Trakx Weekly Update: September 18

Key Crypto Market Figures

CTIs Weekly Performance

Positive vibes returned to crypto markets last week, as evidenced by the 3% gain in the Trakx flagship Top10 Crypto CTI. The best performer was the Lending CTI, which rose more than 7%. The weakest performer in the Trakx suite of CTIs was Top Blockchains, which dipped a very modest 0.2%.

The performance of the Lending CTI was boosted by a 13% rally in the MKR token on news that MakerDAO added another $100mn to its Real World Asset (RWA ) programme, predominantly allocated to its short-term Treasury holdings. As a result of this latest increase, MakerDAO’s cumulative RWA holdings, which account for more than 80% of the platform’s revenues, now stand at a cumulative $2.7bn, making it the third largest DeFi protocol by TVL (total value locked).

However, the best performing coin across the crypto sphere last week was Toncoin, a member of the Trakx Top10 PoS CTI. The 38% surge, which boosted the Top10 PoS CTI by more than 4%, came after it was reported that Telegram intends to integrate Ton’s wallet. With more than 800 million Telegram users worldwide, the news is seen as a a major win for the token.

Also up strongly was Rune, the native token of the decentralized protocol Thorchain. It rose 24% after MetaMask, the popular DeFi crypto wallet with over 30 millions users globally, launched the Snaps plugin that adds Thorchain support and will allow its users to conduct cross-chain swaps within DeFi.

Finally, last Friday marked the first anniversary of ETH as a PoS currency as a result of the Merge. Concomitant with lacklustre price action, transaction fees over the Ethereum blockchain have slipped back to levels not seen since the failure of FTX. Given part of the transaction fees paid by ETH users are burned after the introduction of EIP 1559 in August 2021, this dip in on-chain activity has resulted in ETH net supply increasing. This represents an unusual bout of inflation for the second largest cryptocurrency by market cap given its net supply has fallen by almost 300,000 ETH since the Merge.

Sources: Trakx, Coingecko, Alphavantage

Market Trends

• MakerDAO Surges: $100 Million Investment In RWAs Signals The Shift To Traditional Markets: CryptoNews.
• As Telegram plans to integrate the TON wallet, Toncoin surges to…: AmbCrypto.
• Shapeshift takes crypto interoperability to the highest level: it is now possible to natively store and exchange BTC, ATOM and DOGE on the Metamask wallet: Cryptonomist.
• A Year After Ethereum Merge, Net Supply Down Nearly 300K Ether: Coindesk.
• Bitcoin user’s costly error leads to record transaction fee of $510,000: Cryptoslate.
• FTX gets court approval to sell crypto assets: Reuters.

Trakx News

• Ryan Shea published: “Drivechain: The latest controversy to impact the Bitcoin community”, which examines a contentious proposal to add side chains to the Bitcoin blockchain.
• The Trakx team will be attending the Patrimonia Conference, in Lyon / France on the 26-27th of September.

Trakx CTIs Performance

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.