This Week in Signal Teams — Basic Attention Token, Synthetix, COTI
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
- Brazil’s Largest Private Bank to Offer Crypto Custody Services
- Lightning Network Capacity Hits New All-Time High over 4,300 BTC
- NY Yankees to Allow Employees to Convert Paychecks into Bitcoin
- Number of Bitcoin Addresses Ever Created Hits 1 Billion
- Russian Regulator Says Crypto Payments Acceptable for Intl Trade
- JPMorgan Says Bitcoin’s Cost of Production Dropped to $13,000
- Multicoin Capital Secures $430M to Invest in Crypto Startups
- Celsius Files Chapter 11 Bankruptcy, Faces $1.2B Shortfall
- US CPI (Inflation) Jumps to 4-Decade High of 9.1%
Top FTX Signals This Week
- Brave Announces Solana DApp Support for Brave Wallet Desktop Users
- Synthetix Shares 2022 Release Milestones
- COTI Announces Upcoming Hard Fork and MultiDAG 2.0
Brave Announces Solana DApp Support for Brave Wallet Desktop Users
“We’re expanding Brave’s Solana support today with update 1.41! Desktop Brave Wallet users can now directly connect to their favorite Solana DApps.”
— Jennie T, Director of Community and Partnership
Summary
- Brave Wallet’s integration with Solana offers more accessible avenues for DeFi and Web3, via fast transaction speeds, low fees, and a growing ecosystem of decentralized applications (DApps).
- This latest release includes Solana DApp support for Brave Wallet on desktop (mobile coming soon) and Solana developer docs for developers to add Brave Wallet to their DApps.
- This expands Brave Wallet’s Solana support which already includes the ability to send, receive, store, and purchase tokens.
Significance
Brave users already benefit from Solana’s faster transactions and low fees, and can now directly connect with its growing ecosystem of DApps to explore NFTs, music, fitness, and many more options. This furthers Brave’s mission to create the user-first gateway to an easy-to-use Web3 on any device.
Price at the time of FTX Signal: $0.37. View BAT on FTX.
Synthetix Shares 2022 Release Milestones
“Synthetix is excited to share the Synthetix 2022 Release Milestones. Many key features have been released this year, such as Synthetix Futures, and Atomic Swaps, and many more are coming.”
— Matt Losquadro, Communications Manager
Summary
- Several highly anticipated features have hit the mainnet and are driving $100–200m in daily trading volume through the Synthetix protocol.
- Cross Asset Swaps (launched mid-June) have been a big driver of volume and several upcoming milestones will help Synthetix reach its goals.
- Synthetix perps have seen decent organic (and non-incentivized) volume, and the upcoming release of Perps V2, combined with other releases from ecosystem partners will continue to drive adoption on Optimism.
- V3 aims to accomplish what Synthetix set out to do many years ago by transforming the protocol into a permissionless derivatives platform.
Significance
DeFi platforms are starting to emerge from the crypto winter with strength, as many CeFi platforms have imploded due to financial mismanagement. Synthetix has continued to build and improve its offerings, which should help the platform attract new DeFi investors in the months ahead.
Price at the time of FTX Signal: $2.67. View SNX on FTX.
COTI Announces Upcoming Hard Fork and MultiDAG 2.0
“The biggest leap in COTI’s history is happening right now — we are excited to announce the COTI hard fork and the MultiDAG 2.0 release date!”
— Efrat Bar Lev, VP of Marketing
Summary
- COTI’s protocol will undergo a hard fork during which MultiDAG 2.0 will be deployed transitioning COTI from a single currency infrastructure to a multi-token layer.
- CMD (COTI MultiDAG) is the name of the new and unique token standard.
- Hard fork MultiDAG 2.0 Testnet deployment will be on August 2nd and Mainnet deployment will happen approximately one month later.
Significance
This coming upgrade is seen as the most significant milestone for COTI in its history. By supporting the issuance of tokens on top of the protocol, COTI is accomplishing its vision to become an enterprise layer 1 protocol.
Price at the time of FTX Signal: $0.69. View COTI on FTX.
Quotes of the Week:
“I love Bitcoin because it represents the freedom of the people.”
— Mexican Senator Indira Kempis
“Bitcoin is a non-security token.”
— SEC Chair Gary Gensler
Chart of the Week:
Reserve Risk is a bitcoin chart that allows us to visualize the confidence amongst long-term bitcoin holders relative to the price of Bitcoin at a given moment in time.
When confidence is high and the price is low then there is an attractive risk/reward to invest in Bitcoin at that time (green zone). When confidence is low and the price is high then risk/reward is unattractive (red zone). Investing in Bitcoin during periods where Reserve Risk is in the green zone has produced outsized returns over time.
Thanks for joining us and we look forward to bringing you our top FTX Signals again next week.
Jason Hamlin
Ecosystem Insights @ FTX
FTX Signal is a first-of-its-kind communications platform built exclusively for token teams to connect and engage with their communities. Over 1,000 token team CEOs and team leaders actively use the platform to provide relevant project updates directly to FTX’s 6 million+ users. Learn more.
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