Weekly Market Highlights - The Rise of Layer 2 Solutions

Date: November 24, 2023 Macro/Traditional Finance (TradFi) Updates: Fidelity's Ethereum ETF Filing: Fidelity joins others like BlackRock and Grayscale in seeking approval for an Ethereum ETF. CoinShares Reports Continued Inflows: Digital ETPs mark an eighth week of inflows, led by Bitcoin and followed by altcoins like Solana and Ethereum. Cryptocurrency and Blockchain Developments: Ethereum's Blast Rollup Launch: New Paradigm-backed rollup with native yield for ETH and stablecoins attracts $290M in TVL. Introduction of M2, Ethereum's Move VM-Based L2: Movement Labs launches M2, leveraging Celestia for data availability. Bitcoin Surpasses Ethereum in Transaction Fees: The increase in fees was driven by a spike in Ordinals minting and trading. Colony Lab's $10M Investment in Avalanche: Colony Lab aims at fostering network growth and development. DeFi and Stablecoins Movements: Pyth Network's Token Launch: Over 250M tokens distributed in an airdrop to about 90,000 wallets. Tether's Largest-Ever Freeze: $225M worth of USDT frozen amid a U.S. DoJ investigation into human trafficking. NFT Sector and Other Notable Highlights: Blur's Season 3 Token Airdrop: 300M tokens distributed, with Season 4 set to integrate with the new L2, Blast. CoinDesk's Acquisition by Bullish Exchange: This is a significant move in the crypto media landscape. Panoptic's $7M Seed Round: Panoptic aims at developing its perps platform before a 2024 Ethereum mainnet launch. OMTrade and Saga's Seed Fundings: OMTrade secures $6M and Saga raises $5M for a gaming-focused L1 ecosystem. Zeal Wallet's Undisclosed Funding Round: Enhancing its Web3 and DeFi-focused wallet services. Check out our latest publications: Decoding Cross-Chain Interoperability   Data Insights: Exploring Crypto Fundraises State of the Market: Turkey's Crypto Landscape Explore our Binance Research website for more project and macro research reports and the Binance Legal website for latest updates and consultation responses. For more frequent market updates and insights, follow us on Twitter @BinanceResearch.  Have a minute? Please share with us any feedback you may have via this form. That’s a wrap! Binance Research Read more https://research.binance.com/en/analysis  About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes. General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.