


Headline News



- Bitcoin prices decreased by approximately 4.2% in the first week of September, once hitting $52,60

Weekly Market Insight: September Week 2

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<h2 class="heading-2"><strong>Headline News</strong></h2>
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<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-LmK8dxpdHoXSfdxuxZhuHggds8f" data-list="bullet">
<div>- Last week, Bitcoin's price dropped by 10.8%, following a decline in market optimism after Fed Chair Jerome Powell's speech at the Jackson Hole Symposium. Bitcoin ETFs saw a net outflow of $277.12 million, while Ethereum ETFs experienced a $12.6 million outflow, with Ethereum ETF trading volume hitting a new weekly low.</div>
</li>
<li class="ace-line ace-line old-record-id-QtfZdZ8SjopM5CxWAODuPHA1sdb" data-list="bullet">
<div>- September has been the weakest month for Bitcoin prices, with only three years closing in positive territory since 2013. While this observation does not have predictive capability, it serves as a reference worth noting. Despite this seasonal downturn, it often sets the stage for bullish momentum in the following months. This September, however, is marked by significant events after a relatively quiet August, including Korea Blockchain Week, Token2049, Solana Breakpoint, and Mainnet.</div>
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<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusXBMcXkst80VaREq8iNNL9b" data-list="bullet">
<div>- The data released last week showed a resilient U.S. economy, durable goods orders increased by 9.9% in July, compared to the 5% estimation and Q2 GDP upwardly revised from 2.8% in advanced estimation to 3%. Meanwhile, core PCE price index increased by 0.2% in July, in line with market expectations and consistent with the 0.2% increase in June.</div>
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<li class="ace-line ace-line old-record-id-KSELdp3uXomIdKxlhynuDjAeshc" data-list="bullet">
<div>- The U.S. personal income increased by 0.3% in July, higher than expectation of 0.2%. The U.S. personal spending increased by 0.5%, matched with market expectations.</div>
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<li class="ace-line ace-line old-record-id-GI6tdOlCnohEHfxfa5luwsESsRW" data-list="bullet">
<div>- The market still expects a 31% probability that the Fed will cut 50bps in the upcoming FOMC meeting. This probability is expected to have significant impact depending on the upcoming jobs report this Friday.</div>
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<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
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<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusiwJu1tj7qTnnzokqPmJ9oc" data-list="bullet">
<div>- Tuesday, September 3rd 10:00pm: The U.S. ISM Manufacturing PMI in August</div>
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<li class="ace-line ace-line old-record-id-SIXxdLNXcogWL3xXwmUunJwisAf" data-list="bullet">
<div>- Wednesday, September 4th 10:00pm: JOLTs Job Openings in August</div>
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<li class="ace-line ace-line old-record-id-CbLgdTbw1oYRrzxqok5uXcZHshx" data-list="bullet">
<div>- Thursday, September 5th 10:00pm: The U.S. ISM Services PMI in August</div>
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<li class="ace-line ace-line old-record-id-AZMTdwHf2oyEv4x0EqLu0ovrsMg" data-list="bullet">
<div>- Friday, September 6th 8:30pm: The U.S. Non-Farm Payrolls and Unemployment Rate in August</div>
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</ul>
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<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxuszJg265ZVEwf4etGeICqazh" data-list="bullet">
<div>- Opensea received&nbsp;<a rel="nofollow" href="https://x.com/dfinzer/status/1828791832009953706">Wells Notice</a> from SEC, accusing NFTs on the platform are securities.</div>
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<li class="ace-line ace-line old-record-id-FvkfdKQ1JoxFFtxOe4xuc84ks7e" data-list="bullet">
<div>- Telegram founder&nbsp;<a rel="nofollow" href="https://edition.cnn.com/2024/08/28/tech/pavel-durov-telegram-custody-released-intl/index.html">Pavel Durov</a> is under formal investigation and on $5.56 million bail.</div>
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<li class="ace-line ace-line old-record-id-YtJ9dBAMGosyeTxFB6huMMWCstb" data-list="bullet">
<div>- Robinhood Wallet has added support for&nbsp;<a rel="nofollow" href="https://x.com/solana/status/1828500566152225203">Solana network</a>.</div>
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</ul>
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<div>&nbsp;</div>
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<h3 class="heading-3 ace-line old-record-id-doxussZNo5oqdYsiUuZRJoj8Xpe">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus07VLCuNJV70T7lNb1jLfMb" data-list="bullet">
<div>- Starknet launched the&nbsp;<a rel="nofollow" href="https://x.com/Starknet/status/1828726775633051929">Bolt upgrade</a> on the mainnet, featuring parallel execution and block packing. The upgrade reduces the confirmation time to 2 seconds and block times to between 20 to 60 seconds.</div>
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<li class="ace-line ace-line old-record-id-F2wydmsfWojTNaxnJ0vuSAF0szf" data-list="bullet">
<div>- Soneium launched the&nbsp;<a rel="nofollow" href="https://x.com/soneium/status/1828606372574859575">Minato Testnet</a> and Spark Incubation program. Visionary developers are entitled for up to $100,000 investment per team.</div>
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<li class="ace-line ace-line old-record-id-ShaAd28yvocHhixskuVupLpestf" data-list="bullet">
<div>- Kakao and LINE launched&nbsp;<a rel="nofollow" href="https://www.theblock.co/post/313465/kakao-line-blockchain-mainnet-launches?utm_source=twitter&amp;utm_medium=social">Kaia mainnet</a>, a Layer-1 blockchain that serves as the web3 integration for both messaging apps.</div>
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<li class="ace-line ace-line old-record-id-NJc8dMSKlopg3OxXnYJujFCls7f" data-list="bullet">
<div>- TON blockchain resumed activity after a nearly&nbsp;<a rel="nofollow" href="https://www.coindesk.com/markets/2024/08/28/ton-blockchain-grinds-to-a-standstill-with-no-blocks-produced-for-over-3-hours/">six-hour outage</a> caused by a surge in network traffic as the result of DOGS airdrop.</div>
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<li class="ace-line ace-line old-record-id-SdH7dfh9CoDScWxbFQwuZbm2sXd" data-list="bullet">
<div>- Abstract Chain introduced&nbsp;<a rel="nofollow" href="https://x.com/AbstractChain/status/1828878205874516006">Abstract Global Wallet</a>, featuring seedless web2 sign-in and gas abstraction.</div>
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<li class="ace-line ace-line old-record-id-KdQYdfPEboIUt0xFvQjuXRDTsVe" data-list="bullet">
<div>- Optimism launched a&nbsp;<a rel="nofollow" href="https://x.com/OPLabsPBC/status/1828085691055485345">Bridged USDC Standard</a>, allowing OP Chains to easily deploy USDC using the canonical OP Stack bridge.</div>
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</ul>
<div class="ace-line ace-line old-record-id-doxusCsPU6lGQclCos4v1Cv784b">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxus3de7cuSQGKQWZysk48n5Te">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusOdwBdSd29K931DGm3WlS1e" data-list="bullet">
<div>- MakerDAO rebranded to&nbsp;<a rel="nofollow" href="https://x.com/SkyEcosystem/status/1828405625828843710">Sky</a> and introduced the new USDS (new DAI) and SKY (new MKR) tokens.</div>
</li>
<li class="ace-line ace-line old-record-id-T2Q8dJBwhoNaArxmmUJukntfs1g" data-list="bullet">
<div>- Binance, Bybit and Bitget announced the launch of their SOL LSTs with&nbsp;<a rel="nofollow" href="https://x.com/soleconomist/status/1829293840119038057">Sanctum</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-AK6UdiVAUoz9JFxt92guQOLisLb" data-list="bullet">
<div>- Arweave launched&nbsp;<a rel="nofollow" href="https://x.com/aoTheComputer/status/1824436930181832935">ArFleet</a>, a temporary storage solution built on Arweave and AO, providing cost-effective short-term data storage and content retrieval services.</div>
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<li class="ace-line ace-line old-record-id-UmCfdXw0sofqyrxO0aBuvLS3sjC" data-list="bullet">
<div>- Frax launched&nbsp;<a rel="nofollow" href="https://x.com/fraxfinance/status/1829183229397741945">Frax Name Service</a> (FNS), a fork from Ethereum Name Service.</div>
</li>
<li class="ace-line ace-line old-record-id-EK0fdLxqwosKpQxGxK8uVwZ2sIc" data-list="bullet">
<div>- Dinero announced to build the first native ETH LST,&nbsp;<a rel="nofollow" href="https://x.com/movementlabsxyz/status/1829188218774081991">moveETH</a>, on Movement L2.</div>
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<li class="ace-line ace-line old-record-id-Sud7dyYfEoF99WxPzdWuc6cjsrd" data-list="bullet">
<div>- Centrifuge partnered with&nbsp;<a rel="nofollow" href="https://www.coindesk.com/business/2024/08/27/tokenization-pioneer-centrifuge-unveils-lending-market-with-morpho-coinbase/">Morpho and Coinbase</a> to launch permissioned lending and borrowing of its tokenized Treasury-backed tokens via Morpho's vaults and Coinbase Verifications.</div>
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<li class="ace-line ace-line old-record-id-FMpCdufh9ow6LXxtoTIuraOEsye" data-list="bullet">
<div>- Balancer announced its vision to expand into the&nbsp;<a rel="nofollow" href="https://x.com/Balancer/status/1828099588127154294">Superchain</a> with partnerships such as Fraxtal, Mode and Aura on Base.</div>
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<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
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<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-V1KKd2Zi2oSqUvxQ0wkurXz3smf" data-list="bullet">
<div><a rel="nofollow" href="https://koreablockchainweek.com/pages/agendaday1">- Korean Blockchain Week</a> is held from September 1st to September 7th in Seoul, Korea.</div>
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<li class="ace-line ace-line old-record-id-GMwqd7DV3o7vCoxqJPAuTDfRsze" data-list="bullet">
<div>- MATIC to&nbsp;<a rel="nofollow" href="https://x.com/0xPolygon/status/1828490520340865472">POL migration</a> will be live on September 4th with no deadline. MATIC holders in Ethereum are required to migrate manually. Stakers and MATIC holders in Polygon will have their token upgraded automatically.</div>
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<li class="ace-line ace-line old-record-id-HmPIdGHyKohGFhx4OHLuWESdsog" data-list="bullet">
<div>- AO has opened&nbsp;<a rel="nofollow" href="https://x.com/aoTheComputer/status/1828891063467086025">DAI deposits</a> for its AO token minting, with rewards starting September 4th.</div>
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<li class="ace-line ace-line old-record-id-I7xxdp0CeozKilxL2yAuRAP6sOd" data-list="bullet">
<div>- Thorchain is expected to undergo a&nbsp;<a rel="nofollow" href="https://x.com/THORChain/status/1825966720328016185">hard fork upgrade</a> on September 4th, upgrading Cosmos SDK version, trimming node state, adding support for Bitcoin Taproot addresses and more.</div>
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<li class="ace-line ace-line old-record-id-KqLMdXphmoHqc9xBZ1wu2Bwwsqf" data-list="bullet">
<div>- Wormhole teased&nbsp;<a rel="nofollow" href="https://x.com/wormhole/status/1828812679848346000">Wormhole Sigma</a> with more detail on September 4th and October 14th.</div>
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<li class="ace-line ace-line old-record-id-Pix6dYrg6ovMjUx1P7guAlYIsJe" data-list="bullet">
<div>- Sonic&nbsp;<a rel="nofollow" href="https://x.com/0xSonicLabs/status/1828477581303407099">testnet</a> is expected to be launched this week.</div>
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<li class="ace-line ace-line old-record-id-KMvrdLT79o4ZPxxiLawu6SxLsTd" data-list="bullet">
<div>- Stacks began its&nbsp;<a rel="nofollow" href="https://x.com/Stacks/status/1828783348803846368">Nakamoto Upgrade activation window</a>. Operators have the entirety of Stacking cycle 92 to implement the upgrade, which takes roughly two weeks. sBTC is expected to be released four weeks after Nakamoto is fully activated.</div>
</li>
<li class="ace-line ace-line old-record-id-NgTMdpOO0otiKpxHg6Xutfb7sOe" data-list="bullet">
<div>- Aave proposed to deploy GHO Stability Module (GSM) to support reserve allocation and management, integrating into&nbsp;<a rel="nofollow" href="https://governance.aave.com/t/temp-check-buidl-gsm/18775">BlackRock BUIDL</a>.</div>
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<li class="ace-line ace-line old-record-id-GcMidqI08opX2bxkK9guI2pWsm3" data-list="bullet">
<div>- Maple Finance proposed the launch of&nbsp;<a rel="nofollow" href="https://community.maple.finance/t/mip-010-syrup-token-launch-and-mpl-syrup-conversion/334">SYRUP</a> and MPL to SYRUP conversion of 1:100. Staking rewards will be reintroduced, protocol revenues will be used to buyback SYRUP to redistribute to stakers.</div>
</li>
<li class="ace-line ace-line old-record-id-doxus0wNF9LeNNGeW0av8wiWo0O" data-list="bullet">
<div>- Threshold proposed&nbsp;<a rel="nofollow" href="https://forum.threshold.network/t/savewbtc-a-merger-with-thresholds-tbtc/923">merging tBTC with WBTC</a>, giving Threshold to become the sole merchant to mint or redeem WBTC. BitGo will receive newly minted T accounting 15% of the total supply. If the proposal is declined, the minted tokens will be repurposed to subsidize users for the costs of offboarding WBTC.</div>
</li>
<li class="ace-line ace-line old-record-id-HzqCd3eBpoouYkxD1UduuqCbsre" data-list="bullet">
<div>- Lyra, option protocol L2, rebranded to&nbsp;<a rel="nofollow" href="https://x.com/derivexyz/status/1828607400116658227">Derive</a>, aiming to introduce more programmable structured products. The team will announce an update on its new DRV token on September 4th.</div>
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<li class="ace-line ace-line old-record-id-AFrOdKQ1IoaY6vxNUT5uFOoTs8d" data-list="bullet">
<div>- Gnosis proposed to change its gas token from&nbsp;<a rel="nofollow" href="https://forum.gnosis.io/t/maker-migration-impact-on-gnosis-chain/8993">xDAI to alternative tokens</a>, as the result of raising concern on the freeze ability on new USDS.</div>
</li>
<li class="ace-line ace-line old-record-id-Y269dyUBuoJ4ApxoKdFu2Pixsje" data-list="bullet">
<div>- Yuga Labs formed&nbsp;<a rel="nofollow" href="https://x.com/CryptoGarga/status/1829549021129511075">The Workshop</a>, a team of 13 engineers that focus on delivering the first set of products on ApeChain.</div>
</li>
<li class="ace-line ace-line old-record-id-HdG8dkRpIooPfSxzTBUuLLymsEc" data-list="bullet">
<div>- SafeDAO proposed to switch on&nbsp;<a rel="nofollow" href="https://forum.safe.global/t/discussion-creating-safedao-s-first-revenue-stream-through-community-aligned-fees/5684">revenue stream</a> from swaps feature within the Safe Wallet. The revenue is forecasted to be approximately $2.5 million from licensing fees powered by CoW Protocol.</div>
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<h3 class="heading-3"><strong>Token Unlock</strong></h3>
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<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-REujdiB5NoR2eExGAtVumtVNsVg" data-list="bullet">
<div>- TAIKO token unlocked on September 5th, amount representing 19.02% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-JKBFdtumcoydDtxVAuaufIElsEe" data-list="bullet">
<div>- IMX token unlocked on September 6th, amount representing 2.07% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-LFPrdyUP9o185pxWPDZugtU6sLd" data-list="bullet">
<div>- MODE token unlocked on September 6th, amount representing 38.46% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-OScDdblYHohcF2x9fhMueQjws6F" data-list="bullet">
<div>- APTOS token unlocked on September 12th, amount representing 2.33% of the token supply.</div>
</li>
</ul>
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Headline News



- Last week, Bitcoin's price dropped by 10.8%, following a decline in market optimism after Fed Chai

Weekly Market Insight: September Week 1

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<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxuskVJ4n0ItELJ0fwMCIJiqcb" data-list="bullet">
<div>- Bitcoin price increased by approximately 10% last week as market confidence grew in anticipation of the upcoming rate cut after the Fed Chair Jerome Powell expressed great confidence in current disinflation trend and emphasised the importance of preventing the labor market from further cooling at Jackson Hole Symposium.</div>
</li>
<li class="ace-line ace-line old-record-id-ENp7daY7ToC0gjxL8GTuoc45shc" data-list="bullet">
<div>- Bitcoin ETFs experienced total net inflow of $506.37 million last week, with the majority inflow happening on Friday. However, Ethereum ETFs still experience net outflow of $44.54 million and the lowest weekly trading volume of $829.31 million, demonstrating traditional investors' heavy skew towards Bitcoin.</div>
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</ul>
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</div>
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<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-NdRodCWdLo4A0Ex2N9NusAqDsyh" data-list="bullet">
<div>- The U.S. job figures for the 12-month period ending in March 2024 were revised downward by 818,000 jobs, marking the largest revision since 2009. This revision was within the market expectation of a maximum adjustment of 1 million jobs. The released July-August Fed minutes also stated "<em> if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting".</em></div>
</li>
<li class="ace-line ace-line old-record-id-Ddy2dHpR7oXtLNxRvGTutTXBsuf" data-list="bullet">
<div>- The market now anticipates a 38% probability of a 50bps rate cut by the Fed in September, up from just 25% a week ago.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusqMQRRwt2zJxRYcyJRaEmYs">&nbsp;</div>
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<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusuzwMP0hyZWOGX6ue5v8Vuf" data-list="bullet">
<div>- Monday, August 26th 8:30pm: U.S. Durable Goods Orders in July</div>
</li>
<li class="ace-line ace-line old-record-id-UiajdPOCcoZl5XxL6PeuDLj1sjg" data-list="bullet">
<div>- Wednesday, August 28th, after market: NVIDIA's Q2 Earning</div>
</li>
<li class="ace-line ace-line old-record-id-P43zd7nVOoZefhxDLTXuPASasef" data-list="bullet">
<div>- Thursday, August 29th 8:30pm: U.S. Second Estimation of Q2 GDP</div>
</li>
<li class="ace-line ace-line old-record-id-MJe2daXXBoXKpgxR1jeu5m1NsFd" data-list="bullet">
<div>- Friday, August 30th 8:30pm: U.S. PCE Price Index, Personal Income and Personal Spending in July</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus9RswUkRpCnFY3aQbekKxRe">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxus2tcODXEH0zGEpHOuIonIae">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusZVachuDkNOITMI6hMRRKef" data-list="bullet">
<div>- Mt Gox transferred 1,264.7 BTC (approximately $75 million) to Bitstamp.</div>
</li>
<li class="ace-line ace-line old-record-id-FoixdhtJQoPy6tx7sTzu434iskQ" data-list="bullet">
<div>- According to French commercial television network TF1, Telegram CEO&nbsp;<a rel="nofollow" href="https://decrypt.co/246286/ton-price-plunges-17-telegram-ceo-pavel-durov-arrested-reports">Pavel Durov</a> was arrested in France over numerous charges related to illegal activity on the messaging platform.</div>
</li>
</ul>
</div>
</div>
</div>
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<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusBbB1XYmlTeVy7Oc16IJ9dh">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Evbzdb2gQoAVyIxM6n6uQskKsAh" data-list="bullet">
<div>- NEAR Protocol&nbsp;<a rel="nofollow" href="https://x.com/NEARProtocol/status/1826606171467186493">launched</a> Nightshade 2.0, a major upgrade to its sharding design, including stateless validation, improved single-shard performance, and capacity for more shards. NEAR currently has 6 shards and targets 10 by the end of 2024</div>
</li>
<li class="ace-line ace-line old-record-id-Arcwdg5GFo5CFlxoVGvuQgTLske" data-list="bullet">
<div>- Grayscale launched&nbsp;<a rel="nofollow" href="https://x.com/Grayscale/status/1826605888196804973">Grayscale Avalanche Trust</a> for accredited investors. Franklin Templeton also launched its tokenized money market fund on Avalanche, its fourth chain after Stellar, Polygon and Arbitrum.</div>
</li>
<li class="ace-line ace-line old-record-id-doxuscnMclrUeSOBPjHD1pC0G8v" data-list="bullet">
<div>- Optimism disabled permissionless fraud proof released a week ago after uncovering vulnerabilities. The community proposed a hard fork named "<a rel="nofollow" href="https://gov.optimism.io/t/upgrade-proposal-10-granite-network-upgrade/8733">Granite</a>", which is expected to be implemented on September 10th to address the issues.</div>
</li>
<li class="ace-line ace-line old-record-id-CbovdiKfaoUhrKxkI1iu7cIWsjC" data-list="bullet">
<div>- Babylon launched&nbsp;<a rel="nofollow" href="https://x.com/babylonlabs_io/status/1826635907115405626">Bitcoin Staking Mainnet Phase-1</a> and hit the 1,000 BTC staking cap in less than 4 hours with approximately $3.2 million spent on transaction fees.</div>
</li>
<li class="ace-line ace-line old-record-id-XOzidpzKToizt1x1M6uulop9sgo" data-list="bullet">
<div>- Gravity launched&nbsp;<a rel="nofollow" href="https://x.com/GravityChain/status/1825902330136420574">Alpha Mainnet</a>, a PoS chain abstraction Layer 1 with focus to fully integrate Galxe ecosystem, gas abstraction feature and secured by G token.</div>
</li>
<li class="ace-line ace-line old-record-id-ZXJ7du05No4ofxxsH4CudXYnsCb" data-list="bullet">
<div>- Status partnered with Linea to launch&nbsp;<a rel="nofollow" href="https://status.app/blog/linea-partnership-status-network">zkEVM L2</a> on top of Ethereum together with SNT staking to incentivise engagement and reward long-term commitment. The chain will be the backbone of the Status ecosystem, driving web3 SocialFi and GameFi initiatives.</div>
</li>
<li class="ace-line ace-line old-record-id-OD1fdROfroe9sRxUDr6u2aa0sVe" data-list="bullet">
<div>- Clearpool introduced&nbsp;<a rel="nofollow" href="https://x.com/ClearpoolFin/status/1825880491196821806">Ozean</a>, a new Ethereum L2 powered by Optimism and Caldera. The L2 will focus on RWA integration in a complaint and user-friendly manner. CPOOL will govern both Clearpool and Ozean, earning rewards from L2 sequencer, yield from staked USDX treasuries and earning enhanced yield on ozUSD.</div>
</li>
<li class="ace-line ace-line old-record-id-BKH5d6TaHoqysMxquT4urhm6sHf" data-list="bullet">
<div>- Sonic Labs announced the&nbsp;<a rel="nofollow" href="https://x.com/0xSonicLabs/status/1825925910194958702">Sonic Boom</a> bounty program where Gems (points that entitle for up to 71 million S airdrop) will be given to 30 winning projects.</div>
</li>
<li class="ace-line ace-line old-record-id-Yw8FdOBaKocC6hxeJQHuaLqVscb" data-list="bullet">
<div>- Tether's native USDT is live on Aptos blockchain.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusldvXbtp4oCoDGhtGNUaTCb">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusa9gRerDDSMEgdBuIVtCxVg">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-C1f1dnVOGocyFCxDlvnusH30s8f" data-list="bullet">
<div>- MakerDAO announced upgrade of DAI to NewStable and MKR to NewGovToken will be&nbsp;<a rel="nofollow" href="https://x.com/MakerDAO/status/1826614481494962325">optional and revertible</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusUvOeNMqfrt7cO3vlTjdV4c" data-list="bullet">
<div>- Drift launched its&nbsp;<a rel="nofollow" href="https://www.drift.trade/updates/introducing-bet-the-first-capital-efficient-prediction-market-on-solana">prediction market, BET</a>, on Solana. It features the U.S. Presidential election currently and plans to expand the market categories to economic data, sports, crypto and culture.</div>
</li>
<li class="ace-line ace-line old-record-id-QYl6dFc8goeb8cxAcFpuagxCsAf" data-list="bullet">
<div>- Fetch.ai launched&nbsp;<a rel="nofollow" href="https://fetch.ai/blog/fetch-ai-launches-innovation-lab-in-san-francisco-to-propel-ai-advancements">The Innovation Lab</a> in San Francisco to incubate and accelerate AI agent solutions leveraging Fetch.ai's tech stack.</div>
</li>
<li class="ace-line ace-line old-record-id-Q4n9dbJzRo6AoVxbWVQuPqPcsEc" data-list="bullet">
<div>- Paraswap launched&nbsp;<a rel="nofollow" href="https://x.com/paraswap/status/1825523819668209960">ParaSwap Delta</a>, an intent-based trading protocol which has no gas fees and front-running attacks.</div>
</li>
<li class="ace-line ace-line old-record-id-Wkv4dCFfkoJqh0xvuvPu1XotsNd" data-list="bullet">
<div>- Jupiter introduced&nbsp;<a rel="nofollow" href="https://x.com/JupiterExchange/status/1826959175089545604">Jupiter Lock</a>, an open source, zero fees and audited tool for projects to release their tokens over-time.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusMFBN0ECacYNxKjagbSb5Q3">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusYgmi7VLBQCNWz7n9HH459f">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-WIW3dYXKyoXiQSxEl1dufShqsvh" data-list="bullet">
<div>- The Japanese conglomerate, Sony Group introduced&nbsp;<a rel="nofollow" href="https://decrypt.co/246071/sonys-long-awaited-ethereum-layer-2-chain-launch-coming-weeks">Soneium</a>, an Ethereum L2 that utilises OP Stack. Astar will partner with Soneium to provide initial liquidity to the chain. The testnet is expected to be launched on August 28th.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusg5K8JvRezM8VJvD4NPUXee" data-list="bullet">
<div>- Followed by Arbitrum, Starknet proposed to enable&nbsp;<a rel="nofollow" href="https://community.starknet.io/t/upcoming-staking-vote/114485?u=boazstark">STRK staking</a> on mainnet with flexible minting curve based on staking rate. The proposal will start test voting from September 2nd to 4th, then the actual voting period from September 9th to 13th.</div>
</li>
<li class="ace-line ace-line old-record-id-AsR1dPChIo9fXDxjlEPuUT4ys4e" data-list="bullet">
<div>- Trader Joe introduced&nbsp;<a rel="nofollow" href="https://x.com/TraderJoe_xyz/status/1826634227892273499">new products</a> including central limit order books, bonding curve AMM and aggregator. More details will be released in September and October.</div>
</li>
<li class="ace-line ace-line old-record-id-ZUbOdnkzjoq9dNxNWiNuA3XOsug" data-list="bullet">
<div>- Arbitrum is expected to launch the mainnet&nbsp;<a rel="nofollow" href="https://x.com/sgoldfed/status/1824110403200106901">Stylus</a> upgrade on September 3rd, enabling Rust, C and C++ to be written on Arbitrum One and Nova.</div>
</li>
<li class="ace-line ace-line old-record-id-B3bXdVzwDoVkPPx6fuFuQANzs0f" data-list="bullet">
<div>- Rocket Pool has passed&nbsp;<a rel="nofollow" href="https://snapshot.org/#/rocketpool-dao.eth/proposal/0xb0e1c82fdf83f31de7b8f84767a092fddfb21abb71d81ea3aeec9acdcf43902d">tokenomics rework</a>, introducing optional RPL bond, adjustable fee, value accrued feature and more. The tokenomics rework is expected to launch together with Saturn upgrade.</div>
</li>
<li class="ace-line ace-line old-record-id-L6EadeuN1oNoq2xM39quiHhIsdK" data-list="bullet">
<div>- Magic Eden, the dominant NFT marketplace in Bitcoin Ordinals and Solana, announced to launch their&nbsp;<a rel="nofollow" href="https://decrypt.co/245948/magic-eden-me-token-claimed-through-wallet">ME token</a> to its Magic Eden Wallet user.</div>
</li>
<li class="ace-line ace-line old-record-id-McqHdUtMJoEp0JxaPVbuYLP6sXd" data-list="bullet">
<div><a rel="nofollow" href="https://x.com/StoryProtocol/status/1826227872455106967">- Story Protocol</a>, an on-chain IP Layer 1, raised $80 million in series B led by a16z.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusUtxwz6gKfCe5IgwhoMbSIe">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxushAZaa3t4JVoMMSqOUtzeZ7">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-K0Wyd2wU5oFhzFxCYtHuhj6Ysxe" data-list="bullet">
<div>- PRIME token unlocked on August 31st, amount representing 1.69% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Phs8d7N6SospVUxTMo0urmfAsYb" data-list="bullet">
<div>- OP token unlocked on August 31st, amount representing 2.64% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-YyEqdNFlpoGEaQxBM0xuesrws6d" data-list="bullet">
<div>- DYDX token unlocked on September 1st, amount representing 3.65% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-KpF8deJXAoJjx4xxCkxuG3z3swg" data-list="bullet">
<div>- SUI token unlocked on September 1st, amount representing 2.47% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-KsfSdvOyeoDFgQxcqLmuiW4vs6e" data-list="bullet">
<div>- ZETA token unlocked on September 1st, amount representing 15.71% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-JyxtdZDSxoeawpxYgNPuweios38" data-list="bullet">
<div>- IMX token unlocked on September 6th, amount representing 2.07% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
</div>




Headline News



- Bitcoin price increased by approximately 10% last week as market confidence grew in anticipation o

Weekly Market Insight: August Week 5 

<div data-page-id="UtDLdnrc3oWk5jxzRbquyd6Wsdg" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxustDFpG0suSXEuNSMXoGwWtc">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus9DFb5bJj1jUmV8y4JvYkNg" data-list="bullet">
<div>- Bitcoin price decreased by 0.47% last week, while the Bitcoin ETFs have total net inflow of $32.58 million and a total trading volume of $7 billion during the same period, lower compared to $12.52 billion trading volume in the previous week.</div>
</li>
<li class="ace-line ace-line old-record-id-OdYddAUOMoGFm0xdo01uHKSCs3d" data-list="bullet">
<div>- Ethereum also experienced the lowest on-chain activities since 2020, with gas fees dropped below 1gwei.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuswJBTrfyqUZLwjLegQW0Rjc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxus7FY2wIuGB89jtd79E5iSAs">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-CKzqdAN7PoEBPXxOCMTuz4AfsWe" data-list="bullet">
<div>- The U.S. PPI in July increased by 0.1%, lower than the estimation of 0.2%. Additionally, the annual inflation rate decreased to 2.9% in July, the lowest since March 2021 and below forecasts of 3%. Lastly, retail sales in July increased by 1%, higher than the estimation of 0.3%, indicating a stronger than expected consumer demand.</div>
</li>
<li class="ace-line ace-line old-record-id-GKpUdfvh0oXe6WxsdueupQpnsWf" data-list="bullet">
<div>- The probability of the Fed cutting 25bps in September increased from 50% to 71.5% in a week, according to CME FedWatch.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxussFLEpnntfsz53vrWRs2kxp">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusukwJk7E7uSkFQOp9gXj4Wh">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus98TNOYYfTMg74dj8AJvBdd" data-list="bullet">
<div>- Thursday, August 22nd 2:00am: FOMC Minutes</div>
</li>
<li class="ace-line ace-line old-record-id-DIXsdVDpBoNiqYxLtNYuHqkusbe" data-list="bullet">
<div>- Friday, August 23rd 10:00pm: Jerome Powell speech at Jackson Hole Economic Policy Symposium</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusEgS2iISoONPAa0hFByVJPe">&nbsp;</div>
<h2 class="heading-2 ace-line old-record-id-doxusglJKt0m4Wn0bsw0UxnBL4c"><strong>Weekly-Cryptos-Overview</strong></h2>
<div class="ace-line ace-line old-record-id-doxus05X8eme2RccpVdZUYK0kwb">
<div>
<h3 class="heading-3"><strong>Layer 1 and Layer 2s</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusJcwDRBgnn3fBTCIuyQaHlf" data-list="bullet">
<div>- Optimism introduced a solution for&nbsp;<a rel="nofollow" href="https://blog.oplabs.co/solving-interoperability-for-the-superchain-and-beyond/">native interoperability</a> across Superchains.</div>
</li>
<li class="ace-line ace-line old-record-id-NiwadpZEpoNPXQxeM7cufbk5sAh" data-list="bullet">
<div>- Arbitrum passed voting for ARB staking and the launch of a liquid staking token,&nbsp;<a rel="nofollow" href="https://snapshot.org/#/arbitrumfoundation.eth/proposal/0xb581f3aed701ae889c1d79406acdf3d653e6eb4323cb5e46635f729e6313da4d">stARB</a>, allowing rewards to auto-compound, restakeable and compatible for further Defi implementation.</div>
</li>
<li class="ace-line ace-line old-record-id-ZLOHdTQ0BoMoEIxfRjyu9414sIf" data-list="bullet">
<div>- EigenDA announced to launch the&nbsp;<a rel="nofollow" href="https://www.blog.eigenlayer.xyz/introducing-eigenda-base-rewards/">Base Rewards Program</a>, starting to distribute rewards to stakers and operators with monthly rewards at 10 ETH and ramp up over time.</div>
</li>
<li class="ace-line ace-line old-record-id-Pi3mdUtqkojQtRxN8sAuFEQas3c" data-list="bullet">
<div>- Symbiotic&nbsp;<a rel="nofollow" href="https://x.com/symbioticfi/status/1822991063197618185">Devnet</a> is now live.</div>
</li>
<li class="ace-line ace-line old-record-id-NyFNdazcAogy1Dxea52unWUvspd" data-list="bullet">
<div>- Solayer launched its&nbsp;<a rel="nofollow" href="https://x.com/solayer_labs/status/1823778248385605924">Solana Restaking</a> for endogenous AVS on the mainnet. Endogenous AVS enables dapps to secure the network bandwidth with on-demand blockspace and throughput.</div>
</li>
<li class="ace-line ace-line old-record-id-Bo7ndOjxvoOW6MxkRhJueIAEsFe" data-list="bullet">
<div>- DFINITY launched&nbsp;<a rel="nofollow" href="https://medium.com/dfinity/icp-further-advances-chain-fusion-with-latest-bitcoin-milestone-deuterium-2fa347ef50b8?source=collection_home---4------0-----------------------">Threshold Schnorr signatures</a> for Bitcoin transactions, enabling ICP smart contracts to read, write and own BTC on the Bitcoin network.</div>
</li>
<li class="ace-line ace-line old-record-id-CKhwdC0RUo2kqFxA2yAuNtv6sld" data-list="bullet">
<div>- Sonic Labs announced that&nbsp;<a rel="nofollow" href="https://blog.soniclabs.com/andre-cronje-chief-technology-officer-of-sonic-labs/">Andre Cronje</a> is officially the new CTO.</div>
</li>
<li class="ace-line ace-line old-record-id-IOQiddJNeobLkCxiHDgue6I5s3o" data-list="bullet">
<div>- Cronos Labs launched its L2&nbsp;<a rel="nofollow" href="https://blog.cronos.org/p/cronos-zkevm-launches-its-alpha-mainnet">zkEVM</a> chain powered by zkSync. The chain uses zkCRO (a liquid staked token of CRO) as its gas token.</div>
</li>
<li class="ace-line ace-line old-record-id-IjxmdTGhsoLsfJxhHnRuBGFmsSR" data-list="bullet">
<div>- Alpeh Zero launched its&nbsp;<a rel="nofollow" href="https://alephzero.org/blog/aleph-zero-evm-mainnet/">EVM L2</a> with Gelato using Arbitrum Orbit, enabling ZK-privacy app integrations, enhanced account abstraction and a whitelabel loyalty solution for the sports &amp; entertainment industry.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuscSBED2sSfZ92x8DW00fykh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusEc2zgDcWF11ehp4DXxwolD">
<div>
<h3 class="heading-3">Dapps</h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-NJRtdzBnpo8Kyzxwpixuo1vcs7d" data-list="bullet">
<div>- Chainlink Data Streams and Chainlink VRF are live on&nbsp;<a rel="nofollow" href="https://x.com/chainlink/status/1824084439925694892">Base</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-EW8DdwDinojbZQxzgXquhoX8sBf" data-list="bullet">
<div>- Pyth Network's pull oracle is now supported in&nbsp;<a rel="nofollow" href="https://x.com/PythNetwork/status/1823721308590370933">TON network</a>, offering dapps high-fidelity and real-time prices.</div>
</li>
<li class="ace-line ace-line old-record-id-UHrPdRKGJoemVuxw9YDums49sxd" data-list="bullet">
<div>- Injective announced assets can be bridged across&nbsp;<a rel="nofollow" href="https://x.com/injective/status/1823722164614521338">TON network</a> and Injective.</div>
</li>
<li class="ace-line ace-line old-record-id-IvfydwzSlocCb6xwzDvucU8msGc" data-list="bullet">
<div>- Kujira partnered with&nbsp;<a rel="nofollow" href="https://x.com/TeamKujira/status/1821632575980408918">Thorchain</a> to make Kujira's DeFi suite to have tight integration of Thorchain assets.</div>
</li>
<li class="ace-line ace-line old-record-id-PFrWdoQCNo1M7UxXQiOuJzKdslh" data-list="bullet">
<div>- Kepl DAO launched Gain, a platform for&nbsp;<a rel="nofollow" href="https://x.com/KelpDAO/status/1823365135093969334">aggregated airdrop strategy</a>, allowing users to participate in multiple airdrop opportunities with ease.</div>
</li>
<li class="ace-line ace-line old-record-id-DF4BdgxKfoVTFcxeAzkuOIMxsdc" data-list="bullet">
<div>- Ether.fi introduced&nbsp;<a rel="nofollow" href="https://x.com/ether_fi/status/1823762364489191447">eBTC</a>, a liquid restaking token powered by Symbiotic with WBTC and tBTC as deposit assets. Stakers are able to earn points from Symbiotic, Ether.fi and Veda now.</div>
</li>
<li class="ace-line ace-line old-record-id-N6nadt3IHoMxp8x0nQkuYvr9s2b" data-list="bullet">
<div>- Renzo Protocol introduced&nbsp;<a rel="nofollow" href="https://x.com/RenzoProtocol/status/1823746177885450506">ezSOL</a>, a liquid restaking token powered by Jito.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusJzoDTpvwFYQwO6RNYMlb8c" data-list="bullet">
<div>- Squads, the leading multisig solution on Solana, announced to integrate Jito Restaking for their&nbsp;<a rel="nofollow" href="https://squads.so/blog/introducing-the-squads-policy-network-(spn)">Squards Policy Network</a> (SPN). SPN enables signers to only approve the transactions authorized by user-generated policy.</div>
</li>
<li class="ace-line ace-line old-record-id-R7FPd981XocsZjxBSd3uzy3Hsah" data-list="bullet">
<div>- Metamask launched the pilot phase for its&nbsp;<a rel="nofollow" href="https://x.com/MetaMask/status/1823700296281022804">Mastercard</a> debit card, allowing direct purchase from Metamask wallet.</div>
</li>
<li class="ace-line ace-line old-record-id-IkyBdZQkkoZN8uxJ6TGuwL83srf" data-list="bullet">
<div>- SUN.io launched&nbsp;<a rel="nofollow" href="https://sunio.zendesk.com/hc/en-us/articles/36265413580953-Announcement-on-the-Launch-of-SunPump-on-SUN-io">SunPump</a>, the first meme coin launch platform on TRON network which is similar to Pump.fun. The platform also partnered with HTX to support exchange listing, if the meme token is able to maintain a 24-hour trading volume of over $10 million for 3 consecutive days.</div>
</li>
<li class="ace-line ace-line old-record-id-HN7ddo3qCous3Nxd0xRucF3Isof" data-list="bullet">
<div>- Aurora introduced the&nbsp;<a rel="nofollow" href="https://x.com/auroraisnear/status/1823344437378126225">Bitcoin Light Client and Relayer</a> service, ensuring real-time updates from the Bitcoin network and forming the backbone of bridge for Bitcoin and NEAR blockchain.</div>
</li>
<li class="ace-line ace-line old-record-id-S7HTdkuf6omhIoxKpc0u28vks8f" data-list="bullet">
<div>- NEBRA announced to launch its&nbsp;<a rel="nofollow" href="https://x.com/nebrazkp/status/1824090465098166399">Universal Proof Aggregation</a> (UPA) on Ethereum. UPA allows aggregation of ZKPs from various L2s before posting to Ethereum, saving verification costs.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusvn4F2TyZoIJ6mf65AApzBf">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusoqVgdy6kQxDT5oHbB4Juxh">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-BptGdsVtfoOK0zxvGl5uOO9MsXb" data-list="bullet">
<div>- Babylon is expected to launch its&nbsp;<a rel="nofollow" href="https://babylonlabs.io/blog/babylon-bitcoin-staking-mainnet-launch-phase-1">mainnet</a> this week.</div>
</li>
<li class="ace-line ace-line old-record-id-DWfhdHmWAoy25Zxxol4urajBsGc" data-list="bullet">
<div>- Polygon announced the migration of&nbsp;<a rel="nofollow" href="https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know">MATIC to POL</a> will take place on September 4th.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusYtG3MqrMT2F0fL5nIqpqyg" data-list="bullet">
<div>- The dYdX announced to release&nbsp;<a rel="nofollow" href="https://dydx.exchange/blog/dydx-unlimited-coming-this-fall">permissionless market</a> listing this autumn. New markets will be sourcing liquidity from MegaVault, depositors will share the vault's P&amp;L and protocol revenue from the participated markets.</div>
</li>
<li class="ace-line ace-line old-record-id-PuLKdezM0oGucVxx3S7uHpztsoc" data-list="bullet">
<div>- After the new WBTC partnership announcement with BiT Global, MakerDAO&nbsp;<a rel="nofollow" href="https://vote.makerdao.com/executive/template-executive-vote-wbtc-vault-debt-ceiling-reductions-stability-scope-parameter-changes-bug-bounty-payments-clippermomjob-update-july-2024-aligned-delegate-compensation-6s-capital-stability-fee-increase-monetalis-clydesdale-and-coinbase-custody-dao-resolutions-spark-proxy-spell-august-12-2024#proposal-detail">passed</a> voting to disable WBTC as collateral. Frax Finance and Coinbase both teased to launch frxBTC and cbBTC respectively.</div>
</li>
<li class="ace-line ace-line old-record-id-NL6rdgePLoNKc4xRaJhu6mAAsXb" data-list="bullet">
<div>- EigenLayer announced to launch&nbsp;<a rel="nofollow" href="https://x.com/eigenlayer/status/1823736653589918013">Permissionless Token Support</a> soon, enabling any ERC20 to be restaking assets.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusSdc6l5qrZAyp3D5E872cKb">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusaP341ImCZdL5xI3syy3Agg">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-DmRAd6yxsozpSMxR70AuGacysAc" data-list="bullet">
<div>- PIXEL token unlocked on August 19th, amount representing 7% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-ObpudQlNlo58D4xgHE7uJvtJsCb" data-list="bullet">
<div>- AVAX token unlocked on August 20th, amount representing 2.42% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-HZvqd4oALoQNOQxi7BEuja22snb" data-list="bullet">
<div>- PRIME token unlocked on August 31st, amount representing 1.69% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-RlsbdE1iZoZQFkxX35tuLDRSsUf" data-list="bullet">
<div>- OP token unlocked on August 31st, amount representing 2.64% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-HrtUdIzyCoYcVixNeOeuWJNSsnd" data-list="bullet">
<div>- DYDX token unlocked on September 1st, amount representing 3.65% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-ZNDtdt5Vzo9x2yxdpDmumEbGsw2" data-list="bullet">
<div>- SUI token unlocked on September 1st, amount representing 2.47% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-JLNndGIXCoERZzxi97juFukksEc" data-list="bullet">
<div>- ZETA token unlocked on September 1st, amount representing 15.71% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
</div>




Headline News



- Bitcoin price decreased by 0.47% last week, while the Bitcoin ETFs have total net inflow of $32.58

Weekly Market Insight: August Week 4

stablecoins constitute over 40% of TVL in DeFi, and are by far the most utilized assets across decent
usde, maker dao, dai, endgame, ethena, ondo, usdy

New Stablecoin Ecosystem

<div data-page-id="TmFpdnNncocxjPx5I5eunYHCsCb" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusWGykccJkWHL2Q1oKRkcpub">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusOMnpWdC2W90hISiVwAxHHP" data-list="bullet">
<div>- Bitcoin quickly recovered from the Monday sell-off from the lowest point $49,247 to once hit $62,738 on Friday, calming from the overreacted unemployment data.</div>
</li>
<li class="ace-line ace-line old-record-id-TwHFdnriuoA9Jkx36OQuNhPUshd" data-list="bullet">
<div>- Despite Ethereum having a net inflow of $104.8 million from spot ETFs, while Bitcoin had an outflow of $167 million from spot ETFs, Ethereum rebounded less than Bitcoin last week. The weakness partly due to massive selling from market makers, including Jump Trading, Paradigm and Wintermute, estimated over 130,000 Ethereum had been sold in August. Jump Trading, which contributed the most to the selling, has approximately 21,394 staked Ethereum left in their public wallet.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusmu2nGnjiBU4LFxVff6ciBh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusAWICJbmVo5BLBPk1DFsRPf">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-N9cXdU4ApoVt8AxpoSbuEqPrsfW" data-list="bullet">
<div>- The U.S. ISM Services PMI increased to 51.4 in July, above market expectation of 51.</div>
</li>
<li class="ace-line ace-line old-record-id-G9iOd95OForYfSxW4eeuOHQSsOb" data-list="bullet">
<div>- Yield markets experienced the highest volatility since July 2023 last week. The market now expects 53.5% probability that the Fed will cut 25bps in September and 46.5% on 50bps cut, revised significantly downward from a week ago of 85% probability on 50bps cut.</div>
</li>
<li class="ace-line ace-line old-record-id-GloidsJPao2qjoxy0HquEdJxskc" data-list="bullet">
<div>- Bank of Japan Deputy Governor Shinnichi Uchida signaled the central bank will not hike interest rates when markets are unstable, reducing the risk of further unwinding of U.S. Treasury carry-trades.</div>
</li>
<li class="ace-line ace-line old-record-id-ROC5dIwljo3Nyyx0v3Cubq4gsDd" data-list="bullet">
<div>- We believe the upcoming U.S. CPI remains the major risk event to determine the forward market trend.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusjLTt2ZmDyhjUml9LevmiQc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuszDDDWuQtQvajOMiQ96zPih">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusmUVJWekmab8OXajXRI90bb" data-list="bullet">
<div>- Tuesday, August 13 8:30pm: U.S. PPI in July</div>
</li>
<li class="ace-line ace-line old-record-id-Y4q6dKbheot0DBxoQFHu8yrYs80" data-list="bullet">
<div>- Wednesday, August 14 8:30pm: U.S. CPI in July</div>
</li>
<li class="ace-line ace-line old-record-id-DsPndJCZ9ojkRWxf8HxuGVNtsjd" data-list="bullet">
<div>- Thursday, August 15 8:30pm: U.S. Retail Sales in July</div>
</li>
<li class="ace-line ace-line old-record-id-NfaXdqvS9ogMgRxOXH8ufVtLswg" data-list="bullet">
<div>- Friday, August 16 10:00pm: The University Michigan Consumer Sentiment in August</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusu1QvIiNZEaUuE9VZDy658d">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusDseYoh0TEPTCyBNK2nkLRh">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusPkhGJNY1c0IuAIxvVAA4Zc" data-list="bullet">
<div>- BitGo announced a partnership with BiT Global and Justin Sun to expand&nbsp;<a rel="nofollow" href="https://blog.bitgo.com/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global-expansion-plan-2ea0623fa2c8">WBTC</a> custody to multi-jurisdictional in 60 days. Maker DAO is discussing <a rel="nofollow" href="https://forum.makerdao.com/t/wbtc-changes-and-risk-mitigation-10-august-2024/24844">removing</a> WBTC as collateral on Maker and SparkLend.</div>
</li>
<li class="ace-line ace-line old-record-id-GsZMdHiXcosrACxfjC0uAqlnsCh" data-list="bullet">
<div>- Ripple concluded the lawsuit with the SEC with a&nbsp;<a rel="nofollow" href="https://www.coindesk.com/policy/2024/08/07/judge-fines-ripple-125m-bans-future-securities-law-violations-in-long-running-sec-case/">$125 million fine</a>, well below the $1 billion in disgorgement and prejudgment interest as well as $900 million in civil penalties the SEC sought.</div>
</li>
<li class="ace-line ace-line old-record-id-LH0dddUUyoz1DaxCXViuUqwNs4d" data-list="bullet">
<div>- The Brazilian Securities and Exchange Commission approved QR Asset's&nbsp;<a rel="nofollow" href="https://www.coindesk.com/policy/2024/08/08/brazils-securities-and-exchange-commission-approves-solana-based-etf/">Solana spot ETF</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusYwyYjdnr6vyFVNybA0tD9e" data-list="bullet">
<div><a rel="nofollow" href="https://x.com/arbitrum/status/1821539383268323662">- Franklin Templeton</a> launched its tokenised U.S. Government Money Fund on Arbitrum.</div>
</li>
<li class="ace-line ace-line old-record-id-ZRQ0dN2tWo5Jnpxh29Vuy51Fsud" data-list="bullet">
<div>- Grayscale announced two new trust funds for&nbsp;<a rel="nofollow" href="https://x.com/Grayscale/status/1821170731478356476">Bittensor and Sui</a>. Both token prices surged 32% and 51% respectively last week.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusOhQ39k96B03QMbRO8OrzPf">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxus7BQ5BifrBrOWdImR2j9xQd">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-AHjZdb1QwoF2xNx20SquNm4MsOg" data-list="bullet">
<div>- NEAR launched its&nbsp;<a rel="nofollow" href="https://x.com/NEARProtocol/status/1821532833363513643">Chain Signatures</a> tech onto the mainnet, allowing signing of any transaction on any blockchain directly from NEAR account.</div>
</li>
<li class="ace-line ace-line old-record-id-I3wPdlCkpo4QHjxDcK7uMRatsWd" data-list="bullet">
<div>- Sui launched&nbsp;<a rel="nofollow" href="https://x.com/SuiNetwork/status/1820998041677250967">Mysticeti</a> on the mainnet, reducing the consensus latency to 390 milliseconds.</div>
</li>
<li class="ace-line ace-line old-record-id-JUJydsvu3ogpS2xjDQ1uhFWVsPf" data-list="bullet">
<div>- Arbitrum&nbsp;<a rel="nofollow" href="https://x.com/arbitrum/status/1821216750806982928">Orbit chains</a> can now use USDC as a gas token.</div>
</li>
<li class="ace-line ace-line old-record-id-Y6o0dsAeroQjFMxxUnWuXzPss2b" data-list="bullet">
<div>- Zora launched the&nbsp;<a rel="nofollow" href="https://x.com/zora/status/1821214728057995671">NFT secondary market</a> powered by Uniswap, creators can earn liquidity fees as a form of royalties.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusj8EKHqf5xPIHpHdhKDuFDd">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusW3t0WcfKdybEc8YJZy0mTh">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusBbSmRSu0cO3NqEGHKTe8xh" data-list="bullet">
<div>- Ethena announced USDe deployment in&nbsp;<a rel="nofollow" href="https://x.com/ethena_labs/status/1821185511563956569">Solana</a> via LayerZero, adding SOL as the backing asset for USDe and Sats Campaign with Kamino, Orca, Drift and Jito.</div>
</li>
<li class="ace-line ace-line old-record-id-T25hdHoUyoCGXVxTmvUuGayjsb7" data-list="bullet">
<div>- ORE, Solana hackathon winner,&nbsp;<a rel="nofollow" href="https://x.com/OREsupply/status/1820610742254493984">v2 mining</a> is live.</div>
</li>
<li class="ace-line ace-line old-record-id-K1hSd6tTdo9HbpxPH37u4pmHsTc" data-list="bullet">
<div>- Usual, decentralised RWA stablecoin launched its&nbsp;<a rel="nofollow" href="https://x.com/usualmoney/status/1821499491599471063">USD0++</a> on Pendle.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus2wjMc8Yeaw1nk8SODqhtae">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusIqvKrhcLakUvz3wLpSIKTd">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-U3IMdKyJ7otP5VxZ6douauTnsqf" data-list="bullet">
<div>- Donald Trump stated to be doing a&nbsp;<a rel="nofollow" href="https://truthsocial.com/@realDonaldTrump/posts/112916482094082129">major interview</a> with Elon Musk on Monday night.</div>
</li>
<li class="ace-line ace-line old-record-id-XEvVdZnUAo26XRxy3sFuunZ4sDg" data-list="bullet">
<div>- Arbitrum snapshot voting of&nbsp;<a rel="nofollow" href="https://snapshot.org/#/arbitrumfoundation.eth/proposal/0xb581f3aed701ae889c1d79406acdf3d653e6eb4323cb5e46635f729e6313da4d">ARB staking</a> is live, laying the ground for future fee distribution and restaking application while retaining governance power. The voting will end on August 16.</div>
</li>
<li class="ace-line ace-line old-record-id-VwTdd25owoIYcAxq1PvuAlnHsif" data-list="bullet">
<div>- Rocket Pool snapshot voting of&nbsp;<a rel="nofollow" href="https://snapshot.org/#/rocketpool-dao.eth/proposal/0xb0e1c82fdf83f31de7b8f84767a092fddfb21abb71d81ea3aeec9acdcf43902d">Tokenomics Rework</a> is live, introducing optional RPL bond, adjustable fee, value accrued feature and more. The voting will end on August 22.</div>
</li>
<li class="ace-line ace-line old-record-id-doxustWF5kqeFQoT7Kx7maJCS5d" data-list="bullet">
<div>- Stacks is expected to release the final code for&nbsp;<a rel="nofollow" href="https://x.com/StacksOrg/status/1821619293525848132">Nakamoto upgrade</a> on August 28. sBTC will be read for mainnet release 4 weeks after Nakamoto hard fork.</div>
</li>
<li class="ace-line ace-line old-record-id-T2HidshksoTtgYxZ9qVuGeDusYf" data-list="bullet">
<div>- Celestia is expected to launch&nbsp;<a rel="nofollow" href="https://blog.celestia.org/lemongrass-celestias-first/">Lemongrass</a> upgrade on testnet in August and mainnet in mid-September. The upgrade will introduce minimum gas price, direct bridging, smoother upgrade, Interchain Accounts and improved architecture.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxus42rqJ9EZ8bUB2uJuBRY6Pe">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusA4LfdUtdUTHO4DoFrhGkLh">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-NayBdgimxoxUfmxGBfOuVE2Ysdc" data-list="bullet">
<div>- APT token unlocked on August 12th, amount representing 2.41% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Ne6sdZAVtoqd1GxYYVguL5zJsOc" data-list="bullet">
<div>- SAND token unlocked on August 14th, amount representing 9% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-M7gtdpVhLooEWOxZRFSuAy0Us0e" data-list="bullet">
<div>- STRK token unlocked on August 15th, amount representing 4.4% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-Ffotdl0GCoCaqgx5glUuUV1vs7c" data-list="bullet">
<div>- ARB token unlocked on August 16th, amount representing 2.8% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-UeFQdJ0yiozqykxbdELukNuhsib" data-list="bullet">
<div>- APE token unlocked on August 17th, amount representing 2.3% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-WTjHdOXV4oRDcpxSnTcutaLVsia" data-list="bullet">
<div>- PIXEL token unlocked on August 19th, amount representing 7% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-CaWldqiD8omDV2xMFNGubjzqsfc" data-list="bullet">
<div>- AVAX token unlocked on August 20th, amount representing 2.42% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-BM2AdxyWEodL4hxn1P8urvlcsk4" data-list="bullet">
<div>- PRIME token unlocked on August 31st, amount representing 1.69% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-M2qHdgLdUoNgiBxPF1suNEResf2" data-list="bullet">
<div>- OP token unlocked on August 31st, amount representing 2.64% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
</div>




Headline News



- Bitcoin quickly recovered from the Monday sell-off from the lowest point $49,247 to once hit $62,7

Weekly Market Insight: August week 3 

<div data-page-id="R9xQdHTCCo9P7Zxwweiu78A2sos" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusop1a4WWhhfDGu01EgRUaNc">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusccgyBeJUyYWoW2Wxl093fe" data-list="bullet">
<div>- Bitcoin and Ethereum experienced massive sold-off, both ETFs had an outflow of $237.4 million and $54.3 million respectively last Friday. Ethereum price once plummeted to $2,059 and triggered $140 million liquidation within 1 hour on Monday morning, causing the network gas fees to surge over 660gwei and liquidated $304 million in the past 24 hours. $247 million worth of Bitcoin was liquidated during the same period.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusccgyBeJUyYWoW2Wxl093fe" data-list="bullet">
<div>- Negative sentiment from the US unemployment rate, lack of catalyst in August and potential cascading selling pressure from Mt. Gox and Genesis further holding the Bitcoin price hostage.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxush4Eb0YpDK0j0H0MAOMlnqh">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusHemhf70Lw2VDnhcqiT5nPd">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusFhn2lXT4hb6DAemeChtmRb" data-list="bullet">
<div>- The US ISM manufacturing PMI fell to 46.6 in July, firmly below market expectations of 48.8, reflecting the sharpest contraction in US factory activity since November 2023. Later in the week, non-farm payrolls increased 114K in July, well below forecasts of 175K and a downwardly revised from 206K to 179K in June.</div>
</li>
<li class="ace-line ace-line old-record-id-JSYkdMBi7ofrelxGn5HuiCekssf" data-list="bullet">
<div>- The US Fed kept the interest rate unchanged in July FOMC (or August in Singapore timezone), emphasising balance of keeping the inflation rate low and avoiding cutting too late to promote maximum employment.</div>
</li>
<li class="ace-line ace-line old-record-id-CNtCdUMTgoirqdxjWqRuwa7XsGc" data-list="bullet">
<div>- July unemployment rate came in at 4.3%, the highest since October 2021, raising concern on recession based on "Sahm rule". Citi and JPMorgan subsequently expect Fed to cut 50bps in September and totaling 125bps cut in 2024. The market expects 94.7% probabilities Fed to cut 100bps and 64% probabilities to cut 125bps in 2024 according to CME FedWatch.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusO4NLIHaKABWH5nIIuTDSkf">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusslkXA8YrphxlDgJbop2Bkb">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<div class="ace-line ace-line old-record-id-doxusxaqo1A1QVQBXmwmRvZr6ug">&nbsp; - Monday, August 5th 10:00pm: US ISM Services PMI in July</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusOnOlCQHpMCImpK6WN1Wfhd">&nbsp;</div>
<h2 class="heading-2 ace-line old-record-id-doxus9I00a5V0XOG11uBTiY2Yt7"><strong>Weekly-Cryptos-Overview</strong></h2>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusgrEquGXbn4zS1Op4p44ksf" data-list="bullet">
<div>- Genesis announced completion of restructuring and will start repayment process to creditors. The repayment included&nbsp;<a rel="nofollow" href="https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors">$4 billion</a> worth of digital assets and USD.</div>
</li>
<li class="ace-line ace-line old-record-id-I5y6d7qg3oOxTbxPAf2u6KydsFw" data-list="bullet">
<div>- Ribbit Capital leads a $50 million raise for decentralized lending developer Morpho.</div>
</li>
<li class="ace-line ace-line old-record-id-PaiWd30PxorFZYxEYGDujVy9sAc" data-list="bullet">
<div>- MicroStrategy announced to raise $2 billion at the market equity offering to purchase more Bitcoin.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-A8n0drlwAoBaCvxDcPTueTeFsMe">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxuswMXuMiPnfBBW0JWBofDq6f"><strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-X2F2dggy3o5lvpxGbOHu0Ze3sIf" data-list="bullet">
<div>- Fantom has completed its rebranding to&nbsp;<a rel="nofollow" href="https://x.com/0xSonicLabs/status/1819057799722414538">Sonic Labs</a>, and plans to launch Sonic by the end of 2024. The Sonic Network will be an EVM-Compatible layer-1 platform, providing a fast settlement layer for digital assets with over 10,000 TPS and complete, one second confirmation times.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusrSduObho5RaRbkpmo7gBoh" data-list="bullet">
<div>- The Aptos Foundation announced the launch of Ondo Finance&rsquo;s yield-bearing stablecoin, Ondo US Dollar Yield (USDY), on the Aptos blockchain.</div>
</li>
<li class="ace-line ace-line old-record-id-GQlIdgHnyohTUlxbAkFu5Teisod" data-list="bullet">
<div>- Gnosis introduced&nbsp;<a rel="nofollow" href="https://www.gnosis.io/blog/meet-gnosis-ai">Gnosis AI</a>, aiming to develop agent-to-agent payment and prediction markets on Gnosis Chain.</div>
</li>
<li class="ace-line ace-line old-record-id-ZrSOdUQ4xoUU9nxiCbcu86oEsug" data-list="bullet">
<div>- Ripple announced to allocate&nbsp;<a rel="nofollow" href="https://www.coindesk.com/business/2024/08/01/ripple-to-allocate-10m-to-tokenized-us-treasury-bills-on-xrp-ledger/">$10 million</a> in tokenised Treasury Bills on XRP Ledger as the first RWA issuance.</div>
</li>
<li class="ace-line ace-line old-record-id-SVhVd2OHQoFSRvxUfaquVPUnsOc" data-list="bullet">
<div>- Injective announced that it has completed the&nbsp;<a rel="nofollow" href="https://blog.injective.com/en/a-new-age-of-injective-the-altaris-mainnet-release/">Altaris mainnet upgrade</a>, integrating RWA oracles (providing tokenized asset product data).</div>
</li>
<li class="ace-line ace-line old-record-id-GjfIdI1tioZzY9xqKSZuvWTEs6t" data-list="bullet">
<div><a rel="nofollow" href="https://x.com/connorking_/status/1818316081456349536">- Irys</a> was introduced as the first programmable datachain, a scalable layer 1 for storage and computation of data.</div>
</li>
<li class="ace-line ace-line old-record-id-NXWXdejHPonlJTxZSDvukH4JsXb" data-list="bullet">
<div>- Eclipse, SVM based Ethereum Layer 2, launched its mainnet.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusqqwomr4zSBSaOIXizDMi2c" data-list="bullet">
<div>- Router Chain, a cross-chain interoperability protocol, launched its&nbsp;<a rel="nofollow" href="https://x.com/routerprotocol/status/1818285823340499109">mainnet</a>, connecting 30+ ecosystems.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusi7S667FuCcEb5SoVF8gXcv">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusrMpypmGwcZBCIrfc49a1hd">Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-RKOQdpkNiorXogxPzzQuQWK7shh" data-list="bullet">
<div>- Elixir, orderbook liquidity layer, launched a delta neutral arbitrage stablecoin&nbsp;<a rel="nofollow" href="https://x.com/elixir/status/1818655435395838290">deUSD</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-JVaWdhU0hoUmtsxGnu1umLSSslf" data-list="bullet">
<div>- Ethena announced adding USDe as&nbsp;<a rel="nofollow" href="https://x.com/ethena_labs/status/1818246823850737707">reward bearing stable margin collateral</a> in Bybit.</div>
</li>
<li class="ace-line ace-line old-record-id-NpWxds5paoMAIFxENGhuk4kIsbb" data-list="bullet">
<div>- Lido introduced&nbsp;<a rel="nofollow" href="https://lido.fi/institutional">Lido Institutional</a>, to provide a staking solution tailored to the high standards of custodians, asset managers, exchanges, and more.</div>
</li>
<li class="ace-line ace-line old-record-id-E8jhdFEzXosUg7xcr87uej5Bspb" data-list="bullet">
<div>- Jito launched its&nbsp;<a rel="nofollow" href="https://x.com/jito_sol/status/1818313570582692270">StakeNet Steward Program</a>, increasing security, stability and decentralisation of its SOL staking.</div>
</li>
<li class="ace-line ace-line old-record-id-RHdjdo8ALodcQAxrG0buzQu6sLb" data-list="bullet">
<div>- The Jupiter community has voted to pass the proposal,&nbsp;<a rel="nofollow" href="https://www.jupresear.ch/t/proposal-enhance-certainty-for-jup-holders-and-community-via-a-token-supply-reduction/20919">which proposed reducing the supply of JUP tokens by 30%, from 1 billion to 700 million,</a> with a support rate of 95%. According to Meow (the founder of Jupiter), burn reduction will happen over a period of time, likely over 6 months.</div>
</li>
<li class="ace-line ace-line old-record-id-UZbddYi8UopGKOxZijMuBMv0sQe" data-list="bullet">
<div>- Kamino, Solana's largest lending market, introduced its "<a rel="nofollow" href="https://x.com/KaminoFinance/status/1818690835464307105">Road to $10B</a>" with Lend V2 and governance.</div>
</li>
<li class="ace-line ace-line old-record-id-NC4Jd35TzohjnkxzGCCujekDse8" data-list="bullet">
<div><a rel="nofollow" href="https://t.co/EgD23G0q6U">- Makenow.meme</a> lets anyone launch a meme coin directly from a tweet on X.</div>
</li>
<li class="ace-line ace-line old-record-id-Q4RSd4p78oFCkDxIMgZumhMtsVb" data-list="bullet">
<div>- The largest DEX in Tron, SUN introduced&nbsp;<a rel="nofollow" href="https://sunio.zendesk.com/hc/en-us/articles/35752973612057-Announcement-on-the-Launch-of-SUN-DAO-on-SUN-io">SUN DAO</a> to enable everyone to equally participate in project development and governance.</div>
</li>
<li class="ace-line ace-line old-record-id-CrqJdolSnouOEaxlFsvupzLusdf" data-list="bullet">
<div>- Vertex, one of the leading Perpetual Exchange in Arbitrum, introduced&nbsp;<a rel="nofollow" href="https://x.com/EdgeLayer/status/1757822177158529500">Edge</a>. Edge is a cross-chain aggregate orderbook liquidity layer, empowering traders to trade spot assets, perpetual contracts and cross-chain borrowing/lending.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusRAB39C2HSnvcftaO2EJ1Yc">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxus2HHV1Cf4ykWZ8QR56zURAf">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusQFc5PRfUjAA7IcpzzcAqbb" data-list="bullet">
<div>- Drift Labs is expected to launch its prediction market on the Solana blockchain on August 5th.</div>
</li>
<li class="ace-line ace-line old-record-id-VS7Hd80DioczoExvKibuQUs7stb" data-list="bullet">
<div>- Marinade Finance is expected to launch its Stake Auction Marketplace (SAM) on August 14th.</div>
</li>
<li class="ace-line ace-line old-record-id-OU5ndLrUao7x5ZxImoKuHXQGspe" data-list="bullet">
<div>- Jasmy is reportedly launching a marketplace offering GPUs soon.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusR8AbwsreM0JZMiMQ7SlZNC">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusNAE8lhZyetO7M5hlXX3rAc">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Kg8sd2cxBoWCuax0ex2umU8ksvh" data-list="bullet">
<div>- IMX token unlocked on August 9th, amount representing 2.11% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-RyyudZj8Gow90wxnFHQu8BPysgh" data-list="bullet">
<div>- APT token unlocked on August 12th, amount representing 2.41% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-MFb7dBF2LoukqIx7mabuBUSnsqb" data-list="bullet">
<div>- SAND token unlocked on August 14th, amount representing 9% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AYjBdwkj5o5WttxzfexuXGLosdf" data-list="bullet">
<div>- STRK token unlocked on August 15th, amount representing 4.4% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-X8LGd3gpro6ShCxXgGTuZ1bdsFh" data-list="bullet">
<div>- ARB token unlocked on August 16th, amount representing 2.8% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-HJjSdtd3WoSV3LxqGn8ugF7gszd" data-list="bullet">
<div>- APE token unlocked on August 17th, amount representing 2.3% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-FpyddQtkeoITRqxEGXTupkfWsHd" data-list="bullet">
<div>- ROSE token unlocked on August 18th, amount representing 2.2% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-EapQd5drdo9DypxdtGKuT4Mas0b" data-list="bullet">
<div>- PIXELS token unlocked on August 19th, amount representing 7% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-UNaSdbIx5os8Gyx5CK2u3ukWsEb" data-list="bullet">
<div>- AVAX token unlocked on August 20th, amount representing 2.42% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
</div>




Headline News



- Bitcoin and Ethereum experienced massive sold-off, both ETFs had an outflow of $237.4 million and 

Weekly Market Insight: August Week 2

<div>Bitcoin surged to $70,040 on July 29th with optimism about Trump Trade, where an increase in Donald Trump's odds of winning the US 2024 Election, favoring crypto policy he promised. However, the promises remain empty until he won the November voting, especially Kamala Harris takeover Biden to become the new Democratic presidential candidate.&nbsp;</div>
<div>&nbsp;</div>
<div>One week after the hopium sentiment, ISM manufacturing PMI fell to 46.6 in July, firmly below market expectations of 48.8, reflecting the sharpest contraction in US factory activity since November 2023. Later in the week, non-farm payrolls increased 114K in July, well below forecasts of 175K and a downwardly revised from 206K to 179K in June. The panic ignition hit, when July unemployment rate came in at 4.3%, the highest since October 2021. Citi and JPMorgan subsequently expect Fed to cut 50bps in September and totalling 125bps cut in 2024. The market expects 94.7% probabilities Fed to cut 100bps and 64% probabilities to cut 125bps in 2024 according to CME FedWatch.&nbsp;</div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div><img src="https://file.chainup.com/pub/2024-08-06/423da56e-3ca1-49f5-b44f-07c1a688161f.png" alt="" width="1007" height="299"></div>
<div>&nbsp;</div>
<div>&nbsp;</div>
<div>The fear resulted from the latest unemployment rate technically meets the 'Sahm rule' criteria, where the three-month average is 50bps more than the lowest point over the prior twelve months. Google Trends shows 'Sahm rule' hit the historical high in the number of web search and VIX also hit the highest point since March 2023, when several Silicon Valley Bank collapsed. However, Sahm rule is empirical regularity and hard to justify its relevancy when we are experiencing extraordinary labour force participation rate recovering from Covid19. Despite that, the market is still worried the Fed is already behind the curve on rate cuts, which potentially leads to economic recession or a blackswan event, especially in the time when commercial chapter 11 filings increased 70% in June 2024 from June 2023.&nbsp;</div>
<div>&nbsp;</div>
<div>Bitcoin and Ethereum experienced massive sold-off, both ETFs had an outflow of $237.4 million and $54.3 million respectively last Friday. Ethereum price once plummeted to $2,059 and triggered $140 million liquidation within 1 hour on Monday morning, causing the network gas fees to surge over 660gwei and liquidated $304 million in the past 24 hours. $247 million worth of Bitcoin was liquidated during the same period. Negative sentiment from macro data, lack of catalyst in August and potential cascading selling pressure from Mt. Gox and Genesis further holding the Bitcoin price hostage.&nbsp;</div>
<div>&nbsp;</div>
<div>During a high uncertainty macro environment such as at the beginning of the pandemic, investors tend to sell off interest rate sensitive risk on assets such as Bitcoin and other cryptocurrencies. However, this often provides the opportunity for investors to reposition themselves for the rate cuts cycle as the unfavourable labour market potentially increases the pace of Fed's decision on rate cuts. Interest rate sensitive risk on assets have historically showed quick rebound during a low-interest rate environment.&nbsp;</div>
<div>&nbsp;</div>
<div>&nbsp;</div>

Bitcoin surged to $70,040 on July 29th with optimism about Trump Trade, where an increase in Donald Trump's odds of winning the US 2024 Election, favoring crypto policy he promised.

Bitcoin's brutal sell-off in August: is it panic selling or recession trade?

<div data-page-id="EQaGdV0E3oKWfGxjyKjuOyWhst2" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxus9mopV6OkvpunCC6jfJK6pg">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxus1RtYtokJdFM9ftxRl788Jf" data-list="bullet">
<div>- Ethereum spot ETFs launched last week with an average of $1 billion daily trading volume. However, Ethereum closed with an outflow of $341.8 million last week, where Grayscale's ETHE is the sole source of outflow amounting $1.5 billion. Ethereum prices decreased by 7.46% last week.</div>
</li>
<li class="ace-line ace-line old-record-id-AZsOdiMlBo8KH3x9dt7uYNAEszf" data-list="bullet">
<div>- On the other hand, Bitcoin prices rebounded quickly since last Thursday as the market anticipated Donald Trump's speech at the Bitcoin Conference in Nashville. Trump later stated he would fire SEC Chair Gary Gensler, pledged not to sell any Bitcoin US government holds and creating a national crypto stockpile.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusBNNqnVrfUTwqPLQLziNUjg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusEZh4KSQ55IoHNI5IQ1t1Vd">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxuscdxnYLP7Pjjp0Ed7S4jC3e" data-list="bullet">
<div>- The durable goods orders in the US decreased by 6.6% in June, missing market expectation of a 0.3% increase. The decrement was driven by transportation equipment.</div>
</li>
<li class="ace-line ace-line old-record-id-YrqcdZkleoUU8oxjqVHuo3g2sxh" data-list="bullet">
<div>- The US had an annualised 2.8% advance estimated GDP in Q2, well above market 2% forecast.</div>
</li>
<li class="ace-line ace-line old-record-id-ZRdodHZRZoNLEIxBalsu3Vp4sZf" data-list="bullet">
<div>- The US core PCE price index increased by 0.2% in June, slightly above expectation of a 0.1% increase. Meanwhile, personal income increased by 0.2% in June, below the estimation of 0.4%. Personal spending increased by 0.3% in June, matched with market expectations.</div>
</li>
<li class="ace-line ace-line old-record-id-IYZ5dF3oEokdVfxZsoluvj3qsBe" data-list="bullet">
<div>- The market estimates 95.9% probability the rate will remain unchanged in the FOMC meeting this Thursday.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusxrdYf3nrbKxEbQKTsNzPyg">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxuszYhHVL5FWflzoJp88aT7Df">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<div class="ace-line ace-line old-record-id-doxusUoytTIiBfzPGKmcpnc1Nsf">&nbsp; - Tuesday, July 30th 10:00pm: US JOLTs Job Openings in June</div>
<div class="ace-line ace-line old-record-id-YHjwdCpAUoWjCQxbB3VuLtNWsFl">&nbsp; - Thursday, August 1st 2:00am: FOMC meeting</div>
<div class="ace-line ace-line old-record-id-H93jdFHnYoeJFgxRo10uSfZqsuN">&nbsp; - Thursday, August 1st 10:00pm: US ISM Manufacturing PMI in July</div>
<div class="ace-line ace-line old-record-id-GobMdN2T7oP1wcxz4MGuyiEKs2c">&nbsp; - Friday, August 2nd 8:30am: US Non-Farm Payrolls and Unemployment Rate in July</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusNZV0spGXyfdYLG4L1gkvO4">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusQtAdTmChpmoFZA7I65kZyh">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusp2p7CP7rhTrcLBrjGGdkbf" data-list="bullet">
<div>- Jersey City Pension Fund filed with the SEC to allocate a percentage of the fund to Bitcoin ETFs.</div>
</li>
<li class="ace-line ace-line old-record-id-HJnpdXLj6oyeWmx5cF5u9HMbslc" data-list="bullet">
<div>- Michigan Pension Fund reported owning $6.6 million in Bitcoin ETF.</div>
</li>
<li class="ace-line ace-line old-record-id-B83PdFKkZooOx2xLP9buuxhbsZc" data-list="bullet">
<div>- Bitstamp has started to distribute Bitcoin and Bitcoin Cash to Mt Gox creditors on its platform.</div>
</li>
<li class="ace-line ace-line old-record-id-LbFYd2jtEo9N2FxeY6Lu7k6bsmd" data-list="bullet">
<div>- US Senator Cynthia Lummis stated to introduce legislation for "strategic Bitcoin reserve" by buying 1 million Bitcoin over the course of five years at the Bitcoin Conference in Nashville.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxustoKXYd4Y5vkThhZxKynqNd">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusyctkexyUpgZJ8nwdgLrEuf">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Xcn4dZG3wo4y5ixJApiuhMW4sJe" data-list="bullet">
<div>- Avail has launched its token with $1.7 billion FDV. Deq.fi provides AVAIL liquid staking from day-one.</div>
</li>
<li class="ace-line ace-line old-record-id-OGJydGUrwoR3MKxT0OPuN2C1s5G" data-list="bullet">
<div>- CoreDAO, an EVM compatible Bitcoin Layer 2, introduced&nbsp;<a rel="nofollow" href="https://coredao.org/explore/blog/core-foundation-announces-dual-staking-model-to-boost-bitcoin-yields-and-set-market-standard">dual staking</a> for BTC and CORE. Stakers are able to stake BTC or both assets (with boosted yield) to secure the network.</div>
</li>
<li class="ace-line ace-line old-record-id-Us55dEfNco2nbVxiQO9uNZYUsJh" data-list="bullet">
<div>- BEVM announced the launch of&nbsp;<a rel="nofollow" href="https://x.com/BTClayer2/status/1816459553460171252">SATS Chains</a>, a Bitcoin Layer 2 that utilised SATS token as gas and governance by using BEVM Stack.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusP9V2aLLh9lSqnreHjdGqXc" data-list="bullet">
<div>- Secret Network announced the integration of&nbsp;<a rel="nofollow" href="https://scrt.network/blog/decc-for-polygon/">Confidential Computing Layer with Polygon</a>. Dapps could now utilise Secret's Trusted Execution Environments (TEEs) technology to perform private computing such as private voting, encrypted data storage and more.</div>
</li>
<li class="ace-line ace-line old-record-id-GFNldeGiho6Yhmx1f6qu4zTlsZb" data-list="bullet">
<div>- Igloo, the parent company of Pudgy Penguins, raised undisclosed amounts from Founders Fund and others. They will be contributing to&nbsp;<a rel="nofollow" href="https://x.com/AbstractChain/status/1815771462671737309">Abstract Chain</a>, its consumer friendly Ethereum Layer 2.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-QRvQdYoIWo938ixQGsEu39IEsHe">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusuhCGQg8qFUTWUxtaEkV7bc">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-IqKxdrVcvoKvNwxtyN4uXCl2sdh" data-list="bullet">
<div>- Jito announced&nbsp;<a rel="nofollow" href="https://www.jito.network/blog/announcing-jito-restaking/">Jito Restaking</a>, which can be supported by any number of SPL tokens.</div>
</li>
<li class="ace-line ace-line old-record-id-A7oWdxNW0oG0v8xs2s3uVGgwszh" data-list="bullet">
<div>- Solend has rebranded as&nbsp;<a rel="nofollow" href="https://x.com/solendprotocol/status/1816105880183824603">Save</a> with a new logo and three new products, including SUSD (stablecoin with 0% interest borrowing against SOL), saveSOL (its LST) and dumpydotfun (platform for shorting memecoins).</div>
</li>
<li class="ace-line ace-line old-record-id-doxusmESxDbPDqBsZHWFxtk76tb" data-list="bullet">
<div>- Renzo introduced&nbsp;<a rel="nofollow" href="https://mirror.xyz/0x561434AE36d0aCd4BeBbA5FA581755876559465D/aqY5NqTkt93NY97DPXVfwG0CfzawQsnQIV6y8nOPu7k">new tokenomics</a> by introducing ezGOV, where token holders will have power to propose and vote, and ezSTAKE, where REZ stakers are eligible to earn ezPoints.</div>
</li>
<li class="ace-line ace-line old-record-id-KpEhdzeWHo7uPSxok7Uuewsqspe" data-list="bullet">
<div>- Ethena invites&nbsp;<a rel="nofollow" href="https://x.com/ethena_labs/status/1815857621066457454">RWA or reward bearing asset</a> issuers to pitch for Ethena's $45 million Reserve Fund and $250 million USDe liquid cash backing. Securitize is one of the early applicants.</div>
</li>
<li class="ace-line ace-line old-record-id-FAvOdDdnLo72cixmkdbuJjoAslg" data-list="bullet">
<div>- Atari announced to launch a series of&nbsp;<a rel="nofollow" href="https://decrypt.co/241497/atari-ethereum-retro-arcade-base-asteroids">retro games on Base</a>, starting with Asteroids. Users could purchase NFT to get access and on-chain scoreboard.</div>
</li>
<li class="ace-line ace-line old-record-id-IYYIdm2k3ojgHoxwASXuAencsOh" data-list="bullet">
<div>- Maple Finance announced&nbsp;<a rel="nofollow" href="https://maple.finance/news/jito-foundation-forms-strategic-partnership-with-maple-finance">partnership with Jito</a> by onboarding JitoSOL as part of the financing asset.</div>
</li>
<li class="ace-line ace-line old-record-id-Q76kdITJAoCbSGxAEQwuTC83s9e" data-list="bullet">
<div>- Yearn Finance introduced&nbsp;<a rel="nofollow" href="https://x.com/yearnfi/status/1815734673516986823">Gimme</a>, a user friendly yield vault on Polygon network.</div>
</li>
<li class="ace-line ace-line old-record-id-Hd0GdvDw8oConmxolaruxwJZsVj" data-list="bullet">
<div>- Skate announced to be launching&nbsp;<a rel="nofollow" href="https://x.com/skate_chain/status/1815737277856796959">Polymarket on TON</a> by utilising its stateless app model.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuskoQNnVJtw3yl2Mzrql4dxe">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusOwdQ5sR3wqKFwaqfH2Ps9g">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-IxWRdssWXoRsTzxcTGEuamVZsRg" data-list="bullet">
<div>- Sui started&nbsp;<a rel="nofollow" href="https://x.com/SuiNetwork/status/1816536057254658373">Mysticeti</a> rollout in upcoming weeks, potentially reducing consensus time by 80% to reach sub-second finality.</div>
</li>
<li class="ace-line ace-line old-record-id-HrlUdy2G9oIF1yxVruXutyzLsLg" data-list="bullet">
<div>- GMX passed the proposal to switch &ldquo;Buyback ETH and Distribute ETH&rdquo; model to&nbsp;<a rel="nofollow" href="https://snapshot.org/#/gmx.eth/proposal/0x050a7a3a4490642fa545b1ea0b8612f23e69b9c6c81983bfd235ea62461d8fe2">&ldquo;Buyback GMX and Distribute GMX&rdquo;</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-ZNTNdNfiIoLvSgxT8gcuYggKsYc" data-list="bullet">
<div>- pStake Finance is launching&nbsp;<a rel="nofollow" href="https://x.com/pStakeFinance/status/1816450893379997934">Babylon's Bitcoin liquid staking</a> on July 29th with a 50 BTC cap.</div>
</li>
<li class="ace-line ace-line old-record-id-VMPSdXtLioluQSxwB0TucQXJswf" data-list="bullet">
<div>- Elixir, the orderbook liquidity layer for Bluefin, Hyperliquid, Orderly and more, is expected to have major announcements on July 31st.</div>
</li>
<li class="ace-line ace-line old-record-id-YrS8dQdNsoI7maxdOjTuGbOisPb" data-list="bullet">
<div>- Arbitrum's voting for&nbsp;<a rel="nofollow" href="https://snapshot.org/#/arbitrumfoundation.eth/proposal/0xd6138aaca39742a1a56f3219a74a4258e0786aa5494cdfbe752f23277c1b947f">Expansion Program</a>, which allows projects to deploy Orbit chain on any chain. The voting will end on August 1st.</div>
</li>
<li class="ace-line ace-line old-record-id-VPgQdLks1obEKrx8dKJuVAK8sDh" data-list="bullet">
<div>- Jupiter will conduct its 30% token supply reduction&nbsp;<a rel="nofollow" href="https://vote.jup.ag/">voting</a> on August 1st.</div>
</li>
<li class="ace-line ace-line old-record-id-Bix8dBlTdoTIZLxwRcauzl7us6e" data-list="bullet">
<div>- Thorchain is expected to launch&nbsp;<a rel="nofollow" href="https://dev.thorchain.org/concepts/rune-pool.html">RUNEPool</a> this week, where deposited RUNE is redistributed across all Protocol Owned Liquidity-enabled pools, earning aggregated yield from all the pools.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusqjFIWNYSKQvQc4aQR7wJkx" data-list="bullet">
<div>- Aave proposed to activate the&nbsp;<a rel="nofollow" href="https://governance.aave.com/t/temp-check-aavenomics-update/18379">fee switch</a> by using the excess revenue to buyback AAVE and distribute it to AAVE staker. The proposer also stated potential restaking of AAVE, sourcing revenues from third-party protocol.</div>
</li>
<li class="ace-line ace-line old-record-id-AmXZdjZuLojui9xghp4uI9kRsWa" data-list="bullet">
<div>- Drift Protocol, a perpetual DEX in Solana, announced it will launch prediction markets very soon. Polymarket, the popular crypto prediction market, has more than&nbsp;<a rel="nofollow" href="https://dune.com/queries/2683517/4462782">$340 million</a> volume traded in July.</div>
</li>
<li class="ace-line ace-line old-record-id-KKRDdeIxWoLzVMxuL1iuMLtasIb" data-list="bullet">
<div>- Compound passed a suggested&nbsp;<a rel="nofollow" href="https://compound.finance/governance/proposals/289">governance attack</a> proposal to grant 500,000 COMP to Golden Boys' goldCOMP DeFi vault.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusGEnYful06kZfEOC0E3R7Lh">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus6Yk0GSHMDhVp9eq10pz19f">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-Us79dbtGHou7prxZNncurtyvsmd" data-list="bullet">
<div>- AltLayer announced a 6-month vesting pause until January 25th, 2025.</div>
</li>
<li class="ace-line ace-line old-record-id-E8apdvfyFoehEgxBd8JuUoZGsCr" data-list="bullet">
<div>- OP token unlocked on July 31st, amount representing 2.79% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-GY18dPVcHoLR2cxXdHtuPUPvsRb" data-list="bullet">
<div>- DYDX token unlocked on August 1st, amount representing 3.65% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-DMXTd3BNroVDWsxUDQ2uQBhxsAb" data-list="bullet">
<div>- ZETA token unlocked on August 1st, amount representing 18.95% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-VGCMdBjEyoyomyxvgUjuRNLZssh" data-list="bullet">
<div>- W token unlocked on August 3rd, amount representing 33.33% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-X7xRdRNAVoGzeMxuvuFuFWEjscd" data-list="bullet">
<div>- MODE token unlocked on August 5th, amount representing 14.25% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-SyQbdnKjJoPP98xSyLBumpZqsmh" data-list="bullet">
<div>- IMX token unlocked on August 9th, amount representing 2.11% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-UbaHduVQBoQdaIxCOisuZhUmsxc" data-list="bullet">
<div>- IO token unlocked on August 11th, amount representing 2.22% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-FKNYdJswHop84kxUdAfuzIQLswh" data-list="bullet">
<div>- APT token unlocked on August 12th, amount representing 2.41% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
</div>




Headline News



- Ethereum spot ETFs launched last week with an average of $1 billion daily trading volume. However,

Weekly Market Insight: July Week 5 

<div data-page-id="Jy7EdQo8OoNVzbx8O6Xu8CT1suf" data-docx-has-block-data="false">
<div class="ace-line ace-line old-record-id-doxusOuHuCffiEjIjbXLnDllW0b">
<div>
<h2 class="heading-2"><strong>Headline News</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusj4dYvB9H9rtJwlCjKJexOe" data-list="bullet">
<div>- The market's reaction to the attempted assassination of Donald Trump has led to an increased belief in his chances of winning the 2024 U.S. election. Despite&nbsp;<a rel="nofollow" href="https://polymarket.com/event/presidential-election-winner-2024?tid=1721573788816">Polymarket</a> currently prices Trump's victory at 64%, institutional polls from sources like <a rel="nofollow" href="https://projects.fivethirtyeight.com/polls/president-general/2024/national/">FiveThirtyEight</a>, <a rel="nofollow" href="https://www.economist.com/interactive/us-2024-election/trump-biden-polls">The Economist</a>, and <a rel="nofollow" href="https://www.ipsos.com/en-us/latest-us-opinion-polls">Ipsos</a> indicate that Trump holds only an average lead of 2.73% over Biden in recent polls. However, these poll results would face significant changes as Biden announced to drop out of the 2024 presidential race on July 22nd at 1:46 AM SGT.</div>
</li>
<li class="ace-line ace-line old-record-id-GqVidDyXqomlsvxt17MuUTcvsNt" data-list="bullet">
<div>- Overall, Bitcoin's price surged by 12%, and Bitcoin ETFs experienced their 10th consecutive day of net inflows, totaling $814.17 million last week.</div>
</li>
<li class="ace-line ace-line old-record-id-QaKEdw1oOoBMyXxwqGkujsbvsIb" data-list="bullet">
<div>- Looking ahead, the Ethereum spot ETF launch is anticipated on July 23rd, and there are rumors that Trump will announce a Bitcoin reserve strategy at the Bitcoin Conference on July 28th at 3 AM SGT.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuswLTEUKVJwQJfFICrXYNBEe">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxus37Yp7kKTU0OmdWdTu7UJpd">
<div>
<h2 class="heading-2"><strong>Macro-Outlook</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusvYyr681tTEJcoymZ3eQBTf" data-list="bullet">
<div>- Retail sales in the US stalled in June from May, matched with market expectations.</div>
</li>
<li class="ace-line ace-line old-record-id-HbCRdJTmjooFJCxaW3kuY7jcskf" data-list="bullet">
<div>- The market estimates 95% probability the rate remains unchanged for the July 31st FOMC meeting. Furthermore, the market expects a 93.9% chance of a 50bps cut and 49.9% chance of a 75bps cut by the end of 2024.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusbautIhN3PcR7hICupGlQj7">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusR3Gw8frmigS0Qq1XmZMNle">
<div>
<h4 class="heading-4"><strong>Upcoming Economic Calendar including,</strong></h4>
<div>
<div class="ace-line ace-line old-record-id-doxusfE3JJBdbxXIqbMum0savcb">&nbsp; - Thursday, July 25th 8:30pm: US Durable Goods Orders in June and Advance Estimate Q2 GDP</div>
<div class="ace-line ace-line old-record-id-FKI2d4wDYoZyZ6xI1gKuan2Zsnd">&nbsp; - Friday, July 26th 8:30pm: US PCE Price Index, Personal Income and Personal Spending in June</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxuskVTtQDDVy3FncYTyTsL5Hb">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusoh3MYDgpj4AC350T6IZREb">
<div>
<h2 class="heading-2"><strong>Weekly-Cryptos-Overview</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusMbhHGWbiTtT3fl7fvDkrVf" data-list="bullet">
<div><a rel="nofollow" href="https://www.theblock.co/post/306457/binance-us-entities-get-judges-sign-off-to-invest-customer-assets-in-us-treasury-bills">- Binance.US</a> received judge approval to invest customers' assets in US Treasury bills.</div>
</li>
<li class="ace-line ace-line old-record-id-GXaldqpMCoipkGxE4rluO88nsee" data-list="bullet">
<div>- Grayscale launched a new&nbsp;<a rel="nofollow" href="https://www.grayscale.com/crypto-products/grayscale-decentralized-ai-fund">Decentralized AI Fund</a>, where NEAR, FIL and RNDR together make up 87% of the fund. The fund has $570K worth of assets under management as of July 19th, 2 days after the announcement.</div>
</li>
<li class="ace-line ace-line old-record-id-Kp6ndQh92olbo7xTTWnuulijsMi" data-list="bullet">
<div>- 21Shares launched&nbsp;<a rel="nofollow" href="https://www.21shares.com/en-uae/product/ainj#how-to-invest">Injective Staking ETP</a>, AINJ. The fund has $133,027 assets under management as of July 19th.</div>
</li>
<li class="ace-line ace-line old-record-id-Bj6bd8a7zootATxv9xnut3NSs6e" data-list="bullet">
<div>- SEC Commissioner Hester Peirce said&nbsp;<a rel="nofollow" href="https://cryptoslate.com/staking-and-in-kind-redemptions-for-crypto-etfs-can-be-reconsidered-says-sec-commissioner/#:~:text=SEC%20Commissioner%20Hester%20Peirce's%20recent,be%20revisited%20in%20the%20future.">staking</a> and in-kind creation/redemption for Ethereum and Bitcoin ETFs are open for reconsideration.</div>
</li>
<li class="ace-line ace-line old-record-id-IVWXdWvbXoFydCx3vWOuTaYbskg" data-list="bullet">
<div>- SEC dropped&nbsp;<a rel="nofollow" href="https://www.coindesk.com/policy/2024/07/12/sec-drops-investigation-of-bitcoin-l2-stacks-builder-hiro-filing-says/">investigation of Stacks</a> and Hiro System according to filing.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxusWsxXGOZdcPzahHiC7Lb8sh">
<div>
<div>&nbsp;</div>
<div>
<h3 class="heading-3 ace-line old-record-id-doxusm58cUswKgG79TYWYs8XTo7">&nbsp;&nbsp;<strong>Layer 1 and Layer 2s</strong></h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusAUPve9uvCNSmMPIqgLfYyq" data-list="bullet">
<div>- TON Foundation introduced store for&nbsp;<a rel="nofollow" href="https://ton.org/en/mini-apps">Mini Apps</a>, supporting seamless app launches, direct advertising, tailored push notification and crypto/fiat payment integration. The foundation also announced the launch of TON <a rel="nofollow" href="https://blog.ton.org/introducing-ton-teleport-bringing-bitcoin-to-ton">Teleport BTC</a>, permissionlessly pegged in BTC onto TON network later this year.</div>
</li>
<li class="ace-line ace-line old-record-id-Bfw5dvZwno4893x6QCjuhLDDsqb" data-list="bullet">
<div>- IOTX introduced&nbsp;<a rel="nofollow" href="https://docs.iotex.io/">2.0</a>, upgrading its L1 blockchain into open Modular Infrastructure for DePIN protocols.</div>
</li>
<li class="ace-line ace-line old-record-id-Aqv2dybWxoUOlkxgqAqullM4sSe" data-list="bullet">
<div>- ZetaChain introduces&nbsp;<a rel="nofollow" href="https://www.zetachain.com/blog/build-for-any-blockchain-with-universal-apps">Gateway and Localnet</a>, enabling protocols built on top of Zetachain to enjoy native connections to any blockchain, including the Bitcoin network.</div>
</li>
<li class="ace-line ace-line old-record-id-Hh7bdhzdao0HaaxcMokuwx6LsEh" data-list="bullet">
<div>- Chromia&nbsp;<a rel="nofollow" href="https://blog.chromia.com/chromia-mvp-mainnet-is-live/">Mainnet</a> is live. The network is powered by CHR token and enabling dapps such as blockchain games to be deployed with real-time indexing, gasless transactions and efficient on-chain data management.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-WuIJdzxG5oht3pxIjVQupWFdssh">&nbsp;</div>
<h3 class="heading-3 ace-line old-record-id-doxusIaVd4fy0901l99l2o8ULHe">&nbsp;&nbsp;Dapps</h3>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-doxusYgqESyHIUHF1WoSA4WHlmc" data-list="bullet">
<div>- Chainlink has launched the&nbsp;<a rel="nofollow" href="https://blog.chain.link/chainlink-digital-assets-sandbox/">Digital Assets Sandbox</a> (DAS) to onboard institutional investors with initial focus on tokenised bond workflows including issuance, auction, primary market allocation on atomic DvP basis, CLOB, OTC trading, settlement, custody and more.</div>
</li>
<li class="ace-line ace-line old-record-id-SxvMdUTvToIntqxEdHVuZRgRsEb" data-list="bullet">
<div>- Uniswap Labs launched its wallet&nbsp;<a rel="nofollow" href="https://x.com/Uniswap/status/1813212643139711384">browser extension</a> to the public, featuring a sidebar interface and a better swapping experience.</div>
</li>
<li class="ace-line ace-line old-record-id-Mkkhd22s7ofjPbxf8CxudIO4spd" data-list="bullet">
<div>- Sanctum had launched its CLOUD token with a FDV of $303 million. The team also highlighted the project&nbsp;<a rel="nofollow" href="https://x.com/soleconomist/status/1812837139106890073">roadmap</a> to be the launchpad for businesses and protocols, which users enjoy certain protocol benefits or gated content via staking. The team also plans to launch Sanctum Pay, a debit card together with Basedapp.</div>
</li>
<li class="ace-line ace-line old-record-id-PteIdUQH6oSBtwxR5Pcugbm9sSd" data-list="bullet">
<div>- Cetus, the largest DEX in Sui Network based on TVL, introduced&nbsp;<a rel="nofollow" href="https://medium.com/@CetusProtocol/introducing-cetus-plus-revolutionizing-swaps-on-the-sui-network-0131f279cfc1">Cetus Plus</a>, its new swap aggregator.</div>
</li>
</ul>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxushDHDgCtOB2sOaeW7cjbzod">&nbsp;</div>
<div class="ace-line ace-line old-record-id-doxusTdEXrMLW27VGfQrB8oWmQc">
<div>
<h2 class="heading-2"><strong>Upcoming Alpha and Governance</strong></h2>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-RByadxFECoGVOux3m9au8NIEswh" data-list="bullet">
<div>- Avail&nbsp;<a rel="nofollow" href="https://x.com/AvailProject/status/1814272342563950644">mainnet</a> is expected to be launched on July 23rd.</div>
</li>
<li class="ace-line ace-line old-record-id-doxusxUF6KskUjFAlE1iLe9kmte" data-list="bullet">
<div>- Illuvium is expected to officially&nbsp;<a rel="nofollow" href="https://illuvium.io/news/illuvium-official-launch-date">launch</a> the Illuvium Universe on July 25th.</div>
</li>
<li class="ace-line ace-line old-record-id-MFYBdm59JoLolxxyye5uHcZXsob" data-list="bullet">
<div>- Ripple is expected to announce a settlement deal with SEC this week, according to&nbsp;<a rel="nofollow" href="https://origin.www.bloomberg.com/news/articles/2024-07-17/settlement-speculation-pushes-xrp-to-forefront-of-crypto-rally">Bloomberg</a>.</div>
</li>
<li class="ace-line ace-line old-record-id-HQP5derxwoLCE2x3cAPuKSLusHf" data-list="bullet">
<div>- Polygon announced&nbsp;<a rel="nofollow" href="https://polygon.technology/blog/save-the-date-matic-pol-migration-coming-september-4th-everything-you-need-to-know">MATIC to POL</a> token migration will happen on September 4th, replacing as the Polygon PoS gas and staking token.</div>
</li>
<li class="ace-line ace-line old-record-id-YWC5d99HfonWMax3zssuO0DQs6b" data-list="bullet">
<div>- Theta announced the release of&nbsp;<a rel="nofollow" href="https://medium.com/theta-network/edgecloud-for-mobile-unleashing-ai-computing-on-3-9-billion-android-devices-7f07f02637f9">Theta Edge Node for Android</a> devices on September 15th, which consists of video object detection AI models and provides mobile computation for TFUEL as rewards.</div>
</li>
<li class="ace-line ace-line old-record-id-QJKQd81JDojeBJxEyIFuu5WhsNc" data-list="bullet">
<div>- ApeCoin DAO proposed opening an Ape theme hotel in Bangkok. ApeCoin DAO will obtain 50% of the room revenue within one year, and the current&nbsp;<a rel="nofollow" href="https://snapshot.org/#/apecoin.eth/proposal/0x6747c1e678671befb802c38277043a9c2aaa285ce13fbc3d45a9583a4495acf8">voting</a> approval rate is 89%.</div>
</li>
<li class="ace-line ace-line old-record-id-Wyp1dtUWco6RtyxFKZrurdkysDd" data-list="bullet">
<div>- MakerDAO&nbsp;<a rel="nofollow" href="https://forum.makerdao.com/t/newgovtoken-activation-new-feature-and-other-changes/24688">proposed</a> activating NewGovToken, where 1 MKR for 24,000 NewGovToken. NewGovToken will receive 15% of SPK token emission or 10% of total protocol stablecoin surplus in its Sealed Activation or LockStaking.</div>
</li>
<li class="ace-line ace-line old-record-id-KI53doPZooYkbXxj1wzuSOdns9e" data-list="bullet">
<div>- Worldcoin&nbsp;<a rel="nofollow" href="https://worldcoin.org/blog/announcements/extended-lock-up-for-tfh-team-and-investors">announced</a> the 80% unlocking schedule for TFH investors and team members will be extended from 3 years to 5 years by lowering 40% of the daily unlocking.</div>
</li>
</ul>
<div class="ace-line ace-line old-record-id-doxusWPHUfudcAh8T8g2u7uvyod">&nbsp;</div>
</div>
</div>
</div>
<div class="ace-line ace-line old-record-id-doxus2SEp4VC9yQQg2KMNgrLz9d">
<div>
<h3 class="heading-3"><strong>Token Unlock</strong></h3>
<div>
<ul class="list-bullet1">
<li class="ace-line ace-line old-record-id-CLAudPtV0o2VNAx4h4JuiKyes1c" data-list="bullet">
<div>- ALT token unlocked on July 25th, amount representing 42.08% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-P3q2dtNsmovvV8xtZTKuC7N5sDh" data-list="bullet">
<div>- OP token unlocked on July 31st, amount representing 2.79% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-AoZMdlbgHolPSqx2xnlumuxOs9X" data-list="bullet">
<div>- DYDX token unlocked on August 1st, amount representing 3.65% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-I2UedIOLqoGnosxFI9muD55bsIo" data-list="bullet">
<div>- ZETA token unlocked on August 1st, amount representing 18.95% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-TbCedbglAoPLM3xoYNxu5CQnsyf" data-list="bullet">
<div>- W token unlocked on August 3rd, amount representing 33.33% of the token supply.</div>
</li>
<li class="ace-line ace-line old-record-id-WkPsdMiVSoLEcxxo9R1ukIgxsQA" data-list="bullet">
<div>- MODE token unlocked on August 5th, amount representing 14.25% of the token supply.</div>
</li>
</ul>
</div>
</div>
</div>
</div>




Headline News



- The market's reaction to the attempted assassination of Donald Trump has led to an increased belie

Weekly Market Insight: July week 4 

 Gain real-time cryptocurrency & Web3 market analysis and insights from ChainUp for informed decisions. Stay ahead with actionable market updates