FTX ex-CEO appeals and asks for new trial
FTX ex-CEO appeals and asks for new trial
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Welcome to Stay on-chain! Given our attendance at Token2049 in Singapore, this week’s edition will feature a concise and value-filled rundown of news. Expect a summary of the conference soon!
By the way, make sure to join our Telegram group 👾
Notably, this week saw the U.S. Federal Reserve proceed with the first rate cut in years since Covid: 50 bps i.e. 0.50%, with the FED rates now sitting at 4.75-5%. Markets expect this to drop another 100bps in 2025, and another 50 bps in 2026.
As of now, the markets are taking it positively, as much as many predicted 50 bps instead of a ‘safer’ 25 bps would end up being bearish as it’d signal panic.
Meanwhile, major DeFi metrics keep growing in a slow & steady manner, and TIA rises after it’s 80%+ bloodbath even though massive token unlocks are on the horizon in October.
More often than not, major crypto conferences end up being a ‘sell the conference’ event as speculators offload positions that they built in anticipation of news shared there. So far, this hasn't been true. This time’s different?
Happens on-chain
Llama Risk proposes to set WBTC’s loan-to-value on Aave to 0%, but ACI dissents — governance.aave.com
Sky Money (formerly MakerDAO) set to offset wBTC as collateral because of concerns about its recent merge with Justin Sun entity — CoinDesk
Circle is launching USDC on Sui blockchain, making its 15th network integration — The Block
Flappy Bird gets crypto reboot on Telegram with Notcoin — The Block
Wintermute set to launch prediction market ‘OutcomeMarket’ leveraging Chaos Labs’ Edge oracle — wintermute.com
Bhutan, a country featuring a $3B GDP, holds over $780M in BTC — CoinDesk
Traditional rails
Trump unveils details on WLFI tokenomics, with 63% allocated for a public sale estimated to net hundreds of millions as hype builds up — The Block
Former FTX CEO Sam Bankman-Fried files appeal and calls for a new trial — The Block
Former Celsius CEO Alex Mashinky’s trail set for January next year — DL news
Michael Saylor’s Microstrategy purchased 18.3K more Bitcoins for $1.1B — CoinDesk
Microstrategy is selling $700M more in convertible senior notes to buy back debt and more bitcoin (i.e. leverage long) — The Block
Mark Cuban allegedly wants to buy 𝕏 from Elon Musk — DL news
Crypto exchange Bitget seals eight-figure deal with Spanish football league LaLiga — CoinDesk
DeFi lending platform Rari Capital settles SEC charges — CoinDesk
Kalshi launches regulated prediction market for U.S. elections despite ongoing battle with the CFTC — Blockworks
ZKB, fourth-biggest Swiss bank, offers crypto trading and storage — DL news
Trump makes his first BTC purchase on a burger at PubKey bar in NYC — The Block
Tech go up
WBTC issuer BitGo to launch yield-bearing stablecoin USDS this year — CoinDesk
Solana Mobile unveils Saga successor ‘Seeker’, surpassing 140,000 presales and $70M in orders. Priced at $450 until Sep, 21 — The Block
Starknet’s plan to enable staking for STRK has been ratified — CoinDesk
Solana apps to ‘prioritize real humans’ thanks to World ID integration — The Block
Lens network to use Avail’s data availability solution for scalability — The Block
BGD Labs announces the Aave v3.2 upgrade — Notion
USDC is now available in Brazil and Mexico through local bank rails — Circle
Monerium rolls out Euro-backed stablecoin on Cosmos via Noble — The Block
VCs go brrr
Crypto VC Fund Dragonfly seeking to raise a $500M fund — Bloomberg
Bitget, Foresight ventures buy $30M TON tokens from whales — CoinDesk
TON foundation collaborates with Curve Finance to incubate stablecoin swap project — The Block
Modular L2 Hemi Labs raised $15M Seed Round led by Binance Labs, Breyer Capital and Big Brain Holdings — crypto-fundraising.info
Some insights into Bitcoin DeFi by CoinMarketCap and Footprint — CoinMarketCap
Airdrops
WalletConnect set to airdrop 185M WCT as token launches — The Block
Upcoming events
September, 20: Bank of Japan interest rate decision (0.25% expected)
September, 20-21: Solana Breakpoint in Singapore
September, 26: Hamster Kombat to airdrop 60% of HMSTR supply — The Block
September, 29: Chengpeng Zhao released from prison
September, 30: Supposed deadline to make $EIGEN transferable
December, 5-6: Emergence conference in Prague
MakerDAO has rebranded to Sky, and their stablecoin DAI to USDS. You can now stake the stablecoin to earn a 23.5% APR paid out in SKY tokens.
Security first. Aave offers a 15.16% APY for supplying their stablecoin GHO on Arbitrum, or 11.5% APY for pyUSD on EtherFi’s Ethereum market, or 18.78% APR if you stake it on Ethereum (in this case, you risk slashing, hence the higher yield).
The USDY chakra pool on Mantra is currently paying out an astounding 571.91% APR. On top of that, you’ll get 5.35% in USDY yield. Note that here your deposit is locked until Mantra launches its mainnet, and rewards are bound to be diluted over time as more people join the pool.
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Thank you for reading and see you next week!
Disclosure: Authors may own crypto assets named in this newsletter. Stay on-chain is meant for informational and educational purposes only. It is not meant to serve as investment advice. Please consult your investment, tax, or legal advisor before making investment decisions.