Headlines
The probability of the Federal Reserve cutting interest rates by 25 basis points in September fell slightly to 55% after the release of ADP and initial claims data.
According to CME's "Fed Watch": The probability of the Fed cutting interest rates by 25 basis points in September is 55.0% (57.0% before the announcement), and the probability of cutting interest rates by 50 basis points is 45.0% (43.0% before the announcement). The probability of the Fed cutting interest rates by 50 basis points by November is 28.9%, the probability of cutting interest rates by 75 basis points is 49.7%, and the probability of cutting interest rates by 100 basis points is 21.3%. (Jinshi)
Binance will launch DOGSUSD COIN-M perpetual contract
According to the official announcement, Binance will launch the DOGSUSDCOIN-M perpetual contract at 10:00 (UTC) on September 10, 2024, supporting up to 20x leverage.
Ethereum Foundation AMA: Ethereum Foundation’s financial reserves can cover 10 years of budget
Justin Drake, a core researcher at the Ethereum Foundation, responded to the question "How long will it take for the Foundation's reserves to run out?" during the 12th AMA of the Ethereum Foundation, saying that the Ethereum Foundation's financial report should be released soon. The Foundation's current annual budget is about $100 million, mainly composed of grants and salaries, and some grant recipients can only accept legal tender. At current prices, the Ethereum Foundation's main Ethereum wallet holds about $650 million worth of ETH. Previously, due to regulatory reasons, sales were temporarily stopped, so the reserve funds were not replenished until recently. Roughly estimated, the Ethereum Foundation's reserves can cover a 10-year budget, but the amount of reserve funds is greatly affected by ETH price fluctuations.
Industry News
Forvis Mazars: No urgency for the Fed to cut rates by 50 basis points
George Lagarias, chief economist at Forvis Mazars, told CNBC on Thursday that while no one can guarantee the size of the Fed's rate cut at its upcoming meeting, he is "firmly" in the camp calling for a 25 basis point cut. "I don't think there's an urgency to cut by 50 basis points," Lagarias said. "A 50 basis point cut could send the wrong message to the market and the economy. And as we all know, a recession can be a self-fulfilling prophecy, so if they do that without a particular reason, it would be very dangerous. Unless something happens to unsettle the market, there's no need to cause panic." (Jinshi)
The number of new jobs in the "small non-agricultural" was the smallest since 2021, and the market expects policymakers to start cutting interest rates this month
U.S. companies added the fewest jobs since early 2021 last month, further evidence that the labor market is shifting to slower growth. Private sector payrolls added 99,000 jobs in August, ADP data showed, with the previous month's gain revised down. The latest data fell short of all expectations. "After two years of sharp growth, the downward trend in the job market has kept hiring below normal levels," said Nela Richardson, chief economist at ADP. "Wage growth is stabilizing after a sharp slowdown in the aftermath of the pandemic." Companies are scaling back hiring in response to high costs and high interest rates. The latest data adds to evidence of slowing labor demand, with Federal Reserve officials saying they are now more concerned about risks to the labor market than inflation. With price pressures largely retreating from their peak in the pandemic, markets expect policymakers to begin cutting interest rates this month. Another report released Thursday showed that U.S. companies' hiring plans through August were 41% lower than the same eight months in 2023. Announced layoffs fell 3.7%. (Jinshi)
The number of initial jobless claims in the United States for the week ending August 31 was 227,000, expected to be 230,000, and the previous value was revised to 232,000
The number of initial jobless claims in the United States for the week ending August 31 was 227,000, which was expected to be 230,000. The previous value was revised from 231,000 to 232,000. The number of continuing jobless claims in the United States for the week ending August 24 was 1.838 million, which was expected to be 1.865 million. The previous value was revised from 1.868 million to 1.86 million. (Jinshi)
U.S. ADP employment in August was 99,000, expected to be 145,000, and the previous value was revised to 111,000
According to market news, the number of ADP employment in the United States in August was 99,000, which was expected to be 145,000. The previous value was revised from 122,000 to 111,000. The number of ADP employment in the United States in August increased by 99,000, the smallest increase since January 2021. (Jinshi)
BRN Analyst: The recent BTC "sell on rallies" trend may be due to concerns about the increasing risk of a US recession
Bitcoin (BTC) fell below $57,000 on Thursday, possibly due to lingering concerns about the strength of the U.S. economy. Valentin Fournier, an analyst at digital asset consulting firm BRN, said that the recent tendency to sell on rallies may be due to concerns about the increasing risk of a U.S. recession, and market sentiment is driving a reduction in exposure to risky assets. He said: "Economic reports are increasingly showing that the risk of a recession cannot be ignored. The ISM manufacturing index was 0.5% lower than expected, and job vacancies were 7.7 million, compared with an expected 8.1 million. Given the current economic uncertainty and the possibility of a decline in liquidity, we recommend reducing investment in BTC and waiting for a better entry point before increasing investment." (Coindesk)
Project News
Coinbase International will launch IMX and FLOW perpetual futures trading
Coinbase International and Coinbase Advanced will add support for Immutable and Flow perpetual futures, with IMX-PERP and FLOW-PERP markets opening on or after September 12, 2024 at 9:30 AM UTC.
Mode delays the second quarter airdrop to October and increases token allocation
Mode posted on the X platform that the second season airdrop event, which was originally scheduled to end on September 6, was extended to early October. New governance and incentive mechanisms will be introduced in the third season. Mode will increase the token allocation quota for the second season, and the rest of the rules such as point accumulation and on-chain TVL remain unchanged.
StarkWare announces collaboration with sCrypt to build Bitcoin-L2 specification bridge
StarkWare announced a partnership with sCrypt to explore the construction of a Bitcoin to L2 specification bridge using a PoC bridge design based on OP_CAT and ZK magic.
Aave community launches proposal vote to introduce USDS and sUSDS into Aave v3
According to the Snapshot governance page, the Aave community has initiated a proposal vote to "introduce USDS and sUSDS into Aave v3", aiming to introduce USDs and sUSDS (the renamed DAI and sDAI tokens) into Aave v3. The voting will end on September 6.
Whales Market launches GRASS (Grass) on Pre-Market
Official website data shows that Whales Market has launched GRASS (Grass) in the Pre-Market, and the current price is 0.399 USDT.
Aleo announces details of incentive plan, incentive distribution targets include ambassador program, testnet, zkML incentive
Aleo has announced the details of its incentive program, which aims to reward community members who participate in the development of zero-knowledge technology applications. Incentive distribution targets include ambassador programs, testnets, zkML incentives, etc. The application process requires participants to complete KYC verification, agree to the terms and comply with the token lock-up regulations. Regardless of whether they are US residents or not, they must comply with the one-year lock-up period.
DOGS: Over 40 billion tokens were distributed in the previous 48 hours, and over 2.5 million users were distributed
The DOGS project updated the relevant information in the official telegram channel early this morning, saying that the airdrop data: In the previous 48 hours, more than 40 billion tokens were distributed to more than 2.5 million people. This process is proceeding at the fastest speed, and soon everyone will receive their airdrops. Remind users to choose to claim the airdrop as soon as possible.
Character*Voice
Ethereum Foundation AMA: Celestia and other DA projects cannot compete with the Ethereum mainnet in terms of security
Davide Crapis, a core researcher at the Ethereum Foundation, responded to the question "If blobs fail to reach the target average (3), should the target be lowered to ensure fee price discovery?" during the Ethereum Foundation's 12th AMA: "No. The mechanism prices congestion, so it's OK for prices to remain low if there is no congestion. However, the current demand is far below the target, which affects price discovery in the case of congestion. Price discovery is important, and we should make the mechanism more efficient. In the short term, changes such as raising the (still very low) minimum fee or changing the update speed will help." Dankrad Feist, another core researcher, responded to the question: "Ethereum is currently creating a new market for rollups - the data availability (DA) market. Many alternative solutions want to take market share from Ethereum - Celestia, Eigenlayer, Avail, etc. They can't compete on security, so they want to compete on price. Revenue from 3 blobs per block will never have an impact on Ethereum's protocol revenue. I think in the next few years, we should strive to scale as much as possible. Either way, I don't think blobs will be a big deal. Fees will become the best value capture mechanism for Ethereum.”
DWF Labs: Its synthetic stablecoin will support collateral with different annual interest rates such as USDt and USDc
DWF Labs co-founder Andrei Grachev posted on the X platform that the design of its synthetic stablecoin has been completed. The synthetic stablecoin will support the following collaterals with different annual interest rates: USDt, USDc, DAI, USDe, BTC/ETH, blue chip tokens (limited list), and long tail altcoins (limited list).
Jupiter founder: Proposes to use the unclaimed 230 million JUP to fund the next few ASRs
Jupiter founder meow posted on X platform that he proposed to use the unclaimed 230 million JUP in the first Jupuary to extend and fund the next few ASRs. If there is no major objection, a formal proposal will be made and voted on next week.
Investment and Financing
E-PAL Completes $30 Million in Funding and Launches Web3 Experience Infrastructure BALANCE
Web3 gaming and social companion platform E-PAL announced the launch of the AI-driven blockchain experience platform Balance, which has successfully completed two rounds of financing led by Andreessen Horowitz (a16z) and Galaxy Interactive. The latest round of financing also received support from other investment institutions, including Animoca Brands, K 5, CLF Partners, MBK Capital, New Heights Fund, AMBER, MarbleX, Sky Mantra, Tuna, Aptos Labs, IOBC, Leland, Halcyon Capital, Uphonest, Taisu Ventures, Gate Labs, DWF Ventures, BING, WAGMI, YouTube co-founder Steve Chen, Riot Games CEO Marc Merrill and League of Legends Director Thomas Vu. As of now, E-PAL's total financing has reached 30 million US dollars. (Coindesk)
Hedge Fund Billionaire Alan Howard's Son Launches Halo Capital, Raises $25 Million to Invest in Crypto Projects
Daniel Howard, son of British hedge fund billionaire Alan Howard, and partner Bhavin Vaid announced the creation of crypto venture capital fund Halo Capital. The fund has raised $25 million and aims to introduce growth investor thinking into early crypto projects. Halo Capital is headquartered in New York and has a wide range of investments, covering a wide range of fields from Bitcoin to decentralized artificial intelligence. (Bloomberg)
Blockchain GNSS network Onocoy Association completes $940,000 strategic round of financing, with Thomas Seiler participating
Onocoy Association, a community-based blockchain global GNSS network, announced the completion of a strategic round of financing of US$940,000. GPS industry company Thomas Seiler and DePIN project Smart Island participated in the investment. As of now, the company's total financing amount has reached US$4.2 million. The specific valuation information has not been disclosed. Onocoy uses shared infrastructure supported by blockchain technology to provide professional-grade GNSS data. The new funds will support its construction of a decentralized platform to expand into agriculture, construction, land management and autonomous systems.
Gate Ventures invests in Japanese Web3 gaming giant double jump.tokyo
Gate Ventures has officially announced that it has made a strategic investment in double jump.tokyo Inc., a top Japanese Web3 gaming company, as part of a $10 million funding round led by SBI Investment. This significant investment demonstrates Gate Ventures’ strong commitment to advancing blockchain technology and the Web3 gaming ecosystem globally. The Series D round was led by SBI Investment and attracted participation from industry leaders such as Sony Group Corporation, Taisu Ventures, and Kitadenshi Inc. The funding will help double jump.tokyo further develop and support blockchain games, blockchain infrastructure, and related services, and strengthen the company’s organizational structure and talent base. Since its founding in 2018, double jump.tokyo has been leading the trend in blockchain game development. Thanks to Gate Ventures’ support, double jump.tokyo plans to expand its innovation in joint game development and infrastructure enhancement. Gate Ventures is confident that this partnership will help double jump.tokyo become a key driver in driving the mass adoption of Web3.
DeFi ecological aggregation airdrop platform Arris completes a new round of financing, with CGV FoF and others participating
Arris, a DeFi ecosystem aggregation airdrop platform, announced the completion of a new round of financing. CGV FoF, K 24 Ventures, DMAIL.AI and Alco Holdings and other institutions participated in the investment and will jointly support Arris in shaping the future of Web3. It is reported that Arris is an on-chain interactive aggregation growth platform that aims to create a DeFi ecosystem aggregation airdrop platform that integrates DEX, IMO and DAO.
Security incidents
NBA star Jaylen Brown's X account was hacked, profile information was modified and fake token information was released
NBA star Jaylen Brown's X account was hacked to publish a large amount of fake token information. Users should be careful not to interact with fake contracts. So far, the hacker has used Brown's account to continuously update nearly 30 dynamics. At present, the account seems to be in a stolen state, and the dynamics still exist. In addition to the fake tokens, the remarks include attacks on Brown's teammate Tatum, Nike, actor Sydney Sweeney, etc. Jaylen Brown currently plays for the NBA Boston Celtics. He was selected as an All-Star reserve in the 2023-24 season. He won the NBA championship with the Celtics and was elected FMVP of the Finals.
