Fuzenomics Weekly #10

Your route to web3 alpha in the MENA region. Whether you’re a seasoned HODLer or just getting into crypto - we’ve got something for everyone to keep you ahead of the curve. By the community, for the community - Fuzenomics Weekly.

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Birds Eye View (vs Last 7 Days)

💵 Overall Crypto Market Cap: $2.36 Trillion (-3.2%)

🔶 BTC Dominance: 54.09% (-0.08 PPT)

💵 Price Snapshot:

🟠 Bitcoin: $64654 (-3.46%)

🔵 Ethereum: $3517 (+0.11%)

🟡 BNB: $586 (-2.91%)

🟣 Solana: $133 (-10%)

Stablecoins to make up 10% of money in the next 10 years - Circle CEO

Circle CEO Jeremy Allaire has forecasted that stablecoins could encompass up to 10% of global economic money within the next decade or longer. This ambitious projection is supported by several factors identified by Allaire that may catalyze a significant expansion in stablecoin adoption over the coming years. 🔺

Allaire highlighted that many of the world's leading payments companies are actively embracing blockchain technology and exploring ways to leverage stablecoins more extensively. As the advantages of public blockchain networks and stablecoins become increasingly evident to a wider audience, adoption is expected to accelerate. ⏩

The addressable market for stablecoins is substantial, potentially reaching into the billions globally. By facilitating the use of digital dollars on blockchain platforms, stablecoins have the potential to address key challenges such as financial inclusion by providing banking services to the unbanked, reducing the costs associated with remittances, and enabling frictionless cross-border commerce. ✅

Allaire's remarks, published on June 19 on X, underscore the transformative potential of stablecoins in reshaping global financial systems and driving broader adoption of blockchain technology in mainstream financial services. ⬜

Jeremy Allaire highlighted that stablecoins are rapidly gaining acceptance as a mainstream form of digital money. He emphasized that by the end of 2025, stablecoins are poised to constitute a "larger and larger portion" of the world's $100 trillion market for electronic money. This projection reflects the growing confidence in stablecoins as a reliable and efficient medium for digital transactions, potentially transforming how electronic money is used globally. 🌍

The stablecoin market, currently valued at $162 billion, represents approximately 0.2% of the $80 trillion global money market, as reported by World Population Review data. Within the broader money market, savings, money market accounts, and checking accounts collectively amount to about $75 trillion, while approximately $5 trillion is attributed to physical currency in circulation. 🔁

Jeremy Allaire, CEO of Circle, predicts that stablecoins could constitute 10% of the global electronic money market by the end of 2034. Achieving this would necessitate a compounded annual growth rate (CAGR) of approximately 47.7%. It's important to note that this estimate doesn't explicitly factor in the growth trajectory of the entire $80 trillion money market.

Jeremy Allaire's optimism extends beyond just the stablecoin market. He envisions a future where cryptocurrency adoption expands dramatically, potentially reaching billions of users across millions of applications over the next decade or more. He anticipates that smart contracts on public blockchain infrastructure will facilitate a significant increase in commerce and finance activities. 🔺

Moreover, Allaire speculates that decentralized organizations operating on blockchain networks, known as onchain organizations, could rival or even surpass some multinational corporations in terms of performance and influence. However, he hasn't provided specific details on the sectors or mechanisms through which these onchain organizations might achieve such growth and impact. 💢

What do you think about Allaire's prediction - is it a far-flung bet or a realistic outcome within the next decade? Let us know in the comments below! 👇

An interesting statistic that might help you make up your mind is that the stablecoin transfer volume has grown by 16x in the past 4 years! 🤯

Why Tokenized Real World Assets (RWAs) are soaring

The real-world assets (RWA) market has reached a total value locked (TVL) of $8 billion this year, excluding non-yield-earning stablecoins. These assets tokenized on blockchains encompass a diverse range, such as private equity, real estate, government securities, commodities, and various financial obligations.

We covered the various types of RWAs in detail in Fuzenomics Weekly #5 - check it out here! 🙌

The rise in popularity of tokenized real-world assets (RWAs) within decentralized finance (DeFi) gained traction when bond yields in traditional finance outperformed low-risk DeFi yields during the bear market from 2022 to 2023. 🐻 Aggressive interest rate hikes by the United States Federal Reserve made U.S. Treasury yields competitive with stablecoin yields in DeFi, despite the significantly lower risk associated with Treasury bills. As of June 13, one-year Treasury bills offered an average yield ranging from 5% to 5.24%, while Aave provided variable annual percentage returns on stablecoins ranging from 3.73% to 7.46%.

Several protocols seized the opportunity presented by higher borrowing costs and subdued DeFi activity by introducing tokenized U.S. Treasurys and tokenized private loans within blockchain ecosystems. By early June, the average annual percentage yield for tokenized private loans had risen to 9.57%. With the resurgence of institutional activity in the crypto market in 2024, the total value locked (TVL) in projects tokenizing real-world assets (RWA) reached $8 billion. 🤯

Asset management giant BlackRock made a notable entry into this space and quickly emerged as the leading provider of tokenized U.S. Treasurys through its BUIDL fund. Upon its launch, the BUIDL fund achieved an initial market cap of $180 million, which has since grown to $462.27 million. Holding a 30% market share, BlackRock surpassed Franklin Templeton’s Benji Investments fund, which had previously held the top position for an extended period. 🔝

The growth of the real-world assets (RWA) market is not only reflected in the total value locked (TVL) but also in the performance of tokens associated with related projects. In May alone, RWA tokens saw an increase of 55.20%, contributing to a year-to-date rise of 224.57%. This impressive performance is driven by tokens such as TrueFi, Ondo, Dusk, Clearpool, and TokenFi, which have been particularly prominent in this sector.

RWA has come out to be one of, if not the best narratives in crypto in the past year. Do you think the momentum will continue or is it time for these tokens to cool down? Let us know in the comments below! 👇

$TONs of Potential - but how to get started?

The rise of TON over the past few months has been hard to miss.

Thanks to its integration with Telegram and persistent price action — setting new all-time highs last week as the rest of the market declined — The Open Network ecosystem continues to gain traction rapidly. 🔺

While TON is best known for its gaming ecosystem with a wide variety of tokens and titles, its network actually offers a diverse range of activities, from liquid staking to lending and trading.

In this article, we'll explore five of the most active areas in the TON ecosystem.

1. Liquid Stake your TON for Additional Yield

Like most PoS ecosystems, liquid staking with Tonstakers or Bemo Finance lets you use your TON to earn additional rewards. 

• Tonstakers allows TON holders to pool their funds for blockchain validation. These users, called Nominators, stake their TON in a pool to help validate the network and earn rewards. By nominating a pool, stakers exercise their validation rights and contribute to the network's security and performance. 🔒

The primary source of rewards in the Tonstakers protocol comes from validation rewards. Additionally, at the pool level, these rewards come from interest payments made by validators borrowing funds from nominators for staking. In return for staking Toncoin through the Tonstakers protocol, participants receive a liquid staking receipt token known as Jetton Pool.

• Bemo is another non-custodial liquid staking protocol on TON. It enables users to stake their TON tokens and receive stTON tokens in return. These stTON tokens can be freely used in DeFi and increase in value as staking rewards are earned. 💵

stTON tokens eliminate the need to unstake or wait through cooldown periods since they can be transferred, traded, or used in DeFi at any time. Additionally, users can enhance their yield by using stTON tokens for liquidity provision on TON DEXs or lending protocols, earning additional returns beyond the staking rewards.

2. Swap Tokens on DEXs

DEXs lie at the center of TON’s DeFi ecosystem to drive the network forward, particularly STON.fi and DeDust.

• STON.fi is a decentralized automated market maker (AMM) built on the TON blockchain, offering virtually zero fees, low slippage, and an easy-to-use interface. Founded in 2022, STON.fi aims to build a user-friendly crypto exchange tailored for mass adoption through Telegram’s extensive audience. The TON blockchain's sharding architecture allows STON.fi users to conduct millions of transactions per second, providing the speed necessary for efficient trading. ⏩

• DeDust is another decentralized exchange (DEX) on the TON blockchain. Central to its operation is the DeDust Protocol 2.0, which emphasizes user experience, gas efficiency, and extensibility. In addition to token swaps, DeDust offers features like bridging and staking its native token, SCALE, to earn protocol rewards. Users can also provide liquidity on DeDust, with some pools offering attractive annual percentage yields (APYs), such as the TON/USDT pool, which has an APR of 160%. (But with SUCH high APRs - we recommend you do your complete due diligence for a specific pool before making any investment!) ✅

3. Lend through Money Markets

Lending platforms on TON offer additional ways to leverage your assets and turn a profit.

• Evaa Protocol is a lending platform on the TON network that enables users to lend and borrow assets like TON, stTON, tsTON, and USDT directly from Telegram. Offering double-digit interest rates for TON and USDT, Evaa Protocol presents itself as a competitive option for DeFi participation, providing higher yields compared to staking. Additionally, the protocol features an XP points program, where users can earn points that can be burned later in exchange for the EVAA token upon its launch.

• DAOLama provides NFT lending for the TON network, currently supporting over 35 collections. Users can select an NFT they wish to rent out in exchange for TON, create a proposal, and, upon confirmation, receive TON according to the proposal's terms. Additionally, DAOLama’s marketplace features a "Buy Now, Pay Later" option for NFTs, enabling users to purchase NFTs, such as Anonymous Telegram Numbers, for 41 TON instead of the full price of 113 TON.

4. Trade Crypto Derivatives

• Storm Trade is a decentralized derivatives trading platform built on the TON blockchain, seamlessly integrated with Telegram. Accessible through both a web app and a Telegram bot, Storm Trade offers features such as up to 50x leverage, instant price updates, and trading pairs with collateral options in TON and USDT.

Additionally, Storm Trade provides earning opportunities through tournaments and liquidity provision. Users can participate in daily tournaments to win Storm Trade NFTs, which will grant them whitelist access for the exchange’s token launch. By providing liquidity in the platform’s vaults, users can earn 70% of protocol fees as counterparties to traders. All these activities can be conducted directly from Telegram, ensuring ease of access and convenience for traders on the go. 💬

5. Telegram based games to earn Tokens

Gaming has become a stand-out feature for TON, first with Notcoin and now with other games like CatizenAI and Hamster Kombat. 🎮

• Catizen is a popular Telegram-based play-to-earn game where players take on the role of the mayor of a virtual cat city. The game merges city-building with crypto economics, offering strategic gameplay that allows players to earn Catizen coins by developing their city, completing tasks, and participating in airdrop campaigns.

Thanks to its innovative approach, engaging strategy elements, and the potential to earn real cryptocurrency, Catizen has seen rapid growth. It boasts over 15 million users and more than 3.5 million daily active users, with over 50% of them being paying customers. 🤯

• Hamster Kombat places players in the role of a hamster CEO of a burgeoning crypto exchange. The objective is to grow the exchange by tapping a golden coin to earn coins, which can then be used to buy upgrades that increase the exchange's earnings.

This straightforward gameplay, combined with real cryptocurrency rewards, provides a tangible incentive for players and has attracted a user base of 150 million players. Following the success of its predecessor, Notcoin, which saw its token value soar, Hamster Kombat is set to launch a token airdrop in July. 🎁

In a nutshell

The TON network offers a wide array of activities catering to both newcomers and seasoned crypto enthusiasts alike.

For those interested in gaming and earning tokens, TON hosts games such as Catizen and Hamster Kombat, providing engaging opportunities to accumulate rewards.

Meanwhile, for users looking to participate in decentralized finance (DeFi), TON features liquid staking protocols like Tonstakers and Bemo Finance, offering additional rewards while staking TON tokens.

DEXs (Decentralized Exchanges) such as STON.fi and DeDust enable token swaps, while platforms like Evaa Protocol and DAOLama TON facilitate lending of assets and NFT lending respectively, with attractive returns.

For traders seeking derivatives trading options, Storm Trade on TON provides leverage up to 50x, along with opportunities to earn through tournaments and liquidity provision.

With its diverse ecosystem and seamless integration with Telegram, TON is well-positioned to attract and engage a broad audience, offering versatility and promising accessibility in the blockchain space.

Which application are you most excited to use on The Open Network? Let us know in the comments below! 👇

Bitcoin miner reserves drop to lowest ever amount in 14 years

According to data from IntoTheBlock, the amount of Bitcoin held by miners dropped to its lowest total in over 14 years. 🔻

Specifically, on June 19, miner reserves declined to 1.90 million Bitcoin, down from 1.95 million BTC at the beginning of the year.

According to Lucas Outumuro, head of research at IntoTheBlock, miners are expected to hold less Bitcoin over time due to the halving events that put pressure on their profitability, leading them to be more inclined to sell their reserves.

In Bitcoin's proof-of-work consensus mechanism, miners receive newly minted Bitcoin as a reward for validating transactions and securing the network. Miner reserves specifically refer to the unsold newly minted Bitcoin held by miners. ⛏

Approximately every four years, the network undergoes a halving event, which cuts the mining reward in half.

The most recent halving occurred on April 20, 2024, reducing the mining rewards from 6.25 BTC per block to 3.125 BTC per block.

“That being said, historically, this has been at a relatively slow rate, so it hasn't been a major selling pressure,” - Outumuro

Despite the reduction in Bitcoin rewards per block due to halving events, the value of mining reserves, when measured in U.S. dollars, has remained near its all-time high range of approximately $135 billion. This indicates that even though Bitcoin miners are accumulating fewer actual Bitcoins, the total value of their holdings in dollar terms has remained substantial. 💰

“It seems today’s miners have learned from past cycles. Gone are the days of overleveraging and holding onto too much Bitcoin, a strategy that backfired in the past.” said Sascha Grumbach, CEO of tokenized mining firm Green Mining DAO.

An April report by Coinshares anticipated a resurgence in Bitcoin's hash rate in 2025 following a dip post-halving. As Bitcoin rewards decrease and competition intensifies, the amount of Bitcoin produced per unit of hash power diminishes, thereby increasing production costs.

"Miners' focus seems to be on short-term financial stability rather than long-term, large-scale accumulation of Bitcoin. In other words, having less Bitcoin is normal in the market phase we are in.” - Grumbach concluded.

What do you think? Is low reserves held by miners a Bearish signal, or is this a sign of reduced BTC dominance to push alt-coins up further? Let us know in the comments below! 👇

VC Firm Paradigm raises $850M for third crypto fund

Venture capital firm Paradigm recently concluded the closure of its third fund aimed at investing in early-stage crypto and blockchain projects. The fund has secured $850 million, marking it as one of the largest raises in the history of crypto-focused investment funds. Paradigm had been deliberating the launch of this fund over recent months, spurred by the resurgence in crypto markets. 🔺

Reflecting on Paradigm's vision since its establishment in 2018, Matt Huang, co-founder and managing partner, emphasized their enduring conviction in the transformative potential of crypto. He stated, "When we founded Paradigm in 2018, we believed that crypto would be one of the most important technical and economic shifts of the coming decades. Six years later, that belief has only gotten stronger."

Paradigm is an investor in several notable crypto companies, including Coinbase, Fireblocks, Blast, Optimism, Uniswap, MakerDAO, Chainalysis, MoonPay, Gitcoin and Friend.tech, to name a few. The firm also invested $278 million in the now-collapsed crypto exchange FTX. In November 2022, it wrote down its investment to zero. 🤯

Speculation surrounding Paradigm's new fund size has been ongoing for several months. Initially, in September 2023, The Information reported that the firm aimed to raise $1 billion. Later, in April, Bloomberg indicated discussions with investors targeting between $750 million and $850 million.

This latest fund marks Paradigm's largest raise since closing a $2.5 billion fund in November 2021. The surge in venture capital investments in crypto and blockchain startups is evident, with Galaxy Research data showing a significant increase. In the first quarter of 2024 alone, investors injected $2.49 billion across 603 deals, reflecting a 29% rise in funding and a 68% increase in deal volume. 🔺

Additionally, Pantera Capital is also gearing up to launch a new crypto fund, aiming to raise over $1 billion. Scheduled for an April 2025 launch, this fund seeks to provide exposure across the full spectrum of blockchain assets.

Which projects do you think could benefit from a fund like this? Let us know in the comments below! 👇

Solana Labs debuts blockchain Customer Loyalty Platform: Bond

Solana Labs has launched Bond, a new blockchain-based customer engagement platform designed to assist brands in cultivating long-term customer loyalty. This initiative by Solana Labs aims to integrate non-crypto native brands and their customers into Web3 seamlessly, and potentially without their awareness to increase simplicity. ✅

The platform aims to resolve issues such as losing connection with customers when products are resold or gifted. Solana Labs emphasizes that brands using Bond won't need blockchain expertise; the service will be accessible via a single application programming interface (API). 💻

Bond utilizes the Solana blockchain to offer digital twins and limited-edition digital products linked to real-world purchases. This strategy aims to foster ongoing customer engagement and enhance overall customer value through collectible digital assets. 🎁

Solana Labs highlights that Bond not only enhances customer engagement through digital identity for products but also ensures authenticity verification. This capability allows brands to track their products even after they have been resold or gifted, addressing a significant limitation in traditional supply chains. ✅

Moreover, Solana Labs sees Bond as a tool to attract a new generation of customers, particularly Millennials and Gen Z, who are increasingly influential in consumer markets. By leveraging the vibrant community associated with the Solana blockchain, Bond aims to tap into this demographic's purchasing power and enthusiasm for innovative digital experiences. 🫶

Solana has recently seen a large boost in number of use cases. For example - Solana hosts some of the popular memecoins like DogWifHat, Bonk, PopCat and Myro.

It has also seen increased institutional interest since PayPal launched its PayPal USD (PYUSD) stablecoin on the SOL network - increasing the cost efficiency of small purchases with PYSUD.

It plans to introduce the full-scale version of its Firedancer upgrade in 2025 to take advantage of the growth of decentralized physical infrastructure networks (DePINs).

Blockchain-based customer loyalty programs are not a new idea. The Open Loyalty marketing software-as-a-service firm, for example, has a blockchain based on Hyperledger Fabric. At least seven organizations use Open Loyalty wallets, though its GitHub page shows limited signs of activity.

What are your thoughts on 'Invisible Crypto' - is transforming use-cases using the power of blockchain even if the consumer is unaware the future? Let us know in the comments below!

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