Happy Friday! The 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.
Let's get the ball rolling 🧵👇
Let's get the ball rolling 🧵👇
1/ Macro
U.S. inflation in September increased by 8.2% year-on-year, stronger than expectations of 8.1%. Despite hot inflation data, stock markets staged a turnaround during the trading day and closed higher, suggesting that inflation concerns may have been somewhat priced in.
U.S. inflation in September increased by 8.2% year-on-year, stronger than expectations of 8.1%. Despite hot inflation data, stock markets staged a turnaround during the trading day and closed higher, suggesting that inflation concerns may have been somewhat priced in.
2/ Macro (Cont.)
After this #CPI print, traders currently assign a 99% probability that the Fed will raise interest rates by 0.75% in November.
After this #CPI print, traders currently assign a 99% probability that the Fed will raise interest rates by 0.75% in November.
3/ L1
Did someone say deflation? Ether turned deflationary this week (more $ETH burned than issued) with a decline in the supply of more than 6,000 ETH since 8 Oct. This was contributed by the launch of a token that resulted in an increase in gas fees.
Did someone say deflation? Ether turned deflationary this week (more $ETH burned than issued) with a decline in the supply of more than 6,000 ETH since 8 Oct. This was contributed by the launch of a token that resulted in an increase in gas fees.
4/ L2
The race to launch a working zero-knowledge Ethereum Virtual Machine (“zkEVM”) is heating up. This week, @0xPolygon announced the launch of its public zkEVM testnet. @AaveAave, @Uniswap, and @LensProtocol will be amongst the first protocols to deploy on the zkEVM Testnet
The race to launch a working zero-knowledge Ethereum Virtual Machine (“zkEVM”) is heating up. This week, @0xPolygon announced the launch of its public zkEVM testnet. @AaveAave, @Uniswap, and @LensProtocol will be amongst the first protocols to deploy on the zkEVM Testnet
5/ L2 (Cont.)
@Scroll_ZKP released an upgraded version of their pre-Alpha testnet which enables smart contract deployment on Scroll and allows users to bridge ERC-20s and NFTs between Scroll's L1 and L2 testnets.
@Scroll_ZKP released an upgraded version of their pre-Alpha testnet which enables smart contract deployment on Scroll and allows users to bridge ERC-20s and NFTs between Scroll's L1 and L2 testnets.
6/ L2 (Cont.)
zkSync 2.0 is expected to launch on mainnet at the end of October. Additionally, @zksync's EVM-compatible L3 ‘Pathfinder’ prototype will be deployed to public testnet in 1Q 2023.
zkSync 2.0 is expected to launch on mainnet at the end of October. Additionally, @zksync's EVM-compatible L3 ‘Pathfinder’ prototype will be deployed to public testnet in 1Q 2023.
7/ DeFi
There were a few #DeFi exploits this week. Mango Markets, a Solana-based DeFi platform, was exploited for over US$100M. TempleDAO, a yield-farming DeFi protocol, was hacked for over US$2.3M.
There were a few #DeFi exploits this week. Mango Markets, a Solana-based DeFi platform, was exploited for over US$100M. TempleDAO, a yield-farming DeFi protocol, was hacked for over US$2.3M.
8/ NFTs
NFT royalties have sparked debate within the NFT community for a while now. This week, @DeGodsNFT, a popular Solana NFT project, has switched to a 0% royalty model as the founder cited the growing popularity of 0% royalty marketplaces as a major push factor.
NFT royalties have sparked debate within the NFT community for a while now. This week, @DeGodsNFT, a popular Solana NFT project, has switched to a 0% royalty model as the founder cited the growing popularity of 0% royalty marketplaces as a major push factor.
9/ NFTs (Cont.)
@opensea, an NFT marketplace, added support for Avalanche. This brings the total number of supported blockchains to seven: #Ethereum, #Polygon, #Klaytn, #Solana, #Optimism, #Arbitrum, and #Avalanche.
@opensea, an NFT marketplace, added support for Avalanche. This brings the total number of supported blockchains to seven: #Ethereum, #Polygon, #Klaytn, #Solana, #Optimism, #Arbitrum, and #Avalanche.
10/ Web2 x Crypto
@Google announced that it will allow selected customers to make payments for its cloud services with digital currencies starting next year.
@Google announced that it will allow selected customers to make payments for its cloud services with digital currencies starting next year.
11/ Interested to learn more? Be sure to check out the #Binance Research website for more project and macro research reports.
research.binance.com/en/analysis
research.binance.com/en/analysis
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