It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- X to Launch Payments Network
- 9dcc Acquires 0x Shop
- Introducing Ronin zkEVM
- Project of the Day
- Crypto Corner
- Market Sentiment & Predictions
- Business & Political Insights
Market Watch
Top Gainers
- Ethereum NAme Service ($ENS): +6.8%
- Lido DAO ($LDO): +6.5%
- Ondo ($ONDO): +2.2%
Top Losers
- Core ($CORE): -16.3%
- Jupiter ($JUP): -13.3%
- Filecoin ($FIL): -12.5%
Trending Crypto Sectors/Categories
- OKX Ventures Portfolio
- Galaxy Digital Portfolio
- Layer 1 (L1)
Total Crypto Market Cap – 2.47 Trillion
Fear and Greed Index – 74
Top NFT Sale
- Cryptopunks #5569 Sold for 60 ETH
Highlights of the Day
X to Launch Payments Network
X is looking to revolutionize digital payments with the launch of its own payment network. Inspired by the success of apps like Venmo, X aims to integrate seamless financial transactions directly into its platform. Recent regulatory filings have unveiled ambitious plans, shedding light on X’s strategic goals and the rationale behind this bold move.
Features and Offerings
The upcoming service promises a host of features designed to simplify financial interactions for users. Among these are the ability to store money securely within the app, send payments to other users and businesses, and even make purchases in stores. Notably, unlike competitors such as Venmo, X’s service will not impose transaction fees—a strategic decision aimed at fostering greater user engagement within its ecosystem.
9dcc Acquires 0x Shop
9dcc, founded by the influential GMONEY, is a cutting-edge platform pioneering the integration of luxury fashion and blockchain technology. This innovative platform has recently announced the acquisition of 0x Shop, a prominent Web3 e-commerce platform that revolutionizes the online selling process for Web3 brands, independent artists, and emerging fashion labels.
Acquisition Details
The acquisition is set to enhance 9dcc’s offerings by incorporating advanced on-chain technologies, thus enriching user experiences and broadening its digital footprint. This synergy will streamline the consumer journey, from product discovery and purchase to on-chain interactions and loyalty programs.
Introducing Ronin zkEVM
Ronin, a pivotal player in the Web3 gaming space, has unveiled a groundbreaking initiative aimed at accelerating mainstream adoption. Introducing Ronin zkEVM, a strategic deployment of layer-2 chains leveraging zero-knowledge technology in collaboration with Polygon’s Chain Development Kit.
Scaling Ronin Capabilities
Scheduled for launch in early 2025, Ronin zkEVM marks a significant leap forward in scaling capabilities. This innovative functionality empowers game developers with dedicated chains, designed to accommodate a vastly expanded player base beyond current limitations. By providing a tailored environment for crypto games, Ronin zkEVM promises enhanced scalability and performance, crucial for the evolution of the gaming ecosystem.
Project of the Day
Ethereum Name Service
Ethereum Name Service ($ENS) stands as a pioneering decentralized naming system on the Ethereum blockchain, mapping human-readable names with machine-readable identifiers like Ethereum addresses and content hashes. This open and extensible system has garnered significant traction within the crypto community.
As of now, $ENS boasts a market cap exceeding $735 million, with its price currently stabilizing around $23.5. Recent market trends indicate robust performance, with a notable 20% increase in the past week, a 56% rise over the last month, and an impressive 207% surge over the past year. Overall, while the price trails its all-time high of $70 from the previous bull run, $ENS has demonstrated resilience and continues to gather momentum compared to other naming service projects. Notably, the community sentiment around the project is strong and as such the long term outlook for $ENS remains bullish.
Crazy Day in Crypto
- Bitcoin dropped below $65,000 for the first time in over a month as global economic concerns and reduced summer market liquidity led to a broader cryptocurrency sell-off.
- BTC dipped below $65K, leading to the liquidation of over $420 million in long positions within 24 hours, affecting over 190K traders.
- The crypto market correction has led to significant declines in memecoins such as $DOGE and $SHIB, while $DOG, a Bitcoin-based memecoin, remains the only one in the top 250 not experiencing double-digit losses over the past week.
Market Sentiment & Predictions
- Hashdex, a crypto asset management firm, intends to launch an ETF that will directly hold spot bitcoin and ether, as per a recent SEC filing, marking a significant development in the crypto ETF landscape.
Business Talks & Political Insights
- Phantom Wallet has recently integrated charts into its app, enabling users to conveniently access graphical representations of data within the wallet interface.
Nvidia surpassed Microsoft to become the world’s most valuable public company with a market capitalization of $2.3 trillion, exceeding Microsoft’s $2.2 trillion market cap.
