Morning Minute: SWIFT Goes On-chain – Decrypt

Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

As we speak’s prime information:

• Crypto majors inexperienced however pulling again after Monday rally; BTC at $113k
• SWIFT companions with Consensys to carry funds onchain
• SEC & CFTC promise nearer cooperation in crypto oversight
• Meteora declares Oct 23 TGE date, shares new airdrop mechanism
• Andre Cronje raises $200M at $1B valuation for Flying Tulip

🌐 SWIFT Goes Onchain: 24/7 Cross-Border Funds With ConsenSys

One after the other the most important TradFi gamers on the planet are capitulating into crypto.

Final week it was Vanguard, and this week it’s Swift.

📌 What Occurred

Yesterday, SWIFT mentioned it’s going to add a blockchain ledger to its infrastructure, beginning with a conceptual prototype designed by Consensys.

The primary use case is immediate, always-on interbank cross-border funds.

SWIFT says the ledger will report, sequence and validate transactions and implement guidelines by way of good contracts, whereas interoperating with current rails and rising networks.

A coalition of 30+ establishments, together with names like Financial institution of America, Citi and NatWest, is already shaping the construct.

It’s not but specified whether or not the prototype will anchor to Ethereum mainnet or Linea.

🗣️ What They’re Saying

“I’m very happy to announce that we’ll add a blockchain-based ledger to our know-how infrastructure to permit for trusted motion of tokenised worth throughout the digital ecosystems… Within the regulated system of the longer term, we imagine [Swift and blockchain] can [go together]. Banks are prepared for it. They usually’re asking us to play an even bigger function.” – Javier Pérez-Tasso, SWIFT CEO

🧠 Why It Issues

TradFi’s major cost rails are selecting to embed blockchain, successfully acknowledging the tech as a greater resolution.

If SWIFT could make tokenized-value funds immediate and 24/7, and maintain compliance, controls, and interoperability, their blockchain resolution will grow to be their de facto possibility with huge value financial savings and impacts throughout monetary establishments.

That is very bullish for broader crypto adoption.

The extra banks standardize on shared ledgers, the simpler it turns into to bridge fiat, stablecoins, and tokenized deposits throughout markets.

So stablecoins are an enormous winner, together with the tokenization effort for RWAs.

All of which supplies crypto extra validity throughout the U.S. and world.

And naturally, it’s very bullish for his or her blockchain of alternative (doubtless Ethereum or one in every of its L2s).

If Linea have been to win this (Consensys’ blockchain), anticipate a serious repricing. So be looking out for extra information tied to this story.

And general, an increasing number of capitulation into crypto and blockchain is going on from the most important tradfi gamers on the planet. On a close to weekly foundation…

🌎 Macro Crypto and Memes

Just a few Crypto and Web3 headlines that caught my eye:

In Company Treasuries / ETFs

In Memes

• Memecoin leaders are barely purple; DOGE -1%, Shiba -1%, PEPE -1%, PENGU -2%, BONK +1%, TRUMP -3%, SPX -2%, and FARTCOIN -1%
• Trillions on Plasma peaked close to $60M over the weekend earlier than falling to $20M
• CARDS jumped 38% to $43M on Solana; pibble +670% led prime movers

💰 Token, Airdrop & Protocol Tracker

Right here’s a rundown of main token, protocol and airdrop information from the day:

• Meteora launched its MET airdrop mechanic because the “Liquidity Distributor,” as recipients will obtain LP positions slightly than tokens and introduced a ten/23 TGE date
• Andre Cronje’s Flying Tulip raised $200M at an $1B valuation and introduced a $FT public sale
• Pump Enjoyable launched Superior for its cellular app, that includes terminal columns and different professional buying and selling instruments
• Polymarket launched point out markets for NFL video games beginning with final evening’s Dolphins Jets recreation
• Talus Labs raised $10M+ from Sui & Walrus to construct out infra for AI Brokers and Prediction Markets
• Sui’s Bluefin perps dex noticed its BLUE token soar 40% up to now week as TVL pushed previous $220M and quantity neared $80B

🤖 AI x Crypto

Part devoted to headlines within the AI sector of crypto:

• General market cap +1% at $17.1B, leaders have been blended
• FARTCOIN (-1%), VIRTUAL (-2%), TIBBIR (+3%), aixbt (-2%) & ai16z (-2%)
• BIOS (+50%) and GAME (+12%) led prime movers

🚚 What is going on in NFTs?

Right here is the checklist of different notable headlines from the day in NFTs:

• ETH NFT leaders have been largely purple; Punks -1% at 47.3 ETH, Pudgy -2% at 10, BAYC -1% at 9 ETH
• Hypurr’s fell 14% from a 1,400 HYPE ground ($65,000) to 1,150 ($52,000) after their first day of buying and selling
• Punk Technique acquired its 18th Punk and is sort of 50% of the best way to its nineteenth
• OpenSea launched the entire NFT Technique tokens for buying and selling on their platform