Solana records the highest level of monthly active users

The cryptocurrency market has fallen following Friday’s weaker-than-expected employment data. Additionally, uncertainty over the US election results may impact trader and investor behavior, including risk adjustments. The poll results so far are close, and the final winner will be decided by the battle in key swing states.

While public attention is focused on who will be the next president of the United States, there is much more going on in U.S. politics. This week, American voters will also decide which parties will gain control of both houses of Congress.

The division of seats in the House of Representatives and the Senate will have a significant impact on how the further implementation of new initiatives concerning the American cryptocurrency sector will proceed. A potential decisive victory of one party and the president representing it could significantly facilitate further legislative initiatives. This, in turn, could have a positive impact on the cryptocurrency market in the future. For now, both candidates have declared their support for the cryptocurrency sector and blockchain technology.

Another factor that may affect the market situation is the planned meetings in the near future. Federal Reserve (FED) and interest rate decisions. The current forecast is for a 25 basis point cut in the federal funds rate at Thursday's meeting. Investors' attention will certainly be focused on the press conference of Fed Chairman Jerome Powell. His speech will provide the market with a clue as to the Fed's planned future actions in the area of ​​interest rates.

According to CME FedWatch, the market is bracing for another 25 basis point cut from the Fed, a move that could be decided at the Federal Reserve's December meeting.

The current situation is so uncertain that any statement by Powell that deviates from current forecasts could trigger changes in both the cryptocurrency market and the stock market.

UBS Launches Its First Tokenized Fund on Ethereum

Swiss bank UBS launched the first tokenized investment fund “UBS USD Money Market Investment Fund Token” (uMINT) on the blockchain Ethereum.

The Swiss bank’s move is yet another example of traditional institutions getting involved in the digital asset sector, following similar moves by Franklin Templeton’s OnChain US Government Money Market Fund (FOBXX) and BlackRock’s BUIDL fund, launched on the Ethereum blockchain earlier this year.

As of Q2023 5,7, UBS's new investment fund has $XNUMX trillion in assets under management. Its launch is part of the bank's broader strategy, which is being implemented as part of UBS Tokenize. The service focuses on tokenizing traditional financial instruments such as bonds, funds, and other structured products.

Solana records the highest level of monthly active users

According to data from The Block, the Solana network already has over 123 million active users in October, up 42% from September. In January, the Solana network had around 3,72 million active users. The increase in activity is mainly attributed to the growth of the memecoin market on Solana. Platforms like Pump.fun and the decentralized exchange Raydium have played a key role in the increase in activity.

Despite its dynamic growth, Solana’s price has only risen 70% this year and is 37% below its all-time high of $2021 set in November 260.

Franklin Templeton is the first asset manager to launch a tokenized fund on the Base network.

Last week, US asset manager Franklin Templeton announced that its FOBXX fund is now available on Base, Ethereum’s second layer, making it the first asset manager to launch a tokenized fund on the network. This allows investors to buy FOBXX shares and store them in digital wallets via the Benji mobile app.

The FOBXX Fund invests in securities issued by the U.S. government, which may include fixed, floating, and fixed-rate bonds, as well as repurchase agreements fully backed by U.S. government securities or cash. FOBXX is also available on the Avalanche, Arbitrum, Stellar, Polygon, and Aptos blockchains.