What's Driving Token Prices? May 8, 2024

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.

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