THIS NEWSLETTER IS SPONSORED BY |  |  | - El Salvador has started mining bitcoin with volcanos. El Salvador has officially started using volcanos to mine bitcoin. The bitcoin is being mined using geothermal energy generated by volcanos in the region. The country heavily relies on geothermal energy and is one of the top producers of it in the world. This comes after Bukele tweeted a video on September 28, which showed mining rigs being delivered and set up in the facility in El Salvador.
| - SEC rolls decisions on four bitcoin ETF applications to end of 2021. The Securities and Exchange Commission (SEC) punted on four bitcoin exchange-traded fund (ETF) applications today, shifting deadlines into late November and December. The SEC has a history of extensions when it comes to bitcoin ETFs. Many of the last wave of applications faced as many extensions as the Commission's mandate allows until finally receiving rejections.
| - R3 is working on a DeFi network with its own token. R3, developer of the enterprise blockchain Corda, is exploring the launch of a DeFi network with a corresponding token. The project is named Obscuro and R3 hopes it will be ready, from a technological standpoint at least, in 2022. But no launch will take place until R3 is given the go-ahead by regulators, and the company has indicated that existing regulations leave "unanswered questions" that would need to be answered before a formal launch.
| - Here's how Axie Infinity is bridging the divide between blockchain gaming and DeFi. On this episode of The Scoop, Sky Mavis Games Co-Founder and Growth Lead Jeff 'Jiho' Zirlin joined Frank Chaparro at the 2021 Mainnet Conference to discuss their game Axie Infinity. Chaparro and Zirlin cover Axie's recent growth in popularity, kicking off the 'Play-To-Earn' trend in gaming, and how Axie Infinity players in the Philippines and other emerging economies are playing the game to supplement their incomes.
| | | - Decentralized exchange volumes tracked by The Block weighed in at $78.95 billion for the month of September. Uniswap remained the ecosystem leader during the period, posting approximately $39 billion in volume.
| - Meanwhile, the ratio of DEX spot volume to centralized exchange (CEX) volume was 6.67% for September, a decline from August's 7.54%. The year's peak occurred in June, when the ratio was 9.41%.
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Let us show you. | | | - Solana NFT sells for $2.1 million, breaking a previous network record. An NFT from SolanaMonkeyBusiness, a collection of 5,000 NFTs minted on the Solana blockchain, sold for 13,027 SOL (~$2.1 million).
| - Miami has made $7.1 million from a partnership that has its residents using a crypto protocol — and it's part of Mayor Francis Suarez longer-term vision of a tax-free city.
| - Zero Hash, a crypto services startup, has raised $35 million in a Series C funding round led by Steve Cohen's Point72 Ventures. Other investors include NYCA Partners and DriveWealth, as well as a group of angel investors that includes Mercury founder Immad Akhund and Deserve founder Kalpesh Kapadia, among others.
| - Crypto treasury management platform MultiSafe has rebranded to Coinshift and announced it has raised $2.5 million in a seed funding round.
| - Crypto startup Layer3, which provides tools for decentralized autonomous organizations (DAOs), has raised $2.5 million in a seed funding round. ParaFi Capital led the round.
| - The Commodities Futures Trading Commission (CFTC) filed and settled charges against Kraken for failing to register as a futures commission merchant and offering margin transactions in crypto. The crypto exchange paid a $1.25 million penalty.
| - Several crypto exchanges, including Gemini and Binance, are seeking to raise funds at multibillion-dollar valuations. Read our premium piece by The Block's Frank Chaparro (subscription required).
| | | The Block Research - Weekly Insights | - A look at the evolution of on-chain market making. As The Block Research's Afif Bandak notes, after massive inflows last summer, liquidity in on-chain DEX's has struggled to sustain further growth. AMM's are currently in a state where passive strategies aren't sufficiently profitable to attract additional liquidity, and on-chain bandwidth remains prohibitive for traditional order books. The space between basic AMM's and central limit order books remains largely unexplored and could contain an avenue to further enhance on-chain liquidity.
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