Ecosystem Update August 23
We are delighted to present our August 2023 Ecosystem Update. In this update, we provide a thorough overview of key industry trends, achievements within Advanced Blockchain’s ecosystem and the latest company developments, offering you a comprehensive summary of our progress and the broader landscape.
Macro Industry View
The overall market has mostly been moving sideways. There has been some volatility around the lawsuit of Grayscale filed against the Securities Exchange Commission (“SEC”). What happened: The U.S. District of Columbia Court of Appeals ruled that the SEC was wrong to reject Grayscale Investments' application for a bitcoin ETF. This decision is significant as it could open the door and makes a Bitcoin spot ETF very likely near term, especially in the light of the recent Bitcoin spot ETF applications by Blackrock, WisdomTree, Invesco Galaxy, Valkyrie, Ark Invest, VanEck and Fidelity. This event puts pressure on the processing of these applications, while the timetable foresees that certain Bitcoin ETFs will be approved latest by early 2024. For a variety of reasons, it can be assumed that the approval will not take until the final deadline, given the impeccable track record of some of the applicants in listing ETFs.
We expect the Bitcoin price to remain volatile but some price increase until the final ETF launch. ETFs have traditionally had massive influence on the evolvement of their underlying markets, which makes these events very bullish medium to long-term. We expect this to be a clear “buy the rumor and sell the news” event, where some downward price action may follow an ETF launch initially before widespread demand can play its magic. Do not get caught on the wrong side of this trade.
Further Binance rumors about commingling customer funds, selling of assets to support BNB token price and the recent effect of this alleged action on the price of Bitcoin has resurfaced. This seems to be the continuation of the ongoing Fear, Uncertainty and Doubt that Bitcoin and crypto has been confronted with for over a year now.
The dire state of the market is confirmed when extremely positive news, like Twitter obtaining Money Transmitter Licenses in several states and are now being able to store, transfer, and exchange Bitcoin and other digital assets on behalf of its users, does not have an effect on price.
Overall, it feels we are in the deepest bear market, where also whales and OGs start to display material disbelief. The positive implication of it may be that this phase of disbelief has been part of every past cycle and may ultimately signal, we are very close to the beginning of an early bull market around the 2024 halving. This time is no different.
In the following section, we will take a closer look at the advancements made within our ecosystem throughout August.
- Peaq’s participation in Europe's largest automotive fair for a live product demo, and Krest announces seven airdrops totaling 13.6 million KREST tokens.
- Panoptic team receives Alchemy's developer program grant and garners recognition from Binance Research for tackling liquidity issues in options markets.
- Maverick maintains record-breaking performance with surging volumes, exceptional capital efficiency, and multiple liquidity-enhancing protocol integrations.
- Obol Network gave a presentation at Stanford’s university Science of Blockchain conference on their groundbreaking distributed ledger technology
peaq team has announced their participation in Europe's largest automotive fair, moveID, which is scheduled to take place from September 6th to 8th. During the event, they will showcase a live demo of their product.
Besides the upcoming team participation at moveID, krest, peaq's canary network, unveiled exciting news regarding the release of seven airdrops, comprising a total of 13.6 million KREST tokens. These airdrops serve as a reward to the community and supporters of peaq for their trust in the project and as a means to drive further adoption and on-chain activity, amplifying value for the whole ecosystem.
Composable Finance’s Decentralized Exchange (Pablo) - currently connecting Polkadot, Kusama and Cosmos assets - expanded its existing liquidity pools, offering attractive Annual Percentage Rates (APR) to token holders across these ecosystems.
Moreover, the team's ongoing efforts are dedicated to the Ethereum and Polkadot bridge, with the aim of seamlessly linking assets from both ecosystems. This development carries significant value, impacting not only these ecosystems but also making a significant impact in addressing the scalability challenge, a major obstacle in the realm of blockchain technology.
Panoptic team has recently been awarded with a grant from Alchemy's developer program, confirming the pivotal role played by the Panoptic product in reshaping the future of DeFi options, and reinforcing its commitment to advancing innovation in the DeFi landscape.
Remarkably, the team got featured by the latest Binance Research on DeFi derivatives solutions where they highlighted the protocol role in addressing the prevailing liquidity issues often observed in options markets.
Maverick continues to achieve record-breaking performance with its surging daily and weekly volumes, exceptional capital efficiency, and numerous integrations with other protocols to enhance liquidity.
Talisman team has recently presented proposal on the Polkadot network, seeking to establish incentive pools as a novel approach to incentivizing various projects within the Polkadot ecosystem. The proposal carries a total value of 1 million DOT (approximately $4.3 million), which will be awarded to the team upon the community approval.
Obol network team made a remarkable appearance at the Science of Blockchain conference held at Stanford University, delivering a presentation on their innovative distributed validator technology.
Moreover, the team shared a key report on the performance testing of distributed validators, with results demonstrating their performance to be highly comparable to that of traditional validators.
Manta's team has achieved a successful testnet release, with an impressive outcome of 1.2 million on-chain transactions and the activation of 100,000 wallet addresses within a mere two weeks.
Moxy team, including Nolan Buschnell (founder of Atari) among its members, attended the Digital Entertainment Leadership Forum in Hong Kong to present Moxy’s product.
August has been a month of both strategic and organizational activity, with remarkable developments, challenges and a glimpse into our future outlook unveiled during our successful Annual General Meeting (AGM) on August 22nd, 2023. Hence, here are the a brief summary of the key highlights from our Annual General Meeting:
- Rüdiger A. Günther appointment as the new chairman of the group
- Sebastian Markowsky, Håkan Saltin and Dr. Marcel Tyrell appointment as new members of the supervisory board
- Extension of Simon Telian’s CEO contract until 31st of December 2026
- The approval of all agenda items by the vast majority of shareholders
Below, you'll find a concise overview of the backgrounds of our newly appointed supervisory board members:
- Rüdiger A. Günther worked for more than a decade at CLAAS KGaA. During this time as a CEO and CFO the company developed from a medium-sized family business into the European market leader in agricultural machinery with nearly 5 billion Euro revenue today. In the dual role as CEO / CFO, he recently managed the transformation of Francotyp-Postalia. Previous stations in his career were as CFO at Infineon Technologies, Arcandor and Jenoptik. Günther is one of Germany's most experienced corporate leaders.
- Sebastian Markowsky has worked for several notable venture capital firms and banks, including GP Bullhound, Blockchain Valley Ventures, and Deutsche Bank. He currently serves as Chief Strategy Officer (CSO) and Executive Vice President at the American company Coinsource.
- Håkan Saltin brings a wealth of experience from senior roles in the telecommunications sector, along with a track record of founding and successfully managing companies across diverse industries. Notably, he played a pivotal role in the transformation of CLX Communications, now listed as “Sinch” on the Nasdaq stock exchange. Currently, he serves as the Co-Founder and Chief Technology Officer (CTO) of Radtonics.
- Marcel Tyrell holds the position of Professor for Banking and Finance at Witten/Herdecke University, where he has established a distinguished research history focused on blockchain technologies and the digital transformation of economies and societies. Additionally, he serves as a member of the supervisory board for Frankfurter Bankgesellschaft.
As we progress through the second half of 2023, our focus remains on sharpening our strategy, expanding sales through OTC deals, and implementing additional cost-reduction measures as we approach the year's end.
We extend our gratitude for your continued support and belief in Advanced Blockchain’s vision. Your partnership remains essential to our collective success, and we look forward to a promising future ahead.
Thank you for being a part of our journey.
Advanced Blockchain Team