Headline News
Pearson correlation between BTC and Nasdaq has reached 0.74, the highest since April 2023, while BTC Volatility Index reached all-time-low.
Bitcoin was trading in the range between $25,300 to $26,900 and closed previous week with -0.34%.
SEC will need to make decision on 6 Bitcoin Spot ETF applications, however delay from SEC seems to be inevitable.
Macro-Outlook
Durable goods orders in July was -5.2% lower than expected -4%, the value of core capital goods orders, a proxy for investment in equipment that excludes aircraft and military hardware, increased 0.1% last month after a revised 0.4% decline in June.
Jerome Powell ended the speech in Jackson Hole with expectation of Fed will keep policy tighter for longer period. S&P500 dripped after the speech and closed with 0.67% gain on Friday. Bond yields were steady, 10 year yield decreased 1.8bps last week.
Upcoming Economic Calendar including,
- Tuesday, 29th August 10:00pm: US JOLTs Job Openings in July
- Thursday, 31st August 8:30pm: US PCE Price Index in July
- Friday, 1st September 8:30pm: Unemployment rate and Non Farm Payrolls in August. 10:00pm: ISM Manufacturing PMI in August.
Cryptos-Outlook
Trending Protocols
Layer 1 and Layer 2
- Starknet launched Cairo v2.2.0, set a record high TPS of 126 on 25th August.
- BASE has committed to contribute either 2.5% of Base's total revenue from sequencing or, if it's more, 15% of the profit Base makes from L2 transactions after subtracting the costs of submitting data to L1 to the Optimism Collective. In exchange, BASE will earn up to 2.75% of the OP token supply, to be active governance member and as part of the commitment to decentralisation, BASE voting power at any point is limited to no more than 9% of the total votable supply.
- Solana Pay integrates with Shopify, empowering the millions of entrepreneurs and merchants on Shopify to accept fast, web3 native payments with no transaction fees through the end of 2023.
- BNB bridge exploiter had been liquidated on Venus Protocol for $63M.
- Mantle staked 40K ETH from treasury on Lido.
Dapps
- Numbers of Balancer V2 pools are subjected to potential exploitation, emergency mitigation procedures had been executed, but some funds remain at risk and potentially $900K has been exploited. Link to check your LP and withdraw if necessary: https://app.balancer.fi/#/ethereum/recovery-exit
- Binance Labs invested in Pendle Finance, Pendle launched RWA-related token yield products, which including sDAI by Spark Protocol and fUSDC by Flux Finance, providing products similar to real-world bond, with fixed interest rate from treasury yield.
- Aave is live on BASE, at the same time, GHO minting is temporarily paused to fix an integration issue.
- EigenLayer increased its restaking cap with at least one of the LST pool reached 100K ETH, its TVL had increased from $78M to $237M.
- Farcaster, well-known decentralised social network announced migration to OP mainnet.
- CoW Swap launched TWAP orders type, enabling users to split the trades over time.
- Stader Labs launched rsETH, a liquid restaked ETH token.
Upcoming Alpha: Token Unlock, Governance
- Frax Finance V3 and Lybra Finance V2 is expected to launch soon.
- Aave passed sDAI as a collateral-only asset into Aave V3 Ethereum pool.
- Yearn is voting to launch V3, the snapshot will end at 31st August.
- Chainlink staking V0.2 announced to launch later this year with greater flexibility, improved security guarantees, modular architecture and dynamic reward mechanism.
- DYDX Token Unlocked on 29th August, amount representing 3.77% of the token supply.
- OP Token Unlocked on 30th August, amount representing 3.37% of the token supply.
- 1INCH Token Unlocked on 31st August, amount representing 0.01% of the token supply.
- ACA Token Unlocked on 1st September, amount representing 3.43% of the token supply.
- TORN Token Unlocked on 4th September, amount representing 1.51% of the token supply.
- LQTY Token Unlocked on 5th September, amount representing 0.70% of the token supply.
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