BlackRock enters the Real World Assets tokenization space.

March 21, 2024

I. Mainstream exchange news

• Coinbase lists Ronin (RONIN).
• Kraken launches custodial service, Kraken Custody, for institutional investors.
• Binance will delist DREP, MOB, PNT on April 3rd. 

II. Mainstream projects and trending events

• BlackRock launches its first tokenized fund, BUIDL, on the Ethereum network, and investors can subscribe through Securitize.
• Coinbase legal team said CFTC and federal courts have consistently affirmed that ETH is a commodity, not a security.
• Fed Chairman Powell indicated the potential to sustain the current interest rate level over an extended duration. He added that decelerating the pace of balance sheet reductions would be a fitting approach.
• The US SEC delays the decision on the VanEck Ethereum spot ETF.
• Robinhood launches its crypto wallet to all global Android users.
• TON Foundation plans to launch the first open season on April 1st with $115 million in Toncoin community rewards.
• US coffee brand Compass Coffee accepts crypto payments in partnership with Coinbase.
• The seven-day trading volume of the Solana blockchain DEX reached $21.3 billion, surpassing Ethereum.
• Apple’s Cook revealed plans to introduce the company’s generative AI technology this year.

III. Funding news

• Mystiko.Network, a Web3 basic layer, completed a seed round of funding of $18 million, led by Peak XV Partners.
• Berachain ecology liquidity aggregator Ooga Booga has completed a $1 million funding at a valuation of $10 million.
• Morph successfully concluded its seed and angel funding round, raising a total of $20 million.

IV. Regulatory news

• The Hong Kong Monetary Authority has clarified that firms participating in the digital Hong Kong dollar trial initiative cannot garner public funding via this program.
• In response to the detainment of Binance executives in Nigeria, the US State Department will render necessary support.

IV. Popular projects 

Market overview

The US Federal Reserve maintained the current interest rate level while increasing its GDP growth and inflation projections for 2024. The central bank anticipates three interest rate cuts in 2024, potentially commencing as early as June. Despite existing uncertainties, Powell's recent dovish remarks served to dispel pessimistic market sentiments and indicate Q1 as a pivot point in this monetary policy cycle. This news propelled the US stocks to record highs and stimulated a $7000u rebound in BTC, reasserting an essential support level. Ongoing monitoring is needed to see whether BTC can sustain above the $69,500 mark.

Kamino will allocate 0.5% of its tokens to OG users

On March 20th, Kamino, a Solana ecosystem lending project, announced that it will solely distribute 50 million KMONO (0.5%) to OG users as rewards. This will increase the total distribution volume to the genesis community to 7.5%. In addition, future rewards for early users are planned, with users participating in Kamino Season 1 receiving an additional loyalty boost in Season 2. Detailed information regarding the airdrop will be further announced in Discord. Kamino's TVL (Total Value Locked) has so far reached $1.17 billion.

RWA Track

BlackRock has created a fund called the "BlackRock USD Institutional Digital Liquidity Fund". In collaboration with Securitize, a blockchain company specializing in Real World Assets (RWA) tokenization, BlackRock will launch tokenized private equity funds. The entrance of traditional institutions such as BlackRock broadens the imaginative scope and accelerates the implementation speed of the RWA track. Key focal points include ONDO, POLXY, and TRU.

First ERC-314 Concept Token SIMP

ERC-314 eliminates the need for WETH, DEX, and approval transaction processes. Users can simply send the Ethereum they wish to purchase, or the tokens they intend to sell, directly to the contract or utilize the swap function on the dApp. Compared to traditional ERC-20 swaps, the ERC-314 standard can save users up to four times the Ethereum gas fees. SIMP has increased by over 150% in the last 24 hours, garnering considerable market attention.

AMPL's market cap surpasses $300 million

AMPL outperformed the market during BTC's recovery phase, maintaining high-speed inflation around 2 USDT recently. On March 21st, wAMPL's value rose above 38.5 USDT, approaching its all-time high near 40 USDT. Holding AMPL as a part of a balanced portfolio can offer a higher return compared to BTC. In recent times, large investors like Cobo Fish, have added AMPL to their investments, signaling a steady inflow.

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