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The SPX index is up 1.10%, Global bond yields fell after weaker U.S. and European economic news led to speculation of a pause in interest rate hikes by the Fed and ECB. The broader cryptocurrency market is up, with Bitcoin and Ether rising 2.92% and 3.30%% respectively, in the past 24 hours.
Today’s outperformer is dYdX, which surged 10.4% in the past 24 hours after recently announcing that the dYdX V4 public testnet 2 is now live.
dYdX (DYDX), launched in August 2017, is a decentralized crypto derivatives exchange that offers margin trading and perpetual options, operating independently on a Layer 2 ZK-Rollup called Starkware. Unlike other large decentralized exchanges, which lack these capabilities, dYdX provides advanced derivatives products like leveraged tokens. The platform previously offered basic crypto margin trading with limited assets but has since expanded to include perpetual pairs for many cryptocurrencies. With the anticipations over dYdX V4, recently, the second public testnet of the dYdX Chain is now live with a more comprehensive set of features. This version will include key upgrades such as the addition of over 30 markets, the introduction of rewards and vesting, the ability to pay and view trading fees, and support for dynamic margin requirements. Other enhancements are aimed at improving spam mitigation, orderbook refinement, and oracle accuracy.
Check Out the Latest Prices, Charts, and Data of DYDXUSDT!
Restaking protocol EigenLayer raised its deposit caps on liquid staking tokens (LST) to 100,000 for pools such as stETH, rETH, and cbETH on August 22 and quickly hit the cap within two hours, holding close to $240M in total value locked. Users deposited 85,000 stETH, over 6,600 cbETH, and nearly 5,000 rETH. EigenLayer also launched an NFT collection called Eigen Worlds, allowing community members to mint names and emblems. Concurrently, Stader Labs is working on a liquid restaked token (LRT) for DeFi users who want to use EigenLayer and maintain liquidity. The project, currently on testnet, introduces new crypto primitives and potential restaking rewards of up to 20%. The company emphasizes strong risk management practices to ensure stability and proper functioning. The complete launch of EigenLayer's three-sided marketplace is expected in the coming months.