The Daily Index — Thursday, August 8, 2024

MARKETS & BUSINESS

TLDR Crypto

BITCOIN VOLATILITY HITS 20-MONTH HIGH, TRADERS HEDGE AGAINST FURTHER SLUMP

Bitcoin's volatility index has surged to a 20-month high, driven by recent price drops below $50,000, prompting traders to hedge against potential further declines. While some traders anticipate more downside, others see this as a buying opportunity, with expectations of a possible near-term recovery.

cointelegraph.com · 2 min

TLDR Crypto

SYNTHETIC DOLLAR PROTOCOL ETHENA EXPANDS TO SOLANA, INCLUDES SOL AS BACKING ASSET

Ethena Labs expanded its synthetic dollar protocol, Ethena, to Solana to improve the scalability and stability of USDe. USDe aims to maintain a $1 peg and currently offers a 12.3% annual yield for staked assets. SOL will be used as a backing asset alongside other crypto, improving the financial strength of USDe and potentially unlocking billions in additional futures market interest.

unchainedcrypto.com · 2 min

TLDR Crypto

ZORA UPGRADE

Zora has launched a major protocol upgrade, integrating with Uniswap to create on-chain secondary markets that allow creators to earn royalties from trades after a mint ends. This upgrade introduces new features like Secondary Rewards, efficient price discovery, and instant liquidity, enhancing the experience for both creators and collectors.

threadreaderapp.com · 2 min

TLDR Crypto

WHY ETHEREUM FEES WERE DOWN $679M IN Q2 (57%)

Ethereum's fees dropped by 57% in Q2 after the EIP-4844 upgrade, which increased block space and reduced costs, boosting L2 scalability. While this might look like a financial dip, it's actually a positive sign — L2 transactions and users have surged, showing Ethereum's network is scaling and improving.

threadreaderapp.com · 2 min

TLDR Crypto

PERFORMANCE OF TOKENS LISTED ON BINANCE YTD

Since the start of 2024, Binance has listed 30 new tokens, but the majority have experienced declines in performance. This trend indicates that most of these newly listed tokens are underperforming, reflecting broader market challenges or specific issues within the projects.

threadreaderapp.com · 1 min

TLDR Crypto

THE RACE TO DOMINATE STABLECOINS

Stablecoins could transform global finance by challenging banks and payment networks. As competition among issuers, banks, and tech companies intensifies, the race to dominate this new "operating system for money" could reshape the future of finance, with regulators playing a key role in determining the market's outcome. The likely result is a market with multiple stablecoins offering faster, cheaper payments, benefiting consumers but potentially sidelining current issuers.

hbr.org · 12 min

TLDR Crypto

THOUGHTS ON JUMP SUPPOSEDLY LEAVING CRYPTO

Jump Crypto might be exiting its "building" ventures, where it invested in crypto projects in exchange for token allocations, following a series of setbacks like Luna, Wormhole, and FTX. However, its core trading operations likely remain active and profitable, with recent wallet activity suggesting it is offloading its crypto holdings as it scales back its involvement in the space.

threadreaderapp.com · 2 min

TLDR Crypto

HOW IS FANTASY TOP DOING?

Fantasy is stabilizing, with consistent tournament participation despite a declining holder count and slowed market activity.

threadreaderapp.com · 3 min

TLDR Crypto

PACMOON MIGRATES TO SOLANA

Pacmoon is migrating from the Blast blockchain to Solana and rebranding as $ARMY.

threadreaderapp.com · 1 min

TLDR Crypto

JUDGE IMPOSES $125 MILLION CIVIL PENALTY ON RIPPLE

A federal judge has ordered Ripple to pay a $125 million civil penalty in its lawsuit with the SEC.

threadreaderapp.com · 1 min

TLDR Crypto

DECAF LAUNCHES US ACCOUNTS

Decaf Wallet now offers US accounts, allowing users to receive USD as $USDC with no fees during early access.

threadreaderapp.com · 1 min

TLDR Crypto

ETHEREUM ENTITIES LARGELY COMPLIED WITH TORNADO CASH SANCTIONS, NY FED PAPER SAYS

A New York Fed report found that most Ethereum block builders are complying with sanctions against Tornado Cash, although some activity persists.

coindesk.com · 2 min