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The S&P 500 slipped 0.28% Wednesday, its second straight drop, as AI stocks weakened and Fed caution weighed; futures steadied ahead of jobless claims data. Gold hovered near $3,750 Thursday, supported by Fed rate cut expectations and geopolitical tensions, though Powell’s cautious stance may limit gains. The Coindesk Indices, which tracks the broader crypto market, fell 0.37% with Bitcoin up 1.60% and Ether down 0.22%, in the past 24 hours. Trade these markets and more with up to 500x leverage on Bybit MT5 using this link.
Today’s top performer is SNX, up 21.2% after Synthetix announced a $1M mainnet perps trading competition ahead of its Q4 debut.
Synthetix (SNX), founded in 2017, is a DeFi protocol that issues synthetic assets backed by SNX, enabling trading of commodities, fiat, stocks, and crypto. Governance is handled by three DAOs managing upgrades, proposals, and development. Synthetix will launch the first perps DEX on Ethereum Mainnet in Q4 2025 with a $1M trading competition. Starting in October, 100 top traders, pre-depositors, and Kwenta point holders will compete using margin provided by Synthetix, with the top prize of $1M. The event aims to stress-test infrastructure, refine integrations, and validate liquidity vaults ahead of mainnet rollout.
Hyperliquid has launched its first native stablecoin, USDH, after a heated bidding process for issuance rights. Native Markets, led by prominent industry figures, won the validator vote to manage USDH, which is backed by cash and US Treasuries and integrated via Stripe’s Bridge platform. USDH will serve as collateral across Hyperliquid’s network, reducing reliance on external stablecoins and keeping yield internal. The bidding process drew proposals from major players like Paxos, Frax, and Curve but faced criticism for appearing skewed toward Native Markets. Despite controversy, validators approved the startup’s plan with over two-thirds support.
Category | Flow (millions) |
GBTC | 0.0 |
Non-GBTC | 112.1 |
Total | 112.1 |
Yesterday, BTC spot ETFs saw $112.1M in inflows, all from non-GBTC funds, while GBTC recorded no flow.
Mira announced its tokenomics for $MIRA on Base with a 1B supply and 19.12% initial circulation. Six percent is allocated for an airdrop to community members, delegators, and stakers, while 3% is reserved for liquidity and listings. Most airdrop tokens unlock immediately, with a two-week delay for Kaito stakers.