Ecosystem Update May 24
Dear investors,
We are excited to present our May 2024 Ecosystem Update. This comprehensive document delves into the latest market trends, celebrates key milestones in the Advanced Blockchain ecosystem, and showcases the latest developments within our organization. Moreover, it offers an in-depth overview of our progress and the broader industry landscape.
Macro Industry View
The crypto market cap remained robust in May 2024, reaching $2.7 trillion and nearing the all-time high of $2.9 trillion set in March 2024.
Ethereum Spot ETF Approval
Beyond the stable market cap development, a major event occurred with the US Securities and Exchange Commission’s (SEC) approval of Ethereum spot ETFs.
The SEC approved applications from Nasdaq, CBOE, and NYSE for Ether ETFs, marking a furthersignificant milestone in cryptocurrency history. Asset managers such as VanEck, BlackRock, Fidelity, Grayscale, Bitwise, and others applied for the Ethereum spot ETF.
This approval brings several benefits to the overall market, including:
- Expanded Investment Opportunities: New opportunities for investments and more confidence in the crypto markets.
- Increased Market Acceptance: More institutional and private investors will have access to Ethereum.
- Innovation and Growth: Promotion of innovations and technological advancements in the blockchain sector.
- Market Stability and Transparency: A more stable and transparent crypto ecosystem.
Ethereum (ETH) witnessed a significant price surge, trading around $2.9K for most of the month before breaking the $3K resistance and soaring close to $4K following SEC approval.
US Elections
Crypto has become a significant focal point in the US 2024 election campaigns. Presidential candidate Donald Trump’s pro-crypto stance has garnered immense support, while current President Joe Biden’s anti-crypto policies have faced multiple criticisms.
Donald Trump addressed his supporters at the Libertarian National Convention in Washington D.C., highlighting various initiatives he would implement if elected president. A significant portion of his speech caught the attention of the crypto community, as Trump discussed his plans for cryptocurrency if he becomes president:
The speech covered several items related to crypto, including self-custody, central bank digital currency (CBDC), among other topics.
While Trump’s speech clarified his stance on crypto, many questions remain unanswered. The crypto community will closely watch both candidates' comments on crypto as the election approaches. As the crypto market continues to evolve, the intersection of regulatory approvals, political stances, and market dynamics creates an environment ripe with both opportunities and excitement.
With the recent notable advancements and high-profile endorsements, the upcoming months are poised to be pivotal for the future of cryptocurrency. The decisions made during this period could set the trajectory for the industry's growth and integration into the global financial system. The crypto community, investors, and policymakers alike will be keenly observing the unfolding events, anticipating a promising future for the dynamic world of digital assets.
Ecosystem Key Updates
Summary
- peaq raised $20M, achieved a $333M valuation, and joined Mastercard's Start Path program
- Composable Foundation's Mantis vision aiming for non-custodial crypto adoption, with IBC live deployment on Solana through Picasso
- MYSO token, MYT, was listed on Gate.io, maintaining a TVL of $1.5 to $1.7 million, and the MYT tokenomics paper was released, centralizing the ecosystem's economic activity.
- Celestia launched the Infinite Space Bazaar hackathon to focus on network improvements, and, in collaboration with w3.fund, presented on blockchain modularity
- TLX team achieved multiple product developments, including reaching $1.8 million in TVL after rebranding Mero Finance, and released a new protocol for trading leveraged tokens
- Panoptic introduced a new incentives program to boost user engagement, liquidity, and exploration of DeFi options.The team plans to launch on the Ethereum mainnet this summer.
peaq
peaq achieved another milestone by raising $20 million in a pre-launch funding round led by Borderless Capital and Generative Ventures. More than 14,500 community members contributed over $36 million, oversubscribing peaq’s token launch on CoinList. This made it the largest raise and the launch with the highest amount of contributed funds on CoinList in the past two years.
peaq's current valuation stands at $333 million, paving the way for the company path towards becoming a unicorn in the blockchain space.
Furthermore, peaq has been chosen to join Mastercard's award-winning Start Path program, an initiative aimed at supporting promising projects in various fintech and Web3 verticals. During the program, peaq will explore potential implementations between the DePIN sector and the realms of traditional finance and fintech.
The ecosystem continues to grow, recent partnerships included:
- Synternet incorporated peaq as a data publisher on its platform, allowing developers to build event-driven dApps using real-time data from the DePIN ecosystem.
- Aizel Network, the Web3 network making AI more transparent and verifiable, selected peaq as its layer-1 blockchain
- Nikolai joined peaq ecosystem to explore various technical scenarios of complementing each other’s key functions, such as data verification and monetization.
- JuiceUp, a DePIN of community-owned power bank stations, joined the peaq ecosystem to utilize peaq’s Modular DePIN Functions in developing and deploying smart contracts for rentals and revenue sharing, mint their token, among other use cases.
- DATS Projectsjoined the peaq ecosystem to build a DePIN for cybersecurity services that will let anyone lend their computing power to help fight malicious actors while earning rewards
Composable
Composable Foundation has unveiled its long-awaited Mantis announcement, introducing Mantis vision of enabling non-custodial mass adoption for the next phase of crypto, playing a pivotal role in onboarding the next billion users.
Another exciting development is the live deployment of IBC on Solana via Picasso, marking the first trust-minimized connection between Solana, Cosmos, Ethereum, and Polkadot.
MYSO Finance
The MYSO token, MYT, has been successfully listed on Gate.io following the successful rollout of the token airdrop for early contributors, community members, and active protocol users.
MYSO V2's Total Value Locked (TVL) has remained stable, ranging between $1.5 to $1.7 million, with strong potential for future growth.
Furthermore, MYSO team has released the MYT tokenomics paper, serving as the centerpiece of the MYSO ecosystem, connecting all economic activity within the protocol and across product lines, including future releases and MYSO v3.
Celestia
Celestia has launched the Infinite Space Bazaar hackathon, primarily focused on network improvements, including enhancements to the tech stack, user experience, modular architecture, and other key areas.
Furthermore, the Celestia team, in collaboration with w3.fund, held a presentation on blockchain modularity and the improvements in network efficiency.
Panoptic
Panoptic team introduced their new incentives program, aimed at boosting user engagement, liquidity, and exploration of DeFi options.
Panoptic plans to launch on the Ethereum mainnet this summer, followed by rollouts on EVM-compatible chains. Read the complete newsletter of May here.
Mero / TLX
TLX team achieved multiple product developments, including reaching $1.8 million in TVL, following the successful rebranding of Mero Finance. The newly released protocol primarily caters to trading leveraged tokens on the Optimism network.
Advanced Blockchain, through its subsidiary Incredulous Labs Ltd, will receive future TLX tokens from its previous participation in Mero Finance.
ABAG Update
Our team attended the capital markets & takeover conference in collaboration with the Baader Bank Research team where our team held a presentation about blockchain and Bitcoin.
Beyond physical presence attendance, we have refined our investor relations landing page to enhance user experience and give it a more modern look. Our team is currently working on providing a white variant of the website to improve content readability.
On the investment side, we have indirectly invested in XMAQUINA through Advanced Blockchain’s share in EoT Ventures' parent company, EoT Labs.
On the human resources front, we are excited to welcome Chuanshan Huang to our team as a Data and Research Analyst, where he be mainly involved in research and analyzing investment opportunities as well as contributing to the ABX Analytics project. Chuanshan is a meticulous researcher within the blockchain space, having developed his expertise at Microsoft and ETH Zürich. He holds a Master's degree in Data Science from the University of Zürich and a Bachelor's degree in Computer Science from the Chinese University of Hong Kong.
Our team remains diligent in delivering the annual report during June, which will prepare us for our upcoming Annual General Meeting, planned for the end of July 2024 or the beginning of August 2024 at the latest.
As we progress through the remainder of 2024 and beyond, we are committed to achieving our goals, expanding our business model, and increasing transparency to meet our investors' expectations. We greatly appreciate your ongoing support.
Thank you for being a part of our journey.
Best regards,
Advanced Blockchain Team
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