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Ho-Ho-HODL
Published on Dec 23, 2023
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THIS WEEK IN MARKETS
Green Crypto Christmas

🎅 'Tis the season. Santa visited crypto market participants this month, with anticipation of easing interest rates fueling strength across all risk markets and sending the total crypto market cap (TOTAL) up 17% since the start of December. What other catalysts have positively impacted prices this month?

Prices as of 10am ET 24hr 7d
Crypto $1.67t ↘ -0.3% ↗ 3.7%
BTC $43,840.13 ↘ -0.3% ↗ 3.3%
ETH $2,305.72 ↘ -1.0% ↗ 3.0%
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WEEKLY RECAP
Dencun Draws Near

1️⃣ Dencun testnet nears

Ethereum's next big upgrade, Dencun, is now set to undergo its first testnet deployment on January 17, 2024.

The aim of the rollout is to trial adding data storage capacity via "blobspace" to Ethereum through a process known as "proto-danksharding." When fully live, the upgrade will significantly reduce fees for Layer 2 (L2) rollups. We shouldn't have to wait long for that at this point, as Ethereum devs are currently eyeing February 2024 for the mainnet launch of Dencun.

2️⃣ Solana Saga cancellations

Some Solana Saga phone orders have been canceled due to an "inventory management issue."

Anticipation of future airdrops recently caused the first run of Sagas to experience a buying frenzy, though the buys outstripped the 20,000 device supply through a mistake from a third-party distributor. Accordingly, the Solana Mobile team just apologized and announced that customers affected by the cancellations will receive refunds.

3️⃣ EigenLayer hits $1B TVL

EigenLayer, Ethereum's leading restaking protocol, saw its total deposits surge over the $1 billion USD mark this week. The rapid climb started after the project raised its deposit caps for liquid staking tokens (LSTs) to a new limit of 500,000 ETH, or roughly $1.1 billion.

The expansion included support for six additional LSTs, namely Wrapped Beacon Ether (wBETH), Ankr’s ankrETH, Origin’s oETH, Stader’s xETH, Stakewise’s sETH, and Swell’s swETH.

4️⃣ SEC blasts BarnBridge

The SEC just settled with BarnBridge DAO for $1.7 million over unregistered securities allegations regarding BarnBridge's SMART Yield product.

It's one of the first times the SEC has gone after a DAO in this way, and for their part the Commission called BarnBridge a "purported" DAO, i.e. not a real one. The action raises more questions about the agency's recent aggressive approach to DeFi and DAO structures.

5️⃣ Infinex launches on Base

Infinex, a new front-end project for Synthetix that's aimed at blending the best parts of DeFi and CeFi, just launched its alpha on the Base L2.

The arrival comes after Synthetix founder Kain Warwick first introduced plans for Infinex back in July 2023. Governed by the SNX token, the platform will provide a new revenue stream for the Synthetix ecosystem and represents a strategic shift towards enhancing UX in DeFi.


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EARLY ACCESS
Crypto's ETF Era

For our latest episode, Cathie Wood of Ark Invest and Ophelia Snyder of 21Shares came on the pod to discuss the major prospects around crypto ETFs in 2024. Is TradFi excited? Are we underestimating the scale of this? Get the full scoop in the new show!

Bankless Citizens get Early Access to our Monday podcast and an exclusive Debrief conversation unpacking the episode 👇

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GET CAUGHT UP
What We Published

📰 Articles:

Ethereum’s Endgame Transformation on Bankless
Understanding how the Ethereum community will evolve over time with Viktor Bunin
Recapping the Rollups Roadmap on Bankless
Remembering why Ethereum embraced a future filled with rollups via Arjun Chand
The Crypto Startup Slump on Bankless
Exploring recent VC investment trends in crypto with insights from Rachael Sacks
The Year Regulators Went Wild on Bankless
The powers that be went after crypto in the U.S. this year!
Getting Started with Crypto Wallets on Bankless
Welcome to Bankless. Time for your first crypto wallet!

📺 Shows:

Garry Kasparov on Why Freedom Always Wins on Bankless
Chess legend on the most important topics in the 21st century
Ryan Selkis Shares His 2024 Crypto Predictions on Bankless
Joining us today is Ryan Selkis, who is here to walk us through his crypto thesis for 2024.
Jito’s Impact on Solana with CEO Lucas Bruder on Bankless
This is an exploration of Jito, the Solana validator client, the staked Solana token JITOSOL, and MEV optimization engine.
ROLLUP: The Inscription Infestation | Solana Flips Ethereum Volume | Restaking Heats Up on Bankless
3rd Week of December, 2023
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GO BANKLESS
Earn Airdrops!

Many Bankless Citizens who completed the Jito quests in our Airdrop Hunter app just earned $10k+ airdrop paydays!

It's airdrop season and plenty of other protocols are preparing to reward early users. Get on their lists. Start hunting!

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