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The SPX index was up by 0.42%, supported by positive movements in nine of its 11 sectors, after the Federal Reserve's minutes suggested a likely policy easing if economic data aligns with expectations. Markets are anticipating a 25 basis point rate cut in September. The broader cryptocurrency market was up, with Bitcoin and Ether rising by 3.50% and 1.64%, respectively in the past 24 hours.
Today's top performer is FXS, which surged 18.1% following Frax Finance's launch of high-yield $sfrxETH restaking with Symbiotic partnership.
Frax Finance (FRAX), launched in December 2020, is a multi-chain DeFi platform offering stablecoins, liquidity, and lending services focused on its stablecoin, FRAX, which is 100% collateralized by USDC and is governed by Frax Share (FXS) tokens. Frax Finance has initiated $sfrxETH restaking, attracting nearly $25M, making it the highest yielding LSD on the market. They've partnered with Symbiotic, which supports a variety of ERC-20 tokens and has a $1.6B TVL. This collaboration aims to enhance security and yields for Frax's L2 Fraxtal and other services. Future expansions will include more restaking options. Frax Finance also warns of phishing risks, advising users to access their services through official channels only.
Tether has announced a new stablecoin pegged to the UAE dirham, in collaboration with Phoenix Group PLC and Green Acorn Investments Ltd. The stablecoin aims to enhance cross-border transactions and remittances in the UAE, supported by liquid UAE-based reserves. This initiative aligns with the UAE’s growing role as a global crypto hub, evidenced by the surge in crypto investment and innovations such as the Virtual Asset Regulatory Authority in Dubai. The launch is part of Tether’s broader strategy to capitalize on the expanding global stablecoin market and the UAE’s crypto-friendly environment, demonstrated by recent legal rulings supporting crypto in employment contracts.
Category | Flow (millions) |
GBTC | (9.8) |
Non-GBTC | 40.9 |
Total | 31.1 |
Yesterday, the total flow into Bitcoin Spot ETFs was $31.1 million. This included a $9.8 million outflow from GBTC and a $40.9 million inflow into non-GBTC funds.
Zerion has launched new quests on Layer3, which could enhance participants' chances of receiving a potential $ZERION token airdrop. Participants need to complete simple tasks such as swapping any amount on designated DEXs using the Zerion Extension Wallet. More information and participation details are available on the Layer3 campaign page.