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20 September 2024Macro/TradFiThe Kingdom of Bhutan holds over 13K BTC, worth over US$820M, representing nearly one-third of its GDP of ~US$3B. This makes them the fourth-largest state holder of Bitcoin. Interestingly, Bhutan’s Bitcoin does not come from law enforcement seizures, but rather through mining operations conducted in collaboration with Bitdeer.  MicroStrategy plans to issue a US$700M convertible note to refinance debt and buy more Bitcoin. Chainalysis’ latest 2024 Global Adoption Index shows that India, Nigeria, and Indonesia are the three leading countries for adoption in the most recent period. CryptoL1/L2:Solana revealed its second crypto smartphone, Seeker. Previously dubbed Chapter Two, it has already seen over 140K presales and is expected to ship in mid-2025. Funki is launching its L2 on the Optimism Superchain, describing itself as a fun-first L2 focussing on onchain gaming and social experiments. DeFi:Donald Trump-backed DeFi project, World Liberty Financial, debuted plans for $WLFI token. $WLFI will be a non-transferable governance token that will initially only be available to accredited investors. Major perps DEX, dYdX, plan to list perpetual futures on prediction markets. Worldcoin has expanded World ID to Solana via Wormhole. Wintermute announces a permissionless prediction market, OutcomeMarket, starting with TRUMP and HARRIS meme coins.Leading Solana wallet, Phantom, has introduced Usernames, allowing users to create a Phantom Identity and more easily send crypto to other users. Web3 communications protocols, WalletConnect, is set to airdrop its CONNECT token on OP Mainnet. Drift Protocol, a Solana-based DeFi protocol focused on perps, has announced a US$25M Series B round. Others:Glassnode announced an expansion of its analytics platform to include over 500 new ERC-20 tokens. LayerZero introduced IzCatalyst, a program focused on connecting top crypto builders with top VCs. Solana developer platform, Helius, has raised US$21.75M in a Series B round. Permissionless Labs, a decentralized content distribution network, has raised a US$10B Series A round. TrueX, a stablecoin-native trading platform, has raised US$9M in a seed round. Latest Binance Research Publications Check out our latest publications:RWAs: A Safe Haven for On-Chain Yields?Monthly Market Insights - September 2024Blockchain Payments: A Fresh StartExplore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.