5 July 2024

Macro/TradFi

  • The Supreme Court has overturned the Chevron doctrine, which required courts to defer to federal agencies like the SEC on ambiguous laws. Now, agencies must tread carefully in extending their regulatory reach without clear legal backing, especially in emerging fields like crypto and AI. Experts see this as a win for the crypto industry, but it could also slow down progress on crypto and stablecoin regulation.

  • Digital assets firm 21Shares has filed for regulatory approval to launch an ETF tied to Solana's (SOL) spot price, hot on the heels of VanEck's similar filing just a day earlier.

  • Eric Balchunas, a senior Bloomberg ETF analyst, notes that Bitcoin ETFs are seeing strong net positive flows despite the broader crypto market decline. This resilience highlights sustained investor confidence in Bitcoin ETFs amid market turbulence.

  • Polymarket odds of President Biden withdrawing from the race have hit a record 55%, following former President Obama's private concerns about Biden's campaign and debate performance.

Crypto

L1/L2:

  • The Starknet Foundation announced an additional 50 million STRK to its DeFi Spring program, following a successful initial 40 million STRK allocation. The total now stands at 90 million STRK.

  • Telegram founder Pavel Durov predicted that the TON blockchain could onboard hundreds of millions to Web3, driven by the viral success of Hamster Kombat and its upcoming token launch. Since its March 2024 debut, the game has attracted over 200 million players, with 4-5 million new users joining daily, making it one of the fastest-growing digital services worldwide.

DeFi:

  • Pendle, a DeFi protocol, saw withdrawals of nearly $3 billion in user deposits since last Wednesday as several markets expired, dropping deposits to just over $3.7 billion. The markets for Ether.Fi’s eETH, Renzo’s ezETH, Puffer's pufETH, Kelp’s rsETH, and Swell’s rswETH ended in what Pendle called "the big June 27 maturity."

  • MakerDAO, a decentralized organization on the Ethereum blockchain, hit a record-breaking $85 million in revenue for Q2, marking its highest earnings ever.

Stablecoins:

  • The Bahamas aims to accelerate the adoption of its CBDC, the "Sand Dollar," by integrating it into commercial banks within two years. Central Bank Governor John Rolle announced plans to implement necessary regulations and ensure all commercial banks offer CBDC access to their clients.

  • Tether has joined forces with Web3 shopping infrastructure company UQUID to boost USDT adoption in everyday transactions. This partnership lets Filipinos pay their Social Security System (SSS) contributions using USDT on the TON blockchain, enhancing the stablecoin's presence in financial services.

  • Paxos Digital Singapore Pte. LTD. has gained approval from Singapore’s central bank to offer digital payment token services. This clearance allows Paxos to issue stablecoins compliant with local regulations, marking a key expansion in its global operations.

  • Circle is the first stablecoin issuer to meet MiCA regulations, now registered as an electronic money institution (EMI) by France’s banking regulator, and permitted to issue USDC and EURC stablecoins in the EU.

NFT:

  • The NFT market experienced a sharp 45% drop in trading volumes in Q2 2024 compared to Q1, marking a significant downturn.

  • Ethereum's Layer 2 network, Linea, has launched 'Culture SZN,' a free NFT minting event running from July 1 to August 1. The five-week event features four regular stages and one special stage, allowing users to mint NFTs weekly.

Others:

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