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Rhythm Morning News|A summary of important news from last night and this morning on August 16

BlockBeatsBlockBeats2024/08/16 02:00
By:BlockBeats

1. MakerDAO passed a proposal to reduce the size of WBTC; 2. Arbitrum initially passed a proposal to unlock token utility; 3. Arthur Hayes launched the first NFT collection on Bitcoin Ordinals; 4. BLUR unlocked 36.78 million BLUR tokens worth $5.64 million; 5. The market expects the Fed to cut interest rates by less than 100 basis points in 2024

MakerDAO has passed the "Reduce WBTC Collateral Size" proposal

BlockBeats news, on August 16, MakerDAO launched the "Reduce WBTC Collateral Size" proposal on August 12 to deal with the potential risks of custody changes, which has been used and implemented. Including:


Core Treasury: Reduce the WBTC-A DC-IAM quota (maximum guarantee amount) from 500M to 0; Reduce the WBTC-B DC-IAM quota (maximum guarantee amount) from 250M to 0; Reduce the WBTC-C DC-IAM quota (maximum guarantee amount) from 500M to 0.


SparkLend: Prohibit borrowing of WBTC; reduce WBTC loan collateral ratio from 74% to 0%.


BlockBeats previously reported that crypto risk analysis and assessment agency BA Labs said that given the upcoming change in WBTC custody, WBTC collateral integration faces higher potential risks on Maker and SparkLend. If Bitgo or other relevant parties cannot convincingly prove the security of maintaining the existing WBTC collateral integration, BA Labs will consider further adjusting parameters to protect the protocol until WBTC collateral on Maker and SparkLend is completely removed.


Arbitrum community's proposal to "unlock token utility by enabling ARB staking" has been preliminarily passed

BlockBeats news, on August 16, according to the Snapshot governance page, Tally's head of market operations Frisson initiated a "unlock token utility by enabling ARB staking" proposal in the Arbitrum community and 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 start distributing fees to token holders for the time being. Through ARB staking, tokens are delegated to users who actively participate in governance, and token holders will be able to capture value.


The proposal will also implement a liquidity-staking ARB token (stARB) through the Tally protocol, which can automatically compound any future rewards, can be (re)staking, 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, and the smart contract will be submitted for review in September. In October, an on-chain proposal containing a complete ARB staking implementation will be submitted on Tally.


Arthur Hayes launches first NFT collection "Airheads" on Bitcoin Ordinals

BlockBeats news, August 15, according to The Block, BitMEX founder Arthur Hayes launched the first NFT collection "Airheads" on Bitcoin Ordinals, and has officially opened the whitelist.


The series features balloon-like characters of different sizes, symbolizing different levels of financial success. In a recent blog post, Hayes described these characters as a group of "interesting and depraved" characters whose style and appearance are reminiscent of American artist Jeff Koons.


“AirHeads” is a collaboration with Oyl Wallet, which launched last week and in which Hayes’ family office Maelstrom also participated as an investor. Oyl Wallet provides in-wallet whitelisting and minting capabilities, while whitelisting of the 10,000 pieces in the “AirHeads” series is only available through the wallet.


Dogs announces DOGS token economics: total 550 billion, 81.5% of the supply belongs to the community

BlockBeats news, on August 15, Dogs announced the DOGS token economics, the total supply of DOGS is 550,000,000,000, of which:


· 81.5% belongs to the community (not locked): 73% belongs to Telegram OGs, who earn DOGS in the application; The rest is used to reward traders, creators and future community members;


· 10% is allocated to the team and future development;


· 5% is reserved for CEX and DEX


36.78 million BLUR were unlocked and transferred out from the Blur unlocking contract 5 hours ago

BlockBeats news, August 16, according to Ember monitoring, today is the monthly unlocking time of BLUR. 36.78 million BLUR (US$5.64 million) were unlocked and transferred from the Blur unlocking contract to the 0x0A0 multi-signature address 5 hours ago. The 0x0A0 multi-signature address also conducted a small deposit test to Coinbase Prime. These BLUR will enter Coinbase Prime later as before.

Since BLUR entered the unlocking cycle on June 25, 2023, 26.6% (800 million) of the total BLUR has been unlocked and flowed into Coinbase Prime. Calculated at the price at the time of transfer, it is worth US$285.92 million.


Swap market prices show that the Federal Reserve will cut interest rates by less than 100 basis points in 2024.

BlockBeats news, on August 15, swap market prices showed that the Federal Reserve will cut interest rates by less than 100 basis points in 2024. (Jinshi)


Fed Chairman Powell will deliver a speech on the economic outlook on the 23rd and set the tone for the September rate cut

BlockBeats news, on August 16, Federal Reserve Chairman Powell will deliver a speech on the economic outlook at the Jackson Hole Economic Symposium at 10 am Eastern Time on August 23 (10 pm Beijing Time on August 23) and set the tone for the September rate cut window. This is the first full-day meeting day of the Kansas City Fed's annual economic symposium in Jackson Hole, Wyoming. This annual meeting of global central banks provides Powell with an opportunity to make an updated assessment of the trajectory of the U.S. economy and the outlook for monetary policy between the Fed's July and September policy meetings. Last month, he said that if inflation and the labor market continue to cool, the Fed may consider cutting interest rates at its next meeting. (Jinshi)


Nasdaq withdraws application for listing Bitcoin and Ethereum spot ETF options

BlockBeats news, on August 16, according to TheBlock, according to the website documents of the U.S. Securities and Exchange Commission (SEC), Nasdaq withdrew two applications for listing and trading Bitcoin spot and Ethereum spot ETF options. At the same time, the New York Stock Exchange also withdrew the listing and trading applications of Bitwise and Grayscale Bitcoin spot ETF options on the same day.


Bloomberg analyst James Seyffart said he expects Nasdaq and NYSE to resubmit applications for listing Bitcoin spot ETF options 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 trading of options products based on Bitcoin spot and Ethereum spot ETFs.


South Korea's National Pension Fund purchased MicroStrategy shares to indirectly increase its holdings of Bitcoin

BlockBeats reported on August 16 that the National Pension Service of South Korea (NPS) purchased 245,000 shares of MicroStrategy in the second quarter of this year. The purchase has been disclosed in the 13F filing submitted to the U.S. Securities and Exchange Commission (SEC).


Although the National Pension Fund of South Korea sold 23,956 shares of Coinbase in the second quarter of this year, this investment is another indirect investment in Bitcoin by the fund after purchasing 282,673 shares of Coinbase in the third quarter of last year. It is worth noting that as of July 31, MicroStrategy held 226,500 bitcoins, becoming the largest corporate holder of bitcoin outside of spot bitcoin ETF issuers.


Multiple analysts: Ethereum still has downside risk to $1,600

BlockBeats news, on August 16, according to Cointelegraph, several analysts believe that Ethereum still has downside risk to $1,600. Despite the 13% increase in the last 7 days. McKenna, partner of Arete Capital, said he does not expect Ethereum prices to break through $2,800-2,900, but may remain in a range in August and September. He pointed out that last week's Ethereum plunge was related to the sell-off by market maker Jump Trading, coupled with concerns about a global recession. At current levels, McKenna is not optimistic about Ethereum’s bullish outlook.


Another analyst, Brandt, proposed two possible trends: one is to break through $2,960 to start a new round of gains; the other is to break through the upward wedge pattern and drop to the bear market target of $1,650.


Independent trader Morgan pointed out that the Ethereum funding rate is on a downward trend, reflecting the shift in market sentiment. Negative funding rates indicate that shorts are paying longs, showing a general bearish sentiment. If Ethereum falls below the $2,540 support level, it will indicate a continuation of the downward pattern, and the price may fall to $1,640, a 35.8% drop from the current price.


QCP Capital: US CPI data is in line with expectations, and the options market indicates that the crypto market is facing downward pressure due to new selling pressure

BlockBeats news, on August 15, QCP Capital posted on its official channel that the US CPI data was in line with expectations. The market now predicts a 62.5% probability of a 25 basis point rate cut, compared with 47.5% before the CPI announcement. The milder CPI data led to a short-lived sharp reaction in the stock market and the cryptocurrency market.


The rebound in cryptocurrencies was short-lived, as the US transferred 10,000 BTC to Coinbase Prime and Jump sold 17,000 ETH, and the market fell. After the CPI was released, the front-end volatility of BTC and ETH fell sharply, with a drop of about 10 volatility points. Risk reversals also fell further, with ETH and BTC falling to -8 and -6 volatility points respectively. This shows that the options market now expects that prices will face more downward pressure due to the new supply.


In the past 12 hours, the entire network has exploded $159 million, mainly in long orders

BlockBeats news, on August 16, according to Coinglass data, in the past 12 hours, the entire network has exploded $159 million, of which long orders exploded $136 million and short orders exploded $22.65 million.


According to HTX market information, Bitcoin hit a low of $56,078 this morning and is currently quoted at $57,424, a 24-hour drop of 2.63%.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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