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CoinShares has launched three new crypto ETPs providing directly backed exposure to FTT, LINK, and UNI, the native tokens underpinning the FTX, Chainlink, and Uniswap networks.
Listed on Deutsche Börse Xetra in euros, the ETPs are the CoinShares FTX Physical FTX Token (CFTT GY), the CoinShares Physical Chainlink (CCHA GY), and the CoinShares Physical Uniswap (CIWP GY).
They are passported for sale in Italy, Austria, Belgium, Luxembourg, Netherlands, Spain, France, Denmark, Finland, Sweden, Norway, Poland, Switzerland, Germany, and Spain.
Each ETP provides 100% “physically” backed exposure to its underlying cryptocurrency while maintaining the added oversight, security, and liquidity inherent in the ETP structure.
The ETPs’ crypto holdings are custodied by Komainu, a hybrid institutional-grade digital asset custodian designed specifically for financial service providers and blue-chip corporates.
Komainu is a joint venture between global investment bank Nomura, digital asset security specialist Ledger, and CoinShares.
Each ETP comes with an expense ratio of 1.50%.
The launches bring the total number of CoinShares’ directly backed crypto ETPs to eleven. Four of the products invest in Bitcoin, Ethereum, Litecoin, and XRP, and the remaining four provide zero-fee, staked access to Polkadot, Tezos, Cardano, and Solana.
FTX is a centralized crypto exchange that, in addition to spot markets, specializes in derivatives such as futures, options, MOVEs (essentially volatility products that bet on how far a cryptocurrency will move in either direction over a period of time), and leveraged tokens (up to 300%).
FTX is the third-biggest token exchange globally with a daily trading volume in excess of $2.5 billion.
FTT is an Ethereum-compatible token that forms the backbone of the FTX ecosystem, allowing users to post collateral against their derivative positions. It also enables staking, trading fee discounts, and participation in community governance voting.
With a total market capitalization of $4.5bn, FTT is currently the 27th-largest cryptocurrency globally.
Chainlink is a decentralized ‘oracle’ network – a blockchain abstraction layer that enables blockchains to interact with external data and systems through entities known as oracles.
Oracle networks have been instrumental in the evolution and proliferation of hybrid smart contracts which are smart contracts that combine blockchain-based code with off-chain oracles.
Hybrid smart contracts are already being used to power use cases across dozens of industries; however, the technology is perhaps most notably forming the backbone of the decentralized finance (DeFi) ecosystem.
DeFi applications run smart contracts on blockchains to ensure the contracts’ underlying terms are settled automatically, securely, and without the need for a costly middleman; however, like most financial products, they tend to rely on high-quality external pricing data such as interest rates, asset prices, and so forth.
By also utilizing blockchain-based technology, oracles ensure the correct data is retrieved from a high-quality data provider, verified, and delivered onto the blockchain without manipulation from hackers.
LINK, which is also Ethereum-compatible, is used to pay oracles for their services. The token also has a total market capitalization of $4.5bn and is currently the 28th-largest cryptocurrency globally.
Uniswap is one of the largest decentralized cryptocurrency exchanges globally. Operating on the Ethereum blockchain, Uniswap uses smart contracts to facilitate automated transactions between any pair of Ethereum-compatible tokens.
Uniswap users may create liquidity pools of tokens they are willing to trade. Other users who then wish to trade with a liquidity pool enter into a smart contract that uses automated market-making technology to algorithmically determine the best execution price.
Uniswap charges users who trade with liquidity pools a transaction fee of 0.3% which is entirely and proportionally distributed amongst the users who contributed to that liquidity pool – Uniswap does not pocket any of the fees.
UNI is a governance token that was launched in September 2020 when Uniswap ‘airdropped’ 400 UNI tokens to anyone who had used the platform prior to that date.
UNI holders can vote on project developments or use their tokens to fund liquidity mining pools, grants, partnerships, and other growth-driven initiatives.
Although UNI serves as a governance token on the Uniswap platform, investors can also trade the token on exchanges and treat it as a speculative investment.
With a total market capitalization of $4.8bn, UNI is currently the 25th-largest cryptocurrency globally.
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