The Federal Reserve lowered interest rates by 25 basis points as expected
The Federal Reserve lowered the benchmark interest rate by 25 basis points to 4.50%-4.75%, marking the second consecutive rate cut, in line with market expectations. This decision was unanimously passed, with the policy statement largely unchanged, continuing to emphasize close monitoring of risks to the dual mandate, but removing the phrase 'more confident that inflation is sustainably moving towards the target.' No explicit signals were given regarding future rate cuts, nor did it comment in any way on the results of the U.S. elections.
Powell: There are no plans to reduce inflation below 2%, will not resign because of Trump
The Federal Reserve's balance sheet has fallen below $7 trillion
MakerDAO voted to maintain its rebranded name 'Sky'
According to The Block, MakerDAO voted to maintain its rebranded name 'Sky', part of founder Rune Christensen's 'Endgame' plan, aimed at launching a new type of stablecoin and establishing 'subDAOs' to build crypto applications and infrastructure. Despite some doubts among members of the community about this decentralized protocol's brand change, only four large entities controlled nearly 80% of the voting power among about 20 voting entities, all supporting the retention of the Sky brand.
As part of the Endgame plan, Sky plans to launch multiple new stablecoins, including the decentralized PureDAI and the regulatory-compliant NewStable, and will be launched on Solana and Ethereum L2 Base. Additionally, the project will integrate Aave, launch the SkyLink cross-chain bridge, and venture into asset tokenization.
Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees
According to the Detroit City Finance Office, Detroit will become the largest city in the U.S. to accept cryptocurrency payments for taxes and other fees, expected to launch this payment option by mid-2025. Through a secure platform provided in partnership with PayPal, Detroit residents will be able to pay municipal fees using cryptocurrency.
According to the 2020 U.S. Census, Detroit has approximately 630,000 residents, making it the 26th largest city in the U.S., while in the 1950s, it was the fourth largest city with a population close to 2 million. Currently, only three states in the U.S. (Colorado, Utah, and Louisiana) allow the use of cryptocurrency for state-level payments. Additionally, while Miami and New York City have shown strong interest in cryptocurrency, they have not opened payment options. Two cities in the U.S. already accept crypto payments: Williston in North Dakota and Miami Lakes in Florida.
The CEO of Canadian crypto company WonderFi was kidnapped and released after paying a $1 million ransom
According to CBC (Canadian Broadcasting Corporation), Dean Skurka, the CEO of Canadian crypto company WonderFi, was kidnapped and released after paying a $1 million ransom. The incident occurred in downtown Toronto, where Skurka was forcibly taken into a vehicle and held captive, later released after paying the ransom electronically. Skurka stated that he is currently safe, and the funds and data of the company's clients were not affected.
The police have launched an investigation but have not disclosed further details. In recent years, executives in the crypto industry have frequently become targets of crime; in July, a Bitcoin holder was kidnapped and killed after being held for ransom, losing three Bitcoins. WonderFi claimed to own nearly half of Canada's regulated cryptocurrency exchanges last year.
Jito Labs achieved $78.92 million in monthly fee revenue in October, surpassing Lido and Uniswap
According to The Block, Jito Labs achieved $78.92 million in monthly fee revenue in October, doubling the previous record of $39.45 million set in May. This growth has allowed Jito Labs to surpass Lido and Uniswap, becoming the leading fee generator in the DeFi space.
Jito Labs saw significant revenue on October 24, with a single-day tip income of $6.14 million, highlighting the growing demand for MEV (Maximum Extractable Value) services on the Solana chain. Jito Labs' success is attributed to its MEV infrastructure, including the Jito-Solana validator client and block engine, which effectively extract value from on-chain trading activities. Additionally, JitoSOL staking tokens further broaden revenue sources, combining staking rewards with MEV extraction profits.
The rise of Jito Labs signifies a potential shift in the fee model of the DeFi space towards MEV optimization, but its sustainability may depend on high trading volumes on Solana, particularly driven by memecoin transactions.
Coinbase: cbBTC has been launched on the Solana blockchain
Coinbase announced that its first SPL token, cbBTC, issued on the Solana chain, is officially launched. cbBTC is a token pegged 1:1 to Bitcoin (BTC), backed by BTC assets held by Coinbase.
Crypto-focused AI company Pond completed a $7.5 million seed round financing, led by Archetype
According to The Block, crypto-focused AI startup Pond raised $7.5 million in its seed round, led by Archetype, with other investors including PAKA, Web3.com Ventures, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors. Pond aims to build a decentralized AI model layer to provide AI support for blockchain.
Pump.fun transferred 78,000 SOL to Kraken 8 hours ago
According to on-chain analyst Yu Jin's monitoring, the price increase has accelerated the selling frequency of pump.fun, which had been selling SOL: they transferred 78,000 SOL ($15.13M) to Kraken 8 hours ago. Pump.fun has so far generated a total fee income of 1.153 million SOL. The total amount sold is 823,400 SOL ($133.81M), with an average price of $162.
Paradigm transferred 6.938 million LDO to Coinbase Prime 2 hours ago
According to on-chain analyst Yu Jin's monitoring, Paradigm transferred 6.938 million LDO to Coinbase Prime 2 hours ago, worth approximately $9.23 million. So far, 15.118 million LDO (approximately $20.52 million) out of the 70 million LDO purchased from the Lido treasury has been transferred to Coinbase Prime, with an average price of $1.36.
