Macro/TradFi

  • The U.S. Consumer Price Index (“CPI”) rose by 0.2% month-on-month in August, matching analysts’ estimates. This brought the annual inflation rate to 2.5%, a decrease of 0.4% from July and the lowest level since February 2021.

  • The UK government has introduced a new Bill that seeks to recognize digital files, digital records, email accounts, digital carbon credits, cryptoassets, and non-fungible tokens as personal property under British law.

  • State Street Global Advisors and Galaxy Digital have partnered to launch three crypto-focused exchange-traded funds, aimed at providing investment exposure to companies involved in blockchain technology and cryptocurrencies.

  • The North Carolina General Assembly has passed a bill that bans the state from participating in Federal Reserve branch testing of a central bank digital currency.

Crypto

L1/L2:

  • The Sonic blockchain achieved a transaction finality of 720 milliseconds (ms) during its testnet. If this performance is maintained on its mainnet, Sonic could become the fastest blockchain in terms of finality.

  • Stacks, the Bitcoin network’s smart contract layer, reached a new all-time high in smart contract deployment just days before the much-anticipated Nakamoto upgrade is fully activated. Specifically, Stacks achieved a new record with over 1,400 smart contracts deployed in a single month.

  • The total fees generated by the Solana network have dropped to a six-month low, reaching levels not seen since early March. This decline in Solana fees coincides with the waning popularity of Pump.fun.

Stablecoins:

  • Ethereum's on-chain stablecoin volume has hit a record high of $1.46 trillion. This marks a significant increase, more than doubling from $650 billion at the beginning of the year.

  • Stablecoin issuer Paxos is preparing to roll out its products on the Ethereum Layer 2 blockchain, Arbitrum One.

Others:

  • Binance has introduced BNSOL - Binance SOL liquid staking token. BNSOL allows users to continue earning staking rewards while keeping the flexibility to trade, lend, or utilize their assets across various Binance products and external DeFi platforms. 

  • Coinbase has introduced its version of wrapped Bitcoin, launching the cbBTC token on the Ethereum and Base networks starting Thursday.

  • PayPal and Venmo have integrated Ethereum Name Service (ENS) for crypto payments. U.S. users of PayPal and Venmo can now enter ENS names to send crypto.

  • The Web3 social network Friend.Tech has effectively shut down after its developers relinquished control over its smart contracts.

  • Southeast Asia's ride-hailing platform TADA has partnered with the TON Foundation to introduce a new mini app on Telegram which enables users to book rides directly through Telegram and make payments using TON or USDT.

  • Ether.fi, a liquid restaking protocol, is introducing a "crypto-native" credit card that will process transactions on Scroll, an Ethereum Layer 2 scaling network.

  • The United States Federal Bureau of Investigation (“FBI”) Internet Crime Complaint Center has published its 2023 cryptocurrency fraud report, stating that Americans lost $5.6 billion to cryptocurrency fraud, marking a 45% increase from 2022.

  • TRON, Tether, and TRM Labs have collaborated to create the T3 Financial Crime Unit (“T3 FCU”), an initiative aimed at combating illicit activities associated with Tether’s USDT stablecoin on the TRON blockchain.

  • Blockchain analytics company Nansen has acquired StakeWithUs, a staking service provider, as part of its strategy to expand its offerings beyond data provision.

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Binance Research

About Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.

General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.