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The decentralized exchange SushiSwap (COIN:SUSHIUSD) has announced the transition of its management to a new format called Sushi Labs. Replacing the DAO model, the new system adopts a council structure to streamline decision-making and improve market responsiveness. Launched on June 11, Sushi Labs will manage the operational, technical, and administrative aspects of the ecosystem. Jared Grey, now the director of the Labs, expressed confidence in the structural renewal to revitalize the Sushi DEX, especially following a significant financial decline since 2022.
PancakeSwap (COIN:CAKEUSD), a popular decentralized exchange (DEX), has significantly enhanced accessibility to DeFi by integrating with Zyfi in the zkSync Era, enabling gas-free transactions. This innovation eliminates the need for users to pay gas fees, which were previously a significant barrier, especially for newcomers who needed to acquire Ether first. Now, users can pay fees using a variety of ERC-20 tokens, making transactions simpler and less costly. This change not only improves the user experience but also may increase the adoption of DEXs by making them more competitive with centralized exchanges, offering a more user-friendly interface and smoother trading processes.
Bitcoin (COIN:BTCUSD) fell to $66,485 in the past 24 hours, marking the lowest value of the month, in anticipation of a crucial inflation report in the U.S. The 4.4% drop on Tuesday reflects market tension ahead of the imminent release of macroeconomic data and statements from the Federal Reserve.
Fernando Pereira, an analyst at Bitget, highlighted concerns about the correlation between stock market behavior, represented by the S&P 500, and Bitcoin’s price. “Something that is starting to worry about Bitcoin’s price right now is the wedge formation that the S&P 500 is making, with strong divergence in the RSI. If this wedge breaks down, BTC could plummet, and what will determine whether this break happens or not is the new Fed interest rate, to be declared on Wednesday,” Pereira noted.
Traders are now watching critical supports, with some pointing to the possibility of buying the dip. Meanwhile, the increase in open contracts suggests a potential escalation in market volatility.
After a record 19-day streak of net inflows, Bitcoin ETFs in the U.S. faced outflows of $65 million on Monday. The Grayscale ETF (AMEX:GBTC) led the losses with $40 million, followed by Invesco (AMEX:BTCO) with $20 million. Recent market volatility and the anticipation of significant economic events, such as Janet Yellen’s speech and the FOMC meeting, may have influenced these withdrawals.
The U.S. SEC acknowledged a proposed rule change for ProShares’ Ethereum ETF but has not yet approved the change, leaving a window of up to 135 days for final deliberation. Meanwhile, the SEC allowed 21Shares to proceed with changes, removing Ark Invest from the project without usual delays, facilitating the continuation of the process. Ark Invest decided not to proceed with its Ethereum ETF, maintaining focus solely on the Bitcoin ETF.
Lido (COIN:LDOUSD), prominent in the Ethereum DeFi ecosystem, faces challenges with the “restake” trend. In response, it launched a partnership with Mellow Finance to strengthen the position of stETH (COIN:STETHUSD). This collaboration, part of the new Lido DAO initiative, will allow traders to access advanced restake tools. With this, Lido aims to reposition stETH as the preferred choice for restaking, combating the loss of influence to new services like EigenLayer.
The ZKsync Association confirmed the airdrop of 3.675 billion ZK tokens to users and contributors of the Ethereum Layer 2 network next week. This represents 17.5% of the total 21 billion tokens. Beneficiaries can claim their tokens until January 2025. Most of the remaining tokens will be allocated to ecosystem initiatives, with smaller percentages designated for investors and the Matter Labs team, promoting greater community engagement and governance.
The MultiversX (COIN:EGLDUSD) platform promises a leap in the efficiency of layer 2 blockchains, with up to a 100-fold increase in transaction throughput thanks to new Sovereign Chains. This technology allows L2 networks to inherit the scalability of MultiversX, significantly boosting transactions per second. During a test, the network achieved 77,000 TPS, with potential to reach 100,000 TPS. Sovereign Chains aim to simplify the interaction between applications of different blockchains, enabling a seamless and consistent user experience. These layers operate as invisible backends, eliminating the need for users to understand the technical complexity of each chain.
Ripple (COIN:XRPUSD) announced the completion of the acquisition of Standard Custody & Trust Company, strengthening its infrastructure with an NYDFS-regulated trust entity. This move, following the purchase of Metaco, aims to improve Ripple’s product offerings and facilitate the launch of a stablecoin. Jack McDonald, CEO of Standard Custody, will also assume the role of senior vice president of stablecoins at Ripple.
In related news, Ripple created the XRPL Japan and Korea Fund, committing 1 billion XRP to stimulate blockchain innovation in these markets. According to Emi Yoshikawa, VP of strategic initiatives, the fund aims to integrate the XRP Ledger into business operations and support developers and startups. Ripple intends to strengthen its presence and impact in the region, standing out in blockchain solution development and deepening XRP Ledger adoption.
Tether (COIN:USDTUSD) CEO Paolo Ardoino revealed plans to invest $1 billion in the next twelve months, focusing on sectors like financial infrastructure, artificial intelligence, and biotechnology. In a recent interview with Bloomberg, Ardoino highlighted that the investment strategy continues the $2 billion previously applied in these sectors. Additionally, part of the profits from the reserves of the largest stablecoin operator USDT will be reinvested in innovations that promote independence from big tech.
Solana-focused startup TipLink introduced a new tool designed to simplify blockchain access for beginners. The “TipLink Wallet Adaptor” allows users to create a crypto wallet directly in the browser, linked to their Google account. This solution dispenses with the need for complex setups in traditional wallets like Phantom or Solflare. Ian Krotinsky, the company’s CEO, bets that this ease of use will attract a broader audience, especially those less familiar with cryptocurrency technology.
Canadian company DeFi Technologies (USOTC:DEFTF) announced an investment of over $100 million in Bitcoin (COIN:BTCUSD) to act as a validator on the Core Chain, a first-layer blockchain. This move follows the company’s strategy to adopt Bitcoin as its primary reserve asset, starting with an initial acquisition of 110 BTC. Through this commitment, DeFi Technologies reinforces its role in the decentralized finance ecosystem, actively participating in network consensus and leveraging the innovative Satoshi Plus staking mechanism.
Japanese investment company Metaplanet (TSX:3350) announced the acquisition of additional bitcoins, totaling 250 million yen ($1.6 million), bringing its total to 141 BTC, approximately $9.4 million. The purchase marks the third acquisition since April 2024 and is part of the company’s strategy to use bitcoin as a reserve asset in response to Japan’s high public debt and yen volatility.
The Central Bank of Ireland granted Crypto.com, one of the largest cryptocurrency trading platforms, authorization as a virtual asset service provider (VASP). This approval allows the company to expand its service offerings in the country, including exchanges and fiat wallets. Crypto.com joins other major regulated entities in Ireland, such as Coinbase Global (NASDAQ:COIN) and Ripple.
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