$7 Trillion Schwab Potential Bitcoin ETF

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Good Morning.

DL News reported that OpenSea is keeping an open mind to acquisitions, including its own. The NFT marketplace is having a hard time justifying its peak $13.3B valuation as volume went down over 90% in the past 18 months.

Maybe… just maybe, OpenSea should launch a token (I can design one for you).

In Today's Email:

• What Matters: $7T Schwab Bitcoin ETF ❓️ 

• Products: Streamlining blockchain payments 💳️ 

• Charts: Pyth dominance & prediction markets 📈 

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WHAT MATTERS

$7T Schwab to Enter Bitcoin ETF?

State of play: Eric Balchunas of Bloomberg Intelligence commented that Schwab could soon offer a low 10bps product, leveraging its delay to undercut competitors' fees.

• Nate Geraci, the President of ETF Store, suggested Schwab's offering is imminent, calling it a "foregone conclusion."

• Charles Schwab listed all 11 spot Bitcoin ETFs on its platforms immediately following SEC approval.

• After initially dismissing crypto as too speculative in 2019, Schwab shifted its stance in 2021.

• Schwab supported the launch of the EDX Markets exchange in June 2023 with Fidelity and Citadel Securities.

• Schwab also launched Crypto Thematic ETF, but it only garnered $21M in assets since its 2022 launch.

What’s next: More traditional asset managers who haven’t created Bitcoin ETF products will enter the game. Notable names include Schwab and State Street.

Our take: Product issuers will continue to down the risk curve and target Ethereum staking yield index next, especially if we get more regulatory clarity around Proof-of-Stake.

For builders and investors: Left curve it. More ways for people to buy Bitcoin means eventually more ways for those same liquidities to flow over onchain to your applications. We’re all on the same team.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCTS OF THE WEEK

Farcaster Frames

Farcaster frame has launched. It’s one of the most innovative crypto composability developments in recent memory.

• Farcaster frames are essentially micro-apps that can be embedded into posts on the Farcaster social media platform.

• Frames allow developers to turn any "cast" (similar to a post or a tweet) into an interactive app.

• Example: Imagine being able to view charts and buy tokens within a social context or even play mini-games with your friends right on the platform.

More examples of Farcaster Frames utility.

Other cool products:

• Orus, an on-chain data analytics platform.

• CoinPact, a P2P crypto payments platform.

• Adot AI, an AI-driven search engine on Web3.

• Pools Wallet, a user-friendly, decentralized wallet.

• Scopechat, an AI-powered crypto trading assistant.

CHARTS OF THE WEEK

Pyth Dominates Solana Oracle Scene

Credit to OurNetwork for the original report.

State of play: In two years, Pyth has expanded, notably into the EVM ecosystem, and recently managed over 90% of Solana's price feed transactions.

• In summer 2023, Pyth's price feeds hit a peak of 5M transactions on June 12, later stabilizing around 2M.

• Pyth’s daily active users surged from 4,810 to over 34,077 by year-end.

• Pyth hit an ATH with over 60,000 transactions last week.

Our take: Without arguing which Oracle has better technology, it’s imperative to know that Pyth is closely associated with Jump Trading, which is also close with Solana and the broader SOL ecosystem. BD reigns supreme.

The Underrated Winner of Bitcoin ETF Approval

State of play: Polymarket's daily volume on the day the Bitcoin ETF was approved reached 5.7M transactions. On the other hand, OpenSea recorded a lower daily volume compared to Polymarket with only 3.8M transactions.

• Polymarket is a decentralized prediction market platform that allows users to place bets on world events.

• The chart indicates Polymarket's daily volume surged notably during the peak of the Bitcoin ETF approval saga.

• The volume started to decrease after the Bitcoin ETF was approved, but it is still significantly higher than in 2023.

Our take: Speculation continues to be the number 1 PMF for crypto.

QUICK BITES

• Somesing exploited for $11.58M.

• 18 US senators now stand with crypto.

• Oppenheimer upgraded Coinbase stock.

• Avalanche unveils plans to hit 100,000 TPS.

• Orbiter Finance announces its own L2 network.

• Harvest Fund files spot bitcoin ETF in Hong Kong.

• BlackRock’s Bitcoin ETF first to reach $2B in AUM.

• CFTC Behnam voices concern over spot Bitcoin ETF.

• Stellar Foundation delays smart contracts upgrade due to a bug.

NOTEWORTHY READS & MEME

• Paul Veradittakit’s read on EDX.

• Amber Group’s read on MoveCTF 2024 writeup.

• Jesse Walden’s read on headless marketplaces: go where the wallets are.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.