This Week in Signal Teams - Elrond, Yearn Finance, Orca, Komodo
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
Nasdaq listing hints that the SEC may soon approve the application from Valkyrie for a cash-settled Bitcoin futures ETF
US dominates global Bitcoin hash rate distribution after China crackdown
CFTC Fines Tether and Bitfinex $42.5M for ‘Untrue or Misleading’ Claims
Top FTX Signals of the Past Week
Elrond to Acquire Twispay, Licensed Electronic Money Institution
Yearn Finance Goes Multichain with Fantom
Orca Hits $1 Billion in TVL for the First Time
Komodo Partners with IOHK in the UTXO-Alliance
Elrond to Acquire Twispay, Licensed Electronic Money Institution
“Elrond To Acquire Twispay, A Licensed Electronic Money Institution And Visa And Mastercard Principal.”
— Amer Justice, Community Director
Summary
Operating under the brand name Twispay, Capital Financial Services S.A. is a principal member of Visa and Mastercard and is offering payment processing services to more than 300 merchants, including companies such as Blue Air, Romania’s largest airline.
The acquisition includes the full transfer of Capital Financial Services S.A. shares, which could enable Elrond Network to facilitate broader access to financial services in full compliance with current regulation. Thus, the company could offer its customers accounts with IBANs, associated debit cards, and payments if e-money currencies.
e-Money has been designed as a digital alternative to cash for automating financial transactions in areas such as payments and ecommerce. Elrond seeks to enhance the utility of this proven and regulated value transfer framework and take it to its natural conclusion by complementing it with a blockchain technology that is fast, scalable and inexpensive.
Significance
Users, merchants, companies, and money institutions stand to benefit significantly from money flows with near-instant settlement times, at 100x less cost, with full transparency, and higher reliability. The combination of these companies is an important evolution of financial services efficiency.
Price at the time of FTX Signal: $234. View EGLD on FTX.
Yearn Finance Goes Multichain with Fantom
“The $YFI Weekly Newsletter #48 is out now
Yearn Goes Multichain with Fantom
Yearn Reaches $5B TVL (Again)
How You Can Contribute to Yearn
Call for Ideas: YFI Tokenomics Revamp”
— Facu Ameal, Lead Communications
Summary
Yearn is now multichain with the launch of Iron Bank Fantom and the first Fantom vaults on beta.yearn.finance.
The v2 vault codebase has hardened over the past few months, and the new beta website is a vast improvement, allowing Yearn to switch chains relatively easily, something they could not have done in the past.
Total value locked across all Yearn products has surpassed $5 billion once again, and $1 billion has been added in the last month alone.
Significance
Integrating with Fantom makes yearn.finance less expensive to use with faster transaction times. Arbitrum, Optimism, Polygon, Avalanche, and others are arriving in the near future, which should increase Yearn’s usage and TVL.
Price at the time of FTX Signal: $34,570. View YFI on FTX.
Orca Hits $1 Billion in TVL for the First Time
“It’s a whale of a day…
Orca hit $1,000,000,000 TVL for the first time!
To our beloved podmates — thank you for exploring ever-deeper reaches of the ocean with us!
Never tried a deposit on Orca? Take a dive at orca.so/pools!”
— Milan Patel, Head of Business Development
Summary
Orca hit $1,000,000,000 TVL for the first time!
This comes just a month after Orca raised $18M from Polychain, Placeholder, Three Arrows and others.
Orca this week also launched 4 new Double-Dip pools in collaboration with Marinade Finance, another DeFi platform on Solana. Those pools include MNDE-mSOL, mSOL-BTC, mSOL-whETH, and mSOL-USDT.
Significance
Hitting one billion in total value locked (TVL) is a major milestone for Orca or any DeFi platform. This shows investor demand and trust in their pools and platform, on top of the $18M raise from major VCs last month.
Price at the time of FTX Signal: $11.50. View ORCA on FTX.
Komodo Partners with IOHK in the UTXO-Alliance
“Komodo partners with IOHK, Nervos, Topl and Ergo in the UTXO-Alliance.”
— Charles Gonzales, Business Development
Summary
At the Cardano Summit, IOHK announced a collaboration with Ergo, Nervos, and Topl to create the UTXO alliance. Today, we’re delighted to welcome a new alliance partner — Komodo.
Komodo works closely with organizations that want to launch branded decentralized exchanges, cross-protocol financial applications, and independent blockchains.
The UTXO alliance will facilitate cross-ecosystem initiatives to extend the capabilities of UTXO in terms of smart contract functionality. Teaming up with other blockchain industry projects, the shared objective is to foster and support further research, development, and education.
Significance
The unspent transaction output (UTXO) accounting model guarantees security, data privacy, and scalability at the core of financial activities. Komodo joining this alliance will help to drive continuous innovation of the UTXO model in terms of interoperability, scalability (sharding, state channels), and smart contract solutions.
Price at the time of FTX Signal: $1.02. View KMD on FTX.
Quotes of the Week:
“Cryptocurrency has the right to exist and can be used as a means of payment.”
— Vladimir Putin
“Time and again, presidents of both parties have run up the debt irresponsibly, with no plan to address it. So thank God for Bitcoin, and another non-fiat currency that transcends the irresponsibility of governments, including our own.”
— Senator Cynthia Lummis
Charts of the Week:
Long term holder supply shock ratio has climbed to a new record high. It is a measure of how many Bitcoins have not moved in a long time and therefore considered unavailable. It is basically a representation of the ratio of static supply in the market.
Thanks for joining us and we look forward to bringing you our top FTX Signals again next week.
Jason Hamlin
Ecosystem Insights @ FTX
FTX (formerly Blockfolio) 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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