Ndax Weekly TL;DR January 20th

• Ethereum’s Pectra Devnet5 Launches, Mainnet Upgrade Planned for March 2025
• Aave Token Holders Consider Bitcoin Mining Proposal Amid Profitability Concerns
• Wyoming Proposes Allocating State Funds to Bitcoin, Pioneering Public Investment in Crypto
• Solana Considers Market-Based Emission Model to Manage Inflation, New Proposal Suggests

Ethereum developers have announced the launch of Pectra Devnet5, a testing network designed to trial the upcoming Pectra upgrade, which aims to improve transaction efficiency and mitigate network bottlenecks. This upgrade, following the Dencun update, is expected to address Ethereum's scaling challenges and enhance the blockchain's overall reliability. The mainnet launch of the Pectra upgrade is tentatively scheduled for March 2025, pending the successful completion of ongoing testing phases. Cryptonews

Aave token holders are deliberating a proposal to venture into Bitcoin mining to enhance revenues and promote the adoption of Aave’s GHO stablecoin. The proposal, presented by Blockware Solutions, suggests that Aave could achieve a 33.03% net annualized return by integrating Bitcoin mining with its decentralized finance (DeFi) operations. While the initiative aims to strengthen Aave’s financial position and introduce new payment options for mining equipment, some token holders express skepticism regarding the profitability and associated costs of the endeavor. The proposal awaits a community vote in Aave’s governance forum. Cointelegraph

Wyoming lawmakers have introduced House Bill 0201, proposing to allocate up to 3% of state funds, including the general and permanent mineral trust funds, to Bitcoin investments. If approved, the state treasurer could invest in Bitcoin through secure custody solutions, with strict protocols for encrypted private key storage and annual performance reports. This initiative reflects Wyoming’s continued support for blockchain and crypto technologies, potentially setting a precedent as one of the first states to incorporate Bitcoin into public fund management. Cryptonews

Multicoin Capital has proposed a new variable-rate token emission model for the Solana network, aiming to address inflation by adjusting token issuance based on staking participation rates. The proposal, SIMD-0228, increases new token issuance when staking falls below a 50% target to encourage network security, while reducing issuance if participation exceeds the target. This approach seeks to balance incentives for validators and stakers while controlling inflation. The proposal follows a previous adjustment, SIMD-0096, which removed the 50% fee-burning mechanism for validators, sparking debates on inflation's impact on non-staking SOL holders. Cointelegraph

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News Nuggets

• Sony Launches Layer-2 Blockchain 'Soneium' Built on Optimism's OP Stack Coindesk
• Swiss State-Owned PostFinance Launches Ethereum Staking Service CryptoSlate
• Polygon Partners with Jio Platforms to Advance Web3 Adoption Across India Coindesk 
• Telegram Malware Scams Surge 2,000%, Overtaking Traditional Crypto Phishing Threats CryptoSlate
• Vitalik Buterin Weighs in on Soneium Blockchain Amid Centralization Concerns Beincrypto
• US Regulator Proposes Rule to Hold Crypto Wallets Accountable in Hacks CryptoSlate
• Injective and io net Collaborate to Power DeFAI on the Injective Network Cryptonews

As of 01-20-2025 at 9:00 AM EST

Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has increased from CA$5.04 trillion to CA$5.27 trillion.
• Bitcoin's market dominance stands at 57.9%, while Ethereum's share is 10.9%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$157K and CA$144K registering a 17% change over the past week and a market cap of CA$3.1 trillion. At Ndax, the weekly movers are SOL, which saw a 44% increase in the last seven days reaching a market cap of CA$178.8 billion, and LINK, which experienced a 40% rise with a market cap of CA$23.5 billion. (At time of writing)

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Mark your calendars!

• Jan 20 – Donald Trump Inauguration   
• Jan 21 – Canada Inflation Rate Announcement

This week, our blog dives into the latest updates surrounding Ndax’s new crypto trade limits and what it means for investors. We explain how the recent approval from the Canadian Investment Regulatory Organization (CIRO) is reshaping the landscape of crypto trading in Canada, with new categories and exemptions for accredited and eligible investors. To learn more click here.

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The team at Ndax