in short

• Binance expands its Launchpool with HMSTR and CATI, providing new investment avenues for users.

• The RLUSD stablecoin was created by Ripple for institutional investors as part of its strategy to maintain stability and trust.

• TON plans to conduct multiple airdrops in September, including CATS, in an effort to attract digital asset enthusiasts.

This week brought exciting updates in the cryptocurrency space: Binance Launchpool launched HMSTR and CATI, Ripple’s RLUSD may be limited to institutional investors, and important legal developments involving Ripple and the SEC.

Additionally, a compelling debate between presidential candidates on crypto policy and updates from gaming platform Snek.fun provided a broader perspective on the current market environment.

Binance Launchpool welcomes HMSTR and CATI

Binance’s Launchpool platform welcomes Hamster Kombat (HMSTR) and Catizen (CATI), marking Binance’s new additions that provide new staking opportunities for users. On September 12, Binance announced that Hamster Kombat will become the 58th project on its Launchpool.

Hamster Kombat is a click-to-earn game based on the Telegram mini-program platform. It offers a unique gaming experience where players can simulate a cryptocurrency exchange CEO in a competitive battle. The total token supply of Hamster Kombat is 100,000,000,000 HMSTR, of which 3% is allocated to Launchpool token rewards.

Users can stake Binance Coin (BNB) and First Digital USD (FDUSD) to receive HMSTR airdrops over three days starting at 00:00 UTC on September 23, 2024. Binance plans to list HMSTR at 12:00 UTC on September 26, 2024, and open trading for HMSTR/USDT, HMSTR/BNB, HMSTR/FDUSD, and HMSTR/TRY pairs.

Following the HMSTR announcement, Binance revealed on September 13 that Catizen will become the 59th project on its Launchpool. Catizen is a cat-themed gaming bot built on the Telegram mini-program platform.

Since its founding six months ago, Catizen has attracted 34 million players and has over 2 million active on-chain users. The project reports a paying user base of 800,000 and an average revenue of $33 per paying user.

Catizen's total token supply and maximum supply is 1,000,000,000 CATI, of which 9% is allocated to Launchpool token rewards. Users can stake BNB and FDUSD to receive CATI airdrops over four days starting at 00:00 UTC on September 16, 2024. Binance will list CATI on September 20, 2024 at 10:00 UTC, with trading pairs including CATI/USDT, CATI/BNB, CATI/FDUSD, and CATI/TRY.

3 Highly Anticipated Airdrops and TGEs in the TON Ecosystem

The Open Network (TON) has attracted attention for its airdrop plan. TON will hold multiple token generation events (TGEs) and airdrops in September this year.

First, one of TON’s key projects, Catizen, will be listed on major exchanges such as OKX, KuCoin, Bybit, and Gate.io starting September 20. Since its launch six months ago, Catizen has attracted 34 million players, including more than 2 million active participants on the chain, 800,000 paying users, and an average revenue of $33 per paying user.

Next up is Hamster Kombat, another project to watch, which will hold a TGE and airdrop on September 26. Exchanges such as Bitfinex, Bybit, and OKX will list the HMSTR token. However, the community has expressed concerns about the unclear airdrop criteria.

“The community is eager to engage, but the constant introduction of new games and features is causing confusion and overwhelm,” said one X user.

The CATS project also plans to conduct a TGE and airdrop this month, but the specific date has not yet been determined. With more than 20 million users, CATS aims to reward Telegram users based on account age and activity, and all Telegram users are eligible to participate. A dedicated robot will evaluate user statistics to determine token distribution, and additional tokens can be earned through a referral system and small tasks.

RLUSD Stablecoin and Ripple Legal Developments

Ripple CTO David Schwartz confirmed on September 8 that the upcoming RLUSD stablecoin will most likely be sold only to institutional investors. In a social media exchange, Schwartz responded to a suggestion from an XRP user who suggested that RLUSD should be limited to large financial institutions to prevent it from being abused for illegal activities such as money laundering. He compared RLUSD to existing stablecoins such as USDC and USDT, noting that individual investors are generally unable to purchase these stablecoins directly from the issuer.

“It’s probably only going to be directly available to institutions. Can you get USDC from Circle or USDT from Tether? Because I can’t,” Schwartz said.

In another related development, the U.S. Securities and Exchange Commission (SEC) dropped charges against Ripple executives Brad Garlinghouse and Chris Larsen. The action sparked rumors of an appeal, especially because Ripple proposed to deposit 111% of the financial judgment into a bank account, presumably to ensure the case is suspended.

Marc Fagel, a former regional director at the U.S. Securities and Exchange Commission, gave an in-depth analysis of the potential appeal. Rather than arguing whether XRP is a security, he highlighted Ripple’s systematic sales.

“If (the SEC chooses to) appeal, then it will likely be a debate about whether programmatic sales constitute sales of securities,” Fagel explained.

Furthermore, he clarified that the appeals court could address the issue without deciding whether XRP is a security, as it remains a fringe issue. Legal expert Bill Morgan also commented on the case, assuring XRP holders that despite possible legal manipulation, the core ruling — that XRP is not a security — should stand firm.

Cardano’s Network Activity Surges with the Emergence of Meme Coin Launchpad Snek.fun

Cardano founder Charles Hoskinson praised memecoin issuance platform Snek.fun, saying it has significantly increased network activity. On September 6, Snek.fun announced that Cardano’s daily trading volume hit an all-time high. This is the highest 24-hour decentralized exchange (DEX) trading activity in the blockchain’s history.

Snek.fun, launched on September 5, is a meme coin launchpad co-created by SNEK and DEX Splash on Cardano. The platform allows users to create tokens with a fee of 25 ADA.

Once 75% of the token supply has been purchased and the market cap reaches 42,069 ADA, the bonding curve is triggered and 25% of the supply is added to the liquidity pool on Splash DEX. The liquidity provider (LP) tokens are then destroyed to prevent the team from withdrawing liquidity.

Snek.fun initially faced challenges with high user demand and network congestion. However, it was able to quickly optimize the platform. In the first 24 hours, more than 2,000 tokens were created and the trading volume exceeded 5 million ADA.

Regardless of its achievements, some analysts have expressed concerns about the platform’s long-term viability, stressing that it needs to add additional features such as creator royalties and a messaging system to ensure continued success.

Presidential Debate Omits Crypto Discussion, Impacts PolitiFi Token

This week also saw the first presidential debate between Vice President Kamala Harris and former President Donald Trump. Despite the growing anticipation for the debate, many crypto enthusiasts were disappointed when it ended without appearing to mention cryptocurrencies. Instead, the debate focused on topics such as the economy, immigration, and foreign policy.

However, the lack of discussion around cryptocurrencies had an immediate impact on the market. After the debate, the cryptocurrency market reacted strongly, especially affecting politically related meme coins — namely PolitiFi.

BeInCrypto reported that the total market value of PolitiFi memecoins fell 8.7% after the debate. In addition, some Trump-related memecoins also suffered sharp declines. For example, MAGA (TRUMP) fell 10%, while MAGA Hat (MAGA) plummeted 22.5%.

Conversely, Kamala Harris-related memecoin Kamala Harris (KAMA) surged 7.3%.