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On today's issue:
ETH ETF launched
Maker's Endgame
Galaxy's 113M fund
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Ethereum ETF's got approved on 23 Jul. $ETHE, which was Grayscale's trust, has been around for a couple of years. It's seeing -1.1B in outflows so far, most flowing into the newly launched ETFs, which are more economic and efficient, which have seen +9B in inflows.
The net flow so far is -179m.
BTC had a similar pattern with $GBTC. In terms of price, when the BTC ETF launched, it dropped 20% in 14 days. Then, it rallied 91% in 51 days.
Expect history to be repeated.
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Maker's endgame was published on it's Forum. It's goal is to scale DAI supply to over 100B. This plan has been in the works and approved by governance of MKR holders two years ago.
Maker wants to be "the best and easiest place to save money while having easy access to new and interesting token rewards with no additional risk." The main components are:
A new brand reveal will happen soon, driven by the rebranding of DAI and MKR tokens.
Holders of the stablecoin will receive rewards of governance tokens
Spark, the lending protocol on top of DAI will launch its native token SPK
A bridge for all the ecosystem to various L2s will launch
6 more subDAOs like Spark will be incubated and launched, with different focuses outside of DeFi
Years into the future, a new chain hosting everything will be launched
Galaxy ($GLXY) has been investing into early stage startups out the balance sheet. Backing projects like Axelar, Celestia, Avalanche, Eigenlayer, and others.
The 113M fund will be made up from external capital, and will be focused on three areas:
Financialized Apps: Normal apps that leverage crypto rails and stables
Software Infra: Tools that support the growth of the space
Protocols: Using the latest tech stacks
Some of the latest investments from Galaxy will roll into the fund, including Ethena, MZero, Plume, Monad, and Renzo.
The $GLXY stock and team is also revamping to move from the Canadian stock exchange into the NYSE, this could help them boost their price.
In the last 3 months $BTC is down 6% , $COIN is down 10% and $GLXY is up 25%. They're definitely doing something right.
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Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.
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