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Ethereum miners accrued $214 million in revenue in October, down from $321 million in September, according to data compiled by The Block. 

Last month, miners on Ethereum saw a 66.8% drop in transaction fee revenue compared to September, from $171 million to $57 million.

Compared to September, transaction fees on Ethereum, as a share of total miner revenue, dropped from 53.4% to 26.5% in October.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Quick Take

• Total adjusted on-chain volume, which is a proxy for economic throughput, saw a decrease of 8.9% in October, to ~$134.5 billion.
• Cryptocurrency traded volumes saw an 25.8% decrease in October.
• Transaction fees on Ethereum decreased significantly to 26.6% of the total miner revenue.
• Aggregated open interest of Bitcoin options reached a new all-time high of $2.41 billion by the end of October.

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One of the bitcoin world’s most prominent professional trading shops, Alameda Research, is backing retail crypto startup 3Commas in a $3 million funding round, the firm announced Tuesday.

The Estonia-registered company, which is known for offering retail traders the ability to construct automated bots to trade cryptocurrencies across several exchange venues, claims a userbase topping 100,000 traders and sees $4 billion in volume a month, according to its chief strategy officer Victor Cucos. The firm plans to use the fresh capital to beef up its back-end infrastructure, Cucos said in a phone interview with The Block. 

“We see a lot of strategic opportunities in the DeFi world,” he said, citing specifically integrations with Serum, a decentralized exchange that is widely promoted by Alameda co-founder Sam Bankman-Fried.

“We would love to be able to offer cross-asset functionality: crypto, FTX, etcetera.”

As for Alameda, this represents the firm’s latest investment in the market. Over the course of the last year, the liquidity provider has backed Ethereum analytics platform Dune Analytics, virtual AMM Perpetual Protocol as well as DeFi derivatives platform Opium. Commenting on the deal, Bankman-Fried said that there would be strategic synergies between 3Commas and FTX, the sister firm of Alameda. 

“There’s a lot of synergy between the businesses; 3Commas has built great tools, a great userbase, and an intuitive interface; FTX has first in class products and liquidity,” Bankman-Fried said.

Indeed, this would be Alameda and FTX’s latest push into retail, having previously acquired crypto data platform Blockfolio in a $150 million deal.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About our panelists:

Glenn Woo – Managing Director, Head of APAC, Ledger Vault

Glenn joined Ledger in October 2018 and is responsible for overseeing all Ledger’s businesses in Asia Pacific. He has an extensive career in the financial services and technology industry, working for S&P Global Market intelligence as Head of Hong Kong, Taiwan and Korea, and Shinhan Financial Group as a consultant in asset custody and funds administration.

Jumpei Miwa – Assistant Commissioner, Innovation and Sustainable Finance in International Affairs, Financial Services Agency Japan

Jumpei Miwa – is Assistant Commissioner, Innovation and Sustainable Finance in International Affairs [Former Director of FinTech and Innovation Office], Financial Services Agency of JAPAN (JFSA).

He launched the FinTech Innovation Hub in JFSA to facilitate further collaboration among various FinTech stakeholders, designing regulatory and policy responses around FinTech and digitalization. He has also extended the ad-hoc conference of “Blockchain Round-Table” [BCRT] initiated by JFSA for global participations from academia and developers as well as regulators, and laid out the base of blockchain stakeholders’ participation for “BG2C” [Blockchain Global Governance Conference]. He is also an initial contributor of “BGIN”[Blockchain Governance Initiative Network], which was established on March 2020 and creates an open, neutral platform for multi-stakeholder dialogues on blockchain.

Before undertaking current position, he has contributed to various financial standard-setting activities in international fora including BCBS, IAIS, IOSCO, IASB and APEC etc. for more than ten year.

Among others, he has undertaken the Chair of Joint Committee of Asia Regional Fund Passport of APEC and the Vice-chair of Solvency and Actuarial Issues Sub-committee in IAIS.

In FSA, he has experienced various cross-sectoral regulatory and supervisory issues in several director positions from 2012 to 2017.

He started his career in 1999 with the Export Import Bank of Japan and engaged in the structured finance in the area of large oil and gas projects in Asia and Middle-East etc.

SJ Oh – Director, Head of Custody and Prime, OSL

SJ comes from the world of investment banking where he spent 14 years as an equity sales trader. He has held the distinction of being both a Korea specialist and an Asia generalist at several brokerage firms, having spent the latter half of his career at Morgan Stanley. Currently he serves as Director, Head of Custody & Prime products sales at OSL, Asia’s largest digital asset prime brokerage.

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.