Would you buy dumb rocks JPEG for six figures?

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The Blends Briefs
TL’DR: Here’s a sneak peek into today’s newsletter

• Can we replace Decentralized Exchanges?

• Dumb rocks for six figures.

• BlackRock Registers Ethereum ETF in Delaware.

• Polygon Labs Commences $85M Grant Program.

• Bitcoin Mining Revenue Hits Yearly High.

• Binance to terminate Russian ruble deposits.

• Singapore startup dtcpay launches retail crypto payments system.

• Dictionomics: Native Tokens

A must-have
Can we replace Decentralized Exchanges?

Decentralized exchanges (DEXs) are platforms that allow users to trade cryptocurrencies without relying on a third-party intermediary. They are part of the decentralized finance (DeFi) movement, which aims to create a more open, transparent, and accessible financial system. However, DEXs face some challenges in terms of scalability, usability, and liquidity, which limit their adoption by mainstream users. In this article, we will explore some of the powerful alternatives to DEXs that offer similar benefits but also address some of the drawbacks.

One of the alternatives to DEXs is hybrid exchanges, which combine the best features of centralized and decentralized exchanges. Hybrid exchanges use smart contracts to execute trades on-chain, but they also have off-chain components that provide faster transactions, lower fees, and better user experience. For example, Nash is a hybrid exchange that uses state channels to enable instant and secure trades, while also offering fiat gateways, advanced trading tools, and regulatory compliance. Another example is Injective Protocol, which is a layer-2 DEX that leverages Cosmos SDK and Ethereum Virtual Machine to enable cross-chain trading of any asset, including derivatives and synthetic tokens.

Another alternative to DEXs is liquidity aggregators, which are platforms that connect multiple liquidity sources and offer users the best prices and execution across different exchanges. Liquidity aggregators can be centralized or decentralized, depending on how they handle user funds and orders. For instance, 1inch is a decentralized liquidity aggregator that uses smart contracts to split orders among various DEXs and protocols, such as Uniswap, SushiSwap, and Curve. On the other hand, Orion Protocol is a centralized liquidity aggregator that uses a network of brokers to access liquidity from both centralized and decentralized exchanges, as well as other sources like swap pools and OTC desks.

A third alternative to DEXs is decentralized marketplaces, which are platforms that enable peer-to-peer trading of not only cryptocurrencies but also other types of digital assets, such as NFTs, gaming items, and data. Decentralized marketplaces use blockchain technology to ensure the security, authenticity, and ownership of the assets being traded, as well as to facilitate payments and escrow services. For example, OpenSea is a decentralized marketplace that allows users to buy and sell NFTs across various categories, such as art, collectibles, gaming, and domains. Another example is Ocean Protocol, which is a decentralized marketplace that enables users to monetize and share data in a privacy-preserving way.

Global Biscuits

Dumb rocks for six figures.
In a nostalgic nod to the past, JPEGs of rocks on the blockchain are once again fetching six-figure sums. An NFT from the EtherRocks collection, EtherRock #95, sold for 100 ETH (over $209,000), while an Ordinal from the visually identical Bitcoin Rock collection traded for 2.99 BTC (over $111,000). The EtherRocks collection, which began in 2017, gained attention during the 2021 NFT bull run, with individual rocks selling for hundreds of thousands of dollars. The recent high-value sales of seemingly pointless digital rocks have sparked discussions about the return of market absurdity and frothy excitement reminiscent of the previous crypto bull run.

BlackRock Registers Ethereum ETF in Delaware.
BlackRock, one of the world's largest asset managers, has registered an iShares Ethereum Trust in Delaware. While the registration itself doesn't confirm BlackRock's filing for an Ethereum exchange-traded fund (ETF), analysts speculate that it could be a precursor to such an application. BlackRock made a similar registration a week before applying for a Bitcoin ETF. Delaware is a popular choice for registrations due to its corporate-friendly environment. If BlackRock decides to pursue an Ethereum ETF, it would join a growing list of firms exploring such investment products. Grayscale, a subsidiary of Digital Currency Group, recently filed to convert its Grayscale Ethereum Trust into a spot ETF. Ethereum's price saw a positive response to the news, reaching above $2,000 for the first time since July.

Polygon Labs Commences $85M Grant Program.
Polygon Labs has initiated an $85 million grant program to attract developers to build applications within its Ethereum scaling ecosystem. The program offers a total of 110 million of its native token, MATIC (worth $85 million), with direct grants of up to 2 million MATIC for later-stage projects. Early-stage projects can apply for quadratic funding grants, involving community members making donations that act as votes for allocation. Polygon, a leading Ethereum layer-2 network, aims to position itself as a dominant provider of blockchain technology for layer-2 networks on Ethereum by encouraging developers to build on its platform.

Bitcoin Mining Revenue Hits Yearly High.
Bitcoin mining revenue has reached a new yearly high, surpassing the previous peak seen in May 2023 during the Ordinals craze. The mining revenue hit $42,386,514.038 on November 9, exceeding the previous high of $41,744,197.067. This increase is attributed to the surge in the price of Bitcoin, which rose to over $37,000 amid growing anticipation of the potential approval of a U.S. spot Bitcoin ETF by the Securities and Exchange Commission (SEC). The recent spike in mining revenue highlights the impact of both the rising BTC price and increased network activity on miners' earnings.

Tastes of the regions

Binance to terminate Russian ruble deposits.
Cryptocurrency exchange Binance is set to halt Russian ruble deposits on November 15, 2023, as part of its exit from the Russian market. Users are advised to withdraw their rubles from the platform by January 31, 2024. Binance users can transfer their funds to CommEX, a new crypto exchange that acquired Binance's Russian division. RUB withdrawals on CommEX will be zero-fee. Binance's exit from Russia has been controversial, with speculation that CommEX is a new name for Binance, allowing it to continue operations in Russia amid Western sanctions. Binance has denied such claims and stated that it has fully exited Russia.

Singapore startup dtcpay launches retail crypto payments system.
Singapore-based dtcpay is set to launch a payment system that facilitates transactions using both fiat and cryptocurrencies for in-store and online payments. The company is partnering with PlatON and Allinpay International, both based in China, to develop privacy-protected digital infrastructure and smart terminals with a digital interface. Dtcpay, registered with the Monetary Authority of Singapore (MAS), already provides point-of-sale and online checkout services. The company plans to exchange fiat and cryptocurrencies, with future plans to onboard additional cryptocurrencies. Dtcpay was selected for Mastercard’s Mastercard Start Path program for crypto and blockchain startups in November 2022 and received pre-seed funding from the Pontiac Land Group in June 2023.

Dictionomics
Native Tokens 

Native tokens are a type of digital asset that can be created and managed on a blockchain platform. They are different from fungible tokens, which are interchangeable and have a fixed value. Native tokens can have various properties and functions, such as governance rights, utility, or access to services. Native tokens can also define their own rules and logic, such as how they are minted, burned, transferred, or exchanged.

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