What's Driving Token Prices? May 8, 2024

Katie Talati
May 8, 2024

Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.

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  • ARB (+1.2%) - Securitize, a distributor for Blackrock's BUIDL program, is applying for a grant from Arbitrum to put BUIDL on its Layer-2. Arbitrum, which has run a successful grants program, does not have many RWA projects or activity, so the presence of BUIDL would be positive for its ecosystem. The BUIDL fund currently has $380M in AUM and is the largest on-chain RWA product.
  • ENA (+13%) - Yesterday, a decentralized stablecoin project, Ethena, announced a partnership with the ByBit crypto exchange to use its stablecoin USDe as collateral on the exchange. Users can use USDe as collateral against perpetual futures positions meaning users can collect ENA rewards from holding USDe while also being long other crypto assets. The integration is important for the usability of USDe, which has grown massively from the promise of high yields and ENA rewards. The project launched early in the year has grown to $2.3B in AUM.
  • JUP (+20%) - Solana’s main DEX, Jupiter, announced an integration with Clone Protocol, which creates wrapped non-Solana assets on Solana's blockchain. The integration allows users to trade these non-native assets through Jupiter's interface. While Jupiter is still the number one venue to trade assets on Solana, this could further increase its volumes, which were over $1B in the last 24 hours. 

DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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