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Last week, The SPX index was down 1%, upcoming March consumer and producer price indices could influence the Federal Reserve's stance on rate cuts, amidst rising oil prices potentially exacerbating inflation. The broader cryptocurrency market is mixed, with Bitcoin rising by 0.09 and Ether dropping by 0.85%, respectively in the past 24 hours.
Today’s outperformer is ALT, which jumped 12.6% after AltLayer Launches MACH AVS on Testnet to Enhance Rollup Transactions.
AltLayer (ALT), founded in 2021, offers a blockchain platform focused on enhancing Layer 2 rollups, enabling easy deployment without coding. It tackles issues like limited validators, slow Ethereum finality, and centralized sequencing, aiming to streamline and secure rollup processes. AltLayer's MACH AVS, designed to provide fast finality for transactions on OP Mainnet and Arbitrum One, is now live on the Holesky testnet. It invites users to delegate ETH, LSTs, and ALT tokens for testing. Aimed at enhancing rollup validation, MACH prepares for mainnet launch with features like rapid confirmations, security, and decentralized validation. Users can restake tokens and delegate to MACH, following a specific guide, with a focus on single-operator delegation and asset redelegation processes.
Marc Zeller, founder of the Aave Chan Initiative, hinted at a forthcoming vote for Aave stakers on implementing a 'fee switch' to distribute Aave's profits, potentially starting next week. This move follows Aave DAO's recent adjustment of staking fees for its stablecoin GHO to maintain its peg. The decision to activate fees, inspired by practices from Frax Finance and Uniswap, would allocate a portion of Aave's annual net profits of about $60 million towards stakers, further involving them in governance and profit-sharing.
Summary of ETF flows for the last week:
Date | Net Flows |
1 Apr | $1.02 billion Outflow |
2 Apr | $3 billion Outflow |
3 Apr | $49.4 million Outflow |
4 Apr | $2.47 billion Inflow |
5 Apr | $710 million Outflow |
Total: | $2.754 billion Outflow |
The past week has started to see outflows for all the spot ETFs traded in the US, which aligns with the conslidating price movement of Bitcoin.
Participants of the 'Road to Mainnet' Galxe campaign will soon be able to mint limited-edition utility NFTs, which are poised to offer significant value on the DOP Mainnet. There are four types of NFTs, each with different rarity levels, and the rarer the NFT, the larger the boost to the holder's mainnet airdrop reward. Those who have completed all four stages of the campaign should prepare to mint their NFTs in the coming days on Polygon.