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The S&P 500 rose 0.73%, driven by big tech and communication services, as investors anticipate a "Santa Claus Rally" to close the year. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.61%, with Bitcoin dropping by 2.58% and Ether rising by 4.32%, respectively in the past 24 hours.
Today's top performer is CVX, which surged 28.1% following Frax's consideration of BlackRock's BUIDL token as backing for the rebranded frxUSD stablecoin.
Convex Finance (CVX), launched in May 2021, is a DeFi protocol that boosts yields for Curve protocol users on Ethereum. It allows for staking to earn CRV and CVX tokens and provides voting rights on token allocations. Securitize has proposed adding BlackRock's BUIDL token as backing for Frax's rebranded Frax USD (frxUSD) stablecoin, which will feature a new mint-redeem system. Early feedback from Frax DAO members is positive. Competing proposals from Superstate also suggest backing frxUSD with their tokenized funds. The final backing structure is still undecided.
Check Out the Latest Prices, Charts, and Data of CVXUSDT Perp Contracts!
Grayscale has launched the Horizen Trust, a fund that allows qualified investors to gain exposure to the cryptocurrency ZEN without the need to buy, store, or safeguard it. The fund's shares track the market price of ZEN, net of fees. While the shares have been traded at both a premium and discount, the fund aims to provide a simpler way for investors to gain exposure to ZEN. Grayscale is also expanding its offerings, with plans for a Solana spot ETF.
Category | Flow (millions) |
GBTC | (38.4) |
Non-GBTC | (219.8) |
Total | (258.2) |
Yesterday, BTC Spot ETFs recorded total outflows of $258.2 million, including $38.4 million from GBTC and $219.8 million from non-GBTC funds.
SonicX is launching an airdrop campaign for TikTok users, distributing $SONIC tokens to those who participate. Over 2 million users have joined through an easy onboarding process, requiring no wallet setup or gas fees. To qualify for the airdrop, users must log in via TikTok, access SonicX, and wait for the $SONIC claim banner. SonicX, part of the Sonic SVM app layer, uses TikTok ads and creator partnerships to promote its gaming and blockchain education hub. The project aims to expand its TikTok Chain with new games and future token rewards.