Headlines
Swap markets remain stable as Fed expected to cut rates by 100 basis points this year
The swaps market remained stable following the release of the U.S. PPI data, with expectations for a total of 100 basis points of rate cuts from the Federal Reserve this year.
Market News: Grayscale to Launch First US XRP Trust Fund
According to market news, Grayscale will launch the first US XRP Trust Fund, paving the way for the launch of a potential XRP ETF in the future. It is reported that the potential XRP Trust Fund will be a so-called "closed-end" fund designed to provide qualified investors with direct investment opportunities in XRP.
U.S. PPI monthly rate in August was 0.2%, expected to be 0.10%, and the previous value was revised to 0%
The monthly rate of PPI in the United States in August was 0.2%, which was expected to be 0.10%, and the previous value was revised from 0.10% to 0%. The annual rate of PPI in the United States in August was 1.7%, which was expected to be 1.8%, and the previous value was revised from 2.20% to 2.1%.
Industry News
The number of initial jobless claims in the United States for the week ending September 7 was 230,000, which was expected to be 230,000. The previous value was revised to 228,000.
The number of initial jobless claims in the United States for the week ending September 7 was 230,000, in line with expectations for 230,000. The previous value was revised from 227,000 to 228,000.
Binance Launchpool and Super Earn Coin launch HMSTR project
According to the official announcement, Binance Launchpool has launched the 58th project - Hamster Kombat (HMSTR), a cryptocurrency exchange CEO simulator P2E game built on the Telegram applet platform. Users can put BNB and FDUSD into the HMSTR reward pool on the Launchpool website after 08:00 on September 19, 2024 (Eastern Time 8) to receive HMSTR rewards. The HMSTR activity will last for a total of 7 days. The website is expected to be updated within about 24 hours of this announcement before the event opens.
Capital Economics: PPI is expected to keep the Fed in a moderately accommodative stance, and the threshold for a substantial rate cut is high
In a report on the August PPI, Paul Ashworth, an analyst at Capital Economics, noted that the latest U.S. inflation data provides impetus for the Federal Reserve to start cutting interest rates next week. As expected, the PPI rose 0.2% month-on-month last month, while the pace of growth in July was revised downward. The core index was 0.3%, which was higher than expected. Ashworth estimated that together with yesterday's CPI data, the PPI data "suggests a modest increase in the Fed's preferred core PCE rate of 0.14% month-on-month," with the report due on September 27. The Fed is expected to cut interest rates by at least 25 basis points next week, and Ashworth added that the bar for the Fed to cut interest rates more significantly remains high.
eToro agrees to pay $1.5 million to settle with the U.S. SEC and plans to stop most crypto asset trading activities
The U.S. Securities and Exchange Commission announced today that eToro USA LLC has agreed to pay $1.5 million to settle charges that it facilitated the buying and selling of certain crypto assets that are securities. eToro has agreed to cease violating applicable federal securities laws and will only offer a limited number of crypto assets for trading. eToro said that moving forward, pursuant to the SEC’s order in this matter, the crypto assets that U.S. customers can trade on the company’s platform will be Bitcoin, Bitcoin Cash, and Ethereum, and that it will offer its customers the ability to sell all other crypto assets within 180 days of the issuance of the SEC’s order.
Taylor Swift expressed her support for Harris the next day, and more than 330,000 people visited the voter registration website link attached to it
According to ABC, the U.S. General Services Administration said that the day after American music queen Taylor Swift expressed her support for U.S. Vice President Harris, more than 330,000 people visited the voter registration website link she attached.
Project News
Trump: World Liberty Financial will be officially launched on September 16
Trump announced on X that his family's cryptocurrency project World Liberty Financial will be officially launched on September 16. The project aims to "embrace the future of cryptocurrency" and eliminate "slow, outdated large banks."
BA Labs proposes that Sky gradually vote to divest wBTC collateral asset exposure
According to a governance post on Thursday, MakerDAO rebranded Sky will vote to completely remove wBTC from its ecosystem, which could be a major development for DeFi as the platform has $200 million in wBTC collateralized loans. On Thursday, BA Labs proposed to gradually divest all wBTC collateral exposure in five steps, with the first step starting on September 26. Each step will be voted on. "We found that legal due diligence could not provide sufficient assurance," BA Labs said in its proposal. If the proposal passes, BA Labs proposes to add alternative products to the platform. According to the BA Labs article, there is currently about $73 million worth of wBTC collateralized loans on Sky's lending platform SparkLend, and about $127 million of debt collateralized by wBTC in Sky's legacy vault.
ZKsync launches on-chain governance system
ZKsync has launched an on-chain governance system designed around the principles of separation of powers and checks and balances. By design, no person or entity has the power to change the ZKsync protocol. All changes to the protocol must be approved by three independent bodies that exercise independent judgment and control over their decisions: the token holder community, the Security Committee, and value-aligned regulators to ensure that proposals are implemented, including: - The Token Holder Assembly allows token holders and representatives to submit and vote on protocol upgrades directly on the chain; - The Security Committee is composed of technical experts who are responsible for reviewing and approving protocol upgrades and have the power to freeze the protocol in an emergency; - Guardians ensure that governance proposals are in line with the values of the ZK Creed. The governance system supports three types of proposals: ZKsync Improvement Proposals (ZIPs), Token Program Proposals (TPPs), and Governance Advisory Proposals (GAPs).
Arbitrum launches vote to change ranking strategy, auctioning off transaction priority
Arbitrum initiated a vote, and Arbitrum One and Nova plan to adopt a new transaction sorting strategy called Timeboost, which provides traders with a fast track through auctions to obtain transaction priority, thereby capturing arbitrage and back-running trading opportunities. Timeboost aims to reduce the negative impact of MEV searcher racing behavior, while returning the benefits of the transaction sorting market to ArbitrumDAO, and traders can choose to collect bids in ETH or ARB. The proposal also proposes two main ways to handle revenue: transfer ETH income to the DAO treasury, or destroy ARB income. If the proposal is passed, it will be tested on the public test network, and currently 57.7% of voters support transferring the collected ETH to the DAO treasury.
MakerDAO rebrands Sky feature to launch on September 18
MakerDAO rebranded Sky and published a post on X stating that the Sky function will be launched on September 18, and users are welcome to participate in the Sky Launch Party.
