Bessie Liu

<div id="highlights-block_632b12fa7a081" class="highlights">
        <ul>
                <li>Centralized exchanges serve as a necessary on-ramp to crypto for consumers not familiar with the space, CZ said</li>
                <li>As people become more familiar with blockchain technology, they will transition to DeFi</li>
            </ul>
    
</div>



<p>Despite founding the largest centralized exchange in the world, Binance CEO Changpeng Zhao (CZ) thinks decentralized finance is likely to become more prevalent in the future.</p>



<p>This evolution, he told Messari co-founder and CEO Ryan Selkis Wednesday at the Mainnet conference in New York, would likely take “a number of years.”</p>



<p>The majority of people in today’s society are not familiar with cryptocurrencies, CZ said. For this reason, it is likely that their first interactions with blockchain technology will be through centralized exchanges, such as Binance.</p>



<p>Once people become knowledgeable about crypto, they may then transition into DeFi technology, he said.</p>



<p>Despite being a centralized cryptocurrency exchange, Binance has been actively pushing the adoption of its native BNB Chain, an Ethereum virtual machine-compatible chain, and BinanceDEX.</p>



<p>The platform recently revealed that it would be <a href="https://cms.blockworks.co/binance-to-rename-all-stablecoin-holdings-to-busd/" target="_blank" rel="noreferrer noopener">transitioning</a> user balances in USDC, USDP and TUSD to its own Binance USD (BUSD) token on Sept. 29 at 11:00 pm ET. The move, CZ said, will improve trading liquidity for its users.&nbsp;</p>



<p>The exchange will continue to allow withdrawals in USDC, USDP or TUSD at a 1:1 ratio from the BUSD balances following the conversion.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Read this thread to understand more about stable coins <a href="https://t.co/5AmSNpyFEY">https://t.co/5AmSNpyFEY</a></p>&mdash; CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1572511258632658947?ref_src=twsrc%5Etfw">September 21, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>CZ emphasized that the crypto industry is still in its early stages — and the market is not “saturated.”</p>



<p>To achieve mass adoption, he believes that regulatory changes are necessary and businesses building in the space must adapt to these changes to move the industry forward.</p>



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Binance’s CZ Believes in a Decentralized Future

Sebastian Sinclair

<div id="highlights-block_6298197927acd" class="highlights">
        <ul>
                <li>Messari has won a $12.5 million developer grant from The Graph Foundation to further its efforts within the ecosystem</li>
                <li>The crypto intelligence platform said it will use the grant to grow resources and continue driving toward its mission of open data</li>
            </ul>
    
</div>



<p>Crypto intelligence platform Messari said Thursday it has become the inaugural winner of a $12.5 million core developer grant from The Graph Foundation, earmarked for furthering data standards in Web3.</p>



<p>Messari will continue working on improving those standards by dedicating resources to subgraph development, of which it has already completed 20, the company said in a statement. </p>



<p>The Graph is a protocol for building decentralized applications on Ethereum, as well as indexing and querying data from various blockchains. It is considered by some to be a critical layer of Web3 development, supporting 34 different networks including Ethereum, Near, Arbitrum and Polygon.</p>



<p>Its foundation, meanwhile, is charged with stewarding the protocol&#8217;s ecosystem while shepherding developers and community members.</p>



<p>A subgraph defines which data The Graph will index from Ethereum and how the data will be stored, according to a <a href="https://thegraph.com/docs/en/about/introduction/" target="_blank" rel="noreferrer noopener">blog post</a>. The issue, The Graph says, is that data points are required to be collected across multiple protocols and often face a lack of standardization, proving cumbersome and inefficient.</p>



<p>Two protocols that share many similarities, for example, AAVE and Compound, may have significantly different application programming interfaces. The Graph protocol lets developers bootstrap, what are termed subgraphs, to their existing project&#8217;s smart contracts to query blockchain data quickly.</p>



<p>Messari said the grant will help it continue driving open-source data standards and &#8220;high-quality&#8221; subgraph development within The Graph ecosystem.&nbsp;</p>



<p>&#8220;We are proud to have been awarded the first-ever Core Subgraph Developer grant by The Graph Foundation,&#8221; Messari CEO Ryan Selkis said.</p>



<blockquote class="wp-block-quote"><p><strong>&#8220;We share The Graph community&#8217;s belief that structured on-chain data should be accessible to everyone, not just enterprise data consumers.&#8221;</strong></p></blockquote>



<p>Messari also said it plans to build another 200 subgraphs for Web3 protocols and has begun creating standards and DeFi working groups to share best practices with other DeFi applications.</p>



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The Graph Grants $12.5M in ‘First-Ever’ Effort To Drive Web3 Standards

Casey Wagner

<div id="highlights-block_6266afb71193f" class="highlights">
        <ul>
                <li>Data is going to be the crypto industry’s No. 1 tool for promoting fair, comprehensive regulation, researchers say</li>
                <li>Part of the problem: Regulators still don’t understand digital assets, for the most part, putting the onus on the industry to educate them</li>
            </ul>
    
</div>



<p>As regulators worldwide continue to jostle for influence over crypto, blockchain researchers are encouraging digital asset newcomer lawmakers to crunch the numbers. </p>



<p>“There is real-time transaction data that&#8217;s forever available on the blockchain,” Kim Grauer, director of research at Chainalysis, said during a panel discussion at the <a href="https://cornellblockchain.org" target="_blank" rel="noreferrer noopener">Cornell Blockchain Conference</a> in New York Friday. “Even if you wanted to investigate something from 10 years ago, you can. This is a really powerful data set.”</p>



<p>The research speaks for itself, according to Eric Turner, director of research at Messari, and regulators have been keen to gather more information as of late.</p>



<p>“There has been a big change in the way regulatory participants are involved in the space,” Turner said. “Now, it&#8217;s like every regulator wants to get a piece of what&#8217;s going on.”</p>



<p>Lawmakers’ concern that sanctioned Russian entities might use digital assets to sidestep punitive measures shows the importance of data in shaping narratives, Grauer said. Jonathan Levin, co-founder and chief strategy officer of Chainalysis, <a href="https://cms.blockworks.co/impossible-for-russia-to-evade-sanctions-with-crypto-fincen-rep-says/" target="_blank" rel="noreferrer noopener">appeared before Congress</a> last month to make the same point.</p>



<p>“Elizabeth Warren asked, ‘Are oligarchs going to send billions of dollars into cryptocurrency?’” Grauer said. “That&#8217;s an interesting idea. Let&#8217;s look at what the data says.”&nbsp;</p>



<p>Grauer and her team found that high-risk Russian exchanges marked stable inflows and outflows — not the big-money transactions many high-profile industry types were expecting.&nbsp;</p>



<p>“Crypto crime isn’t different from regular crime — it&#8217;s just a new tool in the toolkit for criminals to use,” Grauer said. “Data is highly, highly important, especially for myth-busting.”&nbsp;</p>



<p>In addition to research, Turner said, the industry needs to take a more active role in engaging regulators.&nbsp;&nbsp;</p>



<p>“The crypto industry as a whole has done a terrible job of interacting with regulators historically,” he said. “Up until a couple of years ago, we largely ignored the actual impacts regulators have on the space.”&nbsp;</p>



<p>Education is key for winding up with fair, comprehensive regulation, which ought to bring millions more regular, retail investors into the space, according to both researchers.&nbsp;</p>



<p>“You want to encourage people to get into the space, and people want to do it safely,” Grauer said. “I see a lot of really good intentions and as a researcher, all I can do is give you all the data that you could possibly need to inform your decisions to debunk myths.”</p>



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As US Watchdogs Sink Teeth Into Crypto, Data Are Paramount for Fair Rulemaking

Sam Martin

LUNA Battles DOGE for Spot in Top 10; BTC Sells-off: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Polkdaot (DOT) and Terra (LUNA) are among the most commonly held assets in professional funds&#8217; portfolios.</li>
                <li>BTC price stays below $60,000 as inflation runs hot</li>
            </ul>
    
</div>



<p>Many of the top crypto venture capital firms hold Polkadot (DOT), Terra (LUNA), Near (NEAR) and Oasis Network&#8217;s ROSE coins, according to a <a href="https://messari.io/article/messari-fund-analysis-q3-21-examining-liquid-portfolios-of-crypto-funds" target="_blank" rel="noreferrer noopener">Messari report</a>. </p>



<p>Bitcoin (BTC) continues to tread water in the midst of inflation and decoupling from the NASDAQ. </p>



<p>Short-term BTC holders could prove to be a headwind over the coming weeks if they look to close positions on any rallies.</p>



<p>The short-term holder realized price now sits near $53,000, according to Glassnode. A loss of this price level would signal further downside. </p>



<p>Bored Ape Yacht Club has seen its floor price drop after last week&#8217;s strong rally.</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul><li>S&amp;P 500: 4,682, -0.32%</li><li>NASDAQ: 15,854, -1.26%</li><li>Gold: $1,805, -2.14%</li><li>WTI Crude Oil: $76.36, +0.55%</li><li>10-Year Treasury: 1.63%, +0.094%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul><li>BTC: $56,924, -5.54%</li><li>ETH: $4,071, -6.84%</li><li>ETH/BTC: 0.0724, -0.28%</li><li>BTC.D: 42.71%, -0.51%</li></ul>



<h3 class="wp-block-heading">DOT a favorite for crypto funds </h3>



<p>Messari conducted its <a href="https://messari.io/article/messari-fund-analysis-q3-21-examining-liquid-portfolios-of-crypto-funds" target="_blank" rel="noreferrer noopener">Q3 analysis of top holdings among leading digital asset investment firms</a>. The analysis tracked 53 firms and their holdings, which included 228 different assets.</p>



<p>Due to the public nature of blockchains, the holdings of prominent investors are accessible to anyone. </p>



<p>&#8220;Investing like a crypto fund – venture or hedge – has never been easier,&#8221; the <a href="https://messari.io/article/messari-fund-analysis-q3-21-examining-liquid-portfolios-of-crypto-funds" target="_blank" rel="noreferrer noopener">Messari report</a> states. &#8220;An average investor can quite literally copy-trade these portfolios and mirror any of their favorite funds.&#8221; </p>



<p>It is important to note, however, that many funds are given the chance to invest in projects during their early stages in exchange for tokens at lower valuations with a <a href="https://www.investopedia.com/terms/v/vesting.asp" target="_blank" rel="noreferrer noopener">vesting period</a>. This means that the tokens are not liquid outright, but instead unlocked over a predetermined amount of time.</p>



<p>&#8220;Most of these funds typically receive private placements at far cheaper valuations, and the short-term focused funds are waiting to liquidate a portion of their tokens once vested to record profits for their investors,&#8221; the report adds.</p>



<p>Twenty-one of the 53 funds in the report, or 39%, are invested in DOT, making it the most commonly held digital asset among the portfolios tracked. This means that large investors will likely determine which projects win <a href="https://cms.blockworks.co/polkadot-reaches-major-milestone-with-launch-of-parachain-auctions/" target="_blank" rel="noreferrer noopener">Polkadot&#8217;s parachain auction slots</a>. </p>



<p>BTC and ETH were excluded from the study.</p>



<p>ROSE, NEAR and LUNA tied for the second-most commonly held asset in the portfolios. </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="987" height="553" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png" alt="" class="wp-image-11654" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png?w=987 987w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png?w=466 466w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/commonly-held-assets.png?w=80 80w" sizes="(max-width: 987px) 100vw, 987px" /><figcaption>Source: Messari</figcaption></figure></div>



<p>The most popular digital asset category was smart contract platforms, Messari found, followed by decentralized exchanges (DEXs).</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="987" height="553" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png" alt="" class="wp-image-11655" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png?w=987 987w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png?w=466 466w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/smart-contracts-.png?w=80 80w" sizes="(max-width: 987px) 100vw, 987px" /><figcaption>Source: Messari</figcaption></figure>



<h3 class="wp-block-heading">BTC struggles continue</h3>



<p><meta charset="utf-8">BTC surged to nearly $59,000 this morning on <a href="https://cms.blockworks.co/jerome-powell-secures-second-term-as-inflation-persists/" target="_blank" rel="noreferrer noopener">news</a> that President Biden would elect Jerome Powell for a second term as chairman of the Federal Reserve. BTC was unable to hold onto any gains, as price was hovering between $56,000 and $57,000 later in the afternoon. </p>



<p>With <a href="https://cms.blockworks.co/bonds-sell-off-on-6-2-cpi-print-bitcoin-liquidations-spur-correction-markets-wrap/" target="_blank" rel="noreferrer noopener">inflation running hot</a>, BTC investors who were seeking a hedge against inflation are likely stifled by the recent BTC pullback.</p>



<p>&#8220;As long-term money enters the pool, it brings some very specific implications that anyone hedging with bitcoin should remain cognizant of,&#8221; <a href="https://www.linkedin.com/in/kay-khemani/" target="_blank" rel="noreferrer noopener">Kay Khemani</a>, managing director at <a href="http://spectre.ai/" target="_blank" rel="noreferrer noopener">Spectre.ai</a>, told Blockworks.<em> </em>&#8220;The violent gyrations that bitcoin has historically seen will become less frequent, while the asset will become more susceptible to classical schools of thought. This could ultimately result in bitcoin as a mainstream asset at the mercy of institutionalist buy-or-sell ideologies, which are dictated by the very elite 1% that BTC was intended to disrupt.”</p>



<p>The correlation between BTC and the NASDAQ has been strong since the markets crashed in early 2020. The correlation has abated in recent weeks, as the NASDAQ continues to notch record highs and BTC consolidates below $60,000. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg" alt="" class="wp-image-11658" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/nasdaq-1024x576.jpg?w=1200 1200w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Bloomberg</figcaption></figure></div>



<h3 class="wp-block-heading">On-chain metrics</h3>



<p>According to data from <a href="https://insights.glassnode.com/the-week-onchain-week-47-2021/" target="_blank" rel="noreferrer noopener">Glassnode</a>, 15% of the BTC supply is currently being held at a loss. Roughly 10% of the supply last changed hands at $60,000 or higher, which could prove to be a challenge in the coming weeks as new market entrants may look to cut their losses on any rallies.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png" alt="" class="wp-image-11660" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/pirce-clusters-1024x576.png?w=1600 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure>



<p>Short-term holders, normally consisting of traders and new market entrants, are sitting at an average cost basis of $53,000. If this level is lost, it would signal the potential for increased sell pressure prior to an eventual capitulation. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png" alt="" class="wp-image-11666" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-cost-basis-1024x576.png?w=1600 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Source: Glassnode</figcaption></figure>



<p>Short-term holders (STHs) hold roughly 3 million of the BTC supply. Glassnode data indicates that this figure is smaller than normal while bitcoin is hovering close to all-time highs. </p>



<p>A potential reason for this anomaly is the parabolic rise in BTC&#8217;s price. Today, investors aren&#8217;t sitting on 10x to 100x gains like in previous market cycles, and the amount of capital inflows required to move more than 6 million BTC is drastically higher than in 2017 and 2018. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="582" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png" alt="" class="wp-image-11686" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=459 459w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/STH-supply-1024x582.png?w=1600 1600w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="339" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png" alt="" class="wp-image-11688" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.00-PM-1024x339.png?w=1228 1228w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="284" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png" alt="" class="wp-image-11689" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-22-at-4.33.09-PM-1024x284.png?w=1199 1199w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up on Tuesday.</p>



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<p></p>


Funds are Bullish on DOT; BTC Continues to Struggle: Markets Wrap

MANA, SAND, AXS Explode on Facebook’s Meta News; ETH Beats ATH: Markets Wrap

<div id="highlights-block_614b9907adf80" class="highlights">
        <ul>
                <li>Coinbase COO confirmed rumors that the exchange will be rolling out a proposal to help guide lawmakers on crypto regulation </li>
                <li>Choi did not comment on rumors that the exchange would be revisiting plans to launch its lending platform </li>
            </ul>
    
</div>



<p>Mainnet 2021, New York City — Coinbase COO Emilie Choi confirmed speculation sparked by a <a href="https://twitter.com/brian_armstrong/status/1435439291715358721?s=20">Tweet</a> thread from CEO Brian Armstrong that the exchange will be working on a regulatory proposal to submit to United States Lawmakers. </p>



<p>“The things that we should all care about are — first and foremost — transparency and integrity,” Choi said while speaking at Messari’s Mainnet conference on Wednesday. “And the reason that we went out with that tweetstorm before is because we didn&#8217;t feel like there was transparency and clarity to the way things were being regulated.”</p>



<p>Choi is referring to Armstrong’s series of Tweets and <a href="https://blog.coinbase.com/the-sec-has-told-us-it-wants-to-sue-us-over-lend-we-have-no-idea-why-a3a1b6507009">blog post</a> released earlier this month that revealed that Coinbase had been threatened with legal action by the Securities and Exchange Commission if the exchange went ahead with plans to launch its lending platform.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">1/ Some really sketchy behavior coming out of the SEC recently.<br>Story time…</p>&mdash; Brian Armstrong (@brian_armstrong) <a href="https://twitter.com/brian_armstrong/status/1435439291715358721?ref_src=twsrc%5Etfw">September 8, 2021</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>In the thread, Armstrong expressed frustration with the seemingly unfair process cryptocurrency companies must endure.&nbsp;</p>



<p>“The second pillar there is going to be about fairness,” Choi said. “We just want to make sure that there&#8217;s an even playing field, and when we talk about that, I&#8217;m talking about traditional financial services and crypto. There should be even playing fields in these different industries.”&nbsp;</p>



<p>The interview comes one day after rumors swirled on Twitter and around the Mainnet conference that Coinbase would not be abandoning plans to launch Lend, countering what the <a href="https://cms.blockworks.co/coinbase-cancels-plans-to-launch-lending-program/">exchange announced</a> last week. Choi did not confirm the speculation.&nbsp;</p>



<p>The creation of Coinbase’s proposal, Choi said, is intended to advance the entire community.&nbsp;</p>



<blockquote class="wp-block-quote"><p><strong>“We are regulated I think by more than 50 regulators right now, I think it&#8217;s actually much more than that,” she said. “If we&#8217;re struggling with this, then what is your audience going to be able to do? That&#8217;s part of the reason that we felt the need to be a little bit more public about this and figure out what works for everyone.”</strong></p></blockquote>



<p>The ‘audience’ Choi is referring to is other cryptocurrency companies, many of whom were in attendance.&nbsp;</p>



<p>Messari CEO and founder Ryan Selkis, who interviewed Choi during the discussion, announced that $250,000 of conference proceeds will be going toward crypto-related policy efforts in Washington, D.C., a move keeping in line with the broader theme of the event.</p>



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