Crypto Weekly Roundup Highlights ETF Growth Web3 Gaming Partnerships and Shardeum Testnet Launch

Crypto Weekly Roundup Highlights ETF Growth Web3 Gaming Partnerships and Shardeum Testnet Launch

This week from September 30 to October 4 2024 the cryptocurrency landscape witnessed a surge in activity marked by significant developments across various sectors. Institutions are increasingly engaging with the crypto space while innovative projects continue to push forward. Traditional finance players are actively seeking to deepen their connections with crypto leading to an accelerated adoption of decentralized technologies. In this roundup we delve into new ETFs blockchain launches and vital security upgrades shaping the narrative within the crypto community.

CARV Expands Its Reach in Web3 Gaming and AI

CARV has established itself as the modular identity layer for GameFi and continued to carve out a unique niche in Q3 2024 through major partnerships. The project has formed alliances with the Base ecosystem and EigenLayer protocol promising enhanced security and efficiency for CARV's operations.

In addition CARV has made strides in integrating artificial intelligence through partnerships with Inferium AI and Gitcoin Passport. These integrations aim to deliver an improved data-driven experience for CARV users. On the gaming front CARV has teamed up with the Web3 gaming platform Intella X and P2E experts Telgather promising to create immersive experiences for gamers across DeFi.

Crosschain play is gaining momentum as CARV has partnered with LayerZero to enhance its capabilities. The project’s AI-powered app CARV Play is also rapidly gaining traction with 9.5 million registered users and 1.3 million daily active users indicating strong growth potential.

CARV Labs has also made headlines by launching a $50 million accelerator program designed to support projects that promote Web3 mass adoption. The early results have been promising with the idle game BANANA attracting 12 million users within a month of its launch on the TON blockchain.

As Q4 approaches CARV promises even bigger announcements signaling continued momentum for investors to watch closely.

Arbitrum Launches $2.5 Million Security Subsidy Fund

Arbitrum has introduced its $2.5 million Security Subsidy Fund (SSF) aimed at supporting projects within its ecosystem that require a security boost. From September 30 to October 14 development teams can apply for subsidies to cover the costs associated with top-tier security services provided by nine trusted providers.

The SSF is designed to alleviate the financial burden of essential security services including smart contract audits and penetration testing allowing developers to focus on building their projects without the constant fear of cyber threats. ArbitrumDAO the decentralized organization overseeing this initiative employs a means test to evaluate applications ensuring funds are allocated to projects in genuine need of assistance.

This initiative clearly demonstrates Arbitrum's commitment to fostering a secure and scalable ecosystem making it an attractive option for developers looking to build in this space.

Shardeum Launches Incentivized Testnet Phase 3

Shardeum has rolled out the third phase of its incentivized testnet named Atomium which commenced on October 1 2024. This phase will run for three to four weeks providing users with an extended opportunity to test and stress the network. The primary goal is to evaluate Shardeum’s auto-scaling capabilities which automatically adjust to accommodate more users and transactions without increasing gas fees.

Phase 3 introduces new validator tasks and slashing mechanisms which impose penalties on nodes that fail to perform as expected. Validators play a critical role in maintaining network security by confirming transactions and ensuring overall network stability. If a node misbehaves such as going offline during crucial moments a portion of its staked tokens may be slashed as a penalty simulating potential scenarios on the mainnet.

Community involvement is essential in this phase with users encouraged to test various on-chain activities like peer-to-peer transfers and validator performance. Participants can earn SHM tokens XP points NFTs and more for their contributions along with referral programs and social tasks to maintain engagement.

This phase is a critical step towards Shardeum’s mainnet ensuring the network is fine-tuned through real-world stress tests to facilitate smooth scaling upon full launch.

BlackRock and Fidelity Dominate Bitcoin ETF Landscape

In the ETF realm BlackRock’s iShares Bitcoin Trust (IBIT) has overtaken Grayscale’s GBTC securing its position as the largest Bitcoin ETF in the United States. Currently BlackRock manages over $22 billion worth of Bitcoin. Fidelity’s Wise Origin Bitcoin Trust (FBTC) closely follows ranking among the top 10 ETF launches of the 2020s.

Remarkably these crypto ETFs are outpacing traditional products due to substantial inflows from institutional investors. The shift from GBTC which was once the leader highlights how BlackRock and Fidelity are dominating the market by offering regulated user-friendly options that cater to a wider audience. Investors are increasingly turning to these ETFs as a streamlined method to gain exposure to Bitcoin without the complexities of managing private keys or wallets.

Canary Capital Launches First U.S. HBAR Trust

Canary Capital has launched the first-ever U.S. HBAR Trust providing institutional investors direct access to Hedera’s native token HBAR without the challenges of managing crypto wallets. Led by Steven McClurg former executive at Valkyrie Funds this initiative signals a significant step forward for institutions looking to explore the crypto market.

HBAR powers Hedera a high-performance blockchain renowned for its rapid transaction speeds and low fees making it an attractive option for enterprises. The HBAR Trust aims to simplify investing in Hedera's ecosystem for institutions that have been cautious about navigating crypto's technical complexities. Speculation suggests that an HBAR ETF could be on the horizon capitalizing on the growing interest in crypto ETFs.

Franklin Templeton Files for Crypto Index ETF

Franklin Templeton is shaking up the crypto landscape with a recent SEC filing for a Bitcoin and Ethereum Index ETF. Following the core principles of ETFs traders will have the opportunity to speculate on the prices of Bitcoin and Ethereum without the necessity of direct ownership. The ETF will track the CF Institutional Digital Asset Index providing a one-stop trading solution for both cryptocurrencies.

The ETF structure comprises blocks of 50,000 shares with each share representing the Net Asset Value (NAV) of the underlying Bitcoin and Ethereum shares. BNY Mellon will manage the assets while Coinbase Custody will handle the cryptocurrencies. However investors should note that this ETF will not offer staking options meaning no passive income for fund holders only active trading opportunities.

The ETF is set to undergo SEC review for potential security and transparency issues. Franklin Templeton has previously made strides to bridge the gap between traditional finance and decentralized finance with its launch of the OnChain U.S. Government Money Market Fund.