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The SPX index is up 1.03%, these movements followed Fed Chair Powell's Senate testimony, where he mentioned the possibility of the Fed reducing borrowing costs this year. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 0.92% and 0.62%, respectively in the past 24 hours.
Today’s outperformer is RUNE, which jumped 58.9% after THORChain progresses through significant $RUNE burn and increases collateral capacity.
THORchain (RUNE), founded in 2018, is a decentralized protocol allowing asset swaps across different blockchains, enhancing the DeFi space with its cross-chain liquidity feature. Unlike traditional AMMs limited to single blockchains, THORChain facilitates trades between incompatible networks using the Cosmos SDK. THORChain announced upcoming developments including the update of all nodes to V1.128, which will lead to 60 million $RUNE being moved to the RESERVE and instantly burned. This action will open around $100 million in collateral space and enable the resumption of collateral onboarding at a rate of $1 million per day. THORChain has achieved a new milestone by burning over 50 million RUNE (63,046,772 RUNE), significantly surpassing the previous milestone of 2 million RUNE reached just 3 months and 22 days ago.
Arbitrum Orbit L3s are now available on Base, allowing for the deployment of testnet or mainnet L3s using the Arbitrum tech stack within the Base ecosystem. Users can select Arbitrum Orbit as their rollup framework with AnyTrust for data availability and choose Base as the settlement layer. Key features of Arbitrum Orbit include the ability to customize your chain, instant block times of 250ms, EVM+ compatibility with Arbitrum Stylus, and significantly lower fees through AnyTrust DA.
Date | Report | Previous |
Fri, Mar. 08 | Non Farm Payrolls FEB | 353K |
Fri, Mar. 08 | Unemployment Rate FEB | 3.7% |
In January 2024, the US economy experienced a significant employment surge, adding 353,000 jobs, surpassing December's revised figure of 333,000 and greatly exceeding market expectations of 180,000. This marks the largest increase in a year, indicating a tight labor market. Notable job gains were in professional and business services, healthcare, retail trade, social assistance, manufacturing, and government sectors, while the mining and oil and gas extraction industry saw job losses. Annual benchmark revisions by the BLS added 359,000 jobs to 2023's total, with an average monthly job gain of 255,000 for the year. The unemployment rate remained steady at 3.7% in January, with the activity rate unchanged at 62.5%, indicating stability in the labor market.
Kamino, a Solana-based DeFi protocol, has announced an airdrop of its KMNO token set for April, with a snapshot of eligible users on March 31. Seven percent of KMNO's total supply, which is 10 billion tokens, is allocated for this first airdrop, aimed at rewarding users based on their points totals. The points system was introduced to incentivize engagement and prepare for the airdrop, mirroring strategies used by other platforms like Jito and Jupiter. The KMNO token will act as a governance asset, granting holders influence over the protocol's operations, including incentive programs and revenue distribution. Ten percent of the total supply will be circulating upon the token's debut. Kamino also plans future airdrops in subsequent "seasons" to promote loyalty and sustained use of its products.