Intel Report 2/10

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Analyst Note
For the time being, our intelligence will be delivered through a report-based newsletter, combining LLM systems with human analysis to deliver value-packed web3 reports. Free users can enjoy a lite version, while paid subscribers get full access to daily and seasonal reports. Email us at adam@secret3.com for any feedback! - Adam, Lead Researcher.

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Summary
GM, Bitwise filed for an XRP exchange-traded fund (ETF) in Delaware, potentially signaling increased institutional interest in the asset. Crypto hacks remained a concern, with over $120 million stolen in September, primarily affecting centralized exchanges. Gemini announced its exit from the Canadian market, following similar moves by Binance and OKX, highlighting the challenges posed by evolving regulatory landscapes. Meanwhile, EigenLayer's native token EIGEN made its trading debut, quickly entering the top 100 tokens by market capitalization, reflecting growing interest in innovative blockchain technologies.

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News Headlines
💳 Coinbase Introduces Proof of Reserves for Bitcoin Wrapper cbBTC

• Coinbase is integrating verifiable proof of reserves (PoR) into its Bitcoin wrapper, Coinbase Wrapped BTC (cbBTC), to enhance transparency and address previous criticisms.

• Launched on September 12, cbBTC quickly gained popularity, reaching roughly $250 million in total value locked.

🌐 BRICS Nations Challenge US Dollar Dominance with New Payment System

• The BRICS bloc is developing a new blockchain-based payment system and trade currency to reduce dependence on Western financial systems and challenge US Dollar supremacy.

• The initiative aims to bolster the use of local currencies and attract interest from over 159 participants in adopting its payment systems.

🌟 Solana's DApp Volume Surges 46% in a Week

• Solana's network usage surged, with a 46% increase in DApp volumes over the past week, despite a recent 9% price correction.

• SOL's price rose by 10.4% over the past month, maintaining its position as the fourth-largest cryptocurrency by market cap.

🏛️ Ohio Senator Introduces Bill to Allow Tax Payments in Bitcoin

• Ohio Senator Niraj Antani has introduced a bill aimed at legalizing the payment of state and local taxes in Bitcoin and other cryptocurrencies.

• The legislation could significantly expand the use of cryptocurrencies in Ohio, providing residents a new method to fulfill their financial obligations.

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Market Metrics

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Fundraising & VC
1. Folks Finance (Strategic, Undisclosed) - Multichain DeFi hub
2. Nodepay (Undisclosed) - Global AI training and development platform