1. The S&P 500 fell 4.25% this week
🐣It recorded the largest single-week drop since March 2023. Non-farm employment data performed weakly. The extent of the Fed's interest rate cut became the focus. U.S. stocks suffered a sharp drop on "Non-farm Day", and Tesla, chip stocks, etc. were affected.
2. ZK Nation: ZKsync governance contract is ready to go live on mainnet
🐒ZK Nation is confident in the integrity and reliability of the governance contract, and completing the testnet phase is critical to the community governance of the ZKsync protocol.
3. Former U.S. Treasury Secretary: Weak employment brings the Fed closer to a 50 basis point rate cut
🙈Summers pointed out that the Federal Reserve may cut interest rates in September, and the cut may be 25 basis points or 50 basis points. It is more important to pay attention to the recent statistical data trend than a single data to determine the extent of the rate cut.
4. USDC Vault destroys another 50 million USDC on the Ethereum chain
🐝USDC is a stablecoin that maintains its peg to the US dollar through destruction and minting. This is the most recent destruction of USDC Treasury, which helps maintain the value of stablecoins and market stability.
5. VanEck will close the Ethereum futures ETF after the launch of the spot ETH fund in July
🪿EFUT manages only US$21 million in assets, which is far lower than the fund size of ETHV. VanEck will liquidate and delist EFUT before September 16.
📝Information provided👇
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