Headlines
▌Trump agrees to debate Harris again on NBC or Fox
US Republican presidential candidate Donald Trump said he would agree to debate Democratic presidential candidate Kamala Harris on NBC or Fox. "I'd be willing to be on NBC. I'd be willing to be on Fox, but now we have to determine if we want to do it," he told reporters.
▌Lido Alliance launches Drop, a liquidity pledge protocol built on Neutron
Lido Alliance announced the launch of Drop, a liquidity pledge protocol designed for Interchain assets. Drop is built on Neutron, allowing users to pledge their Interchain assets and receive dAssets in return. It currently supports liquidity pledge for ATOM and plans to add support for TIA soon.
In Drop’s token economic model, 10% (100 million) of the liquid pledged assets will be allocated as rewards to a dedicated pool. After the launch of the DROP token, the DROP DAO will decide how to use it, which may include allocating rewards to DROP stakers or creating an insurance fund.
Market
As of press time, according to Coingecko data:
BTC's latest transaction price is $57,376.07, with a daily increase or decrease of -0.4%;
ETH's latest transaction price is $2,343.01, with a daily increase or decrease of -1.8%;
BNB's latest transaction price is $530.79, with a daily increase or decrease of +2.8%;
SOL's latest transaction price is $132.57, with a daily increase or decrease of -2.2%；
DOGE's latest transaction price is $0.1015, with a daily change of -1.1%；
XPR's latest transaction price is $0.5354, with a daily change of -0.9%。
Policy
▌The U.S. CFTC cooperates with multiple parties to combat "pig killing and leek cutting" scams
The U.S. Commodity Futures Trading Commission (CFTC) announced on September 11, 2024 that it would cooperate with multiple organizations to combat "pig killing and leek cutting" scams in the cryptocurrency field. The CFTC’s Office of Customer Advocacy and Education (OCEO) will work with the American Bankers Association Foundation, private regulators and other federal agencies to create and distribute infographics to help the public identify and avoid such scams. In addition, OCEO will work with the U.S. Securities and Exchange Commission (SEC) and other organizations to develop investor alerts about “pig-killing and leek-cutting” scams. Melanie Devoe, director of OCEO, said these partnerships are intended to spread educational information and prevent scams from causing harm to the public.
▌UK proposes to classify crypto assets such as Bitcoin and NFTs as personal property
The British government introduced a landmark move in Parliament on Wednesday, a bill that aims to clarify the legal status of digital assets, including Bitcoin and other cryptocurrencies and NFTs, and treat them as personal property under English and Welsh law.
If passed, the bill will create a third category of personal property, beyond the current classification of “possessions” and “animals.” This new category will cover certain digital assets and provide them with clear legal recognition and protection.
Attorney General Heidi Alexander said the law must keep up with evolving technology and the legislation means the industry can maintain its global leadership in crypto assets and bring clarity to complex property cases.
Blockchain Applications
▌Swift Launches Global Infrastructure to Simplify Transfers of Tokenized Assets
Swift announced on September 11 the launch of a global infrastructure initiative designed to simplify the transfer of tokenized assets and allow members to use the Swift network to trade traditional and emerging assets, including cryptocurrencies. The program will test multi-ledger delivery-to-delivery (DvP) and payment-to-payment (PvP) transactions, which are expected to enable real-time payments and exchanges of tokenized assets.
Swift's move will focus on global trading of real-world assets (RWAs), a market expected to reach $30 trillion by 2034. Swift pointed out that the global tokenized asset industry faces interoperability issues, which has led to different RWA efforts becoming digital islands, mainly due to the lack of a globally unified form of digital currency. Swift Chief Innovation Officer Tom Zschach said that digital currencies and tokens have great potential, but different methods need to be interconnected to unlock this potential. Swift plans to use fiat currency in the early stage and will expand to central bank digital currency (CBDC), tokenized commercial bank currency and stablecoins in the future. Swift also stated that it has achieved success in the value transfer test of tokenized assets, aiming to provide a single payment infrastructure for tokenized assets and solve the problem of integrating different digital assets with banking networks.
▌Movement Labs plans to launch a new mechanism that can quickly settle transactions on L2
Rushi Manche, co-founder of Movement Labs, announced that the company plans to launch a new mechanism that can quickly settle transactions on the Layer 2 (L2) network by the end of 2024. The mechanism will reduce the confirmation time of Ethereum L2 transactions to less than 1 second. Manche also noted that Movement Labs' M2 network will settle data with the Ethereum mainnet while ensuring high throughput. The plan is expected to attract more developers to use the Move programming language in 2025.
▌Succinct Labs and OP Labs jointly launch Succinct to solve ZK Rollups
Paradigm-backed startup Succinct Labs announced on Wednesday that it has been working with OP Labs, a major contributor to the Optimism protocol, to "solve" the problem of ZK Rollups.
“Over the past few months, we have worked closely with the OP Labs team to build OP Succinct, a seamless way to upgrade any OP Stack chain to use zero-knowledge proofs in under an hour.”
Succinct Labs, which raised $55 million in seed and Series A funding rounds led by Paradigm in March, said its new approach is much faster than “standard optimistic rollups,” which have a “7-day fraud proof window” and cost “fractions of a cent” per transaction on average.
▌Ford and Toyota double down on blockchain, patent filings surge
The automakers continue to lead the way in the development of blockchain-based automotive technology, according to a series of recent patent applications filed by the two companies. Ford and Toyota have filed at least 43 blockchain-related patents in total through the second quarter of 2024.
Overall, the industry filed fewer patents in the second quarter than in the previous quarter. However, both Ford and Toyota bucked the trend, according to data from GlobalData Patent Analytics and Just Auto. Ford's patent filings increased from three in the first quarter to 14 in the second quarter, while Toyota's patent filings increased from 25 in the first quarter to 29 in the second quarter.
Patents filed by Ford, Toyota and other auto industry companies in the past few months address a myriad of concerns within the industry. For example, Ford recently filed a patent that ostensibly would provide immutable protection for car ownership. According to the document, Ford's system will "manage the vehicle's ownership data through smart contracts that are automatically executed in response to real-time event data...including changes in vehicle ownership."
Cryptocurrency
▌U.S. NCUA Vice Chairman Kyle Hauptman supports the development of cryptocurrencies and stablecoins
Kyle Hauptman, vice chairman of the National Credit Union Administration (NCUA), recently expressed his support for cryptocurrencies and stablecoins in a speech. He emphasized that although new technologies may have negative effects, innovation is crucial to the development of credit unions. Hauptman pointed out that all new technologies have risks, just as the invention of the car brought car accidents but promoted transportation changes. He also said that although cryptocurrencies are considered to be related to criminal activities in some circles, the illegal use of cash is equally widespread. He especially praised stablecoins, believing that they can improve the United States' outdated payment system, especially in the field of international payments. Hauptman's main goal is to ensure that credit unions can remain competitive and continue to evolve to avoid being eliminated like Blockbuster.
▌DeFi Technologies releases monthly corporate update: Subsidiary Valour received a net inflow of 14.1 million CAD in August, a record high
DeFi Technologies released its monthly corporate update, with subsidiary Valour managing assets of 661 million CAD (487 million USD), a 30% increase this fiscal year, and setting a record for the highest monthly net inflow in 2024, with a net inflow of 14.1 million CAD (10.4 million USD) in August, a record high: As of August 31, 2024, Valour's assets under management (AUM) reached 66 million CAD (487 million USD). Despite a decline in assets under management due to price reasons, net inflows in August still set a record high in 2024, reaching 14.1 million CAD (10.4 million USD). This growth reflects strong investor confidence and continued demand for Valour's ETP products.
Financial position is strong: As of August 31, 2024, the cash and USD balance is approximately 26.2 million CAD (19.4 million USD), and the current loan payable is approximately 17.5 million CAD (13 million USD). As of August 31, 2024, the company also purchased and held 204.3 BTC, and held 21.3 ETH, 246,683 ADA, 64,616 DOT, 5,345 SOL, 490 UNI, 433,322 AVAX and 2,515,203 CORE tokens, totaling approximately 33.9 million CAD (25.1 million USD).
▌Viewpoint: Bitcoin may break through six figures, regardless of the outcome of the US election
According to CNBC, despite the heated debate among candidates in the US election, investors in the cryptocurrency industry generally believe that Bitcoin will maintain strong performance in the long term and is expected to break through six figures soon. Steven Lubka of Swan Bitcoin said that no matter who wins the November election, the value of Bitcoin will almost certainly reach six figures. James Davies of Crypto Valley Exchange believes that even if Kamala Harris is elected president, it will not significantly affect the price of Bitcoin and the industry will continue to thrive.
Bitcoin traded between $55,000 and $70,000 for most of 2024, reaching an all-time high of $73,000 in March. Investors generally expect Bitcoin prices to remain relatively stable until the election results are determined. Although the debate between Harris and Donald Trump caused Bitcoin to fall in the short term, the main reason was attributed to other macroeconomic factors.
Analysts predict that if Trump is elected, Bitcoin could break through a new high of $80,000; while Harris's election could cause the price to fall back to $40,000. Despite some concerns about future market turmoil, Bitcoin still shows strong investment potential in the current environment.
▌Uniswap's market share in DEX has dropped to 36%
The DEX landscape is undergoing changes, and the market share of the old decentralized exchange Uniswap has dropped from more than 50% in October 2023 to the current 36%.
As Uniswap's share continues to shrink, Base Layer 2 is growing rapidly, with Aerodrome occupying 7% of the market share and Orca's market share increasing from 9% at the beginning of the year to 12% last month.
Analysts say that smaller DEXs are gradually eating into Uniswap's market share, indicating a sustainable change as users are looking for and moving to more competitive DEXs that have long-term advantages rather than short-term incentives.
▌Analysis: Inflation continues to slow in August, and the crypto market still has a lot of room to rise
The annualized headline inflation rate growth fell to 2.5% in August from 2.9% in July. This is the lowest level since March 2021, when it grew 2.6%. This means that the Fed is approaching its 2% target. This change will support future rate cuts. This will support stable economic growth and long-term gains for Bitcoin and Ethereum.
While core personal consumption expenditures data (PCE) (released later this month) is the Fed's preferred inflation indicator, CPI remains a driver of stock market sentiment. Will push up the prices of risky assets denominated in US dollars.
Important Economic Dynamics
▌The probability of the Fed cutting interest rates by 25 basis points in September has risen to 85%
According to CME's "Fed Watch", the probability of the Fed cutting interest rates by 25 basis points in September is 85%, and the probability of a 50 basis point cut is 15%. The probability of the Fed cutting interest rates by 50 basis points by November is 45.6%, the probability of a 75 basis point cut is 47.5%, and the probability of a 100 basis point cut is 7%.
Golden Encyclopedia
▌What is the Ethereum Prague-Electra (Pectra) upgrade?
Ethereum's Pectra upgrade combines two separate upgrades: the Prague upgrade and the Electra upgrade. The Prague upgrade focuses on changes to the network's execution layer, while the Electra upgrade affects the consensus layer. These upgrades are collectively referred to as the "Pectra" upgrade when combined. The Pectra upgrade will follow "Dencun," a merger of the Deneb and Cancun upgrades in March 2024. Technically, Dencun is an Ethereum hard fork designed to reduce transaction fees for Layer 2 solutions. Pectra is a new milestone on the Ethereum development roadmap and is scheduled to go live in the first quarter of 2025. This schedule allows for the inclusion of additional features to improve the Ethereum user experience (UX).
Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish a correct investment philosophy and be sure to increase risk awareness.
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