Headline News: Seasonality Turbulent
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Bitcoin ended August down 6.49% as macroeconomic headwinds including signs of slowing AI-related expenditures and deteriorating economic health, marked by persistent inflation and a softening labor market, creating significant uncertainty around the long-term path for interest rates. Meanwhile, Ethereum shed 8% last week after failing to break the $5,000 key psychological barrier. Evidence of capital rotation by DATs emerged, towards altcoins such as Solana and BNB.
Macro-Outlook: Busy US Court, Jobs Reports Ahead
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The durable goods in the US fell by 2.8% in July, softer than market expectations of a 4% drop.
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The second estimation of US Q2 GDP increased to 3.3%, higher than the forecasts of 3.1%, primarily driven by upward revisions to investment, consumer spending and imports.
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The US PCE price index rose to 2.6% in July, in-line with expectation. Personal income and spending increased by 0.4% and 0.5% respectively in July, both in-line with market consensus.
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The EU announced proposing to remove all tariffs on US industrial goods. In exchange, the US is expected to lower tariffs on automobiles from the EU.
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The US Appeals Court has ruled tariffs implemented by President Trump be illegal. Trump posted that all tariffs are still in effect. The Trump administration has 90 days to file a “petition for a writ of certiorari” to ask the Supreme Court to hear the case.
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The Fed Governor Lisa Cook sued the Trump administration over firing attempt. The Fed stated the board will abide by any court decision.
Upcoming Economic Calendar including,
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Tuesday, September 2, 10:00pm: The US ISM Manufacturing PMI in August
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Wednesday, September 3, 10:00pm: The US JOLTs Job Openings in July
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Thursday, September 4, 8:15pm: The US ADP Employment Change in August
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Thursday, September 4, 10:00pm: The US ISM Services PMI in August
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Friday, September 5, 8:30pm: The US Non-Farm Payrolls and Unemployment Rate in August
Weekly-Cryptos-Overview: Google’s “Android of Blockchain”
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REX-Osprey filed a BNB-staking ETF with the SEC using the 40 Act framework similar to the SOL-staking ETF approved in June 2025.
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Google Cloud introduced GCUL, its Layer-1 blockchain with permissioned validators, python-based smart contract and predictable gas fees. The blockchain aims to serve financial institutions and institutional partners, CME Group is the early pilot partner.
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SIX Network partnered with the Thai government to develop the G-Token project, issuing tokenised government bonds backed by the Ministry of Finance and listed on KuCoin exchange.
Layer 1 and Layer 2s
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Ethereum Community Foundation introduced tokenised burned ETH, a smart contract that mint BETH for every ETH burned. The announcement has drawn criticism from the community over its necessity and its potential to undermine the deflationary effects of EIP-1559.
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Succinct announced entering a partnership with Tandem to transform Arbitrum to ZK proving with fast finality, better security and interoperability.
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Tron reduced the network fees by 60%, aiming to capture more stablecoin transactions.
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Aleo announced to join Global Dollar Network, the stablecoin with MAS approval, aiming to bring private stablecoin transactions on-chain.
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Union, interoperability execution layer, introduced U tokenomics, serving as a gas token, staking for security and governance. The token will be launched with 19.9% initial circulation, 6% emission rate in the first year, and a 12-month incentivised staking vault.
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Symbiotic launched External Rewards for restaking vaults with native tokens.
Dapps
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Aave launched Horizon RWA market on the mainnet, listing tokenised assets such as AAA-rated CLOs fund, JAAA as collateral. The revenue generated by Horizon was previously agreed to split 50:50 between Aave and the team.
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Jupiter and Fluid launched Jupiter Lend, enabling users easily create a leveraged lending vault. Jupiter Lend has attracted more than $800 million deposited assets in less than 4 days after launch.
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Sky Protocol announced the DAO now has zero governance-determined fixed core expenses, introduction of Aggregate Risk Capital for better risk management of the protocol, and SKY endowment mandate to buyback SKY with 10% of all net revenue and restricted to sell any SKY except to pay core contributor teams.
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Chainlink also announced partnering with SBI Group to provide services such as CCIP, NAV Smart Data and Proof of Reserve for their tokenised RWA.
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Pudgy Penguins launched Pudgy Party, a mobile game on both iOS and Android.
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Ether.Fi partnered with Plasma to bring $500 million worth of ETH staking vault to Plasma.
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Metamask now supports social login using Google or Apple ID. It also proposed listing mUSD in Aave core market.
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Euler Finance introduced EulerEarn, helping users to aggregate and manage multiple strategies with minimal effort.
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Hyperliquid introduced new hard cap prices to 10x the 8-hour EMA and incorporated external perpetual price oracle as the countermeasures to price manipulation. Hyperliquid also announced buying back using 99% of protocol fees, an increase from 97%, on the next network upgrade.
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Based has integrated Hyperliquid on its mobile apps in both iOS and Android. The leading EVM wallet, Rabby Wallet, is also expected to integrate Hyperliquid into its wallet interface soon, potentially generating additional source of revenue through Builder Codes from the trades the platform facilitates.
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Hyperbeat introduced dnTokens, tokenised delta-neutral strategies on Hyperliquid, directly competing with Liminal protocol which offers similar products.
Upcoming Alpha and Governance
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Ondo is expected to make tokenised stock-related announcements on September 3.
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Solana is expected to complete Alpenglow voting this week, and mainnet implementation is expected to rollout by the end of 2025 or early 2026.
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Mantle and Bybit released a roadmap 2.0, introducing up to 25% trading fee discount with MNT, VIP boost, higher cashback rate for Bybit Card, access to Megadrop and Launchpool, and more.
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DYDX announced a new roadmap, integrating Telegram trading set in September, social login, 50% partner fee sharing, stake for discounted fees, and integrating spot trading starting with Solana and RWA perpetual markets in the future.
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Marinade passed its major proposals including activating the Staking Reward Program, increasing buyback by 10-percentage-points, burning 30% of total token supply and redirecting protocol fee flow to DAO treasury.
Token Unlock
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JTO token unlocked on September 7, amount representing 3.07% of the token supply.
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IO token unlocked on September 11, amount representing 1.82% of the token supply.
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PUMP token unlocked on September 14, amount representing 2.83% of the token supply.
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STRK token unlocked on September 15, amount representing 3.33% of the token supply.
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SEI token unlocked on September 15, amount representing 1.75% of the token supply.
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ARB token unlocked on September 16, amount representing 3.33% of the token supply.
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LZO token unlocked on September 20, amount representing 10.3% of the token supply.
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KAITO token unlocked on September 20, amount representing 3.46% of the token supply.
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NIL token unlocked on September 24, amount representing 29.1% of the token supply.
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PARTI token unlocked on September 25, amount representing 39.7% of the token supply.
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RESOLV token unlocked on September 27, amount representing 9.14% of the token supply.
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KMNO token unlocked on September 30, amount representing 22% of the token supply.
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