Headlines
The probability of the Fed cutting interest rates by 25 basis points in September is 67%.
CMEs Fed Watch data shows that the probability of the Federal Reserve cutting interest rates by 25 basis points in September is 67%, and the probability of cutting interest rates by 50 basis points is 33%.
The probability that the Federal Reserve will cut interest rates by 50 basis points by November is 45.2%, the probability of a cumulative cut of 75 basis points is 44.1%, and the probability of a cumulative cut of 100 basis points is 10.8%.
According to feedback from many community members, the official account of the Ethereum L2 network Scroll Foundation is suspected to have been online, which may imply that information related to TGE and airdrops will be released later.
Odaily Planet Daily reminds users that all information is subject to the official information of Scroll and they should pay attention to the safety of their assets.
Vitalik: I have never sold Ethereum for personal profit since 2018
Well-known trader Ansem said on the X platform that Vitalik created the second most important project in the history of encryption and had reason to take his own profits. In response, Ethereum co-founder Vitalik Buterin replied that he had never sold and retained the proceeds since 2018. All sales were used to support various projects that he believed were valuable, whether in the Ethereum ecosystem or in other more charitable areas (such as biomedical research and development).
Industry News
New polls show Harris and Trumps race remains close
According to the latest poll results released by ABC News, the competition between Democratic presidential candidate Harris and Republican presidential candidate Trump is still evenly matched. Harriss support rate did not rebound across the board after the nomination convention, but Trumps support rate did not rebound after the Republican National Convention in July. This shows that their polarized campaign has locked in potential voters as they enter the final two months. (Jin Shi)
According to Trader T monitoring, the net outflow of US Bitcoin spot ETFs in August 2024 was US$94 million, of which:
- BlackRock IBIT increased its holdings by 14,531 BTC, with a net inflow of US$887 million, and currently holds 357,509 BTC;
- Grayscale BTC net inflow of $330 million,
-WisdomTree BTCW net inflow of $139 million;
-Grayscale GBTC net outflow of US$910 million;
-Most other ETFs saw outflows in August.
CZ may be released from prison in just 4 weeks
According to previous news, CZ may be released from prison on September 29, 2024. Based on this information, there may only be 4 weeks left until CZ is released from prison.
Peter Cardillo, chief market economist at Spartan Capital Securities, said that todays PCE report is all good numbers, and of course, they show that inflation has peaked and is continuing to move lower. Personal income (growth) is not very strong, and consumption continues to move higher, which suggests that the probability of a recession in the first six months of 2025 is at most minimal. It is clear that the Fed will cut interest rates, and I think it is still controversial whether the rate cut will be 25 or 50 basis points, which will depend entirely on next weeks employment data. If the data is much weaker than expected, assuming that (employment) growth is less than 100,000, then the probability of a 50 basis point cut will increase, especially if inflation is moving in the right direction. He said: I expect the Fed to have three rate cuts, and may cut interest rates by 0.5 percentage points in September, depending on the employment data. Otherwise, there will be a 25 basis point cut in September and a 50 basis point cut in December. (Jinshi)
Analyst: PCE data has little impact on Fed rate cut bets
Some analysts said that U.S. stock index futures rose slightly after the latest economic data reinforced expectations that the Federal Reserve will cut interest rates several times this year. U.S. Treasury yields were little changed, and the market is expected to achieve the longest consecutive rise since 2021. The PCE indicator favored by the Federal Reserve, which measures potential inflation in the United States, rose modestly in July, and household spending remained solid. Federal Reserve Chairman Powell said last week that the time has come for the Fed to cut its key policy interest rate. He affirmed the expectation that Fed officials will begin to reduce borrowing costs next month and made clear that he intends to prevent the labor market from cooling further. (Jinshi)
Traders see inflation from Trump 2.0, start preparing for Fed pivot
Traders believe that Trump 2.0 will lead to inflation, so they are betting that U.S. Treasury yields and the dollar will strengthen. But the momentum of this trade has weakened in recent weeks as Democratic candidate Harris has changed the campaign and eliminated Trumps advantage in the polls. As traders prepare for the Feds shift, the Bloomberg Dollar Spot Index has fallen nearly 2% so far in August, the biggest drop since the market prematurely prepared for the Feds shift at the end of last year. This time, however, Fed officials made it clear that as inflation cools, they are finally ready to start the first rate cut of this cycle. (Jinshi)
Feds Bostic: Inflation still far from Feds 2% target
Feds Bostic said inflation has fallen sharply from its 2022 peak, but recent data is still a long way from the central banks 2% target. I have been highly focused on the short term in order to get inflation back to target, he said. Bostic said officials are beginning to discuss where interest rates will stabilize in the long run, adding that he set the neutral rate at 3% in his latest summary of economic projections released in June. Just a day ago, the Atlanta Fed president reiterated that his expectations for a rate cut were brought forward. He added that he would rather wait for more data to confirm economic trends than cut rates too early and then have to raise rates again when inflation re-accelerates. (Cailian Press)
Project News
Coinbase senior software engineer yuga.eth wrote on X: “We are building an SDK that will give bots/AI agents the following capabilities:
- Send USDC for free;
- Trade cryptocurrencies;
- Betting on prediction markets;
-Pledge ETH, SOL, etc.;
-Convert between fiat currency and cryptocurrencies;
- Deploy/create NFTs;
- Bridging across L2.
If you are interested, please contact me.”
Polymarket’s August trading volume reached $463 million, exceeding all on-chain NFT trading volumes
According to data from The Block and CryptoSlam, Polymarkets trading volume in the past month exceeded the total trading volume of all on-chain NFTs: NFTs trading volume in the past 30 days was only US$377 million, while Polymarkets trading volume has reached US$463 million.
As the 2024 presidential election approaches, Polymarket’s number of active traders has grown steadily since May.
The prediction market currently shows that Trump (50%) has a slight lead over Harris (48%) in the probability of winning the 2024 presidential election, and the current betting scale on the event is close to $770 million.
DOGS will add two new token claiming options to reduce network load and speed up the process
DOGS officials posted on the Telegram channel that for users who have not yet claimed the token, two new claiming options will be added to the application tomorrow:
- Faster withdrawals, requiring a small fee in DOGS;
- Withdrawals are slower but free of charge.
Users can choose the most suitable method for receiving DOGS, which will speed up the process with less blockchain load.
Dune statistics show that pump.funs cumulative revenue has exceeded $100 million, temporarily reported at $100,035,492, and daily revenue has dropped to approximately $400,000.
Since its launch, pump.fun has issued a total of 1.1 million tokens, with the highest daily revenue being $2.417 million.
UniSat: Public mining pool FairPool is now live on Fractal testnet
UniSat posted on the X platform that the public mining pool FairPool has been launched on the Fractal test network. Miners can connect to the website to view their real-time computing power and mining rewards.
Floki: Completed CAT airdrop snapshot for FLOKI holders, expected to be airdropped within 2 weeks
Floki officially announced on the X platform that it has completed the CAT airdrop snapshot for FLOKI holders. The snapshot for FLOKI holders on Binance was completed at 7:59:59 Beijing time on August 30, 2024, and the final snapshot for on-chain holders was completed at the same time. Currently, the team is actively coordinating with Binance to confirm the time of CAT airdrop distribution, and the on-chain airdrop will be carried out around the same time. The distribution is expected to be carried out in about 2 weeks, but the final distribution time will be determined by Binance.
Ethereum Foundation announces Q2 funding list, totaling over $8.47 million
According to official news, the Ethereum Foundation announced a list of funded projects for the second quarter of 2024, with a total amount of over 8.47 million US dollars. The funding covers multiple key areas to promote the overall development of the Ethereum ecosystem.
- In terms of community and education, it has supported global conferences and hackathons such as ETH Beijing, ETH Tokyo, and ETHWarsaw.
- In the field of cryptography and zero-knowledge proof, it has funded research projects such as Anon Aadhaar Protocol and Faster Scalar Multiplication of Elliptic Curves.
- In terms of developer experience, it supports the development of tools such as Circom Language Server and MEDGA Solidity debugger.
In addition, the Ethereum Foundation also supported the retroactive public goods funding round operated by Cryptoversidad and the Road to Devcon quadratic funding round for Southeast Asia through indirect funding. At the protocol level, it continues to support the Account Abstraction Core Team and Ethereum Protocol Fellowship (EPF) projects. Other important funding includes L2 BEAT, Ephemery Testnet and Summer of Protocols.
Telegrams balance sheet shows it holds $400 million worth of cryptocurrency
According to the Financial Times, Telegram shows that it holds $400 million worth of cryptocurrencies on its balance sheet.
The number of Ethereum researchers increased to 550 in Q1 2024, a 2,100% increase from Q1 2019
The number of researchers behind the Ethereum network grew from around 25 in the first quarter of 2019 to a peak of 550 in the first quarter of 2024, a 2,100% increase, which is a positive sign for the world’s second-largest blockchain network.
In addition, the number of Ethereum researchers fell slightly in the second quarter of 2024, to about 450 developers, but this number is still relatively high. (COintelegraph)
OKX will launch HMSTR (Hamster Kombat) spot trading on September 26
According to the official announcement, OKX will launch HMSTR (Hamster Kombat) on September 26, and will officially deliver HMSTR/USDT pre-market transactions (USDT margin delivery contracts) on September 25, 2024. The specific time schedule will be announced separately.
Bloomberg adds Polymarket election odds data to its terminal
Financial data and news service Bloomberg LP is adding election odds data from crypto prediction platform Polymarket to its terminals, Bloomberg Financial Products chief economist Michael McDonough said on August 29.
The integration highlights the growing importance of prediction markets in analyzing political trends and election odds. It also highlights the growing adoption of Web3 by traditional financial institutions. (Cointelegraph)
Character*Voice
Justin Sun: The SUN token destruction plan will be announced soon and will be further regularized
Sun Yuchen posted on X yesterday that the destruction of SUN tokens will be announced soon and will become more regular. The team is currently focusing on solving API issues related to revenue data, but there is no doubt that 100% of SUNs revenue will be used for destruction, which reflects our core value: everything that happens in the crypto field should stay in the field.
Yuga Labs CEO: New team Workshop will launch new products on ApeChain
Yuga Labs CEO Garge.eth posted on the X platform that he formed a new department, Workshop, focusing on innovative products shortly after taking over as CEO, and expressed the hope to learn from Coinbases launch of the Base blockchain and let the team focus on building innovative ApeChain products. Garge.eth also said that Workshop is about to launch the first batch of products on ApeChain, and it is not sure whether these products will be welcomed by the community. If they are not accepted by the community, they will be cancelled.
Kremlin spokesman: Russia questioned Telegram but did not arrest Pavel Durov
According to Interfax, Kremlin spokesman Peskov said that Russian authorities questioned the communication tool Telegram, but Telegram founder Pavel Durov has not been arrested in Russia. No one has arrested him in this country. Of course, there have been questions before, Peskov said in an interview. Yes, terrorists do use the Telegram network, but terrorists also use cars. Why dont they arrest the general manager of Renault or Citroen? Peskov said. (Jinshi)
Musk: Brazilian people will know about the judges ban on X and other related crimes
According to X Daily News, which posted on the X platform, Brazils ban on X has come into effect in the past few hours. Judge Morais is threatening Brazilians who use VPNs to access the X platform with a fine of up to $9,000 per day. In response to this, Musk said: No matter how he tries to stop it, the Brazilian people will know his crimes. Previously, Musk said that he would release a long list of crimes against Judge Morais, as well as the specific Brazilian laws that were violated, and emphasized: He needs to abide by the laws of his own country. He is a dictator and a liar, not a righteous man.
Coinbase CEO Brian Amstrong published a long article on the X platform, saying that this week at @CoinbaseDev, we witnessed the first AI-to-AI crypto transaction. In other words, AI can now pay other AIs with cryptocurrency. In the article, he mentioned: What did one AI buy from another AI? Token! Not a crypto token, but an AI Token (basically a word from one LLM to another). They use tokens to buy tokens. AI agents cant get bank accounts, but they can get crypto wallets. They can now use USDC on Base to trade with humans, merchants, or other AIs. These transactions are instant, global, and free. In addition, he said, If its a company selling services-be prepared to have a shopping cart that supports AI checkout. It turns out that everyone benefits from having access to good financial services, including AI! How big will the AI economy be in the next few years?
OKX CEO Star responded to the question raised by users about the OKX lending mechanism:
1. OKX current mortgage loan is a C2C market between users. OKX only provides a platform to help match users who need to borrow coins and those who need to earn coins.
2.100% reserve is a basic responsibility of OKX. When the loan amount exceeds the deposit amount, the platforms automatic currency exchange mechanism will be triggered due to the 100% reserve requirement;
3. Of course, OKX has set a limit on the maximum loan amount, which is not allowed to exceed 100%;
4. Due to the market activity of the currency, a large number of depositors redeemed their currency, causing the loan amount to exceed 100%, which in turn triggered the automatic currency swap;
5. The OKX team will review the underlying design mechanism of the mortgage lending platform to see if there are any optimization solutions. We welcome your comments.
Justin Sun: I and SUN DAO have not sold any SUN tokens and are willing to acquire SUN
Sun Yuchen posted on the X platform that SUN DAO and he himself have not sold any SUN at present, and the address circulated on the Internet has nothing to do with the official. In addition, Sun Yuchen expressed his willingness to purchase unlimited SUN at a price of $0.03.
Lava founder: It is estimated that there are about 400 L2 solutions running on the Bitcoin chain
Lava founder Shehzan said it is estimated that there are about 400 second-layer solutions running on the Bitcoin blockchain.
Shehzan noted on the Gwart Show on Aug. 25 that the actual value of these roll-ups and alternative blockchains is in question. Some put the number of such projects at just 80 to 85, while others put it at over 1,000. The estimates vary so widely because anyone can “rollup” data and broadcast a tiny hash to any miner, technically creating a “second layer to Bitcoin.”
In fact, many are simple clones of Ethereum rollups, handling almost all activity on centralized servers outside the Bitcoin network and broadcasting periodic hashes of that state into Bitcoin blocks. (Protos)
El Salvador President: Bitcoin has not yet achieved the widespread adoption we hoped for
In an interview with Time magazine, when asked whether Bitcoin monetization has been successful, El Salvadors President Nayib Bukele said, Bitcoin has not yet achieved the widespread adoption we expected. Many Salvadorans use it, and most of the big businesses in El Salvador accept it. You can pay with Bitcoin at McDonalds, supermarkets or hotels. But it has not achieved the level of adoption we expected. The positive thing is that it is voluntary; we have never forced anyone to adopt it. We have made it a choice, and those who have chosen to use it have benefited from the rise of Bitcoin.
Nayib Bukele noted that despite limited domestic adoption, Bitcoin has enhanced El Salvadors brand, attracted foreign investment, and boosted tourism. Several Bitcoin companies have offices or headquarters in the country. (theblock)
Investment and Financing
Web3 game developer Legend of Arcadia has completed a $4 million seed round of financing, with participation from Animoca Brands, OKX Ventures, Arche Fund and Selini Capital. It is reported that Legend of Arcadia has currently developed a card role-playing game that can be accessed for free on mobile devices and will launch the in-game cryptocurrency ARCA. (TheBlock)
Parlay Labs raises $2 million in funding led by DNA.fund
Parlay Labs, a multi-chain code-free Launchpad project, announced the launch of a $2 million financing round, led by DNA.fund, with participation from Jon Najarian, co-founder of Market Rebellion and TV personality of FOX Business and CNBC, and Rick Schlesinger, co-founder of EOS New York. Parlay is the first platform of its kind on Ethereum, and the first platform to integrate Ethereum, Base, Optimism, Arbitrum, Avalanche, Polygon, BSC and Blast multi-chain Launchpad and token trading. The new funds are intended to be used to add more network and product enhancements. (Decrypt)
According to a document reviewed by DL News, Tom Stanev, former head of trading at cryptocurrency lender and exchange Nexo, has left and founded a new market-making company called Infima Capital, which will lead the new business. A Nexo spokesperson confirmed to DL News that Stanev and several former employees have left, and other people joining Stanev include former Nexo engineering director Stefan Bonev and former Nexo product manager Lora Zlateva. According to the document, Infima Capital already has more than 40 employees. In addition, Infima received a $5 million investment from an unnamed partner, which will provide Infima Capital with a $100 million credit line for market making and market neutral strategies. Stanev declined to disclose specific information about the supporters, saying: We have obtained commitments from multiple counterparties, but since we are still in the financing stage, nothing has been determined. (DL News)
DEX aggregator ODOS completes Series A financing, Uniswap and others participate
According to official news, DEX aggregator ODOS announced that it has completed its Series A financing. @Uniswap, @CurvedVentures, @orbs_network, @0x Mantle, @pakafund and other institutions participated in the investment. The amount of financing has not been disclosed yet.
Robot Ventures Early-stage Crypto Venture Fund Closes $75 Million
Robot Ventures early crypto venture capital fund has raised $75 million. It is reported that Robot Ventures is an early investor in crypto startups such as EigenLayer, Lido Finance and Flashbots. This fundraising fund is Robot Ventures fourth fund, and its investors include TrueBridge Capital Partners, Haun Ventures, Marc Andreessen, etc. (Bloomberg)
Stablecoin transfer platform Kredete completes $2.25 million seed round of financing, led by BFF
Kredete, a cross-border transfer platform based on stablecoins, announced the completion of a seed round of financing of US$2.25 million, led by BFF, with participation from Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, SDF and DNA Fund. It is reported that Kredete uses stablecoins to reduce the cost of promoting transfers. (Accesswire)
It is reported that in this round of financing, MetaCene obtained a new round of financing participated by Galaxy Interactive, an investment institution under Web3 giant Galaxy Digital, and top fund Gam 3 Girl Ventures. Sebastien Borget, co-founder of The Sandbox, Giulio, co-founder of LiquidX and other well-known figures participated as individual investors.
MetaCene, which was selected for the Binance Labs incubation program, has received a total of US$17 million in financing, including the two rounds of financing that have been announced previously. Senior investment institutions such as Folius Ventures, SevenX Ventures, Animoca Ventures, Hash Global, The Spartan Group, Mantle Network, Wemade, MixMarvel DAO Venture, Longling Capital, Comma 3 Ventures, IGG, Emurgo, Sinovation Ventures and LK Venture participated in the investment.
In addition, MetaCenes server governance token MAK will announce its token plan in the near future.
Bitcoin liquidity layer Uniquid Layer announced that it has successfully obtained financial support from multiple investment institutions including Amber Group, DWF Labs, ArkStream Capital, and launched a new BTC Staking product.
Security incidents
According to Paidun monitoring, more than 10 hacker attacks occurred in the crypto space in August 2024, resulting in losses of approximately $313.86 million. The two largest hacker attacks involved unauthorized transfers (phishing), accounting for 93.5% of the total stolen funds, totaling $293.4 million.
Top five hacking incidents in August:
Phishing: $238 million (BTC);
Phishing: $55.4 million (DAI);
Ronin: $12 million (recovered);
Unauthorized transfers: $5.1 million;
Nexera: $1.83 million.
Cryptocurrency hackers have now stolen more than $1.2 billion following the latest hack in August, further raising concerns about the widespread adoption of cryptocurrencies. So far in 2024, there have been 154 hacks and thefts in the crypto industry, resulting in the loss of $1.21 billion worth of digital assets. According to a report from Immunefi, this figure increased by 15.5% compared to the same period in 2023, when the total losses were just over $1 billion. This worrying development may cause hackers to steal more than this level in 2023, said Mitchell Amador, founder and CEO of Immunefi. It is difficult to make predictions, but the ecosystem is always at risk of a serious and successful attack, which could significantly increase these numbers. We must always be vigilant to mitigate such risks.
It is understood that in August, hackers stole more than $15 million worth of cryptocurrency, a 94% decrease from the $274 million stolen in July. (Cointelegraph)
SlowMist Chief Information Security Officer 23 pds said on the X platform that a vulnerability seller on the dark web claimed to be selling iOS RCE. According to the vulnerability seller, the vulnerability does not require user interaction (0 Click) and can fully control devices running iOS 17.xx and iOS 18.xx. It is currently impossible to verify whether this vulnerability is truly available, so please upgrade the iOS system in time.
SlowMist: Beware of new phishing methods targeting iCloud accounts of cryptocurrency practitioners
SlowMist Technology Chief Information Security Officer 23 pds posted on the X platform, saying that attention should be paid to new phishing methods targeting the iCloud accounts of cryptocurrency practitioners.
We have just received information about attacks on cryptocurrency practitioners. Phishers used the pretext of There is an error with your iPhone ID. Please go to appIe[.]xxx[.]com before August 30 to enable two-factor authentication. If you delay, it will be disabled! to defraud users iCloud accounts, recover accounts or keys, and steal users assets.
