Weekly Market Highlights - DEX Trading Volume Hits All-Time High

31 January 2025Macro/TradFiThe Federal Reserve announced that it will maintain the target range for the federal funds rate at 4.25% to 4.50%, consistent with expectations and the previous value.The European Central Bank has cut the deposit facility rate by 0.25% to 2.75%. This marks the fourth consecutive meeting where interest rates have been cut by 0.25%.The Czech National Bank (CNB) has approved a proposal to consider investing in new asset classes, including Bitcoin, as part of its international reserve management strategy.Nasdaq has filed for a rule change proposal to the SEC to permit in-kind creation and redemption for BlackRock's iShares Bitcoin Trust, allowing investors to exchange ETF shares for Bitcoin directly.Cboe has submitted a 19b-4 filing to permit in-kind creations and redemptions for both ARK’s 21Shares Bitcoin ETF and 21Shares Core Ethereum ETF.Elon Musk has started discussions about implementing blockchain technology at the newly established Department of Government Efficiency.Bitwise has submitted an S-1 registration to the SEC for a Dogecoin ETF.CryptoL1/L2:Abstract, a new Ethereum Layer 2 solution developed by Igloo Inc., the parent company of Pudgy Penguins, is now live on the mainnet.TON has unveiled its roadmap for the first half of 2025, which includes the launch of a payment network Layer 2, BTC Teleport cross-chain support, and others.Sei Foundation has launched a US$65M venture fund which focuses on the field of decentralized science.An informal vote among Ethereum supporters reveals strong support for Danny Ryan as the next leader of the Ethereum Foundation.DeFi:DEX trading volume reached an all-time high of over US$438B in January, with the DEX-to-CEX ratio at 20.4%.DEX aggregator Jupiter has announced plans to build a multi-blockchain network, Jupnet. Jupiter’s founder also announced that they will start using 50% of fees to repurchase tokens from the market.Restaking protocol Symbiotic has launched on Ethereum mainnet.Stablecoins:Circle has announced that native USDC is now live on Aptos.Tether has announced the integration of USDT into Bitcoin’s ecosystem, including both its base layer and the Lightning Network.NFT:OpenSea has introduced the OS2 platform, which includes a revamped user interface and a new experience points (XP) system. The OS2 platform is currently in private beta.Others:Tokenization platform Securitize has partnered with Wormhole as its primary interoperability solution. Apollo Global Management and Securitize have partnered to offer onchain investment opportunities, starting with tokenized access to the Apollo Diversified Credit Fund.Phantom Wallet has integrated the Sui blockchain, providing its 15 million users with access to the Move-based network.Latest Binance Research Publications Check out our latest publications:From Challenges to Opportunities: How DeSci Reimagines ScienceFull-Year 2024 & Themes for 2025Monthly Market Insights - January 2025Explore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. 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