The week has been a mix of boring and exciting news. By now, you would have probably heard that the Fed is pausing rate hikes, but the current ones are high as it is. So, nothing to be happy about. The price of Bitcoin and Altcoins is also lacking in volatility. We did see Bitcoins attempt to pump but was promptly rejected from the 27k level and is now consolidating at 26k. It has been a lackluster week, nevertheless, we have combed the best news for Altcoins at a Glance – so you can stay updated without spending too much time.
Let us jump in.
TON Surpasses Several Altcoins, Jumps to 10
- The Open Network (TON) has jumped to the top 10 in terms of crypto market capitalization.
- It overtook well-known crypto projects like Tron (TRX), Polygon (MATIC), and Polkadot (DOT)
- It currently has a market cap of $7.8 billion, which is just $200 million behind Solana (SOL)
- The Open Network Foundation has recently signed up a partnership with Tencent Cloud and Chainbase to accelerate Web3 development in the Asia Pacific Region.
- The Open Network was started by Telegram but was abandoned. The community kept the project going.
Magic Eden Launches Solana cNFTs
- Magic Eden is a community-centric NFT marketplace operating on the Solana chain.
- It has launched cNFTs, which offer compact off-chain storage. This allows Magic Eden to streamline production while lowering the minting cost.
- The cost is significantly lower when compared to ETH-based NFT. The cost of minting 1 million cNFTs will only be $110. High cost is one of the barriers to mass adoption.
- The off-chain transaction also enhances the speed of the transaction.
- However, off-chain storage also has its cons. It does not have the same level of security, decentralization, and immutability as on-chain NFTs.
Austalia’s ANZ Bank Partners with Chainlink
- ANZ, a leading bank in Australia, has partnered with Chainlink to explore cross-chain purchases of tokenized assets.
- ANZ will use Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to facilitate transfers of tokenized assets.
- The CCIP allows the transfer of data and tokens across blockchain networks in a trust-minimized manner.
- Chainlink has been partnering with different banking institutions, like Citi and BNY Mellon to conduct tokenization experiments using CCIP.
- SWIFT, the widely used bank messaging system, partnered with Chainlink last year to create a cross-chain interoperability protocol in an initial proof-of-concept.
Grayscale Submits New ETH Futures ETF Application
- On September 19, Grayscale applied for a new Ethereum (ETH) futures Exchange Traded Fund (ETF).
- The new ETF future application is different from the previous one filed in accordance with the Investment Company Act of 1940 – a framework used for most securities-based ETF.
- The new application was filed in accordance with the Securities Act of 1933 – the framework used for commodities.
- This new application would not require a custodian for ETH, because it will only hold futures contracts and not spot ETH.
- Filings using two investment frameworks increase the chances of having at least one of the ETFs being approved.
Altcoins Removed from DFS “Greenlist” – XRP and DOGE Included
- The New York Department of Financial Services (DFS) greenlist was created to facilitate the development and adoption of crypto businesses in the Big Apple. At the same time, it ensures consumer protection and regulatory compliance.
- On Sept 19, the DFS announced a revamp which included new criteria for coin listing and delisting. It also updated the greenlist.
- The update removes several tokens, including XRP and DOGE.
- Licensed firms can no longer list or trade these tokens without approval from the DFS.
- No exact reason for removal was offered.
Thank you for joining us for another edition of Altcoins at a Glance. Enjoy the coming week.