Weekly Market Insight: August Week 4

English

Market Updates

20 Aug 2024

Headline News

- Bitcoin price decreased by 0.47% last week, while the Bitcoin ETFs have total net inflow of $32.58 million and a total trading volume of $7 billion during the same period, lower compared to $12.52 billion trading volume in the previous week.
- Ethereum also experienced the lowest on-chain activities since 2020, with gas fees dropped below 1gwei.

Macro-Outlook

- The U.S. PPI in July increased by 0.1%, lower than the estimation of 0.2%. Additionally, the annual inflation rate decreased to 2.9% in July, the lowest since March 2021 and below forecasts of 3%. Lastly, retail sales in July increased by 1%, higher than the estimation of 0.3%, indicating a stronger than expected consumer demand.
- The probability of the Fed cutting 25bps in September increased from 50% to 71.5% in a week, according to CME FedWatch.

Upcoming Economic Calendar including,

- Thursday, August 22nd 2:00am: FOMC Minutes
- Friday, August 23rd 10:00pm: Jerome Powell speech at Jackson Hole Economic Policy Symposium

Weekly-Cryptos-Overview

Layer 1 and Layer 2s

- Optimism introduced a solution for native interoperability across Superchains.
- Arbitrum passed voting for ARB staking and the launch of a liquid staking token, stARB, allowing rewards to auto-compound, restakeable and compatible for further Defi implementation.
- EigenDA announced to launch the Base Rewards Program, starting to distribute rewards to stakers and operators with monthly rewards at 10 ETH and ramp up over time.
- Symbiotic Devnet is now live.
- Solayer launched its Solana Restaking for endogenous AVS on the mainnet. Endogenous AVS enables dapps to secure the network bandwidth with on-demand blockspace and throughput.
- DFINITY launched Threshold Schnorr signatures for Bitcoin transactions, enabling ICP smart contracts to read, write and own BTC on the Bitcoin network.
- Sonic Labs announced that Andre Cronje is officially the new CTO.
- Cronos Labs launched its L2 zkEVM chain powered by zkSync. The chain uses zkCRO (a liquid staked token of CRO) as its gas token.
- Alpeh Zero launched its EVM L2 with Gelato using Arbitrum Orbit, enabling ZK-privacy app integrations, enhanced account abstraction and a whitelabel loyalty solution for the sports & entertainment industry.

Dapps

- Chainlink Data Streams and Chainlink VRF are live on Base.
- Pyth Network's pull oracle is now supported in TON network, offering dapps high-fidelity and real-time prices.
- Injective announced assets can be bridged across TON network and Injective.
- Kujira partnered with Thorchain to make Kujira's DeFi suite to have tight integration of Thorchain assets.
- Kepl DAO launched Gain, a platform for aggregated airdrop strategy, allowing users to participate in multiple airdrop opportunities with ease.
- Ether.fi introduced eBTC, a liquid restaking token powered by Symbiotic with WBTC and tBTC as deposit assets. Stakers are able to earn points from Symbiotic, Ether.fi and Veda now.
- Renzo Protocol introduced ezSOL, a liquid restaking token powered by Jito.
- Squads, the leading multisig solution on Solana, announced to integrate Jito Restaking for their Squards Policy Network (SPN). SPN enables signers to only approve the transactions authorized by user-generated policy.
- Metamask launched the pilot phase for its Mastercard debit card, allowing direct purchase from Metamask wallet.
- SUN.io launched SunPump, the first meme coin launch platform on TRON network which is similar to Pump.fun. The platform also partnered with HTX to support exchange listing, if the meme token is able to maintain a 24-hour trading volume of over $10 million for 3 consecutive days.
- Aurora introduced the Bitcoin Light Client and Relayer service, ensuring real-time updates from the Bitcoin network and forming the backbone of bridge for Bitcoin and NEAR blockchain.
- NEBRA announced to launch its Universal Proof Aggregation (UPA) on Ethereum. UPA allows aggregation of ZKPs from various L2s before posting to Ethereum, saving verification costs.

Upcoming Alpha and Governance

- Babylon is expected to launch its mainnet this week.
- Polygon announced the migration of MATIC to POL will take place on September 4th.
- The dYdX announced to release permissionless market listing this autumn. New markets will be sourcing liquidity from MegaVault, depositors will share the vault's P&L and protocol revenue from the participated markets.
- After the new WBTC partnership announcement with BiT Global, MakerDAO passed voting to disable WBTC as collateral. Frax Finance and Coinbase both teased to launch frxBTC and cbBTC respectively.
- EigenLayer announced to launch Permissionless Token Support soon, enabling any ERC20 to be restaking assets.

Token Unlock

- PIXEL token unlocked on August 19th, amount representing 7% of the token supply.
- AVAX token unlocked on August 20th, amount representing 2.42% of the token supply.
- PRIME token unlocked on August 31st, amount representing 1.69% of the token supply.
- OP token unlocked on August 31st, amount representing 2.64% of the token supply.
- DYDX token unlocked on September 1st, amount representing 3.65% of the token supply.
- SUI token unlocked on September 1st, amount representing 2.47% of the token supply.
- ZETA token unlocked on September 1st, amount representing 15.71% of the token supply.

Disclaimer

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