Sunil

@garrababa

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SEC Commissioners Criticize $750K FlyFish Club NFT Settlement, Call for More Room for Experimentation AI Summary According to Cointelegraph: SEC Commissioners Hester Peirce and Mark Uyeda have criticized their agency’s $750,000 settlement with FlyFish Club, a non-fungible token (NFT)-based restaurant, for allegedly conducting an unregistered offering of crypto asset securities. The SEC claimed FlyFish made $14.8 million by selling 1,600 NFTs, triggering securities laws. However, Peirce and Uyeda argued the NFTs were merely a creative membership model and shouldn’t fall under securities regulations.

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Interest Rate Derivatives Traders Predict Significant Rate Cuts By End Of Next Year AI Summary According to PANews, interest rate derivatives traders now anticipate that the benchmark interest rate will drop to approximately 2.75% by the end of next year, down from the current rate of around 5.25%. This projection implies ten rate cuts, each by 25 basis points. The Federal Reserve is likely to implement such measures only in the event of an economic recession. While few on Wall Street foresee an imminent recession, most agree that the risk of an economic downturn is higher now compared to several months ago

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Bitcoin L2 Network BOB Announces Fusion Season 2 Update AI Summary According to Odaily, Bitcoin's Layer 2 network BOB has released an update on Fusion Season 2. The season, which is set to conclude in September this year, has achieved significant milestones. The organic Total Value Locked (TVL) has reached $135 million and continues to grow. The network boasts over 147,000 users and has established partnerships with more than 100 entities. Over 60 projects have been launched in various sectors, including DeFi and NFTs. Additionally, the BOB mainnet has surpassed 10 million transactions, and the SummerFest event attracted over 130,000 participants.

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BlackRock IBIT Records Zero Net Inflow Or Outflow With $1 Billion Trading Volume According to BlockBeats, data from Trader T on September 14 revealed that BlackRock's IBIT experienced zero net inflow or outflow yesterday. Despite this, the trading volume reached $1 billion.

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Mind Network Allocates 1.5% Token Supply To Puffer Community According to Foresight News, the LSD protocol Puffer Finance announced via Twitter that the fully homomorphic encryption (FHE) re-staking layer Mind Network has committed to allocating 1.5% of its total token supply to the Puffer community. Additionally, users currently participating in staking can continue to receive a 1.5x Puffer points bonus.

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Tune.fm Secures $50 Million Investment To Enhance Music Streaming Platform According to Cointelegraph, decentralized music streaming platform Tune.fm has announced a significant investment.

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AO Blockchain Network Announces Token Minting Milestone According to Odaily, the scalable blockchain network AO, based on Arweave, has announced via the X platform that over 1.8 million AO tokens have been minted. The AO tokens will become transferable starting February 2025.

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Singapore Investigates Individuals Over Worldcoin Transactions AI Summary According to Odaily, Singapore's Deputy Prime Minister and Finance Minister, Lawrence Wong, revealed in a written response to Parliament that the Singapore police are investigating seven individuals suspected of providing Worldcoin account and token transaction services. The case involves potential violations of the Payment Services Act of 2019, with five individuals already arrested by the police. Preliminary investigations indicate that three suspects allegedly recruited individuals on behalf of multiple entities to create Worldcoin accounts and exchanged control of these accounts and tokens for cash. The other two suspects are involved in the purchase and transfer management of related assets. During the operation, the police seized over 200 mobile phones as evidence.

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Owlto Finance Upgrades To Support Dex Aggregator For Enhanced Cross-Chain Services AI Summary According to Foresight News, the intent-centric cross-chain interoperability protocol Owlto Finance has officially upgraded to be compatible with Dex Aggregator, enabling it to offer both cross-chain and trading services simultaneously. Users can now utilize its Swap feature for free, trading over 15,000 pairs across Ethereum, Arbitrum, Optimism, BNB Chain, Base, and Polygon.

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Former Mt.Gox CEO Highlights Centralized Risks and Scam Projects in Blockchain Industry AI Summary According to Odaily, former Mt.Gox CEO Mark Karpeles expressed concerns about the excessive centralized risks and the prevalence of scam projects in the blockchain industry during an interview at Korea Blockchain Week. Karpeles emphasized that many projects in the industry are either scams or fail to introduce any significant new content. He stated, 'There are too many such projects, and I have to use the word 'bad' in a very broad sense because they are either scam projects or projects that do not bring any particularly outstanding new content.'

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BlackRock's Bitcoin Holdings See Minor Reduction Amid High Trading Volume According to Odaily, data from Trader T indicates that BlackRock's IBIT experienced no net inflow or outflow yesterday, with a trading volume reaching $1.3 billion. The number of managed BTC decreased by 73 units today, used for debt repayment, leaving the current holdings at 357,436 BTC.

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Analyst Comments on Market Reaction to Waller's Speech According to Odaily, analyst Cameron Crise noted that the highly anticipated speech by Waller caused market fluctuations. One of the notable statements was his willingness to support strong action or early rate cuts if necessary. However, the market overlooked the significance of the word 'if' in his statement. Waller spent a considerable portion of his speech explaining why he remains optimistic about the continued expansion of the economy, why the Sam rule is descriptive rather than predictive, and how the type of shock that typically triggers a recession has not yet occurred. He indicated that more data is needed to determine the extent and pace of easing, suggesting that policymakers have not yet decided on the level of aggressiveness. Combining these remarks with earlier comments from Williams, there is still no convincing evidence that the FOMC will cut rates by 50 basis points. Additionally, Waller mentioned that during a series of rate cuts by …

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Web3 Identity Tool Privy Launches Cross-Application Wallet Connector According to Foresight News, Web3 identity verification and private key management tool Privy has introduced a cross-application wallet connector. This new feature allows users to access their embedded wallets without needing to use the Privy application.

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Blast Announces Mobile Big Bang Bootcamp With $250,000 Funding Support According to Foresight News, Blast has announced the launch of the Mobile Big Bang Bootcamp, scheduled to run from October 14 to December 20, 2024. This 10-week program aims to support selected development teams with $250,000 in funding, assistance from the Blast Foundation, and 1 million Blast Gold, which will be included in the multiplier upon the launch of the Blast mainnet. Projects interested in building on Blast or those already doing so can apply, with the application deadline set for September 30.

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Scottish Prosecutors Seize Bitcoin In Landmark Robbery Case According to Cointelegraph, Scottish prosecutors have seized 23.5 Bitcoin from a man involved in a 2020 robbery, marking the first instance of cryptocurrency seizure in the country. The robbery, which took place near Glasgow, involved three men armed with a machete and a Toblerone chocolate bar breaking into a home. This case, initially heard last year, was notable for being the first in Scotland to involve tracing stolen cryptocurrency, according to Detective Inspector Craig Potter from Police Scotland’s Cyber Investigations unit.

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Eigenpie Announces Priority Access Program For EGP Token IDO According to Foresight News, liquidity re-staking platform Eigenpie has announced the launch of its Priority Access Program for the EGP token Initial DEX Offering (IDO). Participants in the program will have the opportunity to receive allocations for the IDO, which will be held on the Magpie Launchpad. The total allocation for the IDO is 3.4 million tokens, with a fully diluted valuation (FDV) of $3 million. Eigenpie has detailed the distribution of the IDO allocations. Holders of Eigenpie's first-season points will receive 70.59% of the allocation. Holders of vlMGP tokens will receive 20.59%, and those who burn MGP and vlMGP tokens will receive 8.82%. The proceeds from the IDO will be allocated as follows: 50% will be used for initial EGP liquidity and centralized exchange (CEX) market making, 30% for development and operations, 10% for marketing and business development, and 10% for auditing.

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Bitcoin Volatility Index Hits Lowest Since July According to BlockBeats, the BitVol (Bitcoin Volatility) Index, launched by financial index company T3 Index in collaboration with options trading platform LedgerX, dropped to 53.61 on September 1. This marks the lowest level since July 2, with a single-day decrease of 2.79%. The BitVol Index measures the 30-day expected implied volatility derived from tradable Bitcoin options prices. Implied volatility refers to the volatility implied by actual options prices. It is calculated using the Black-Scholes options pricing formula, where the actual options price and other parameters, except for volatility (σ), are input into the formula to derive the implied volatility. The actual price of options is determined by the competition among numerous options traders. Therefore, implied volatility represents the market participants' views and expectations for the future, making it the closest approximation to the real-time volatility at that moment.

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Ethereum Spot ETFs in the US See No Net Inflows or Outflows on August 30 According to BlockBeats, data from Farside Investors revealed that on August 30, all Ethereum spot ETFs in the United States recorded zero net inflows and outflows. This indicates a day of no significant trading activity for these financial instruments.

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Dell Technologies Reports Strong Q2 Earnings Driven By AI Demand According to Cointelegraph, Dell Technologies did not include Bitcoin on its balance sheet in the second quarter of the year, despite recent social media posts from CEO Michael Dell that hinted at a potential interest in cryptocurrency. The company's Aug. 29 filing highlighted strong earnings driven by growing demand for artificial intelligence (AI), but there was no mention of Bitcoin in the earnings call or results filing.

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Camelot Rebrands As Orbital Liquidity Network In Major Upgrade According to PANews, Arbitrum ecosystem DEX Camelot has announced a significant rebranding to Orbital Liquidity Network on the X platform. This transformation represents Camelot's evolved vision, with Castle set to connect and coordinate the Orbit chain, thereby creating a unified Arbitrum ecosystem. Camelot's role will extend beyond infrastructure, acting as a hub for these decentralized chains. The aim is to generate network effects, linking the Orbit chain with the broader Arbitrum community, which is expected to unlock more value, increase trading volume, liquidity, and overall user activity.

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