September's Crypto Roundup: Key Trends and Highlights

MakerDAO completed a rebrand to the Sky ecosystem, which included the launch of SKY, the native rewards currency and USDS, the platform’s native stablecoin. Crypto enthusiasts can now use the assets to earn rewards and access borrowing and lending services on the platform. The Sky Ecosystem also proposed an expansion to Solana later on in the month, which opens the door for billions of liquidity to be accessed by users using the Wormhole bridge.

In another rebrand, Matic transitioned to POL in a network upgrade that will power the Polygon network. The migration marked a milestone as it upgraded from a proof-of-stake (PoS) network into a network blockchains focused on interoperability and zero-knowledge (ZK) technology. The transition to ZK technologies helps fulfill the blockchain’s ambition of becoming a “supernet” of interconnected blockchains, dubbed the ‘value layer of the internet’ by Polygon Labs.

September saw Thorchain (RUNE) implement a hard fork. The upgrade aims to improve the performance of the blockchain’s liquidity network, which is focused on making cross-chain transfers and interoperability more efficient. The Flow blockchain completed a major network overhaul, with the blockchain undergoing an upgrade to Crescendo. The upgrade is set to improve transaction efficiency and reduce costs for users, with the changes expected to entice developers and users to the Flow ecosystem.

The EOS Network also announced the successful completion of a major network upgrade called ‘Spring 1.0.’, which is set to bring “1-second Instant Finality” to transactions on its blockchain.

The month also featured Token2049, the premier crypto conference held in Singapore. The token.com team was in attendance to get the latest from the Web3 space, and following throughout the event, the crypto market showed further strength following a spate of exciting announcements. The aftermath of Token2049 indicated that “Solana September” may be upon us, with Breakpoint showcasing a new Solana Web3 phone, the “Seeker”, and a number of exciting developments within the Solana DeFi space. In addition, Coinbase announced plans to bring its wrapped-Bitcoin token, cbBTC, to the Solana blockchain.

What does the Solana Seeker hold in store for prospective owners?

Former Binance CEO Changpeng Zhao was released from prison in late September and tweeted “gm” to his X audience to announce his return.

Following his release, he will have no managing or operating duties at Binance, and his attention may turn to an educational platform he proposed before his incarceration. Elsewhere, former FTX executive Caroline Ellison was sentenced to two years in prison for her part in the collapse of the crypto exchange

In September, more major partnerships were formed between crypto and mainstream niches. Leading global travel agency Skyscanner joined forces with crypto-native travel agency Travala to offer bookings using over 100 cryptocurrencies, including Bitcoin and Ethereum, with Solana support added later in the month.

The integration makes crypto payments available to Skyscanner’s 110 million monthly users. Demand for crypto payments is also growing elsewhere, with Mastercard announcing a euro-denominated debit card, in partnership with Mercuryo, that enables users to spend their tokens directly at over 100 million merchants.

The month began with doubts over the mid-month FOMC meeting, which led to a risk-off approach that saw Bitcoin drop to as low as $53k in the first week of the month. However, bitcoin and the wider market recovered with aplomb in the second week, with investors positioning themselves for the impending rate cut decision. The market was then buoyed by massive interest in bitcoin and the wider crypto space from institutional investors, most notably MicroStrategy.

CEO Michael Saylor added 18,300 more Bitcoin to its reserves on Friday 13th, bringing their total holdings to 244,800 BTC, valued at around $14 billion. The latest acquisition helped push bitcoin past $60k over the weekend, before settling just under $59k earlier in the week. Following this on the 17th, Jerome Powell announced a 50 bps rate cut at FOMC, which further spurred the market into action.

The positive result from the meeting, combined with the bullish sentiment garnered from outside interest, saw crypto gain further attention, with net inflows into bitcoin ETFs increasing throughout the month and Grayscale announcing their latest trust, the XRP trust. Grayscale holds over an estimated $15bn in assets under management — an indication that interest remains high in the digital asset space.

Additionally, China’s central government revealed plans to distribute an estimated $284 billion worth of bonds to stimulate economic growth within the nation. Thanks to the injection of fresh capital, prices hit highs not seen since July at the tail-end of the month.