Musk supports Telegram founder DOGS: Support Pavel Durov

Headlines

▌Musk and other celebrities expressed support for Telegram founder

Celebrities expressed their support for Telegram founder and CEO Pavel Durov, including American journalist Tucker Carlson and X platform owner Musk. In addition, Franklin Bi, general partner of venture capital fund Pantera Capital, also posted a short message "#FreePavel".

▌DOGS: We support Pavel Durov

The DOGS community posted on Telegram: "We support Pavel Durov, privacy and truth, which is especially important at the moment." Earlier today, TON issued a statement on the "arrest of Telegram founder" saying that it will continue to operate in full and firmly support Pavel Durov.

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 64,176.26 US dollars, with a daily increase or decrease of +0.3%;

ETH's latest transaction price is 2,759.59 yuan, with a daily increase or decrease of -0.1%;

BNB's latest transaction price is 579.47 US dollars, with a daily increase or decrease of -2.0%；

SOL's latest transaction price is 159.20 US dollars, and its intraday increase or decrease is +3.7%；

DOGE's latest transaction price is 0.1117 US dollars, and its intraday increase or decrease is -1.4%；

XPR's latest transaction price is 0.61 US dollars, and its intraday increase or decrease is +0.1%。

Policy

▌FTX restructuring plan opposed by US trustee and some creditors

The latest documents of FTX bankruptcy case show that the US trustee and some creditors have objected to FTX's revised restructuring plan. US trustee Andrew R. Vara pointed out ten major flaws in the plan, mainly involving the overly broad scope of legal exemptions, unequal compensation for creditors, and refusal to bear the costs related to data breaches. Vara particularly emphasized that "convenience" category customers will receive a lower compensation ratio simply because their claims are small. At the same time, Sunil Kavuri, the representative of the largest FTX creditor group, also submitted a complaint, questioning the plan's exemption clauses as too broad and calling for the establishment of a physical repayment mechanism to avoid taxable events for creditors. Currently, the confirmation hearing is scheduled for October 7, Beijing time, and no other objections are expected to be submitted. These objections could have a significant impact on FTX's restructuring process.

Blockchain Applications

▌Curvance, a modular protocol for optimizing liquidity management, launches public testnet

Curvance, a modular protocol designed to optimize liquidity management, launched its public testnet on Ethereum's Sepolia, Arbitrum's Sepolia, and Berachain's bArtio V2. The team said: "The public testnet is the last chance to submit feedback, and most importantly, participants can earn some Bytes. Public testers in the Curvance testnet can collect up to 300 Bytes."

Cryptocurrency

▌TON fell below $6, down 12.3% in 24 hours

The market shows that TON fell below $6 and is now at $5.88, with a 24-hour drop of 12.3%. The market is volatile, so please do a good job of risk control.

▌TON issued a statement on the arrest of Telegram CEO: TON will continue to operate in full

TON issued a statement on the arrest of Telegram CEO, "asking everyone that the TON community remains strong and fully operational." As a community committed to free speech and decentralization, we firmly support Pavel in this challenging time. Pavel has always been a loyal advocate of these values, and we believe that his efforts to promote an open and decentralized Internet will continue to inspire millions of people. The TON community remains focused on our mission, and we will continue to work hard to uphold these principles around the world. We encourage everyone to remain calm, united, and continue to build as we work together to deal with this situation. Thank you for your continued support.

▌ETH worth more than $35 million transferred from unknown wallet to Coinbase

According to the on-chain data tracking service Whale Alert, 12,573 ETH were transferred from unknown wallets to Coinbase at around 1:46 am Beijing time today, worth $35,292,726.

▌The TON network currently has nearly 650 million TONs pledged, accounting for 25.69% of the circulating supply

According to tonscan data information, the TON network currently has a total of 649.4 million TONs pledged, accounting for 25.69% of the circulating supply (2.527 billion). In addition, the current pledge APY is 4.4%, and the network has a total of 391 verification nodes.

▌The total market value of stablecoins fell by 0.98% in the past week

DefiLlama data shows that the total market value of stablecoins fell by 0.98% in the past week, and is now reported at 169.699 billion US dollars. Among them, the total market value of USDT is, with a market share of 69.82%.

▌WETH, SD, and ETHFI are at the top of Smart Money's 24-hour inflow list

Nansen data shows that Smart Money's 24-hour Ethereum network fund inflow tracking list is as follows: WETH: about $798,000, currently at $2,753.01, down 0.4% in 24 hours; SD: about $164,000, currently at $0.5471, up 2.6% in 24 hours; ETHFI: about $160,000, currently at $1.71, up 3% in 24 hours.

Important Economic Dynamics

▌Jackson Hole Annual Meeting Report: Inflation may have a greater impact on the market after the interest rate hike

According to Jinshi, Michael Bauer, Carolin Pflueger, and Adi Sunderam published a report at the Jackson Hole Annual Meeting stating that it was only after the Fed started the interest rate hike cycle in 2022 that the bond market became more sensitive to inflation data. This means that the public does not understand the (monetary policy) strategy before the FOMC raised interest rates. "Consistent with the shift in perceived policy response, event studies show that interest rates are significantly more sensitive to surprises in inflation data after rate hikes. The increase in perceived inflation response may help monetary policy transmission to the real economy and improve the Fed's inflation-unemployment trade-off,"

▌CICC: The Fed's focus shifts from prices to employment and basically declares victory in the fight against inflation

Jinshi data shows that CICC commented on Fed Chairman Powell's Jackson Hole speech: 1. It is basically clear that the September rate cut is a done deal, in line with expectations. CME interest rate futures factor in a 76% probability of a 25bp rate cut in September and a 24% probability of a 50bp rate cut. 2. The Fed's focus shifted from prices to employment, basically declaring victory in the fight against inflation (saying that inflation expectations have been well anchored), and assessing the job market as no longer overheated, balanced, and with rising risks. 3. It is not mentioned how much the interest rate will be cut in the future. It still depends on the data. A 50bp rate cut is not realistic at present. At least we need to look at the non-farm data next month. Powell also does not think that the rising unemployment rate is a deterioration of the job market. He believes that it is mainly due to more people entering the labor market and slowing recruitment. The attitude towards the job market is: observation and vigilance.

Golden Encyclopedia

▌What is Delegated Proof of Stake (DPoS)?

DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism, designed to provide enhanced scalability, efficiency and democratic governance. Daniel Larimer proposed the concept of DPoS in 2014 as an enhancement of the traditional PoS consensus mechanism, aiming to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. Eos, in particular, used a consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.