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The SPX index is up 0.86%, the markets are poised for a successful quarter and month. Investors are now anticipating the release of the US PCE price index, the Federal Reserve's preferred inflation measure, along with weekly jobless claims, GDP, and consumer sentiment data on Thursday. The broader cryptocurrency market is down, with Bitcoin and Ether dropping by 1.15% and 1.85%, respectively in the past 24 hours.
Today’s outperformer is MNT, which jumped 64.24% after Civic Pass enhances Solana tokens with identity-embedded permissions for expanded utility.
Mantle Network (MNT), launched on June 2022, is a modular Ethereum Layer 2 solution that enhances blockchain performance through optimistic rollups and an improved data availability architecture. It allows for the use of Ethereum smart contracts with reduced computation load and lower costs, boosting throughput efficiently. MNT token reach an all-time high, propelling its market cap above $4 billion. This surge followed the launch of the "Mantle Rewards Station," where users can lock MNT tokens to earn rewards, issued as 'mShard' tokens, redeemable for Ethena Lab's ENA token. The reward program started on March 25, with significant interest highlighted by MNT's listing on South Korean exchange Upbit. The rise in MNT's value reflects the growing investor interest in layer 2 solutions for their scalability benefits and potential high returns.
Ondo Finance is reallocating $95 million from a traditional Treasury bond ETF to BlackRock's newly launched BUIDL tokenized fund to back its OUSG token, enhancing instant settlement features for its users. This shift enables OUSG token holders to experience real-time, 24/7 subscriptions and redemptions, a significant improvement over the previous setup, which only allowed transactions during standard market hours with a T+2 day settlement period. The move aims to make the OUSG token more attractive as a store-of-value and collateral asset within the crypto market, addressing the demand for quicker access to capital. This transition marks the first instance of a crypto protocol utilizing BlackRock's tokenized fund, which caters to institutional clients with a minimum $5 million investment. Ondo has already moved $15 million to BUIDL and confirmed the transfer of the remaining $80 million, signaling a notable step in blending traditional finance with the flexibility of blockchain technology.
Date | Report | Previous |
Thu, Mar. 28 | GDP Growth Rate QoQ Final Q4 | 4.9% |
The US economy grew by 3.2% in Q4 2023, a slight dip from the initial 3.3% estimate but down from Q3's 4.9% growth. This revision was primarily due to a reduction in private inventory contributions, offset by increased consumer spending, particularly in services. Government spending also saw a significant uptick. Trade figures exceeded expectations with both exports and imports rising. Non-residential investment, especially in intellectual property and structures, was revised up, although equipment investment was downgraded. Residential investment outperformed earlier projections. Overall, the US economy expanded by 2.5% in 2023, improving upon the 1.9% growth in 2022, as reported by the U.S. Bureau of Economic Analysis.
Ethena, a DeFi protocol with a yield-earning strategy based on ether derivative funding rates, is launching its governance token, ENA, with a 750 million token airdrop, constituting 5% of its total supply, scheduled for next week. Holders of Ethena's synthetic dollar, USDe, which recently surged from $85 million to $1.3 billion in value, are eligible for the distribution. The ENA tokens will commence trading on exchanges starting April 2. This initiative follows the protocol's successful yield generation from ether liquid staking and derivatives trading, capitalizing on crypto market dynamics. Post-airdrop, Ethena plans to introduce new incentives to engage users further.