Headlines
After the release of US PPI data, the interchange market remains stable, expecting the US Federal Reserve to cut interest rates by a total of 100 basis points this year.
Market News: Grayscale to Launch First XRP Trust Fund in the US
According to market news, Grayscale is set to launch the first XRP trust fund in the US, paving the way for a potential XRP ETF in the future. The potential XRP trust fund will be a so-called "closed-end" fund, aiming to provide qualified investors with direct investment opportunities in XRP.
US PPI for August Rises by 0.2%, Expectation 0.10%, Revised from 0% to 0.10%
The US PPI for August rose by 0.2%, with an expectation of 0.10%, revised from 0% to 0.10%.
The US PPI for August on a yearly basis is 1.7%, with an expectation of 1.8%, revised from 2.20% to 2.1%.
Industry News
The initial claims for unemployment insurance in the US for the week ending September 7th totaled 230,000, with an expectation of 230,000, revised from 228,000.
Binance Launchpool and Super Earn Coin Launch HMSTR Project
According to an official announcement, Binance Launchpool has now launched the 58th project - Hamster Kombat (HMSTR), a cryptocurrency exchange CEO simulator P2E game built on the Telegram mini-program platform. Users can deposit BNB and FDUSD into the HMSTR reward pool on the Launchpool website after 08:00 on September 19, 2024 (GMT+8) to receive HMSTR rewards. The HMSTR activity will last for 7 days. The website is expected to be updated within approximately 24 hours before the start of the activity.
Capital Economics analyst Paul Ashworth stated in a report on August PPI that the latest inflation data in the US provides impetus for the Fed to start cutting interest rates next week. As expected, the PPI rose by 0.2% last month, while the growth rate in July was revised downward. The core index was 0.3%, higher than expected. Ashworth estimates that together with yesterday's CPI data, the PPI data "indicates that the Fed's preferred core PCE rate will rise moderately by 0.14%," which will be announced on September 27. It is expected that the Fed will cut interest rates by at least 25 basis points next week. Ashworth added that the threshold for a significant interest rate cut by the Fed remains high.
The US Securities and Exchange Commission announced today that eToro USA LLC has agreed to pay $1.5 million to settle related charges, namely providing facilities for the trading of certain cryptocurrencies as securities. eToro has agreed to stop violating applicable federal securities laws and will only provide limited cryptocurrencies for trading.
eToro stated that, in accordance with the SEC's order in this matter, the cryptocurrencies that US customers can trade on the platform will be Bitcoin, Bitcoin Cash, and Ethereum, and will provide the function to sell all other cryptocurrencies to its customers within 180 days of the SEC's order.
According to the American Broadcasting Company ABC, the US General Services Administration stated that on the day after American pop star Taylor Swift (T-Swift) voiced support for US Vice President Harris, over 330,000 people visited the voter registration website link attached to her statement.
Project News
Trump: World Liberty Financial to Officially Launch on September 16
Trump announced that his family's cryptocurrency project World Liberty Financial will officially launch on September 16, aiming to "embrace the future of cryptocurrency" and eliminate "slow, outdated large banks."
BA Labs Proposes Gradual Voting to Divest wBTC Collateral Exposure from Sky
According to a governance article on Thursday, MakerDAO's rebranded platform Sky will vote to completely remove wBTC from its ecosystem, which may be a significant development for DeFi as the platform holds $200 million in wBTC collateral loans.
BA Labs proposed a five-step gradual divestment of all wBTC collateral exposure, starting from September 26. Each step will be voted on.
"We found that legal due diligence cannot provide sufficient assurance," BA Labs stated in its proposal. If the proposal is approved, BA Labs proposes to introduce alternative products to the platform.
According to BA Labs' article, the value of wBTC collateral loans on SparkLend, a lending platform under Sky, is approximately $73 million, while the debt collateralized by wBTC in Sky's legacy vault is about $127 million.
ZKsync Introduces On-Chain Governance System
ZKsync has introduced an on-chain governance system designed around the principles of power separation and checks and balances.
According to the design, no individual or entity has the authority to change the ZKsync protocol. All changes to the protocol must be approved by three independent bodies, which exercise independent judgment and control over their decisions: the token holder assembly, the security council, and the value-consistent guardian, to ensure that proposals are implemented, including:
-The token holder assembly allows token holders and representatives to directly submit and vote on protocol upgrades on-chain;
-The security council, composed of technical experts, is responsible for reviewing and approving protocol upgrades and has the authority to freeze the protocol in emergency situations;
-The guardian ensures that governance proposals align with the values of ZK.
The governance system supports three types of proposals: ZKsync Improvement Proposals (ZIPs), Token Plan Proposals (TPPs), and Governance Advisory Proposals (GAPs).
Arbitrum Initiates Vote to Change Sorting Strategy, Will Auction Trading Priority
Arbitrum has initiated a vote, and Arbitrum One and Nova plan to adopt a new trading sorting strategy called Timeboost, which provides a fast lane for traders to obtain trading priority through auctions to capture arbitrage and front-running opportunities.
Timeboost aims to reduce the negative impact of MEV searchers' race behavior and return the interests of the trading sorting market to ArbitrumDAO. Traders can choose to collect bids in ETH or ARB.
The proposal also presents two main revenue handling methods: transferring ETH income to the DAO treasury or destroying ARB income.
If the proposal is approved, public testnet testing will be conducted, with 57.7% of current voters supporting the transfer of collected ETH income to the DAO treasury.
MakerDAO's Rebranded Platform Sky Features to Launch on September 18
MakerDAO's rebranded platform Sky announced that its features will launch on September 18, welcoming users to participate in the Sky Launch Party.
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