July Community Updates
Hi OAX community,
We’re thrilled to witness the long-awaited launch of spot Ethereum ETFs across 6 major funds, including Invesco and VanEck. The total market trade volume has already hit a staggering $1 billion. The success of the Spot Bitcoin ETF has demonstrated its power to bring greater capital into the digital asset market. It is highly anticipated that the Spot Ethereum ETF could serve as a similar catalyst for the industry. However, we should also pay attention to potential outflows from Grayscale, similar to what was observed with the Spot BTC ETF.
Progression in DeFi
Considering the macro theme of potential rate cuts and positive inflow in the ETF markets, we’ve seen a major bounce-back in digital asset performance since the beginning of the month. Over the past months, we have been dedicated to bringing deep dives into the decentralized ecosystem, exploring innovative use cases such as RWA and SocialFi. Through our OAX Learn section, we’re devoted to providing our community with more educational content to help them navigate their web3 journey.
Alongside our recent state of DeFi article, we’re seeing a steady growth of activity in the decentralized realm. Based on a community poll we ran earlier this month, most of our community members seem to be supporters of the Uniswap project - we’ll be running another poll on the DeFi space soon, please stay tuned on our social channels.
Converging Technologies in Hong Kong
The OAX Foundation has been actively engaged in our home base of Hong Kong, attending the BGOV - Business Go Virtual Conference. This event brought together leaders in the tech sector including Nvidia, Huawei, Hashkey and many more to share their latest developments and explore collaborations. It was a privilege to join and discuss major topics surrounding blockchain, AI, the rise of virtual assets, financial crimes, digital identities, and the integration of AI and KYC. We continue to look forward to the participation of technology conferences spear heading the development of virtual assets in the region.
With more events happening in the region in the months ahead such as the Hong Kong Fintech Week 2024, we’re excited to see industry professionals come together to discuss important growth topics.
Are You Really Safe?
While technology continues to thrive, with AI remaining at the forefront, the recent outage caused by the leading cybersecurity firm CrowdStrike has impacted businesses worldwide, from flights to formula races and even your daily cup of coffee. This incident serves as a reminder that no entity is too big to fail, as exemplified by the FTX downfall. Regardless of the size of the organization or individual, it’s crucial to diversify your investments and always have a failsafe plan, such as proper custody and regular portfolio reassessment.
To close, we’re excited about the Paris Olympics that have officially started!
Following our journey in discovering AI use cases, the Olympics this year has adopted the technology at different levels. From athlete performance optimization via machine learning, to enhancing the fan experience with personalized content and improving the broadcasting and viewing experience through automated highlights and real-time analysis - AI is playing an increasingly significant role in transforming the modern Olympic experience. We’re pleased to see the widespread adoption and integration of AI showcased in the sports domain, as the Paris Olympics exemplify how this technology is being leveraged to elevate the games.
Finally, no matter where you’re from, we wish all the teams and athletes the best of luck in their pursuit of excellence!
OAX Team
Disclaimer: The above is an opinion piece written by an authorized author, but in no way represents the official standpoint of OAX Foundation Limited, nor should it be meant to serve as investment advice.
