Trakx Weekly Update: July 1

Weekly Update
• Jul 01, 2024
Trakx Weekly Update: July 1

Key Crypto Market Figures

Trakx Weekly Update: July 1

CTIs Weekly Performance

Crypto markets recovered their composure over the prior week as evidenced by the Trakx Top 10 Crypto CTI gaining 1.7%. The strongest weekly performance was in the Lending CTI, which rose just shy of 12%, while the weakest performer was the Bitcoin/Ether CTI, having declined by 0.2%.

Helping to propel the Lending CTI up were strong gains in the native tokens of Aave and MakerDao. The former rose 23% after the TVL (total value locked) on the lending protocol increased by a robust $2.3bn, indicative of improving sentiment in the world of DeFi, while the latter gained 17% after the DAO announced the Endgame audit contest. Running from July 8 until August 5, the total prize fund for the bug finding contest that is being hosted on the Web 3 Sherlock platform, is a record $1.35 million.

Another standout performer last week, and positive contributor to several members of the Trakx family of CTIs was Solana. Its price jumped almost 20% over after both VanEck and 21Shares filed S-1 applications with the SEC for a spot Solana ETF. Formally, the SEC has only permitted spot Bitcoin ETFs, but after recently concluding their investigation into Ethereum 2.0 and having determined that ETH is not a commodity, a spot ETH ETF is widely expected to arrive within the next several months. As the next largest cryptocurrency by market cap – hence its membership of the Trakx Top 10 Crypto and Top 10 PoS CTIs - Solana is a rather obvious next candidate for SEC approval. Notably, in order to avoid the “security versus commodity” debate the proposed Solana ETFs will not be permitted to participate in either validating of transactions or staking on the Solana blockchain, activities that could be viewed as satisfying all four of the Howey criteria that combined make up the famous test.

The timing of the ETF application is certainly interesting coming as it did the week of the first US presidential debate. As we outlined in the last crypto monthly update crypto has become a wedge issue in the presidential race and even though the subject didn’t come up in the 90 minute back and forth between Trump and Biden, it nevertheless had an impact. Trump’s re-election chances received a boost after it was widely acknowledged he won the debate easily. Given his team’s more friendly crypto stance this therefore constitutes a positive step for the industry and also increases the probability of additional spot crypto ETFs being permitted. Conversely, Biden’s re-election chances slumped. In fact, his performance was so poorly received that it prompted considerable speculation he might be replaced as the official Democrat candidate. This was certainly very bad news for the Solana-based Biden meme coin “Jeo Boden”, causing it to slumped by more than half. Thankfully, this meme coin is not in the Trakx Meme CTI, which enjoyed a robust 8% gain last week, putting it second in the performance table.

Trakx Weekly Update: July 1

Sources: Trakx, Coingecko, Alphavantage

Market Trends

  • MakerDAO and Sherlock team up for historic $1.35M security audit contest: Cointelegraph
  • Solana ETF Applications Look Like Bets on Trump Retaking White House, Making U.S. Friendlier to Crypto: Coindesk
  • Biden-Trump debate: Crypto goes completely unmentioned: Cointelegraph
  • Polymarket Betters Give Biden a 46% Chance of Dropping Out by November: Decrypt
  • Make no mistake — CBDCs will ‘solidify government control’ over money, says author: DLNews

Trakx News

  • We are delighted to announce our partnership with Lobster Protocol, and the exclusive launch of Lobster DeFi ETH. To access this new CTI, click here.
  • Thursday 4th - Paris 19h: we are inviting our CGP /IFA clients to a conference followed by our annual summer drinks to you all, click here for details
  • Finally, a reminder that the Trakx Airdrop Campaign ends on July 8th!

Trakx CTIs Performance

Trakx Weekly Update: July 1
Trakx Weekly Update: July 1

Sources: Coingecko and AlphaVantage

*Return of bitcoin is calculated since 01/05/2020, while CTIs performances were calculated since their respective launch date.
**Includes simulated performance.
***The risk signal is determined according to the historical volatility level, the higher the riskier.

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