Franklin Templeton Brings OnChain Money Market Fund to Coinbase’s Base Network
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Daily Top Performer — Grass Network (GRASS)
The S&P 500 dropped 1.86% on Thursday, led by disappointing guidance from Microsoft and Meta. Investors now await the October jobs report for further market cues. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 4.71%, with Bitcoin and Ether dropping by 2.61% and 5.93%, respectively in the past 24 hours.
Today's top performer is GRASS, which surged 13.4% following the launch of Stage 2 of the Grass Network, aimed at building a user-owned internet map and introducing new rewards.
Grass Network (GRASS), founded in 2023, is a decentralized network on the Solana blockchain that converts unused internet bandwidth into a resource for collecting and structuring public web data for AI development. Grass Network has launched Stage 2, aiming to create a user-owned map of the internet by routing web searches through its platform. This phase will introduce rewards and new products, including Live Context Retrieval (LCR) and a mobile app. Reflecting on Stage 1, Grass has achieved 2.8 million users across 190 countries, conducted the largest airdrop on Solana, and scraped 100TB of web data daily.
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Talk of the Town
Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to Coinbase’s Base, an Ethereum Layer-2 network, allowing users to trade the fund on Base. Known for providing access to U.S. government securities, FOBXX can now be held in digital wallets via the Benji Investments app. Base joins other networks like Avalanche and Arbitrum in supporting FOBXX, furthering Franklin Templeton's involvement in digital assets, which began in 2019.
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Bitcoin Spot ETF Flows
Category | Flow (millions) |
GBTC | (31.1) |
Non-GBTC | (255.4) |
Total | (286.5) |
Yesterday, BTC Spot ETF data showed an outflow of $286.5 million, including $31.1 million from GBTC and $255.4 million from non-GBTC sources.
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Airdrop to Watch
Zircuit airdropped its ZRC tokens to 190,000 EigenLayer (EIGEN) holders on October 31, granting equal amounts per recipient to support equity in token distribution. This "fairdrop" is part of Zircuit’s strategy to recognize contributions regardless of stake size and foster decentralization. Zircuit's platform, launched in early 2024, amassed a $3.7 billion TVL at its peak, currently holding $1.58 billion. Zircuit’s ZRC token, now trading at $0.17, has declined 22.7% since its September unlock. EigenLayer, a major player in the liquid restaking space, has a TVL of $11.2 billion.