Velvet Capital Tops BNB Chain in TVL Growth; Crypto Markets Continue Surge; & more!
Velvet Tops BNB Chain in TVL Growth for October
Velvet Soft-Launch Continues
The Velvet Capital soft launch is underway & the reception has been great! We’re in the midst of onboarding our first 100 institutional clients who signed up for our waitlist and core members of our community. In the coming weeks, we will open the launch up to the public.
But as a token of appreciation for being a Velvet Newsletter subscriber, we are going to share an exclusive link here so you can be part of the next big thing in DeFi!
Explore the Velvet v2 now: https://v2.velvet.capital/
Browse vaults from top crypto fund managers & gigabrains or create your own! Below is a top-performing vault from the Velvet Marketplace — constructed by a Velvet Founders Club member. The ‘SuperTrend Long vault is up over 8% in just two weeks & has a TVL of almost $250,000!
Vault Description: The ‘SuperTrend Long’ vault follows trends by set indicators. The strategy has been backtested for different time frames and is working well in the long run. Coins will be bought immediately after getting buy a signal. Coins will be sold against stablecoins immediately after getting a sell signal. We will only invest into coins that we believe in mainly BTC and ETH, but also coins like SOL and ARB.
Quick Hitting Alpha
-Kraken will begin sharing user data, including profile and transaction details, with the IRS in November.
-US Republican legislators Cynthia Lummis and French Hill have asked the DOJ to quickly investigate Binance and Tether for their alleged support to terrorist organizations.
-LayerZero’s launch of a bridge for cross-chain stETH transfers has sparked criticism from the Lido community for bypassing governance processes. Concerns include security risks and liquidity fragmentation, leading LayerZero to reduce services for Scroll.
-JPMorgan Chase has disclosed that its blockchain-based JPM Coin processes daily transactions worth $1B, with plans to expand its use.
-Leading blockchain forensic firms suggest that crypto donations are a minor part of Hamas’ funding, contradicting reports that the group raised significant funds through digital assets.
-Following a burn of $5.5M worth of tokens, PEPE Memecoin experiences a significant 31% increase in its value.
-Mastercard plans to partner with self-custody wallet providers like MetaMask and Ledger to issue a dedicated payment card, aiming to boost user numbers and create additional revenue.
-On the 15th anniversary of its whitepaper, Bitcoin (BTC) has doubled in value in 1.5 years and now represents over 51% of the total crypto market cap.
-Snowtrace, a top Avalanche block explorer, will switch from its Etherscan-powered platform to Avalanche-native Avascan by the end of November. This will enable broader queries across Avalanche’s entire ecosystem.
-The UK Treasury plans to impose stricter crypto regulations by 2024, treating digital assets like traditional financial services.
In The News
Vodafone Partners with Chainlink to Demonstrate Blockchain’s Potential in Global Trade
Vodafone’s Digital Asset Broker (DAB) has conducted a proof of concept in collaboration with Chainlink Labs, Sumitomo Corporation, and InnoWave to address inefficiencies in the global trade ecosystem. Using Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the companies utilized IoT devices to transfer important trade documents. This process could enhance security and interoperability, enabling data transfer between private and public blockchains through a single interface. DAB also joined Chainlink as a node operator. Vodafone DAB was created in 2022 and transferred to a new entity in May 2023, with Vodafone owning 80% and Sumitomo owning 20%. A report from Swift, the global interbank messaging service, highlighted how many financial institutions have used Chainlink’s CCIP for secure transfer of tokenized assets between blockchains.
Younger Generations Plan to Vote for Crypto-Friendly Candidates in 2024
Coinbase’s Q3 State of Crypto Report shows that the younger generation (aged 18–40) in the US is largely dissatisfied with the current financial system, with only 25% viewing it positively as innovative, impartial, or speedy. Most respondents had negative views of the system, describing it as expensive, outdated, exclusionary, confusing, and slow. Over half of respondents plan to vote for crypto-friendly candidates in the 2024 elections. Similarly, a Bitget survey found that Gen Z was the most likely age group to consider crypto regulations when voting. In this poll, 36% of Gen Z respondents said that political promises about crypto were an important election factor. The survey also found that crypto ownership was highest among millennials at 46%, with Gen X and Gen Z reporting similar ownership rates of 25% and 21%, respectively.
How to Build a Winning DeFi Ecosystem in 2023
The DeFi platform’s standard strategies, such as liquidity mining and front-loaded governance token issuance, have become ineffective by 2023. However, opportunities still exist for newcomers to disrupt the market, particularly in perpetual contracts (or “perps”). These are modified futures contracts with no expiration dates, allowing traders to open leveraged positions on assets indefinitely. They’ve gained popularity for hedging and high-stakes investments, with the combined market capitalization of perpetual exchange tokens exceeding $1.1 billion. As spot markets and swaps have become dominated by a few elite protocols, targeting the growing interest in perps could be an effective entry point for new players in the DeFi scene. By addressing the needs of margin traders for improved features, interfaces, asset support, and leverage, newcomers can attract users to their platforms and potentially disrupt the DeFi ecosystem.
Deadfellaz x MetaMask Infuse Halloween Art in Decentraland
The third annual Deadfellaz Infected event, a Halloween-themed CryptoArt showcase, is currently taking place in the Decentraland Metaverse, running until November 6th. This event, in collaboration with MetaMask, features work from a variety of artists and includes a ‘Candy Quest’ where attendees can collect virtual candies to unlock treasures. The artwork on display ranges across punk, horror, anime, and death themes, and are part of the Infected S3 collection which includes three tokens of varying grades. Original Deadfellaz NFT holders may even receive an airdrop of these digital assets. Starting October 31, the artwork will be available for purchase on Foundation, with all proceeds going to the creators. There will also be opportunities to mint unique tokens as a symbol of participation in the event. This event represents a significant development in the blockchain-based art scene.
Blockchain Will Be ‘Standard’ for Gaming in Asia: Bandai Namco Exec
Bandai Namco, the renowned Japanese game publisher, is actively exploring the potential of blockchain technology in the mobile gaming sector, particularly for the Asian market. Karim Farghaly, Bandai Namco’s SVP of Corporate Development, shared in an interview with Decrypt that the company is researching how Web3 infrastructure could be incorporated into its business model. Farghaly believes that Asia, where there is less stigma around blockchain games, will likely be the first region to see successful crypto and Web3 games that attract large audiences. Bandai Namco has already launched a blockchain game this summer, an AI-powered virtual pet game called Ryuzo, in collaboration with Double Jump.Tokyo. The game features NFTs on the Oasys blockchain, a platform that Bandai Namco has invested in, along with Sega and Ubisoft.
Professional-Grade DeFi For Everyone
Build your custom portfolio: https://velvet.capital
Crypto can be hard. DeFi can be even harder! But it doesn’t have to be!
At Velvet Capital, we are building the world’s first institutional-grade, omnichain DeFi asset management operating system! Anyone will be able to seamlessly launch and manage on-chain funds — in just a few clicks. Crypto portfolio management like never before!
Learn more: https://www.velvet.capital/
We help people create diversified crypto products with additional yield — all without giving up custody of their assets! No matter your level of expertise — we got you covered!
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