradFi with 1inch Fusion

In the world of finance, a subtle but consequential transformation is underway. Decentralized Finance (DeFi) has emerged as a disruptive force, reshaping the way we think about financial services and transactions. Still, DeFi is only serving a small fraction of retail users mostly consisting of the degen and speculative traders. Institutions do show an increasing interest in DeFi, but the regulatory uncertainty in DeFi and the lack of compliant options remain a major obstacle for corporate adoption.

1inch, a DeFi pioneer since 2019, is now enhancing the DeFi industry again with Fusion, its new groundbreaking technology unveiled in December 2022, which will be the foundation for the first decentralized and regulatory-compliant DeFi trading platform. 

What is 1inch Fusion?

1inch Fusion represents a significant enhancement of the key existing technologies - the 1inch Aggregation Protocol and the 1inch Limit Order Protocol, designed to provide crypto investors with cost-effective and secure swap options. The technology was a result of a month-long internal hackathon at 1inch, with the primary objective of improving cost efficiency, security and user experience for traders. This is accomplished by implementing a Dutch auction order matching model, allowing users to customize their order parameters (price range, swap duration etc.) and without having to pay network fees. These orders are fulfilled by professional market makers called Resolvers dedicated to securing the most favorable settlement rates for swaps.

What makes 1inch Fusion special?

Explaining the initial intent behind the Fusion upgrade, 1inch Network co-founder Sergej Kunz stated: “Fusion makes swaps on 1inch dramatically more cost-efficient, as users won’t have to pay network fees, plus, an extra layer of security is added, protecting users from sandwich attacks.”

At the core of 1inch Fusion is its swap engine, featuring a Dutch Auction model for effective order-matching. (see below)

In this model, users will place a gas-less order with a certain price range (users decide the maximum and minimum they are willing to receive) and time range (the time users are willing to wait for order fulfillment). As the auction kicks off, the swap rate gradually decreases to the minimum return specified by users until it becomes profitable for Resolvers to fill the order. Multiple Resolvers compete to fill the orders, increasing the chances of users receiving a favorable rate on their swaps. 

The Dutch-auction-esque process means Resolvers only need to bid up to the point where they are willing to accept the trade as well — in other words, the point where they are comfortable with the profit margin. Thus, when transactions occur, both participants’ trade requirements have been met. For this reason, being a Resolver is likely to be a profitable business like any other market making operation where orders are bid upon based on the market maker’s point of profitability. 

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela. 

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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