Ndax Weekly TL;DR September 16th

• Grayscale Launches XRP Trust, Opening Door to Potential XRP ETF 
• MicroStrategy Buys $1.11 Billion Worth of Bitcoin, Increasing Holdings to Over 244,000 BTC
• Uniswap CEO Denies Charging Fees for Protocol Deployments
• Solana Co-Founder Criticizes ZKsync’s Governance Model Amid Claims of Decentralization
   

Grayscale Investments has launched the Grayscale XRP Trust, providing accredited investors exposure to XRP. Announced on September 12, the trust functions similarly to Grayscale’s other single-asset trusts, exclusively investing in the XRP Ledger (XRPL) token. While the trust is geared toward institutional and accredited investors, it could pave the way for an XRP exchange-traded fund (ETF), pending U.S. Securities and Exchange Commission approval. Grayscale’s four-phase product life cycle suggests the eventual goal of converting the trust into an ETF, further broadening investor access to XRP. Cointelegraph

MicroStrategy has acquired an additional 18,300 Bitcoin (BTC) for approximately $1.11 billion, bringing its total holdings to 244,800 BTC. Purchased at an average price of $60,408 per BTC, the company's latest transaction continues its aggressive Bitcoin accumulation strategy. This acquisition boosts MicroStrategy’s total Bitcoin investments to around $9.45 billion, with an average cost of $38,585 per BTC. The firm now controls over 1% of Bitcoin’s total supply, further cementing its position as one of the largest corporate holders of the cryptocurrency. crypto.news

Uniswap CEO Hayden Adams has denied recent allegations that Uniswap charges fees for protocol deployments. Responding to accusations on X (formerly Twitter), Adams clarified that neither Uniswap Labs nor the Uniswap Foundation imposes fees for such deployments, which are determined by governance votes. The controversy began when users, including Alexander and Millicent Labs co-founder Kene Ezeji-Okoye, claimed Uniswap demanded up to $20 million for a deployment. Cointelegraph

Anatoly Yakovenko, co-founder of Solana, has criticized Ethereum layer-2 network ZKsync for its governance model, arguing that it still resembles a multisig system despite claims of decentralization. Yakovenko expressed concerns that ZKsync’s governance could be vulnerable to legal intervention, potentially undermining its decentralized nature. This criticism follows ZKsync's recent announcement of a new governance structure involving a Token Assembly, Security Council, and Guardians. While ZKsync's co-founder, Alex Gluchowski, claimed this setup represents progress toward full decentralization, Yakovenko's remarks highlight ongoing skepticism about the network’s true level of decentralization. CryptoSlate

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News Nuggets

• Sam Bankman-Fried Seeks New Trial Over FTX Fraud Conviction crypto.news
• Deepfake Video of Tim Cook Promotes Crypto Scam to Over 350,000 Viewers crypto.news
• Crypto Donations Surge to $190 Million for 2024 U.S. Election crypto.news
• Sonic Blockchain Achieves Record 720ms Finality in Testnet, Eyes Mainnet Performance Cointelegraph
• Hong Kong Considers Joint SFC and Customs Oversight for Crypto OTC Licensing crypto.news
• FTX’s Ryan Salame Faces Sanctions After Admitting to Perjury and False Testimony CryptoSlate
• Cardano’s Charles Hoskinson Addresses Staking Misinformation Amid Network Milestones CryptoSlate
• Ford and Toyota Ramp Up Blockchain Efforts as Driverless Car Tech Slows Cointelegraph
• Hawaii Emerges as a New Crypto Hub with Progressive Regulations Cointelegraph

As of 09-16-2024 at 8:00 AM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has gradually increased to approximately CA$2.78 trillion from CA$2.66 trillion.
• Bitcoin's market dominance stands at 56.8%, while Ethereum's share is 13.6%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$80,721 and CA$78,973, registering a 6% change over the past week and a market cap of CA$1.6 trillion. At Ndax, the weekly movers are FTM, which saw a 16% increase in the last seven days reaching a market cap of CA$1.9 billion, and FET, which experienced a 15% rise with a market cap of CA$4.5 billion. (At the time of writing)
   

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This week’s blog explores the security of centralized cryptocurrency exchanges (CEXs) and how they protect your assets. We cover essential security features like encryption, multi-factor authentication, and cold storage, and examine fail-safes such as withdrawal whitelists and transaction limits. Discover how Ndax enhances security with proactive measures and compliance checks. To learn more click here.

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Mark your calendars!

• Sept. 17: Canada Inflation Rate Announcement
• Sept. 18: U.S. Interest Rate Announcement
• Sept. 25: EOS Spring 1.0 Hard Fork

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• Cosmos (ATOM) 13% APY
• Polkadot (DOT) 12% APY
• Celestia (TIA) 8% APY
• The Graph (GRT) 8% APY
• Near (NEAR) 7% APY
• Solana (SOL) 5.5% APY
• Polygon (MATIC) 4% APY
• Ethereum (ETH) 3.3% APY
• Cardano (ADA) 3% APY

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The team at Ndax