• The OP token, associated with layer 2 network Optimism, surged to an all-time high of over $2.50 on Wednesday.
• The token’s gain has outpaced the top two digital assets by market capitalization, bitcoin and ether, which have recently risen 39% and 33%, respectively, in 2023.
• According to Nick Hotz, vice president of research at the digital-asset management firm Arca, „people want layer 2 tokens and they see layer 2 adoptions happening,“ which is driving the OP token’s success.

The world of cryptocurrency continues to open up new opportunities for investors, as the OP token associated with layer 2 network Optimism has seen a surge in value and an all-time high of over $2.50 on Wednesday. This impressive news has outpaced the top two digital assets by market capitalization, bitcoin and ether, which have recently risen 39% and 33%, respectively, in 2023.

The surge in the OP token’s value can be attributed to the growing interest in the token’s capability to enable layer 2 adoptions. Layer 2 networks are designed to offer greater scalability and faster transaction processing times than their layer 1 counterparts. Optimism’s protocol is designed to provide a layer 2 solution to Ethereum, and the token is designed to be used as a staking asset to enable transactions on the network.

Nick Hotz, vice president of research at the digital-asset management firm Arca, suggests that this surge in the OP token’s value is due to the growing interest in layer 2 tokens. “People want layer 2 tokens and they see layer 2 adoptions happening,” he said. “Optimism is the only way to get good exposure to that theme currently.”

The OP token was launched via a community airdrop on May 31, 2022, and has been on an upward trajectory since. It was recently trading at around $2.22, down 10% over the past 24 hours despite declining transaction volumes on the Optimism platform the past few days. Despite this, the token is still up 140% since the start of the year when it was hovering below $1, according to CoinDesk data.

The success of the OP token is a testament to the growing demand for layer 2 solutions and the potential for tokens associated with these networks to provide investors with a lucrative opportunity. Hotz notes that “layer 2 tokens are the most popular tokens on the market right now,” and that the interest in these tokens is only expected to grow in the future.

As the layer 2 network space continues to expand, the success of the OP token is likely to continue, and investors will be eager to get onboard and take advantage of the potential gains. With the rise in layer 2 adoptions, the OP token is sure to remain a popular option for investors looking to capitalize on the potential of the space.

• The Stellar Development Foundation was revealed to be one of the largest creditors of Genesis, a bankrupt crypto lending desk, with a claim of $13 million.
• The foundation has confirmed that it loaned around $13 million to Genesis in 2022, but stated that this sum was “immaterial” in relation to the rest of its treasury.
• According to its website, the Stellar Development Foundation currently holds 30 billion XLM, placing the paper value of its treasury above $200 million.

The Stellar Development Foundation (SDF) has been revealed to be one of the largest creditors of the now-bankrupt crypto lending desk, Genesis. The SDF has a claim of $13 million against Genesis, according to bankruptcy filings.

The SDF is a non-profit organization set up to promote growth on the Stellar blockchain. It is well known for its Stellar Lumens (XLM) project and its commitment to the development of a global financial network. The foundation has confirmed that it loaned around $13 million to Genesis in 2022, but stated that this sum was “immaterial” in relation to the rest of its treasury.

According to its website, the SDF currently holds 30 billion XLM, placing the paper value of its treasury above $200 million. This is an impressive sum, and it is likely that the SDF was able to sustain itself despite the bankruptcy of Genesis.

The SDF has stated that the claim of $13 million does not impact the foundation’s operations in any way. This is likely due to the fact that the claim represents a relatively small portion of their overall treasury. The SDF has also expressed its commitment to the development of the Stellar blockchain, and its continued support of the global financial system.

The SDF’s involvement with Genesis is a reminder of the importance of due diligence when it comes to investing in cryptocurrencies. Although the SDF has managed to weather the bankruptcy of Genesis relatively unscathed, the entanglement could have been avoided had the SDF taken the necessary precautions before investing.

Overall, the SDF’s claim against Genesis is a minor issue in comparison to the overall state of the Stellar network. The foundation’s commitment to the development of the Stellar blockchain and its support of the global financial system is still intact. With a paper value of its treasury above $200 million, the SDF remains one of the most influential organizations in the cryptocurrency space.

• MetaMask is adding a staking feature to its MetaMask Portfolio, allowing users to stake their ETH via Lido or Rocket Pool.
• The update comes two months before an Ethereum upgrade is expected to allow users to withdraw their staked ETH.
• The new staking feature will provide users with a convenient way to interact with staking providers.

MetaMask, a popular wallet provider, is adding a staking feature to its MetaMask Portfolio in anticipation of an Ethereum upgrade that will allow users to withdraw their staked ETH. The new staking feature will enable users to stake their ether (ETH) via Lido or Rocket Pool, two of the leading community-led validator services.

Locking up one’s ether in a smart contract on the blockchain will accrue rewards, so this feature is a great way for users to make the most of their digital assets. Currently, this usually requires visiting Lido and Rocket Pool’s respective websites, so the new staking feature in MetaMask Portfolio will make it much easier for users to access these services.

Abad Mian, product manager at MetaMask, commented on the new update: “By allowing staking through the MetaMask Portfolio dapp, we are providing MetaMask users with a convenient way to interact with staking providers.” This will make it easier for users to access staking services without having to leave their wallet and navigate to a different website.

MetaMask Portfolio is a one-stop shop for users to view their crypto holdings and send (or “bridge”) them between different blockchains. It is part of MetaMask’s broader mission to make it easy for users to access and interact with decentralized applications.

The new staking feature is a welcome update for Ethereum users, as it allows them to make the most of their ETH and benefit from the rewards associated with staking. Plus, it provides users with a quick and easy way to access staking services straight from their wallet.

• 2022 was a bear market for the crypto industry as both Bitcoin (BTC) and Ether (ETH) saw a 65% and 67% pullback respectively.
• Correlation behavior between Bitcoin and other macro assets remained an unfinished story, with only bonds ending the year uncorrelated to BTC while stock indices maintained a positive correlation and the U.S. Dollar Index maintained a negative correlation.
• Bitcoin mining companies struggled in the bear market, with the five largest public bitcoin miners measured by hashrate all seeing significant losses, with the best performer, CleanSpark, still dropping 79%.

This past year was a tumultuous one for the crypto industry, with both Bitcoin (BTC) and Ether (ETH) experiencing a 65% and 67% pullback respectively. These market performance difficulties had a knock-on effect on the mining sector too, with the five largest public bitcoin miners measured by hashrate all seeing significant losses. CleanSpark was the best performer of the five, though even they still dropped 79%.

Correlation behavior between Bitcoin and other macro assets is still an unfinished story. While bonds ended the year in an uncorrelated band to Bitcoin, stock indices maintained a positive correlation, and the U.S. Dollar Index maintained a negative correlation. This complicated the market picture further, making it harder to navigate the bear market conditions.

The impact of the bear market was felt across the crypto industry. Companies such as Coinbase and Kraken saw a dramatic decrease in trading volumes, while token offerings dropped off precipitously. Even DeFi, which had been one of the hottest sectors of the market in 2021, was unable to escape the bear market’s effects.

Despite the difficult conditions, there were a few bright spots in the industry. Institutional investors continued to show interest in crypto, with more than $2 billion being invested in the sector by the end of 2022. Additionally, the development of new technologies such as layer 2 solutions, non-fungible tokens, and decentralized storage options showed the continued potential of the industry.

All-in-all, 2022 was an eventful year for the crypto industry, with the bear market providing a much-needed reality check for the sector. While it was a difficult year, it also served as a reminder of the resilience and potential of the industry. With the market now showing signs of recovery, the next year could provide an opportunity for the industry to continue to grow and mature.

• The U.S. Department of Justice (DOJ) has seized 55 million shares of Robinhood (HOOD) stock owned by FTX founder Sam Bankman-Fried and co-founder Gary Wang.
• The shares were worth just over $456 million based on HOOD’s closing price of $8.25 on Friday.
• Bankman-Fried has been formally charged with crimes such as money laundering and wire fraud.

The U.S. Department of Justice (DOJ) has recently seized a substantial number of Robinhood (HOOD) shares owned by two of the most prominent figures in the crypto world, FTX founder Sam Bankman-Fried and co-founder Gary Wang. The two were in possession of 55 million shares of HOOD stock, worth a total of just over $456 million at the close of Friday’s trading session.

The stock was held in an account at U.K.-based brokerage ED&F Man and was ultimately owned by Bankman-Fried and Wang through their Emergent Fidelity Technologies holding company. This seizure was done in connection with the formal charges brought against Bankman-Fried on December 13th for a number of crimes, including money laundering and wire fraud.

In response to the DOJ’s action, FTX – now run by John Ray III – had asked a judge late last month to freeze the stock. Bankman-Fried then filed an opposition to the move, arguing that he needed the shares to help pay his legal fees. The judge ultimately sided with the DOJ and ordered the seizure of the shares.

This marks a major development in the ongoing case against Bankman-Fried and serves as a reminder that the DOJ will not hesitate to take action against those who violate the law. The implications of this case could reach far beyond this particular case, as it serves as a warning to those in the crypto space that they must comply with all applicable laws and regulations.

It remains to be seen what will happen to the seized shares of HOOD stock and how it will affect Bankman-Fried’s legal proceedings. However, it is clear that the DOJ’s action has sent a powerful message to the crypto world and that no one is immune from its reach.