Weekly Market Insight: July week 1

English

Market Updates

02 Jul 2024

Headline News

- Solana's price surged by 13.82% last week after the announcement of VanEck filed for the first Solana ETF Form S-1 with the SEC, while Bitcoin price decreased by 0.75%. However, Bloomberg ETF analyst James Seyffart mentioned the application has a certain possibility of being approved in 2025 if there is a new admin in the White House and SEC.
- SEC filed a lawsuit against ConsenSys last week, alleging that the company engaged in the sale of securities and acted as an unregistered broker through MetaMask. Additionally, the SEC has taken action against the Lido and Rocket Pool staking programs, classifying them as securities due to their nature as investment contracts.

- The US durable goods orders increased by 0.1% in May, higher than market forecasts of a 0.1% fall. The final Q1 GDP was 1.4%, slightly higher than 1.3% in the second estimate, but overall matched with market expectation.
- Core PCE price index increased by 0.1% in May, matched with market estimation. Personal income increased by 0.5% in May, higher than 0.4% forecast. The growth of personal income didn't stimulate personal spending in May, which increased by 0.2%, lower than 0.3% forecast.

- Monday, July 1st 10:00pm: US ISM Manufacturing PMI in June

- Tuesday, July 2nd 9:30pm: Fed Chair Powell speech in Policy Panel Discussion in Portugal

- Tuesday, July 2nd 10:00pm: US JOLTs Job Openings in May

- Wednesday, July 3rd 10:00pm: US ISM Services PMI in June

- Thursday, July 4th 2:00am: US June FOMC Minutes

- Friday, July 5th 8:30pm: US Unemployment Rate and Non-Farm Payrolls in June

- Tether announced discontinued support for EOS and Algorand, ceasing new USDT mint and support for redemption for the next 12 months.
- Marathon, an institution Bitcoin miner, announced mining of Kaspa to diversify its revenue stream.

- Solana launched Action and Blink, a feature that allows users to initiate transactions without being redirected to the respective dApps. Light Protocol and Helius also introduced ZK Compression, enabling native ZK compute on Solana without requiring L2. Developers are able to pay lower state costs by compressing the state roots.
- Paradigm rolled out Reth 1.0, a Rust based Ethereum execution client, aiming for high performance in terms of RPC, synchronization and storage capacity.
- MegaETH, a high performance blockchain that aims to bring real-time transactions at 100,000 TPS, raised $20 million in seed round led by Dragonfly Capital and angels including Vitalik Buterin.
- Blast launched BLAST token last week and is currently trading at approximately $2.2 billion FDV. Blast TVL has dropped by 36.48% from its highest point.

- Hyperlane launched AVS powered by EigenLayer to connect any rollup with the security of Ethereum.
- Worldcoin partnered with Alchemy to build the World Chain. Worldcoin also announced the launch of World ID to Solana via Wormhole's bridging solution.
- Dexscreener launched Pumpdotfun competitor platform, Moonshot. Token launched in Moonshot will migrate to Raydium once the market cap reaches 500 SOL.
- Taurus, backed by Deutche Bank, launched digital asset custody and issuance platforms on Stellar.
- Aevo announced to stop trading reward emissions and committed to buyback 1 million AEVO tokens every month from July to December.
- EtherFi token is now natively available on Arbitrum via Wormhole.
- BlueFin introduced its tokenomics detail with 13% allocated for airdrop, where users are able to claim at launch with 50% discount. Otherwise, users will receive 50% of eligible claims after 1 month, and another 50% after 2 months.
- Igloo, the parent company of Pudgy Penguins, has acquired Frame protocol to develop Abstract Chain, a Layer 2 network for culture and communities.
- Curve Finance turns on its crvUSD fee switch. crvUSD has approximately $121 million in circulation.

- BNB Chain proposed BEP-341, increasing transaction processing by allowing validators to produce consecutive blocks and new smart contracts for fees to reduce MEV.
- EtherFi DAO passed 25 million ETHFI allocated to Season 3 airdrop, starting from July 1st to early September.
- MakerDAO is voting to increase Smart Burn Engine MKR buyback frequency with decreased DAI size, allocating 4.5 million DAI and 1,300 MKR to subDAO Launch Project and further increase sUSDe pool cap.

- DYDX token unlocked on July 1st, amount representing 3.12% of the token supply.
- SUI token unlocked on July 1st, amount representing 2.65% of the token supply.
- MAV token unlocked on July 1st, amount representing 14.56% of the token supply.
- ZETA token unlocked on July 1st, amount representing 1.92% of the token supply.
- IO token unlocked on July 1st, amount representing 7.82% of the token supply.
- GAL token unlocked on July 5th, amount representing 2.6% of the token supply.
- XAI token unlocked on July 9th, amount representing 71.59% of the token supply.
- IMX token unlocked on July 12th, amount representing 2.19% of the token supply.
- APT token unlocked on July 12th, amount representing 2.58% of the token supply.
- STRK token unlocked on July 15th, amount representing 4.92% of the token supply.

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