Goldman Sachs, a global investment bank with over $2 trillion in assets under management, is set to offer Bitcoin derivatives to its larger clients. According to a report from Bloomberg, Goldman will use “non-deliverable forwards” which are short-term futures contracts that can give owners exposure to bitcoin.

Uniswap, a leading decentralised exchange (DEX), has successfully upgraded to the third version of the protocol. On its first day of trading, Uniswap v3 traded $150 million which is more volume than v2’s first month. 

Ripple’s sales of XRP were up 97% in Q1 according to their markets report posted on May 6th. Total sales from XRP had increased from $76.27 million in Q4 2020 to $150.34 million in Q1 2021.

Top stories in the Crypto Roundup today:

• Uniswap v3 Trades $150 Million on First Day Despite High Gas Fees
• Goldman Sachs to Offer Bitcoin Derivatives Trading
• Ripple Sold Twice as Much XRP in Q1 Due to Demand for its ODL Service

Uniswap v3 Trades $150 Million on First Day Despite High Gas Fees

Uniswap, leading decentralised exchange (DEX), has successfully upgraded to the third version of the protocol. On its first day of trading, Uniswap v3 traded $150 million which is more volume than v2’s first month. 

The founder of Uniswap, Hayden Adams, took to Twitter to report that v3 was also far more efficient than v2 as it required much less ‘Total Value Locked’ (TVL) to facilitate trading. V2 had $1.1 Billion 24 hour trading volume and $8.1 Billion TVL which equates to 13% Volume/TVL efficiency. V3 on the other hand had $150 million in 24-hour volume with only $300 million TVL with an efficiency of 50%.

Some users were critical of the launch as gas fees remain inordinately high making the DEX inaccessible to retail traders.

Dragonfly Captial Managing Partner, Haseeb Qureshi said that “Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. Specifically, it's about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.”

Goldman Sachs to Offer Bitcoin Derivatives Trading

Goldman Sachs, a global investment bank with over $2 trillion in assets under management, is set to offer Bitcoin derivatives to its larger clients. According to a report from Bloomberg Goldman will use ‘non-deliverable forwards’ which are short-term futures contracts that can give owners exposure to bitcoin.

With this move Goldman can make money off of bitcoins volatility as investors can use these derivative products to hedge against volatility risk, something bitcoin is notorious for. The investment bank has partnered with Cumberland DRW who will buy and sell BTC futures on CMEs options markets. 

“Institutional demand continues to grow significantly in this space, and being able to work with partners like Cumberland will help us expand our capabilities,” Asia-Pacific Head of Digital Assets Max Minton told Bloomberg.

Ripple Sold Twice as Much XRP in Q1 Due to Demand for its ODL Service

Ripple’s sales of XRP were up 97% in Q1 according to their markets report posted on May 6th. Total sales from XRP had increased from $76.27 million in Q4 2020 to $150.34 million in Q1 2021. Data sourced from CryptoCompare showed that total sales by Ripple accounted for just 0.07% of global XRP volume on CryptoCompare Top Tier exchanges (CCTT).

Ripple said the increase in sales was thanks to a growing demand for RippleNet’s ‘On-Demand Liquidity (ODL) service. The report stated “The increase in XRP sales can be attributed to deeper engagement from key ODL customers. For well over a year, Ripple has not sold programmatically.”

Ripple’s ODL service enables RippleNet clients to access instant XRP liquidity which can then be converted into local currencies within three seconds, negating the need for pre-funding accounts to facilitate international transactions.

State of the Crypto by Top Tier Exchange Volume

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