Headlines
▌Musk and other celebrities expressed support for Telegram founder
Well-known figures expressed their support for Telegram founder and CEO Pavel Durov, including American journalist Tucker Carlson and Elon Musk, owner of the X platform. In addition, Franklin Bi, general partner of venture capital fund Pantera Capital, also posted a short message "#FreePavel".
DOGS: We support Pavel Durov
The DOGS community posted on Telegram: "We support Pavel Durov, privacy and truth, which are especially important at this moment." Earlier today, TON issued a statement on the "arrest of Telegram founder" saying that it will continue to operate in full and firmly support Pavel Durov.
Quotes
As of press time, according to Coingecko data:
BTC's latest transaction price is $64,176.26, with a daily change of +0.3%;
The latest transaction price of ETH is 2,759.59 yuan, with a daily change of -0.1%;
BNB's latest transaction price is $579.47, with a daily change of -2.0%;
SOL's latest trading price is $159.20, with a daily change of +3.7%;
DOGE’s latest trading price is $0.1117, with a daily change of -1.4%;
XPR recently traded at $0.61, with a daily change of +0.1%.
policy
▌FTX restructuring plan opposed by US trustee and some creditors
The latest documents in the FTX bankruptcy case show that the U.S. trustee and some creditors have objected to FTX's revised reorganization plan. U.S. Trustee Andrew R. Vara pointed out the ten major flaws of the plan, mainly involving the overly broad scope of legal exemptions, unequal compensation for creditors, and refusal to bear the costs related to data breaches. Vara particularly emphasized that customers in the "convenience" category will receive a lower compensation ratio simply because their claims are smaller. At the same time, Sunil Kavuri, the representative of the largest FTX creditor group, also filed a complaint, questioning the plan's exemption clauses as being too broad and calling for the establishment of a physical repayment mechanism to avoid taxable events for creditors. Currently, the confirmation hearing is scheduled for October 7, Beijing time, and no other objections are expected to be submitted. These objections may have a significant impact on FTX's reorganization process.
Blockchain Applications
Curvance, a modular protocol for optimizing liquidity management, is launched on the public testnet
Curvance, a modular protocol designed to optimize liquidity management, has launched its public testnet on Ethereum’s Sepolia, Arbitrum’s Sepolia, and Berachain’s bArtio V2. The team said: “The public testnet is the last chance to submit feedback and, most importantly, earn some Bytes. Public testers in the Curvance testnet can collect up to 300 Bytes.”
Cryptocurrency
▌TON fell below $6, down 12.3% in 24 hours
The market shows that TON fell below $6 and is now trading at $5.88, with a 24-hour drop of 12.3%. The market is volatile, so please do a good job of risk control.
▌TON issued a statement on the arrest of Telegram CEO: TON will continue to operate in full
TON issued a statement regarding the arrest of Telegram CEO, "asking everyone that the TON community remains strong and fully operational." As a community committed to free speech and decentralization, we stand firmly with Pavel during this challenging time. Pavel has been a loyal advocate for these values, and we believe his efforts to promote an open and decentralized internet will continue to inspire millions of people. The TON community remains focused on our mission, and we will continue to work to uphold these principles around the world. We encourage everyone to remain calm, united, and continue to build as we navigate this situation together. Thank you for your continued support.
▌More than $35 million worth of ETH was transferred from an unknown wallet to Coinbase
According to the on-chain data tracking service Whale Alert, 12,573 ETH were transferred from an unknown wallet to Coinbase at around 1:46 am Beijing time today, worth US$35,292,726.
▌The TON network has currently staked nearly 650 million TON, accounting for 25.69% of the circulating supply
According to tonscan data, the TON network currently has 649.4 million TONs staked, accounting for 25.69% of the circulating supply (2.527 billion). In addition, the current stake APY is 4.4%, and the network has a total of 391 verification nodes.
▌The total market value of stablecoins fell by 0.98% in the past week
DefiLlama data shows that the total market value of stablecoins has dropped by 0.98% in the past week and is now reported at US$169.699 billion. Among them, the total market value of USDT is , with a market share of 69.82%.
▌WETH, SD, and ETHFI are at the top of Smart Money 24-hour inflow list
Nansen data shows that Smart Money's 24-hour Ethereum network capital inflow tracking list is as follows: WETH: approximately US$798,000, currently trading at US$2,753.01, down 0.4% in 24 hours; SD: approximately US$164,000, currently trading at US$0.5471, up 2.6% in 24 hours; ETHFI: approximately US$160,000, currently trading at US$1.71, up 3% in 24 hours.
Important economic developments
▌Jackson Hole Annual Meeting Report: Inflation may have a greater impact on the market after interest rate hikes
According to a report by Golden Ten, Michael Bauer, Carolin Pflueger, and Adi Sunderam published a report at the Jackson Hole Annual Conference saying that it was after the Federal Reserve started its interest rate hike cycle in 2022 that the bond market became more sensitive to inflation data. This means that the public does not understand the FOMC's (monetary policy) strategy before raising interest rates. “Consistent with shifts in perceived policy responses, event studies show that interest rates are significantly more sensitive to surprises in inflation data after a rate hike. The increase in perceived inflation responses may aid the transmission of monetary policy to the real economy, and improves the Fed’s inflation-unemployment trade-off,”
▌CICC: The Fed shifted its focus from prices to employment and basically declared victory in the fight against inflation
According to Jinshi Data, CICC commented on the speech of Fed Chairman Powell at Jackson Hole: 1. It is basically clear that the September rate cut is a done deal, which is in line with expectations. CME interest rate futures include a 76% probability of a 25bp rate cut in September and a 24% probability of a 50bp rate cut. 2. The Fed shifted its focus from prices to employment, and basically announced victory in the fight against inflation (saying that inflation expectations have been well anchored), and assessed the job market as no longer overheated, balanced, and with rising risks. 3. It did not mention how much the interest rate would be cut in the future, and it still depends on the data. A 50bp rate cut is not realistic at present, at least it depends on the non-farm data next month. Powell also does not think that the rise in unemployment is a deterioration in the job market, and believes that it is mainly due to more people entering the labor market and slowing recruitment. The attitude towards the job market is: observation and vigilance.
Golden Encyclopedia
What is Delegated Proof of Stake (DPoS)?
DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the concept of DPoS in 2014 as an enhancement of the traditional PoS consensus mechanism, designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. Eos, in particular, used the consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to raise your risk awareness.
