This Week in Signal Teams — Basic Attention Token, OriginTrail
Every week we comb through hundreds of FTX Signals to bring you the most significant team updates with brief analyses to help you understand the latest developments in blockchain.
Macro Crypto News This Week
- Eric Adams Asks NY Governor Hochul to Veto Crypto Mining Moratorium
- SEC’s Gensler Says There’s a Regulatory Path Forward for Crypto Lenders
- Celsius Mulls Possible Restructuring Amid Financial Woes
- 3ACs Future is Uncertain after Hundreds of Millions of in Liquidations
- Brazilian Bill Would Make Crypto Payments Legal, Protect Private Keys
- Russia’s Gazpromneft to Use Flared Gas for Bitcoin Mining
- Circle Announces Fully-Reserved, Euro-Pegged Stablecoin
- Spanish Airline Vueling to Start Accepting Bitcoin
Top FTX Signals This Week
- Brave Announces New Partnership with NEAR Foundation
- OriginTrail V6 and Parachain: From Turing to Metcalfe Phase
Brave Announces New Partnership with NEAR Foundation
“Today at Consensus 2022, Brave announced our new partnership with NEAR Foundation.”
— Jennie T, Director of Community and Partnership
Summary
- Brave Wallet will integrate with Aurora, an Ethereum Virtual Machine (EVM) on the NEAR Protocol, and bridge BAT cross-chain for Aurora ecosystem utility in the coming months.
- Aurora will become a preloaded blockchain in Brave Wallet (in addition to Solana and Ethereum), increasing the pace of development toward an open, multi-chain experience for Brave users.
- The partnership will also enable BAT holders to use their assets on the Aurora chain via Aurora Bridge, which provides for the permissionless transfer of tokens and data between Ethereum and Aurora.
Significance
Integrating the Aurora chain with our Brave Wallet will enable more users and creators to participate in Web3 by taking advantage of low fees and fast transactions, right from the Brave browser. This is a very significant partnership for the future advancement of Web3 and mass adoption, offering a multi-chain integration bridging the Ethereum and NEAR communities via Aurora — and one of the first big integrations via Brave.
Price at the time of FTX Signal: $0.36. View BAT on FTX.
OriginTrail V6 and Parachain: From Turing to Metcalfe Phase
“ROADMAP UPDATE: Launch of the OriginTrail DKG v6 and OriginTrail Parachain advancements are moving us from current Turing to the Metcalfe phase!”
— Žiga Drev, Co-Founder
Summary
- The V6 DKG is transforming data to assets, making them discoverable, verifiable and valuable across Web3.
- Analogous to URLs, OriginTrail v6 achieves this paradigm shift by introducing unique global asset identifiers — Universal Asset Locators (UAL) — as the user-owned form of Web3 URLs for any asset.
- After months of running the DKG V6 in various test environments, this fundamental Internet layer is going live on several L1s, with a special focus on OriginTrail Parachain as the only DKG-specific blockchain network.
- With these achievements, the OriginTrail ecosystem is entering a new phase — moving from Turing, to the Metcalfe Phase — inspired by their advisor, Dr Bob Metcalfe. This phase will foster network effects across Web3 ecosystems and bring billions of assets to the OriginTrail DKG.
Significance
The launch of V6 DKG and OriginTrail’s own blockchain layer on Polkadot create a paradigm shift for the OriginTrail ecosystem, as both the existing solutions on the DKG and the new ones to be released receive orders of magnitude scalability boost. This enables more users than ever to now publish, claim and maintain an Internet of assets, all whilst strengthening their autonomy in the booming ownership economy.
Price at the time of FTX Signal: $0.15. View TRAC on FTX.
Quotes of the Week:
“Bitcoin is ‘a durable asset’ despite meltdown.”
— BlackRock CIO R. Rieder
“It’s time for the SEC to stop denying spot bitcoin ETFs.”
— SEC Commissioner Hester Peirce
Charts of the Week:
Records amounts of Bitcoin have been sent to exchanges from miners this week, seen as an indicator that miners are selling rather than holding their Bitcoin in the wake of the sharp price correction.
Many publicly-traded miners have recently disclosed sales after many months of accumulating Bitcoin. Some analysts believe that the best bottom signal is when miner selling abates.
Fidelity asks “Is Bitcoin cheaper than it looks?” If we consider a simple “P/E” metric for BTC to be the price/network ratio, then that ratio is back to 2017 and 2013 levels, even though BTC itself is only back to late 2020 levels. Valuation often is more important than price.
— Jurrien Timmer, Dir. of Global Macro @ Fidelity
Thanks for joining us and we look forward to bringing you our top FTX Signals again next week.
Jason Hamlin
Ecosystem Insights @ FTX
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