6 September 2024Macro/TradFiSpot BTC ETFs saw continued net outflows exceeding US$325M over the past week, with US$287.8M on September 3 alone - the largest outflow since May 1, according to SoSoValue. The outflows were driven by negative sentiment stemming from recession fears following recent U.S. economic data.Vice President Kamala Harris' odds of winning against Donald Trump in the November election have dropped to 47%, down from a 50-50 split last week, according to Polymarket, which now has over US$777M in bets on U.S. election outcomes.Mastercard has launched a new euro-denominated debit card for spending cryptocurrencies from self-custodial wallets at over 100M merchants, advancing its efforts to integrate crypto with TradFi.CryptoL1/L2:The Bitcoin network hashrate, representing the total computing power securing the network, hit a new all-time high of over 742 exahashes per second (EH/s), according to data from CryptoQuant.Arbitrum has launched Arbitrum Stylus on its mainnet, a tool designed to simplify Web3 DApp development by supporting WebAssembly (WASM) languages.Matter Labs, developer of ZKsync, has cut its workforce by 16%, with CEO Alex Gluchowski attributing the reduction to shifting market conditions. Active addresses on zkSync Era have dropped to ~92,620, a sharp decline from over ~455,000 in April.Unstoppable Domains, the Web3 domain service, is expanding to Base, extending its support beyond Polygon and Ethereum.DeFi:In August, DeFi protocols saw monthly fees drop by 24.4% to US$288M, the lowest since February, as activity slowed across the DeFi sector.Bloomberg Terminal has integrated Polymarket election data, expanding the prediction market platform's reach to a wider audience as it experiences record adoption and gains traction in mainstream political discourse.EigenLayer has rolled out the EigenPod upgrade, designed to make native ETH restaking simpler and more rewarding. Meanwhile, the protocol also unveiled its Season 2 “stakedrop”, with plans to distribute 86M EIGEN to various stakeholders.Ethena announced a partnership with Etherfi, enabling users to deposit USDe in exchange for a new liquid restaking token (LRT), called eUSDe. eUSDe serves as the first ever dollar-pegged collateral asset for EigenLayer restaking.Penpie, a protocol built on Pendle, was exploited on September 3, resulting in the loss of US$27M in client funds. Stablecoins:Ripple is close to launching its U.S.-dollar pegged stablecoin, Ripple USD (RLUSD), with CEO Brad Garlinghouse stating a launch within weeks. RLUSD will be fully backed by U.S. dollar assets and will operate on both the XRP Ledger and Ethereum blockchain.Others:Samsung Next, the investment arm of Samsung, has invested in Startale Labs, a Web3 infrastructure company. This follows Startale Labs' strategic collaboration with Sony to launch the Layer 2 blockchain, Soneium.Web3 security firm Hypernative has raised US$16M in a Series A funding round led by Quantstamp.Latest Binance Research Publications Check out our latest publications:Monthly Market Insights - September 2024Blockchain Payments: A Fresh StartWeb3: The Household Name in the MakingExplore our Binance Research website for more project and macro research.For more frequent market updates and insights, follow us on Twitter @BinanceResearch.That’s a wrap!Binance ResearchAbout Binance Research: Binance Research is the research arm of Binance, the world's leading cryptocurrency exchange. The team is committed to delivering objective, independent, and comprehensive analysis and aims to be the thought leader in the crypto space. Our analysts publish insightful thought pieces regularly on topics related but not limited to, the crypto ecosystem, blockchain technologies, and the latest market themes.General Disclosure: This material is prepared by Binance Research and is not intended to be relied upon as a forecast or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, cryptocurrencies or to adopt any investment strategy. The use of terminology and the views expressed are intended to promote understanding and the responsible development of the sector and should not be interpreted as definitive legal views or those of Binance. The opinions expressed are as of the date shown above and are the opinions of the writer, they may change as subsequent conditions vary. The information and opinions contained in this material are derived from proprietary and non-proprietary sources deemed by Binance Research to be reliable, are not necessarily all-inclusive and are not guaranteed as to accuracy. As such, no warranty of accuracy or reliability is given and no responsibility arising in any other way for errors and omissions (including responsibility to any person by reason of negligence) is accepted by Binance. This material may contain ’forward looking’ information that is not purely historical in nature. Such information may include, among other things, projections and forecasts. There is no guarantee that any forecasts made will come to pass. Reliance upon information in this material is at the sole discretion of the reader. This material is intended for information purposes only and does not constitute investment advice or an offer or solicitation to purchase or sell in any securities, cryptocurrencies or any investment strategy nor shall any securities or cryptocurrency be offered or sold to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the laws of such jurisdiction. Investment involves risks.
Brian
Alex
Kikyo