Headlines
MakerDAO has passed and implemented a proposal to reduce the size of WBTC collateral
MakerDAO has passed and implemented a series of proposals yesterday, including a proposal to reduce the size of WBTC collateral. The proposal includes: the core vault will reduce WBTC-A DC-IAM (maximum collateral amount) from 500 million to 0; WBTC-B DC-IAM (maximum collateral amount) from 250 million to 0; WBTC-C DC-IAM (maximum collateral amount) from 500 million to 0; disable WBTC lending in SparkLend; reduce WBTC LTV from 74% to 0%.
The proposal stated that due to the potential risks of changes in WBTC custody rights, the integration of WBTC collateral on Maker and SparkLend would bring higher risks, and the above actions were taken to limit the growth of WBTC exposure.
OKX launches ARKM, PIXEL, and BOME spot trading
ARKM/USDT trading will be launched at 14:00
PIXEL/USDT trading pair will be launched at 16:00
BOME/USDT trading will be launched at 18:00
Industry News
Adam Button, an analyst at the financial website Forexlive, believes that the crypto market is usually the leader of stock market sentiment, but this is not the case today. Bitcoin prices fell 3%, but the stock market was at its high for the day, with the Nasdaq 100 up 2.5%. This divergence may be related to the crypto markets concerns about the liquidation and distribution of Mt.Gox. In any case, the Nasdaq is now almost back to its closing level on July 31. At that time, the Feds decision caused the Nasdaq to rebound sharply, but then there was a brutal global crash. The Nasdaqs rebound since last Monday has been very significant, especially compared to the intraday low on August 5. The Nasdaq has risen 12% from that time, which is a good return for most fund managers for a whole year. Part of the reason behind this rebound trade is the rebirth of artificial intelligence trading, but it is mainly because people have rekindled confidence that global economic growth is in good shape.
The Feds preferred PCE inflation measure wont be released until the end of the month. However, barring unforeseen macroeconomic changes, it is now almost a foregone conclusion that the Fed will slash borrowing costs at its September meeting. But its still hard to predict exactly what policymakers next move will be, and that uncertainty suggests there could be more volatility ahead. The CME FedWatch tool shows that the market is still undecided on whether the Fed will cut rates by 25 or 50 basis points next month, with traders slightly leaning toward a more cautious rate cut. If the Fed takes more aggressive action, it could boost the appeal of the retail and consumer sectors. But if officials are more cautious in cutting rates, investors may decide that now is a good time to buy into the seven major tech giants in the U.S. stock market. The situation will continue to change with the release of initial claims and retail sales data. The Fed may also use the opportunity of the Jackson Hole meeting next week to hint at the direction of interest rates.
Data from Farside Investors showed that Grayscale GBTC had a net outflow of US$25 million yesterday, Grayscale Mini BTC had a net inflow of US$13.7 million, and Bitwises BITB had a net inflow of US$6.2 million.
Yesterday, ETHE had a net outflow of $42.5 million.
Project News
Coinbase International will launch ATOM, DYDX and OM perpetual futures contracts
Coinbase International and Coinbase Advanced will add support for Cosmos, dYdX, and MANTRA perpetual futures, and ATOM-PERP, DYDX-PERP, and OM-PERP markets will open on or after 9:30 AM UTC on August 22, 2024.
The Snapshot governance page shows that Frisson, head of Tallys market operations, initiated a proposal in the Arbitrum community to unlock token utility by enabling ARB staking and it was passed with 91.54% support. The proposal proposes to unlock ARB utility by enabling ARB staking and improve the governance and security of the Arbitrum protocol, but will not enable the distribution of fees to token holders for the time being. By delegating tokens to users who actively participate in governance through ARB staking, token holders will be able to capture value.
The proposal will also implement a liquid staking ARB token (stARB) through the Tally protocol, which can automatically compound any future rewards, can be (re)staked, and is compatible with DeFi. In addition, the proposer said that it will work with Arbitrum DAO to decide whether and how to fund the rewards and distribute the rewards between token holders and delegators. According to the plan schedule, this vote is a preliminary review on Snapshot. If passed, an on-chain proposal will be published on Tally this month to apply for funds and start development. The smart contract will be submitted for review in September, and an on-chain proposal containing a complete ARB staking implementation will be submitted on Tally in October.
Investment and Financing
Orderly Network announced the completion of a $5 million strategic round of financing, with participation from OKX Ventures, Manifold Trading, Presto Labs, LTP, Nomad Capital and Origin Protocol. The new funds will be used to develop new products and enhance its on-chain liquidity. (TheBlock)
Binance Labs announces investment in MyShell
According to official news, Binance Labs announced that it has invested in MyShell through its sixth incubation program. The specific amount has not been disclosed. The project is a decentralized artificial intelligence ecosystem that allows everyone to build, own and share artificial intelligence applications. It is reported that MyShells application scenarios in the crypto ecosystem include: AI raw pictures, videos, games, personal assistants and other scenarios, and the number of registered users has exceeded three million.
Regulatory trends
According to documents on the website of the U.S. Securities and Exchange Commission (SEC), Nasdaq withdrew its applications to list and trade options on two Bitcoin spot and Ethereum spot ETFs. At the same time, the New York Stock Exchange also withdrew its applications to list and trade options on Bitwise and Grayscale Bitcoin spot ETFs on the same day.
Bloomberg analyst James Seyffart said he expects Nasdaq and NYSE to resubmit applications to list options on bitcoin spot ETFs in the coming days or weeks.
According to previous news, other exchanges also withdrew similar applications last week. MIAX, MIAX Pearl and BOX Exchange withdrew their proposals to list Bitcoin spot ETF options, and the Chicago Board Options Exchange also withdrew its application for listing Bitcoin spot ETF options, but then resubmitted the application. The SEC has not yet approved the trading of options products based on Bitcoin spot and Ethereum spot ETFs. (The Block)
Binance completes registration in India, achieving the 19th global regulatory milestone
Binance announced that it has successfully registered as a reporting entity with the Financial Intelligence Unit of India (FIU-IND). This achievement marks Binances 19th global regulatory milestone. Registration with the Indian Financial Intelligence Unit demonstrates Binances commitment to complying with Anti-Money Laundering (AML) standards in India and other jurisdictions where it operates. According to Chainalysis data, India ranks in the top five in estimated trading volume for centralized and decentralized exchanges, lending protocols, and token smart contracts. Binances website and application are now fully open to Indian users, providing them with Binances full suite of services and tools to meet their needs.
Richard Teng, CEO of Binance, said: “Our registration with the Indian Financial Intelligence Unit marks an important milestone in Binance’s journey. We recognize the vitality and potential of the Indian virtual digital asset market, and this collaboration with Indian regulators enables us to provide customized services to Indian users. We are honored to expand our leading platform into this thriving market and support the continued development of the Indian virtual digital asset market.”
Character Voice
Harris campaign: Trump and Harris will also debate in October
On August 16, Harris campaign said Trump and Harris will also debate in October.
Feds Musallem: The time for a policy rate change may be coming soon
In 2025, FOMC voting member and St. Louis Fed President Moussallem said that monetary policy is in a moderately tight state and the time for a change in policy interest rates may be coming soon. (Jinshi)
