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Rhythm Evening News|A list of important information in the crypto industry on August 28

BlockBeatsBlockBeats2024/08/28 10:53
By:BlockBeats

1. DOGS breaks through $0.0015, up 21.16% in 24 hours 2. TON network resumes normal block production 3. Maker co-founder responds to questions about the freezing function of the new stablecoin USDS 4. Arthur Hayes predicts that if the US economy enters a recession, the Federal Reserve will increase the money supply, which may be beneficial to assets with limited supply such as Bitcoin 5. Binance will support the replacement of Polygon (MATIC) tokens with Polygon (POL)

DOGS rose above $0.0015, and the 24-hour increase expanded to 21.16%

BlockBeats news, on August 28, according to HTX market data, DOGS rose above $0.0015, and is now quoted at $0.00157, with a 24-hour increase expanding to 21.16%.


TON network resumes block production

BlockBeats news, on August 28, according to Tonscan information, TON network has now resumed block production.


Maker (now Sky) co-founder responds to the new stablecoin with freezing function: there will be no freezing function when the protocol is released, only upgrading function

BlockBeats news, on August 28, crypto KOL laurence and others said that Maker (now Sky)'s new stablecoin USDS has a function that allows its issuer to freeze tokens. Maker has also been questioned about centralization.


In response, Maker co-founder Rune Christensen clarified that DAI will continue to function as before and can still be used, upgrading to USDS is optional, and only USDS will have the freezing function. DAI is an immutable smart contract that cannot be changed. In fact, the new protocol will not have a freezing function when it is launched, only the ability to upgrade. This means that future governance can decide how to implement a mechanism similar to the freeze function based on all data considerations to prevent various risk factors as much as possible.


Arthur Hayes: If the United States experiences a recession, the Federal Reserve will increase its money printing efforts to stimulate Bitcoin "2 Da Moon"

BlockBeats news, on August 28, BitMEX co-founder Arthur Hayes published the latest article "Sugar High", discussing why the yen's interest rate hike is not enough. Hayes said that entering the final stage of the third quarter, fiat currency liquidity conditions could not be more favorable for cryptocurrency holders:


Central banks around the world, now led by the Fed, are reducing the cost of money. The Fed cut rates with inflation above target, while the U.S. economy continues to grow. The Bank of England and the European Central Bank are likely to continue cutting rates at their upcoming meetings.


Treasury Secretary Yellen pledged to issue $271 billion in T-bills and conduct $30 billion in repurchases by the end of the year. This will add $301 billion in U.S. dollar liquidity to financial markets.


The U.S. Treasury has about $740 billion left in the Treasury General Account (TGA), which can and will be used to stimulate the markets and help Harris win.


"Some people point out that historically, when the Fed cuts interest rates, the stock market will fall. Some also worry that the Fed's rate cuts are a leading indicator of a recession in the United States and even in developed markets. This may be correct, but if the Fed cuts interest rates when inflation is above target and economic growth is strong, imagine what they will do if a US recession does occur.


They will increase their printing of money and significantly increase the money supply. This will lead to inflation, which may be bad for certain types of businesses. But for an asset with a limited supply like Bitcoin, this will be a rapid journey to the moon!"


Binance will support the swap of Polygon (MATIC) tokens for Polygon (POL)

BlockBeats news, on August 28, according to the official announcement, Binance will support the plan to swap Polygon (MATIC) tokens for Polygon (POL).


Binance will stop trading and delist all existing MATIC spot trading pairs (MATIC/BNB, MATIC/BRL, MATIC/BTC, MATIC/ETH, MATIC/EUR, MATIC/FDUSD, MATIC/JPY, MATIC/TRY, MATIC/USDC and MATIC/USDT) at 11:00 on September 10, 2024 (GMT+8), and will automatically cancel all pending orders.


Binance will open POL/BNB, POL/BRL, POL/BTC, POL/ETH, POL/EUR, POL/FDUSD, POL/JPY, POL/TRY, POL/USDC and POL/USDT spot trading at 18:00 on September 13, 2024 (GMT+8).


The Ethereum Foundation has sold 239,000 ETH since January 1, 2021, equivalent to about 654 million US dollars

BlockBeats news, on August 28, according to Lookonchain monitoring, the Ethereum Foundation deposited 35,000 ETH (94.07 million US dollars) to Kraken 5 days ago. The price was 2,688 US dollars when deposited. The current price is 2,450 US dollars, down 8.8%. The Ethereum Foundation sold near the top again.


Since January 1, 2021, the Ethereum Foundation has sold 239,000 ETH (654 million US dollars).


A whale redeemed Pendle's weETH PT and YT due in December in advance, exchanged them for 5,000 ETH and deposited them into CEX

BlockBeats news, on August 28, according to @ai_9684xtpa monitoring, the whale vladilena.eth (@0xVladilena) redeemed Pendle's weETH PT and YT due on December 26 20 minutes ago, exchanged them for 5,000 ETH and deposited them into Binance, worth US$12.24 million, suspected of being sold.


OKX will launch EIGEN/USDT delivery contract pre-market trading on August 29

BlockBeats news, on August 28, according to official news, OKX will launch EIGEN/USDT pre-market trading (USDT margin delivery contract) at 18:00 on August 29, 2024.


Ethena's second season airdrop event is only one week away, and TVL has fallen below 3 billion US dollars

BlockBeats news, on August 28, according to @ai_9684xtpa monitoring, there is only one week left before the end of Ethena's second season airdrop event (September 2), and the current Ethena TVL is $2.92 billion, which has fallen below $3 billion, and has lost more than $600 million from the TVL peak of $3.612 billion in early July; according to DeFiLama data, its TVL has only had two days of net growth since August, and the net outflow of assets is as high as $280 million. For example, three addresses of Abraxas Capital Mgmt redeemed $91.22 million USDe from Ethena in the past week, and its fund size ranked first among the redemption addresses.


According to Ethena Dashboard data, its protocol yield and sUSDe yield reached a peak of 113.34% in early March. As of August 21, the protocol yield was only 1.38%, and the sUSDe yield was only 2.93%. It can be clearly seen from the line chart that the platform yield is very obviously positively correlated with the market. Due to Ethena's product mechanism, the pledge income and short funding rate in the bull market will bring it considerable income, while it will be relatively weak when the market is cold or bearish.


In short, the Sats activity will last from April 2 to September 2, and will automatically terminate when the supply of stablecoin USDe reaches US$5 billion. The specific number and rules of the airdrop have not been disclosed yet.


QCP Capital: Any decline in the stock market and cryptocurrency will be short-lived as the Fed is about to start cutting interest rates

BlockBeats news, on August 28, QCP Capital's latest report pointed out that "at the Jackson Hole conference, Powell's position was significantly dovish. He said that "the time has come" and interest rates need to be lowered to avoid excessive cooling of the job market. Last week's revised employment data (a decrease of 800,000 people) increased this risk. We believe that the Fed's reaction function is now more inclined to prevent the collapse of the job market, so the threshold for a 50 basis point rate cut in September is greatly reduced.


Although there are only three meetings left, the market currently expects four rate cuts in 2024. The U.S. stock market has been resilient and close to its historical highs. However, we remain cautious and believe that the US stock market may have peaked again, especially considering the declining trading volume and today's NVDA earnings report. NVDA options are expected to rise by 10% tonight.


We believe that any stock market (and cryptocurrency) declines will be short-lived. As Powell and the Fed prepare to start a rate cut cycle, increased liquidity will eventually drive risk assets higher. We are close to the edge of a rate cut cycle. ”


Whales Market launches Magic Eden (ME) on Pre-Market

BlockBeats news, on August 28, according to official news, Whales Market announced the launch of Magic Eden (ME) on Pre-Market. ME futures are currently quoted at $0.1, and the current trading volume is $4684.


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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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