Due to the Federal Reserve's interest rate cut, Circle will increase the exchange fees for the USDC stablecoin.
Author: Deep Tide TechFlow
Yesterday's Market Dynamics
DWF partner dismissed and removed from the official website due to attempted drugging allegations
Cryptocurrency market maker DWF Labs has fired partner Eugene Ng due to a "sexual assault scandal" and has removed his information from the official team page. In addition to being a DWF partner, he also founded the RWA company OpenEden.
DWF Labs posted on X stating that they are aware of recent allegations against one of their partners involving inappropriate and unacceptable behavior, which is deeply concerning. While the matter is still under investigation, DWF Labs has decided to immediately relieve the partner of his management and operational duties.
It is reported that a girl named Hana stated on X that on the evening of October 24, the DWF partner placed unknown drugs in her drink multiple times at a bar in Hong Kong, and she was saved after being alerted by the staff. Hana mentioned that she obtained video footage from the venue and has reported the incident to the police.
dYdX founder, recently reappointed as CEO, announces 35% staff reduction
On October 30, dYdX founder and CEO Antonio Juliano published a blog announcing a 35% staff reduction, including the core dYdX team.
On October 10 of this year, dYdX founder Antonio announced his return as CEO, stating that dYdX is facing intense market competition and an unfavorable market environment, requiring the founder's leadership to guide the team through difficulties.
Florida CFO proposes to include Bitcoin and other digital assets in state pension fund
According to Crypto Briefing, Florida CFO Jimmy Patronis has proposed to include Bitcoin and other digital assets as investment options in the state pension fund.
He pointed out that Florida's economic performance and history of innovation provide reasons to explore the potential of cryptocurrencies, with Bitcoin serving as "digital gold" to diversify portfolios and hedge against the volatility of other assets. Patronis proposed creating a "digital currency investment pilot program" applicable to Florida's growth fund to support innovative investments.
Additionally, the letter mentioned that other states such as Wisconsin, Michigan, and Arizona have begun investing in cryptocurrencies, while Wyoming and Nebraska have enacted laws to attract the crypto industry. Patronis requested the state management committee to assess the risks and benefits of digital currency investments to ensure Florida remains at the forefront of new investments and provides the best returns for residents.
Crypto wallet MetaMask developer Consensys announces 20% layoffs
According to Fortune, Consensys, the developer of the crypto wallet MetaMask, announced a 20% layoff, affecting approximately 160 employees. The company's founder and CEO Joe Lubin announced this news in a blog post, attributing the layoffs to macroeconomic headwinds and the legal expenses from the company's long-standing battles with regulators.
Consensys previously sent an open letter to future U.S. presidents, calling for clear and supportive regulations for cryptocurrencies and Web3. The letter stated that regulatory decisions need to be transparent to keep the U.S. competitive globally while addressing consumer protection and illegal activities.
Yesterday's on-chain fund flow: SUI net inflow of $19.8 million, Ethereum net outflow of $33.9 million
According to Artemis data, yesterday SUI had a net inflow of $19.8 million, Arbitrum had a net inflow of $5.5 million, Solana had a net inflow of $3.4 million, while Ethereum had a net outflow of $33.9 million.
Nomura warns: Market overly hedged against Trump trade, Harris's approval rating may be higher than expected
According to Zero Hedge, Nomura Managing Director and Americas Cross-Asset Macro Strategist Charlie McElligott warned in a recent report that the market has overly hedged against the hypothetical outcome of Trump and the Republican Party winning both houses of Congress in the upcoming election, which could lead to Harris's approval rating being higher than expected and a deadlock in the election, posing reversal risks for various assets. This is because the U.S. Treasury will experience significant issuance in the coming days and the next two weeks, including the issuance of $70 billion in five-year U.S. Treasury bonds, $69 billion in two-year bonds, and $44 billion in seven-year bonds, along with the JOLTS report disclosing U.S. job vacancies, the Treasury's latest refinancing announcement, personal consumption expenditures (PCE), non-farm payroll data (NFP), U.S. presidential election day, and the November FOMC meeting.
Circle: Due to the Federal Reserve's interest rate cut, USDC stablecoin exchange fees will be increased
Circle announced an increase in the exchange fees for its USDC stablecoin. Due to the Federal Reserve's interest rate cut, the cash reserve earnings for stablecoin operators have decreased, and Circle's move aims to address this change.
Circle currently charges fees for USDC exchanges over $15 million and additional fees for rapid redemptions exceeding $2 million daily. These fees start at 0.03% per transaction and can go up to 0.1%. This fee adjustment comes as the company prepares for its public listing.
In an increasingly competitive stablecoin market, despite Tether dominating with over 70% market share, Circle still faces competitive pressure from smaller and more agile startups.
Synthetix multi-collateral perpetual contracts launched on Kwenta, supported by Pyth Network
Synthetix multi-collateral perpetual contracts based on Arbitrum have been launched on Kwenta, supported by Pyth Network. Pyth Network will provide over 500 real-time price data sources, updated every 400 milliseconds, aiming to deliver the most accurate, reliable, and real-time data in the DeFi space to enhance the trading experience.
Kwenta is known as the Synthetix ecosystem's spot and perpetual contract trading platform, supporting 81 new Perps markets and 4 new collateral options, including tBTC, ETH, USDe (Ethena), and USDx (Arbitrum native Synthetix stablecoin).
Tether Treasury mints 1 billion USDT (authorized but unissued) on Tron this morning
According to Whale Alert monitoring, at 4:43:51 Beijing time, Tether Treasury minted 1 billion USDT on Tron.
Tether CEO Paolo Ardoino commented that this is an authorized but unissued transaction, meaning it will be used as inventory for the next issuance request and on-chain swaps.
Exchange listing report: Bitget lists the most tokens, Binance has the highest average returns
Animoca Brands Research released an overview of exchange listing project performance from January to September 2024.
The report shows that the average return of projects listed on multiple exchanges this year has been negative. Among them, Binance and OKX performed relatively steadily, with average returns of -27.00% and -27.30%, respectively, while KuCoin and Bitget, Bybit followed closely with average returns of -48.30%, -46.50%, and -50.20%.
In terms of the number of listings, Binance and OKX launched 44 and 47 tokens this year, relatively few, while Bybit listed 155 tokens, KuCoin listed 188 tokens, and Bitget adopted a more aggressive strategy, adding 339 tokens.
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