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The SPX index is up by 0.11%, the market reacted to disappointing US manufacturing data for May and ongoing speculation about potential Federal Reserve rate cuts. Investors are now awaiting forthcoming US factory orders data for April and a crucial employment report due on Friday. The broader cryptocurrency market is mixed, with Bitcoin rising by 2.11% and Ether dropping by 0.34%, respectively in the past 24 hours.
Today’s outperformer is ENA, which jumped 10.6% after Ethena's USDe Stablecoin Matches Solana's Market Cap in Just Four Months
Ethena Labs (ENA), founded in 2023, introduces USDe, a synthetic dollar on Ethereum, offering a decentralized alternative to traditional stablecoins. It features the 'Internet Bond' for global savings, using delta-hedging to manage volatility and aiming to transform the financial ecosystem by enhancing Ethereum's utility. Ethena Labs' USDe stablecoin has reached a market cap of $3.06 billion, equaling the total market cap of all stablecoins on the Solana blockchain just four months post-launch. This growth positions USDe as the fourth largest stablecoin, partly due to its high yield of 33.5%. Ethena also reported a higher weekly revenue of $7 million compared to Solana's $6.3 million. Additionally, an upcoming airdrop is linked to a points program for users who hold or stake USDe, with the goal of reaching a $5 billion market cap by September 1. Ethena's governance token, ENA, increased by 13.5% in the last month.
Mo Shaikh, CEO of Aptos Labs, has been appointed to the CFTC's Digital Assets Markets Subcommittee, which is part of the broader Global Markets Advisory Committee formed in 1998. This subcommittee includes top executives from major financial and tech companies such as BlackRock, Polygon Labs, Uniswap Labs, and BNY Mellon. Shaikh's inclusion is a significant recognition for Aptos, a layer 1 blockchain launched in October 2022, developed using the Move programming language from Facebook's discontinued Diem project. Aptos aims to process transactions faster than Ethereum and has attracted substantial investment, including a valuation of over $4 billion in its recent funding round.
Category | Flow (millions) |
GBTC | 0.0 |
Non-GBTC | 105.1 |
Total | 105.1 |
In 2024, Bitcoin ETFs significantly boosted BlackRock and Fidelity's ETF inflows, contributing 26% and 56% respectively. BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Wise Origin Bitcoin Fund (FBTC) collectively amassed over $25 billion in nearly five months. Despite these gains, Vanguard leads with $102.8 billion in total ETF inflows. BlackRock's IBIT has now overtaken the Grayscale Bitcoin Trust as the largest spot Bitcoin ETF. Overall, Bitcoin ETF inflows have recently stabilized, with some funds showing no new movements.
Lingo, developed by HM Rawat and David Amsellem, is launching a gamified, real-world asset (RWA)-powered loyalty and rewards platform that aims to reshape the industry. The platform enhances loyalty rewards using cash-flowing assets like real estate, with rewards being funded by reinvesting a portion of on-chain transaction fees. Users can redeem rewards from a network of over 3,000 brands and 100,000 hotels, thanks to a partnership with Fizen. Lingo has also incorporated strategic collaborations with Magic Eden and SweatEconomy to extend its reach into Web3. To further engage its community, Lingo has initiated an airdrop event structured across five themed islands, each offering distinct tasks and rewards, promoting active participation and referrals with vested token distributions to ensure sustainability.