Alpha un# weekly roundup

22nd Oct to 29th Oct 2024

October 30, 2024 • Estimated Reading Time: 6 minutes

Market Commentary:

Bitcoin continues to display impressive volatility, nearing an all-time high by touching $73,000, only to retract slightly. The anticipation surrounding the upcoming U.S. elections is fueling bullish sentiment among traders, with many eyeing the $80,000 target. The increased trading activity in Solana, particularly driven by Raydium's performance, reflects a growing interest in decentralized finance (DeFi) solutions. However, concerns regarding regulatory scrutiny, especially after the Base blockchain exploit that resulted in $1 million in stolen funds, highlight the ongoing challenges in the crypto space.

DeFi Developments:

Raydium's impressive fee revenue of $3.4 million on October 21 has made waves, surpassing Ethereum's $3.35 million and showcasing Solana's potential. RedStone's launch of the AVS oracle on EigenLayer marks a significant development for Ethereum, promising enhanced data availability for DeFi applications. Furthermore, Ethereum's upcoming "Verge" upgrade aims to simplify node operations, making it possible to run nodes on everyday devices like smartphones, thus broadening participation in the network.

Regulatory Shifts:

The regulatory landscape continues to evolve, with discussions about the coexistence of CBDCs and cryptocurrencies gaining traction. Sumit Gupta, co-founder of CoinDCX, emphasized the need for balanced regulations in India to foster innovation while safeguarding consumer interests. As the dialogue around regulatory frameworks intensifies, the industry remains vigilant, especially in light of the Base blockchain's security incident.


sources: (Ethereum 2.0 Upgrade Live, DeFi Protocol XYZ Yield Farming Initiative,  U.S. SEC New Guidelines, Layer 2 Solutions Adoption, aarna.ai Twitter Spaces Event, DeFi Market Cap and Altcoin Performance)

This week saw notable movements in the DeFi space, including Raydium's fee surge, the launch of RedStone's oracle, and Ethereum's advancements with "The Verge." These developments position them as top picks for traders and investors.

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disclaimer: 

this newsletter is for informational purposes only and should not be considered financial or investment advice. The information provided does not constitute a recommendation to buy, sell, or hold any digital asset or engage in any specific DeFi strategy. always conduct your own research and consult with a qualified financial advisor before making any investment decisions. know more