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The SPX index rallied 1.91% as investors supports view that Fed may be done hiking rates based on Tuesday's lower than expected CPI data. The broader cryptocurrency market is down, with Bitcoin dropping 0.28% and Ether dropping 0.42% in the past 24 hours.
Today’s outperformer is dYdX, which jumped 27.2% as trading gets enabled on dYdX Chain for 33 markets.
dYdX Chain (dYdX), launched on October 26, 2023, is a Layer 1 blockchain built on Cosmos SDK focused on perpetual trading. It features a fully decentralized off-chain orderbook and machine engine to achieve maximum speed for traders. On November 13, it initiated its Beta Stage trading, enabling trading across over 33 markets with up to 20x leverage. Trading fees generated during this phase will benefit Validators and Stakers, although no trading rewards are offered at this stage. The progression to Full Trading with trading rewards will depend on the Beta Stage's success and subsequent governance decisions. The dYdX team commits to transparency, promising regular updates on various metrics to keep the community informed.
Terraform Labs, the entity behind the Terra blockchain, announced its acquisition of Pulsar Finance, a leading cross-chain portfolio manager and data infrastructure provider, on November 14, 2023. This strategic move aims to refine Terra's technology and enhance the overall user experience, marking a significant step in Terra's recovery journey post-collapse. The acquisition integrates Pulsar’s portfolio management tool into TFL’s Station wallet and its data APIs into the Foundation infrastructure service, bolstering Terra's efficiency and capability in cross-chain application development. Currently, Terra 2.0 boasts $7.3M in total value locked, showing signs of steady progress. This move underscores Terraform Labs' commitment to advancing its ecosystem with CEO Chris Amani highlighting the enhanced ability to produce top-tier, cross-chain applications. Additionally, Pulsar Finance's experienced team will be joining TFL, further augmenting its technical expertise.