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Risk assets are likely to rally if the monthly US jobs report due Friday is within the range of expectations, according to Bank of America Corp. strategist Michael Hartnett.
https://www.bloomberg.com/news/articles/2024-10-04/bofa-s-hartnett-sees-risk-on-rally-if-jobs-data-is-as-expected
💧Current state of the market in our weekly overview
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Spot ETF Flow on 3.10: BTC-ETF -$54.13M, ETH-ETF -$3.2M
https://sosovalue.com/assets/etf/us-btc-spot
CFTC considers using tokenized shares of money-market funds traded as collateral by the end of the year
https://www.coindesk.com/policy/2024/10/03/cftc-subcommittee-sends-up-recommendations-for-letting-firms-use-tokenized-shares-as-collateral-bloomberg/
https://www.bloomberg.com/news/articles/2024-10-02/use-of-blackrock-tokens-as-collateral-moves-closer-to-mainstream
The crypto market is neutral
BTC Dominance - 56.56%
Market Cap - $2.13T
BTC - $60,960 (-0.71%)
ETH - $2,366.93 (-1.27%)
BNB - $546.7 (-0.54%)
SOL - $137.32 (-3.65%)
INJ - $19.13 (-5.95%)
TON - $5.33 (+0.45%)
EIGEN - $3.48 (1.99%)
SUI - $1.64 (-15.10%)
APT - $8.25 (+0.58%)
https://dropstab.com
Sonic Labs is planning a ~200 million S airdrop
Deflationary Mechanism Explained
As part of the initial distribution, recipients receive 25% of their allocated S tokens immediately upon the airdrop claim date. The remaining 75% is locked in a vesting schedule over 9 months in the form of ERC-1155 tokens (fungible NFTs).
If a user decides to claim their vested tokens before their full maturation period, a portion of these tokens is burned. The burn rate decreases linearly over the 9 months. The earlier the claim, the higher the percentage of tokens burned.
Benefits of the Deflationary Airdrop
1. Supply Reduction: As tokens are burned through early claims, the overall supply of S decreases, which can create token scarcity.
2. Incentivized Holding: Users are motivated to hold their tokens until the vesting period ends to avoid burn penalties, promoting long-term investment and stability
3. Active Engagement: The model encourages users to stay active within the network, as increased participation can maximize the utility of their tokens during the vesting period.
4. Speculative Opportunities: The vested tokens are represented as ERC-1155 NFTs, which can be traded on secondary markets. This adds a layer of flexibility and speculative opportunity for users who wish to capitalize on market dynamics without triggering the burn mechanism.
https://blog.soniclabs.com/designing-a-deflationary-airdrop/
Stafi Protocol has introduced its 2024Q4 Roadmap
▫️FIS Tokenomics Update
Its vision is to steadily shift the FIS tokenomics towards a deflationary model that increases the token’s value over time.
▫️ StaFiHub Migration to Neutron: it plans to migrate the StaFiHub appchain to Neutron, which will then enable it to remove the StaFiHub appchain entirely in the future.
▫️Developers will create new modules and pTokens to increase competitiveness.
▫️A buy-and-burn mechanism is discussed to increase the value of tokens through protocol revenues.
▫️StaFi 2.0 includes rebranding and expanded functionality to support contract layer security.
https://medium.com/stafi/2024q4-roadmap-deflation-adoption-and-lsaas-open-as-a-sustainable-platform-11974d71d979
Global bank messaging network SWIFT will trial live transactions of tokenised assets and digital currencies next year.
https://www.reuters.com/technology/swift-trial-live-digital-currency-transactions-next-year-2024-10-03/
Binance will extend the Monitoring Tag to include more tokens, and remove the Seed Tag for selected tokens on 2024-10-03.
The tokens to be added to the Monitoring Tag list are:
- Bluzelle (BLZ)
- CLV (CLV)
- SelfKey (KEY)
- Prosper (PROS)
- VITE (VITE)
The tokens to be removed from the Seed Tag list are:
- Pendle (PENDLE)
- Sei (SEI)
https://www.binance.com/en/support/announcement/binance-will-extend-the-monitoring-tag-to-include-blz-clv-key-pros-vite-and-remove-the-seed-tag-for-pendle-sei-on-2024-10-03-2178333b0324406088737cf07436ba43
Spot ETF Flow on 2.10: BTC-ETF -$91.76M, ETH-ETF +$14.45M
https://sosovalue.com/assets/etf/us-btc-spot
SEC appeals Ripple case ruling, citing conflict with Supreme Court precedent
On July 13, 2023, the same judge ruled that while Ripple’s programmatic sales of XRP did not violate securities laws, direct XRP sales to institutional investors acted as securities.
https://www.theblock.co/post/319246/sec-appeals-ripple-case-ruling-citing-conflict-with-supreme-court-precedent
Puffer snapshot is coming soon
For every 10k ETH deposited, we'll raise the PUFFER community allocation by 0.1%.
70% of the increase goes to new stakers, rest to previous users.
Date: Sat, Oct 5 2024
Times: 12:00 UTC
https://x.com/puffer_finance/status/1841504279518953779
The crypto market correction
BTC Dominance - 56.31%
Market Cap - $2.15T
BTC - $61,126.59 (-1.01%)
ETH - $2,386.5 (-4.17%)
BNB - $546.7 (-1.26%)
SOL - $141.78 (-4.01%)
INJ - $20.19 (-3.85%)
TON - $5.23 (-3.96%)
EIGEN - $3.5 (-13.67%)
SUI - $1.94 (+7.35%)
https://dropstab.com
The second cap of Babylon Bitcoin staking mainnet Phase-1 is scheduled to open on 9 October 2024, around 11:00 UTC, with updated parameters.
▫️Cap-2 will be a duration-based cap that will last 10 BTC blocks, starting from height 864790.
▫️The minimum amount per transaction is still 0.005 bitcoins.
▫️The maximum amount per transaction is increased from 0.05 bitcoins in Cap-1 to 0.5 bitcoins.
▫️The number of points per BTC block will increase from 3125 to 10000.
▫️The unbonding transaction fee for stakes accepted during Cap-2 will be set to 0.00032 bitcoins, which is a 50% reduction compared to Cap-1 stakes.
▫️The 10000 points will be allocated proportionally among all active stakes (from all caps) within that block.
https://babylonlabs.io/blog/babylon-bitcoin-staking-mainnet-launch-phase-1-cap-2
Justin Sun team withdrew 21.66 million USDT from Binance today, which means that the 5.374 million EIGEN airdrops that Justin Sun received yesterday have all been sold at an average price of $4.03.
Previously, the six addresses belonging to Sun received 5.374 million EIGEN the night before, and after EIGEN was open for transfer at noon yesterday, they transferred these tokens to HTX, and then immediately transferred them to Binance.
https://x.com/wublockchain/status/1841439308307366046
Of the 62 airdrops analysed, only 8 had positive returns after 90 days—4 on Ethereum and 4 on Solana. BNB, Starknet, Arbitrum, Merlin, Blast, Mode, and ZkSync had no winners. Solana had a 25% hit rate, and Ethereum 14.8%.
https://keyrock.com/airdrops-in-the-barren-desert/
During the investigation,carried out with an industry-leading team Linea identified 7285 addresses pertaining to sybil farms who were able to bypass the PoH system.
This represents only 0.1% of the total Culture Szn activity.
https://x.com/LineaBuild/status/1841856854181478873
CryptoPunk 1563 sold for a record 24,000 ETH (~$56.3 million)
https://x.com/cryptopunksbot/status/1841924882868707530
An upcoming HBO documentary "Money Electric: The Bitcoin Mystery" aims to reveal the true identity of the pseudonymous creator of Bitcoin, Satoshi Nakamoto.
Nakamoto, the famously anonymous inventor of Bitcoin, apparently vanished in December 2010. Estimates are that if Nakamoto is still around, the Bitcoin creator could control as much as 1.1 million bitcoin, currently worth about $67 billion, at least on paper.
The documentary, entitled "Money Electric: The Bitcoin Mystery" and out next Wednesday, Oct. 9, was created by Cullen Hoback, the director of "Q: Into the Storm," the docu-series that exposed those behind the QAnon conspiracy theory.
https://www.theblock.co/post/319430/new-hbo-documentary-aims-to-reveal-bitcoin-creator-satoshi-nakamotos-true-identity
https://www.politico.eu/article/mystery-creator-bitcoin-identified-new-hbo-documentary-satoshi-nakamoto-crypto-currency/
Binance Labs Invests in Sophon
The amount of the investment was not disclosed.
https://www.binance.com/en/blog/ecosystem/binance-labs-invests-in-sophon-to-accelerate-web3-integration-into-entertainment-gaming-and-ai-applications-3514593157017953750
Grayscale’s has started a new fund which offers exposure to Aave's AAVE token
The asset manager currently offers over 20 different crypto investment products.
https://www.coindesk.com/business/2024/10/03/grayscale-rolls-out-aave-fund/
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Bybit is introducing the ability to trade major indices using USDT. Now, you can now access the China A50 Index Cash CFD (USD), Dow Jones Index Cash CFD (USD), NAS100 Cash, Nikkei Index Cash CFD (JPY), Hang Seng Index Cash CFD (HKD), and more.
https://announcements.bybit.com/article/trade-indices-with-usdt-explore-beyond-gold-and-forex-on-bybit-metatrader-5-bltf72cf5397a941a47/
The SEC has received a proposal to list and trade the Franklin Templeton Bitcoin & Ethereum Crypto Index ETF.
The new ETF, managed by Franklin Templeton, aims to offer investors exposure to both Bitcoin and Ethereum, combining these two major crypto assets in one index fund.
https://cryptobriefing.com/crypto-etf-proposal-sec/
Securities and Exchange Commission Enforcement Director Gurbir S. Grewal is leaving the agency after a three-year tenure.
Sanjay Wadhwa, the division’s deputy director, will step up as temporary acting director and Chief Counsel Sam Waldon will serve as acting deputy director.
As the security watchdog’s top cop, Grewal filed enforcement actions against several of the most prominent U.S.-based crypto companies, including Coinbase, Kraken and Ripple Labs, as well as countless international entities like Binance. Under Grewal’s tenure, the agency authorized more than 100 enforcement actions specifically against crypto firms.
https://www.theblock.co/post/319238/top-sec-enforcement-official-gurbir-s-grewal-steps-down
EigenLayer his been hit by criticism after it was revealed that staking rewards received by early investors are not restricted by token lock-ups.
The situation echoes Celestia's token launch, which was followed by a 75% plunge as investors could sell staking rewards.
EIGEN's total supply is fixed at 1.68 billion and its circulating supply is 186 million. As it stands, there are 130 million EIGEN tokens staked. Many believed these were all a part of the claimed tokens but in fact, 70 million of these tokens belong to this small group of early investors.
https://www.coindesk.com/business/2024/10/02/eigenlayers-token-launch-draws-scrutiny-over-supply-concerns/
OpenAI has completed a deal to raise $6.6 billion in new funding, giving the artificial intelligence company a $157 billion valuation.
The funding round was led by Thrive Capital.
Other investors included Microsoft, Nvidia, SoftBank, Khosla Ventures, Altimeter Capital, Fidelity, and MGX.
https://www.bloomberg.com/news/articles/2024-10-02/openai-has-closed-new-funding-round-raising-over-6-5-billion
The FTX estate is set to auction 22.3 million locked Worldcoin (WLD) tokens, currently valued at around $37.7 million, at a significant discount, three sources with direct knowledge of the matter told The Block.
https://www.theblock.co/post/319198/ftx-estate-worldcoin-wld-token-sale
Franklin Templeton Adds Aptos Blockchain to Support Tokenized Money Market Fund
The $435 million fund is also available on Avalanche, Arbitrum, Stellar and Polygon.
https://www.coindesk.com/business/2024/10/02/franklin-templeton-adds-aptos-blockchain-to-support-tokenized-money-market-fund/
1 billion total transactions are on Injective.
https://x.com/injective/status/1841444174232801542