Krypital Group April Review
👉 New investment| 👉 Projects updates👉 Events Updates
👉 Market Recap | 👉 About Krypital Group
👉Projects updates
- deBridge
1. The deBridge Points program is live, with users earning over 666 million points in April.eBridge Points is LIVE
2. deBridge has integrated 0x API to bring tighter spreads and bulletproof bridge quotes for all bridge trades.0x brings transparent swap routes and improves reliability for quotes on all bridge trades Their Swap API aggregates liquidity from over 100 AMMs and professional market markers, using smart order routing to deliver the best prices
https://twitter.com/deBridgeFinance/status/1782816749681013168
3. deBridge Enables High Speed Bridging with Backpack Wallet, with this integration, Backpack users can easily connect their wallet on deBridge for lightning-fast bridging between all our supported chains, including Ethereum, BNB Chain, Solana, Polygon, Arbitrum, Avalanche, Linea, Optimism, Base, and Neon EVM.
https://debridge.finance/blog/debridge-enables-high-speed-bridging-with-backpack-wallet/
- ZKX
1. DeFi Spring on ZKX Phase 3 of Starknet DeFi Spring went live on OG & Pro Trade. Users get to earn JUICY $STRK rewards and $ZKX at the same time. (The APY on the STRK rewards is 70%)
Top traders made rewards as high as 1900 $STRK in a week in the last cycle. The new cycle for DeFi Spring began on 3rd May.
2. zUSDC — USDC pool went live on Nostra, zUSDC is the main collateral of ZKX, backed 1:1 with L1 USDC through Starkway bridge.Users can seamlessly deposit into the zUSDC — USDC (Starkgate) pool, and earn the rewards.
- ZeroLend
1. Announcing Zero Gravity Voyage 1: The Journey From Zero to Zillion Has Begun, The Zero Gravity Program is structured with a long-term mindset, spanning over years to incentivize long-term sustainability and growth within the protocol in the decentralized landscape
Injective
1. INJ 3.0 Release,with this update, INJ 3.0 dramatically reduces the supply for Injective’s native token, ultimately enabling INJ to become one of the most deflationary assets within the blockchain industry, injecting long-term value to grow the ecosystem.
https://blog.injective.com/en/inj-3-0-release/ttps://shorturl.at/afnpv
2. XION Integrates Injective as the First Blockchain for its Chain Abstraction Layer, XION’s Chain Abstraction enhances blockchain usability by seamlessly connecting users, apps, and liquidity across ecosystems, allowing XION to serve as an extension to all major blockchain networks.
This integration sets the stage for new users to onboard onto Injective and utilize the strength of the Injective network, without any friction points of entry, helping to push Injective further towards mass adoption.
- PYTH
- 1. Pyth Price Feeds Launch on Injective inEVM, Pyth Price Feeds are now live on Injective inEVM, the first rollup to hyperscale concurrent VM development. This deployment follows the launch of the Pyth Price Feeds on Injective mainnet in April 2023.
- https://shorturl.at/gvWY0
- 2. Pyth Price Feeds Now Live on Merlin Chain, The Pyth oracle is now available on Merlin Chain, a Bitcoin Layer2 that integrates ZK-Rollup network, decentralized oracle network, and on-chain BTC fraud proof modules. This deployment further solidifies Pyth Price Feeds as the go-to solution for developers building on the growing Bitcoin ecosystem.
- https://shorturl.at/adlV2
- Raiinmaker
- 1. Raiinmaker Announces Launch of Native Token $COIIN on Base, Raiinmaker, a Web3 and AI Technology Company, today announced that its initial IDO for the $COIIN token on Tenset sold out in just 29 seconds and a second IDO on Poolz two days later also sold out. More IDOs are planned for the month of April, leading up to the TGE of its native token, $COIIN.
- https://shorturl.at/sBEFZ
- Solv Protocol
1. SolvBTC Launches on BNB Chain, Paving the Way for Enhanced Yield on Bitcoin’s Halving Day, Solv Protocol is thrilled to announce the launch of SolvBTC, the first cross-chain yield-bearing Bitcoin, on BNB Chain. This strategic move signifies a major milestone in Solv’s mission to establish SolvBTC as the liquidity hub for the growing BTCFi ecosystem across multiple networks.
2. SolvBTC will Integrate Restaking Yield from Babylon, Babylon is building a native BTC staking protocol which extends BTC security to PoS chains, roll ups, and AVS. As a native yield platform, Solv utilizes SolvBTC to establish an inclusive and dynamic BTCFi ecosystem.
👉Event updates
Join us for these and other conferences in the coming months! Let us know if you’d like to meet or possibly co-host a side event, and we’d be more than happy to get in touch. In addition, we would love to attend more industry events to network through speaking or panelist opportunities. If you are organizing any event please get in touch with us at Contact@Krypital,com and we would like to discuss how we can provide support.
*HK Web3 festival
👉Market Recap
Bitcoin April Insight
Bitfinex Alpha report indicates that the current behavior of Bitcoin holders is similar to that of December 2020, suggesting a possible entry into a similar growth stage.
The report shows a significant decrease in the non-active supply of Bitcoin that hasn’t moved for over a year, indicating that long-term holders are either continuing to reduce their holdings or transferring their assets from exchanges. A Bitfinex analyst stated, “We see a surge in the number of Bitcoins leaving centralized exchanges, and the non-active supply of Bitcoin that hasn’t moved for over a year has decreased to the lowest level in 18 months.” The report adds that the current actions of Bitcoin holders are similar to the situation before the significant Bitcoin market surge in December 2020, “This pattern suggests that we may be entering a similar growth stage.”
VanEck CEO: Currently, 90% of Bitcoin ETF inflows come from retail investors rather than traditional investors
According to Cointelegraph, during the Paris Blockchain Week, VanEck CEO Jan van Eck mentioned in an interview that retail investors have been the primary source of inflows for US spot Bitcoin ETFs. Van Eck noted that the initial success of the ETFs has exceeded his expectations, attracting billions of dollars in inflows on certain trading days since their launch. However, he believes that these inflows have not been significantly influenced by traditional finance (TradFi) participants. Van Eck stated, “I’m surprised, but I don’t think it’s traditional investors yet. I still think 90% of the inflows are from retail. There have been some whales and other institutions moving some assets in, but they were already in Bitcoin before.”
“BIP-420” officially introduces the OP_CAT proposal for Bitcoin contracts
On April 23rd, according to The Block, discussions are ongoing regarding the “BIP-420” proposal’s official introduction of the OP_CAT proposal in the Bitcoin ecosystem. This proposal aims to reintroduce OP_CAT through a soft fork in a backward-compatible manner, potentially enabling functionalities such as smart contracts, secure bridging, and on-chain transactions. However, its implementation depends on technical, security, and community consensus considerations.
Grayscale CEO: GBTC outflows are beginning to reach a certain level of balance
Since the launch of the US spot Bitcoin ETF on January 11th, Grayscale’s GBTC Bitcoin holdings have decreased by half in approximately three months.
In the latest episode of “Inside ETFs,” Grayscale’s CEO Michael Sonnenshein mentioned that after several months of investor selling, outflows from Grayscale Bitcoin Trust Fund (GBTC.P) may be reaching a balanced state. Sonnenshein said, “We do think that the fund has started to reach a certain level of equilibrium, and some of the anticipated outflows, whether it’s from the liquidation related to bankruptcy or some of the conversion trades that some investors were doing, have largely worked their way through.” He also mentioned that some outflows were related to bankruptcies of FTX and other closed crypto firms, while some investors sold Grayscale ETFs just to immediately buy other ETFs.
Mt. Gox claim forms receive an update, potentially paying compensation in BTC and BCH form
On April 21st, Reddit users reported an update to Mt. Gox claim forms, adding fields for estimated token amounts and displaying BCH and BTC codes. However, some users pointed out that this update isn’t particularly useful and doesn’t have much relevance to compensating payments. Still, others noted that any progress is good as these situations rarely occur, indicating at least some progress towards paying in Bitcoin form rather than solely focusing on fiat payments.
Bloomberg: Australia expected to approve Bitcoin spot ETF this year
On April 29th, Bloomberg reported that following the US and Hong Kong, Australia is also set to launch a Bitcoin ETF. According to sources, it is expected that the largest stock exchange in Australia, ASX Ltd., will approve the first batch of listed Bitcoin spot ETFs on the main board by the end of 2024. ASX handles about three-quarters of Australia’s stock trades. A spokesperson for Sydney-based BetaShares mentioned in an interview that the company is working on launching a cryptocurrency ETF on the ASX. Justin Arzadon, the Digital Assets Manager at BetaShares, stated that the company has reserved ASX stock codes for Bitcoin spot ETFs and Ethereum spot ETFs. Another local company, DigitalX Ltd., mentioned in their half-year performance report in February that they had submitted a Bitcoin ETF application. VanEck also resubmitted an application in February this year. An ASX spokesperson stated that the exchange “continues to engage with a number of issuers interested in launching crypto ETFs” but did not confirm a timeline.
ETH April Insight
Vitalik: Proof of Work (PoW) is also quite centralized; PoW is just a temporary phase before transitioning to Proof of Stake (PoS)
On April 26th, Ethereum co-founder Vitalik Buterin stated on X platform, “PoW is also quite centralized, just not discussed as much because everyone knows it’s just a temporary phase before PoS. This doesn’t even get into how we might mainly avoid ASICs because the upcoming PoS switch means there’s no incentive to build them.”
SEC seeks public opinion on Grayscale, Bitwise, and Fidelity’s Ethereum ETFs
On April 3rd, according to The Block, the U.S. Securities and Exchange Commission (SEC) is seeking public opinion on a few Ethereum spot ETFs, including Fidelity’s Ethereum fund, Grayscale Ethereum Trust, and Bitwise Ethereum Trust. The SEC stated in the Bitwise-related document, “The Commission is publishing this notice to solicit comments on the proposed rule change (as amended by Amendment №1) from interested persons.” The public comment period for these three proposed ETFs is 21 days.
Vitalik: Protocol needs to reach the limits of cryptography while optimizing efficiency and enhancing security
During the 2024 Hong Kong Web3 Carnival, Ethereum co-founder Vitalik Buterin stated that current technologies like ZK-SNARKs, MPC, FHE have efficiency and security issues. Ethereum’s slot block time is 12 seconds, “normal” block verification takes about 400 milliseconds, and ZK-SNARK proof time is about 20 minutes. Ethereum’s goal is to achieve real-time proofs. Vitalik suggested solutions for low efficiency include “parallelization + aggregation trees,” using SNARK algos and hashes to improve efficiency, and using ASICs for ZK hardware acceleration.
Vitalik: Future DAS can accommodate 128 blobs, calls for large-scale apps to be built on L2 or as L2
Vitalik Buterin mentioned that EIP-4844 lays the foundation for future scaling through Data Availability Sampling (DAS). The current DAS can hold 3 blobs (approximately 375 kB), PeerDAS in the next stage can hold 8–16 blobs (approximately 1–2 MB), and the complete DAS can accommodate 128 blobs (approximately 16 MB). Additionally, he stated, “Compared to 5 years ago, Ethereum’s ability to support mainstream large-scale apps has greatly improved; large-scale apps should be built on (or as) L2 and leverage the latest technology; developers’ primary choices should consider ease of development, performance, interoperability, and security; different apps have different choices.”
Data: MakerDAO accounts for nearly 40% of DeFi profits on Ethereum in six months.
According to a recent report released by Syncracy, TokenTerminal data shows that MakerDAO has accounted for nearly 40% of DeFi profits on Ethereum over the past 6 months, based on an analysis of the top 25 projects on Ethereum over the past 180 days (as of March 12th).
👉About Krypital Group
Founded in 2017, Krypital Group is a leading global venture capital firm and blockchain incubator with active arms in North America, Asia and Latin America. Vested in a complete blockchain ecosystem, the company has specific investment funds for both primary and secondary markets, as well as providing end-to-end services such as project incubation, brand management and technical advisory. To date, Krypital Group has invested and incubated more than 100 projects so far.
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