HANetfs medVD Hector McNeil pratade med Proactives Stephen Gunnion efter att bitcoin toppar 100 000 dollar då den så kallade ”Trump-handeln” utlöste fler köp av kryptovalutan. McNeil förutspådde att priset skulle nå $150 000 i mitten av 2024 på grund av ökat deltagande från institutionella och privata investerare.

McNeil diskuterade andra potentiella katalysatorer från Donald Trumps presidentskap, inklusive effekter på försvars-, olje- och gassektorerna. Han lyfte fram uransektorn, betonade dess begränsade utbud och ökande efterfrågan, och föreslog HANetfs Sprott Uranium Miners ETF och Sprott Junior Uranium Miners UCITS (U8NJ) som värdefulla alternativ.

McNeil nämnde också möjligheter att återuppbygga Ukrainas försvarsinfrastruktur och liknade den vid ”Israel på steroider.” Han beskrev hur HANetfs produkter som Alerian Midstream Energy Dividend UCITS ETF (JMLP) och Future of Defence UCITS ETF (ASWC) kommer att dra nytta av denna utveckling.

Pyth Network is a high-frequency oracle leveraging Solana’s technology, offering a robust solution for off-chain data sharing for primarily decentralized finance applications (DeFi). It provides services like real-time price feeds and benchmarks, accessible to a wide range of financial service providers.

What are Oracles?

Blockchains in and of themselves are useful already, for trustless and permissionless transactions without censorship. No trust or verification from the user is required because it is stored on a decentralised ledger with global consensus. What if certain transactions require reliable and real-time data from external sources that do not necessarily have a global consensus or can be stored on the same ledger? For example:

• Products that rely on price feeds of assets from other blockchains or real-world markets: Many decentralized finance (DeFi) applications, like decentralized exchanges or lending platforms, need accurate and timely information about asset prices (e.g., stocks, cryptocurrencies, commodities). Since these prices are continuously changing in real-world markets, blockchains need a way to securely access this off-chain data.

• Products that require verifiable and secure random numbers: Randomness is crucial for a variety of blockchain use cases, such as lotteries, gaming, and even secure cryptographic protocols. However, generating truly random numbers on-chain is challenging without introducing bias or predictability. Off-chain randomness, when provided by a reliable source, is often needed.

• Products dependent on historical price data: Some DeFi platforms and financial products might need access to archived price data for risk assessment, backtesting trading strategies, or offering historical analysis. Since blockchains primarily focus on storing current state information, they need external sources to provide this historical data efficiently.

To address these challenges, Oracles were introduced. Oracles serve as bridges between blockchains and the external world, providing smart contracts with access to off-chain data. They connect external data providers—such as market data owners, web APIs, or IoT devices—to decentralized applications across multiple blockchains. Oracles enable these applications to securely and reliably obtain real-time data, execute transactions based on external events, and interact with data that cannot be directly stored on-chain.

Why can this data be trusted?

Oracles provide a robust mechanism for ensuring the integrity and reliability of off-chain data before it is used on the blockchain. An oracle network verifies the:

• Authenticity: To ensure that the data is genuine and comes from a legitimate source, oracle networks source data from multiple trusted providers or verifiable APIs. This process reduces the risk of malicious or false information being introduced into smart contracts.

• Accuracy: Accurate data is crucial for smart contracts to function correctly. Oracles achieve this by aggregating data from several independent sources. Instead of relying on a single provider, an oracle network will query multiple data sources and compare their responses.

• Reliability: Oracle networks enhance reliability by using decentralized nodes, which increases resilience against failures or malicious activity. If one data source or node fails or provides incorrect information, the other nodes in the network can continue to operate and provide valid data.

Source: VanEck Research

The demand for accurate and reliable off-chain data is growing as the number of real-world use-cases and adoption of blockchain increases. Users of applications are more than willing to pay for an oracle service that is accurate and reliable and covers a large variety of use-cases.

Pyth Network versus Other Oracles

Read the blog post of Battle of the Oracles to learn more about the different oracles solutions. To recap, Pyth Network is a high-frequency oracle leveraging Solana’s technology, offering a robust solution for off-chain data sharing for primarily decentralized finance applications (DeFi). It provides services like real-time price feeds and benchmarks, accessible to a wide range of financial service providers. PYTH is the governance token and utility token of the Pyth Network. Supply and demand for the PYTH token is directly related to level of usage and total demand of Pyth’s services and Pyth Network’s Tokenomics.

Total Value Secured by Oracles

Source: Defillama. Data as of 19/08/2024. Historical performance is no guarantee for future results. This should not be understood as financial advice for any of the digital assets mentioned in the figure.

While Chainlink holds the lion’s share of the total value secured by oracles, Pyth has shown by far the largest growth in terms of TVS, number of protocols supported and number of DApps. Pyth is expanding rapidly, across different networks and protocols, supporting more DApps, data providers and integration partners every day. In the same time frame, Chainlink’s marketshare has decreased. Comparing the main metrics of MCAP/TVS ratio and MCAP/TTV ratio, we notice that based on market capitalization (circulating supply), Pyth is undervalued whereas the TVS ratio based on fully diluted value paints a different picture. This is because only 37% of PYTH tokens are unlocked, the next significant PYTH token unlock takes place in May of 2025 and happens yearly thereafter on the same date until the full amount of tokens has been unlocked by 2027.

Source: Defillama, Coingecko, data as of 05/11/2024. Historic performance is not a guarantee for future results. This should not be understood as investment advice for any of the digital assets mentioned in the table above.

Pyth’s Unique Advantages

Source: Pyth, Data as of 19/08/2024. This should not be understood as investment advice for any of the digital assets mentioned in the table above.

Use-cases Enabled by Pyth

Products and Services

• Price Feeds: real-time market data for smart contracts, blockchains, and applications

• Benchmarks: historical market data for smart contracts, blockchains, and applications

• Express Relay: smart contracts or protocols that need protection against MEV (Express Relay)

• Express Relay is one of a kind product that offers developers to auction off valuable transactions directly to MEV searchers without validator interference

• Entropy: smart contracts that require secure on-chain random numbers. Secure and verifiable random numbers are incredibly important for creating a fair and unpredictable on-chain actions (e.g., for games)

• Pyth DAO Governance model

Examples:

• Decentralised Exchanges (DEXs) require reliable real-time price feeds to provide users accurate trades.

• Pyth’s data pull model provides data directly from the source, such as exchanges, market makers or DeFi protocols. Because data is pulled only on demand and not pushed at a given interval, it scales efficiently, and costs are offloaded to users where updates are demand-based.

Pyth Network Governance

The Pyth Network operates a decentralized governance system that empowers the community by allowing all PYTH token holders to have a direct say in the network’s development and decision-making processes. This decentralized governance model ensures that control of the network is distributed among its users, promoting transparency and inclusion.

To participate in governance, token holders must stake their PYTH tokens through the Pyth staking program. By staking their tokens, users gain the ability to vote on community governance proposals, ensuring that they have a voice in the key decisions shaping the future of the Pyth Network.

In addition to voting, any PYTH token holder has the right to submit proposals to the Pyth DAO, provided they meet the requirement of holding and staking at least 0.25% of the total PYTH tokens staked. The proposals that can be brought to the DAO are diverse and impact many critical aspects of the network’s functionality, including:

• Determining the size of update fees: Proposals can influence the fees charged for updates to the network, ensuring that they remain fair and competitive.

• Reward distribution mechanisms for publishers: The community can vote on how rewards are allocated to data publishers, ensuring that those contributing accurate and reliable data are fairly compensated.

• Approving software updates across blockchains: The Pyth Network operates across multiple blockchains, and governance participants have the power to approve essential updates to on-chain programs, ensuring the network remains up to date and secure.

• Listing price feeds and determining their reference data: Token holders can vote on which price feeds are listed on Pyth, as well as set the technical parameters for these feeds, such as the number of decimal places in the prices and the reference exchanges used to determine the data.

• Selecting data publishers: The governance system allows the community to permission publishers, or select which entities are allowed to provide data for each price feed. This ensures that only trusted and verified data sources are contributing to the network.

This is not financial research but the opinion of the author of the article. We publish this information to inform and educate about recent market developments and technological updates, not to give any recommendation for certain products or projects. The selection of articles should therefore not be understood as financial advice or recommendation for any specific product and/or digital asset. We may occasionally include analysis of past market, network performance expectations and/or on-chain performance. Historical performance is not indicative for future returns.

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Important information

For informational and advertising purposes only.

This information originates from VanEck (Europe) GmbH, Kreuznacher Strasse 30, 60486 Frankfurt am Main, Germany and VanEck Switzerland AG, Genferstrasse 21, 8002 Zurich, Switzerland. This information is intended only to provide general and preliminary information to investors and shall not be construed as investment, legal or tax advice. VanEck assumes no liability with regards to any investment, divestment or retention decision taken by the investor on the basis of this information. Views and opinions expressed are current as of the date of this information and are subject to change with market conditions. Certain statements contained herein may constitute projections, forecasts and other forward looking statements, which do not reflect actual results.

VanEck makes no representation or warranty, express or implied regarding the advisability of investing in securities or digital assets generally.

No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of VanEck.

© VanEck (Europe) GmbH and VanEck Switzerland AG

Amundi S&P Global Utilities ESG UCITS ETF DR EUR (D) (WELQ ETF) med ISIN IE00052T92P8, försöker följa S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Utilities-index. S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Utilities-index spårar företag som är verksamma inom allmännyttiga sektorn. Aktierna som ingår filtreras enligt ESG-kriterier (miljö, social och bolagsstyrning).

Den börshandlade fondens TER (total cost ratio) uppgår till 0,18 % p.a. Amundi S&P Global Utilities ESG UCITS ETF DR EUR (D) är den billigaste ETF som följer S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Utilities-index. ETFen replikerar det underliggande indexets prestanda genom fullständig replikering (köper alla indexbeståndsdelar). Utdelningarna i denna ETF delas ut till investerarna (Minst årligen).

Amundi S&P Global Utilities ESG UCITS ETF DR EUR (D) är en mycket liten ETF med tillgångar på 2 miljoner euro under förvaltning. ETFen lanserades den 20 september 2022 och har sin hemvist i Irland.

Investeringsmål

Amundi S&P Global Utilities ESG UCITS ETF DR EUR (D) försöker replikera, så nära som möjligt, resultatet för S&P Developed Ex-Korea LargeMidCap Sustainability Enhanced Utilities Index (Netto Total Return Index). Denna ETF har exponering mot stora och medelstora företag i utvecklade länder. Den innehåller uteslutningskriterier för tobak, kontroversiella vapen, civila och militära handeldvapen, termiskt kol, olja och gas (inkl. Arctic Oil & Gas), oljesand, skiffergas. Den är också utformad för att välja ut och omvikta företag för att tillsammans förbättra hållbarhet och ESG-profiler, uppfylla miljömål och minska koldioxidavtrycket.

Handla WELQ ETF

Amundi S&P Global Utilities ESG UCITS ETF DR EUR (D) (WELQ ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
gettex	EUR	WELQ
XETRA	USD	MWOI
XETRA	EUR	WELQ

Största innehav

Denna fond använder fysisk replikering för att spåra indexets prestanda.

Namn	Valuta	Vikt	Sektor
IBERDROLA SA	EUR	9,30 %	Utilities
ENEL SPA	EUR	6,80 %	Utilities
NATIONAL GRID PLC	GBP	6,76 %	Utilities
SEMPRA	USD	5,82 %	Utilities
DOMINION ENERGY INC	USD	5,19 %	Utilities
PUBLIC SERVICE ENTERPRISE GP	USD	4,52 %	Utilities
EXELON CORP	USD	4,35 %	Utilities
CONSOLIDATED EDISON INC	USD	3,84 %	Utilities
E.ON SE	EUR	3,77 %	Utilities
ENGIE	EUR	3,45 %	Utilities

Innehav kan komma att förändras