Weekly Market Insight: September Week 2

English

Market Updates

11 Sep 2024

Headline News

- Bitcoin prices decreased by approximately 4.2% in the first week of September, once hitting $52,600 last Friday after the release of U.S. jobs report, which indicates weaker than expected jobs growth. The market worried the Fed's effort to cool the economy has lasted too long, traders are weighing 30% probability that the Fed would opt for a 50bps cut while the remaining is expecting 25bps.
- The Bitcoin ETFs experienced the longest consecutive net-outflow of 8 days and ended with $706.19 million net-outflow last week.

Macro-Outlook

- The U.S. ISM manufacturing and services PMIs in August were 47.2 and 51.2 respectively. Although manufacturing PMI fell short compared to expectation of 47.5, both PMIs were slightly increased compared to previous month.
- The U.S. JOLTs job openings in July and non-farm payrolls in August both showed signs of cooling, with 7.673 million job openings compared to 8.1 million estimation and 142K job growth compared to 160K estimation. The unemployment rate in U.S. fell from 4.3% in July to 4.2% in August, matched the market expectation, reflecting a reversal in recent layoffs.

Upcoming Economic Calendar including,

- Wednesday, September 11th 9:00am: U.S. Presidential Debate
- Wednesday, September 11th 8:30pm: U.S. Inflation Rate in August
- Thursday, September 12th 8:30pm: U.S. PPI in August
- Friday, September 13th 10:00pm: Michigan Consumer Sentiment

Weekly-Cryptos-Overview

Layer 1 and Layer 2s

- Samsung Next, a venture capital arm of Samsung Group, invested in Startale. Startale established a joint venture with Sony Group to develop and contribute to Soneium network.
- Sonic testnet is now live, reaching approximately 750ms time to finality.
- TON Foundation launched a 5 million TON rewards program aimed at driving deeper liquidity for TON's Defi ecosystem and boosting adoption of the TONUSDT pair. Telegram founder, Du Rove, also announced the "Business Nearby" feature showcasing verified businesses and improving its moderation effort.
- NEAR onboarded Libre’s tokenized RWA funds, allowing users to purchase RWA assets on NEAR and managing them on any other blockchains. Libre will launch a new fund with Laser Digital in October.
- Libre also launched Brevan Howard, BlackRock and Hamilton Lane funds on Aptos during Korea Blockchain Week.
- Arbitrum Stylus goes live on the mainnet, adding support for WebAssembly languages like Rust, C and C++.
- BNB Chain and SingularityNET announced a collaboration to integrate SingularityNET's Knowledge Layer with BNB Greenfield to create a cutting-edge platform that enhances data reliability, safety, and performance.
- Fractal Bitcoin, a Bitcoin Layer-2 built by UniSat and Block Space Force, launched its mainnet.

Dapps

- Sky and Aave announced Sky Aave Force, a collaboration to integrate USDS and sUSDS on Aave V3 with native token rewards, SKYsUSDS converter on Aave, SPK airdrop to suppliers and USDS liquidity injection into Aave's stETH market. Sky founder also proposed not launch freeze function in USDS at launch and the implemented freeze function in the future will be governed in a decentralised manner.
- EtherVista was launched, introducing a new platform for token issuance with a 5-day LP locking period, delayed liquidity removal mechanism and ETH trading fees with customisable function to stake or to perform buyback token. EtherVista also launched Vista Apps, exclusively listing utility projects beyond meme.
- Sushi announced Dojo, a memecoin launchpad, featuring "auto-sell" that helps traders take profit when the target price hits without slippage.
- Sun.io announced introduced SUN Boost, featuring new customized LP lock periods, flexibly set yield tokens, adjustable LP trading fees, gauge mechanism and bribes frontend.
- Polymarket announced that Bloomberg Terminal integration.
- Drift introduced bet on the outcome of debates at Breakpoint on BET.
- Elixir launched its final testnet. Mainnet is expected to be launched soon.
- GMX introduced GMX Liquidity Vaults (GLV), a vault consisting of multiple GM pools that automatically rebalance.
- Injective introduced a perpetual index that tracks the supply of Blackrock's BUIDL Fund.
- Synthetix announced the launch of SNAXchain using OP Stacks for its governance councils nomination.
- Ethena announced a partnership with Ether.fi to provide generalized shared security using USDe.
- Dinero announced to launch customised Branded LSTs solution for L1 and L2 networks.
- Skate is live on TON, featuring Stateless Apps that can run simultaneously on other chains without bridging.
- Liquity released its V2 codebase. V2 features user-set interest rate, native stablecoin yield, multi-collateral support and real-yield to LQTY stakers.
- Euler V2 is live, featuring modularity and customisable interconnect vault design. Users are able to choose isolated or cross-collateralised, passive or fixed parameters, any deposited assets etc.
- Friendtech renounced ownership and admin parameters of the protocol.
- Penpie, the yield optimisation protocol for Pendle, was exploited for approximately $27 million. Pendle stated funds on Pendle remains secured.
- Io.net announced partnership with FLock.io to empower its Proof of AI mechanism.
- Horizon labs launched zkVerify testnet, improving zkRollups zkApps performance while reducing cost.
- Donald Trump-related lending protocol, World Liberty Financial, reported heavily based on Dough Finance, a similar protocol that lost $2 million in a flash loan exploit in July, codebase and issuance of a "non-transferable" governance token, WLFI. The team consists of members from Dough Finance according to the white paper.

Upcoming Alpha and Governance

- Starknet Governance Hub test vote is live. The voting for STRK staking proposal is expected to go live this week.
- Ethena launched season 3 airdrop. EigenLayer announced StakeDrop S2 claim by September 17th or before. CoreDAO will launch Core Ignition Drop Season 2 on September 11th.
- BounceBit announced to launch BounceClub V2, a memecoin launchpad, on September 16th.
- Avalanche announced Avalanche9000, the biggest upgrade since launch. The upgrade will reduce the time to finality to near-instant and the highly anticipated ACP-77, lowering the cost and time to deploy a subnet. The testnet is expected to be launched during Avalanche Summit LATAM from October 16th to 18th.
- Kamino introduced more detail on V2, including modular configuration, permissionless market creation, lending vaults that aggregate liquidity across multiple markets, new liquidation engine, dynamic LTV, spot leverage, automated target leverage and more.
- Vega proposed to deprecate Vega Chain and redistribute funds to stakers.

Token Unlock

- IO token unlocked on September 11th, amount representing 1.11% of the token supply.
- APTOS token unlocked on September 12th, amount representing 2.33% of the token supply.
- STRK token unlocked on September 15th, amount representing 3.61% of the token supply.
- CYBER token unlocked on September 15th, amount representing 3.61% of the token supply.
- ARB token unlocked on September 16th, amount representing 2.65% of the token supply.
- APE token unlocked on September 17th, amount representing 2.29% of the token supply.
- MANTA token unlocked on September 18th, amount representing 1.91% of the token supply.
- MERL token unlocked on September 19th, amount representing 16.8% of the token supply.

Disclaimer

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