Macro-Outlook
Last week US ISM Services PMI in August was 50.5, 50 bps lower than expectation. Fed’s Beige Book showed slower economic growth in July and August and businesses expect slower wage growth moving forward. US Q2 Non-Farm Productivity revised from 3.7% to 3.5% and Unit Labor Costs revised from 1.6% to 2.2%. Oil price hit highest point since November 2022 and closed at $87 on Friday.
Upcoming Economic Calendar including,
Wednesday, 13th September 8:30pm: US CPI in August
Thursday, 14th September 8:30pm: US PPI and Retail Sales in August
Cryptos-Outlook
Ark filed for Ark 21Shares Ethereum ETF, a spot ETF.
Coinbase launched a new crypto lending service for US institution clients.
US companies that hold or invest in crypto will be required to report their holdings at fair value starting 2025.
Trending Protocols
Layer 1 and Layer 2
Visa expanded stablecoin settlement program to Solana.
Base stopped producing blocks for 45 minutes, a fix had been deployed and network operation had return to normal.
Dapps
Raft v2 is live with expanded collateral options and a fixed 6% R Savings Rate.
Aevo introduced zero bridge fee and zero slippage deposit and withdraw from Arbitrum and Optimism which powered by Socket.
Metamask introduced Sell, which enable users to off-ramp to fiat directly into their bank or Paypal account.
Aave, Centrifuge, Circle, Coinbase, RWA.xyz, Credix, Goldfinch and Base formed the Tokenised Asset Coalition, aim to bring trillion dollars of assets on-chain through RWA tokenisation, education and advocacy.
Synthetix stated v3 development at tail end and audit will be concluded in days in Governance Call. Perps v3 testnet trading competition will take place on Base.
Upcoming Alpha: Token Unlock, Governance
MakerDAO proposed to allocation of $100M to develop and experiment with tokenised treasury products.
Frax Finance proposed yield program sFRAX, allows depositors to earn yield from AMO and RWA strategies.
Mina announced ZK smart contracts upgrade soon.
dYdX proposed a 6 months incentive program of $20M in dYdX tokens for V4 launch.
Arbitrum proposed a short term incentive program of 75M ARB tokens for protocols.
APT Token Unlocked on 12th September, amount representing 1.99% of the token supply.
LDO Token Unlocked on 13th September, amount representing 0.17% of the token supply.
APE Token Unlocked on 17th September, amount representing 11.02% of the token supply.
1INCH Token Unlocked on 22nd September, amount representing 0.01% of the token supply.
dYdX Token Unlocked on 26th September, amount representing 3.72% of the token supply.
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