🗓️ State of Filecoin Q1 2024. Filecoin's storage market continued to grow in Q1'24, as active deals grew 9% QoQ. Storage utilization increased from 18% in Q4'23 to 23% in Q1'23, as storage capacity fell 14% QoQ. As of the end of Q1'24, over 2,000 clients have onboarded data on Filecoin, of which 508 onboarded large datasets (over 1,000 TiB in size), up 9% from 465 in Q4'23. Rewards increased 39% from $55 million in Q4'23 to $76 million in Q1'24, thanks to the FIL/USD price increase. In FIL terms, rewards were down 16% QoQ driven by an overall reduction of FIL issuance.
🗓️ State of Covalent Q1 2024. Covalent has expanded support to over 225 blockchains, decentralized another layer in its supply-side operations, launched the GoldRush developer kit, implemented a CQT buyback program, and announced the Ethereum Wayback Machine. And in Q1, Covalent saw the percentage of circulating CQT grow to 29% (its highest value in the past year) as the CQT market cap rose 28% QoQ. Covalent is poised to grow its API usage as it continues to improve its protocol in the next stage of the market cycle.
The Week In Crypto Policy: Industry Sues SEC; Digital Asset Tax Form. The Blockchain Association and the Crypto Freedom Alliance of Texas are seeking to overturn an SEC rule that could subject DEX liquidity providers and AMMs to securities dealer registration requirements. Consensys also went on offense against the SEC, asking a federal court to rule ETH is not a security, transaction in ETH are not securities, and that Consensys is not operating as a securities broker through its MetaMask wallet software. While Congress was out of session, House Financial Services Ranking Member Maxine Waters voiced optimism in an interview that stablecoin legislation gets done this year. Meanwhile, Administration efforts to enhance KYC in crypto manifested in a new draft IRS tax form for digital asset "brokers" and the FBI warning Americans not to use cryptocurrency money transmitting services that do not KYC.
[Messari Governance] [dYdX DAO] Add WIF-USD Perpetual Market (55). This proposal aims to add the x/prices, x/perpetuals and x/clob parameters needed for a WIF-USD perpetual market. Create the market in INITIALIZING status and transition it to ACTIVE status after 3600 blocks.
[Messari Key Developments] [BNB] BEP-333: BNB Chain Fusion. BNB Chain stated that the BNB Beacon Chain will be completely shut down by Jun, 2024 announcing the upcoming implementation of native liquid staking on Binance Smart Chain (BSC).
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