Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights š§µ:
1/ Stripe acquired stablecoin platform Bridge for US$1.1B, furthering its expansion into digital asset infrastructure. This acquisition represents a significant exit for venture investors, with Bridge's valuation having increased by over 200% since the previous funding round in August. This move underscores Stripe's commitment to stablecoins and crypto, aiming to streamline stablecoin transactions for businesses and highlighting the growing importance of stablecoins in the financial sector.
2/ VanEck introduced staking rewards for its Solana exchange-traded note (Ticker: VSOL) in Europe, allowing investors to earn passive income that is automatically reinvested daily. This non-custodial and secure process uses a delegated-proof-of-stake mechanism, with a 25% staking fee deducted before adding rewards to the ETN's NAV, ensuring maximum liquidity and proportional reward distribution. Meanwhile, VanEck is awaiting SEC approval for a Solana ETF in the U.S., which will not include staking rewards, highlighting the regulatory differences between the two markets.
3/ ApeChain launched mainnet on Arbitrum Orbit, introducing native staking yield to APE holders with "Automatic Yield Mode". Apechain is also integrated with LayerZero for enhanced cross-chain transfer capabilities, utilizing its OFT standard for efficient transactions. Yuga Labs, in partnership with Wire Network, aims to enhance creator capabilities on ApeChain with AI-driven tools. They also introduced Top Trader, a risk-free on-chain trading simulation game. Additional features include the Ape Portal for cross-chain payments and Yuga ID for simplified account management.
