Bitcoin Price: US$ 58,017.60 (+0.85%)
Ethereum Price: US$ 2,450.71 (+1.07%)
EigenLayer has introduced a significant update to its restaking protocol, enhancing the performance of its EigenPods by providing users with greater flexibility to harvest or reinvest Ether staking rewards, along with an improved user interface and automatic restaking of beacon chain ETH rewards, potentially increasing earnings. Meanwhile, Ripple Labs and the SEC have agreed to delay the $125 million judgment payment while preparing for a possible appeal, with Ripple proposing to deposit 111% of the judgment amount into a bank account until the appeal process concludes, following Ripple’s assertion of victory in a case where the court ruled XRP is not a security in certain transactions. Additionally, the SEC has postponed its decision on NYSE Arca’s proposed eco-friendly Bitcoin ETF, which combines Bitcoin exposure with carbon-credit futures to offset emissions, extending the decision deadline to November 21 after a previous delay in May.
The CFTC has charged Uniswap Labs with illegally offering leveraged cryptocurrency trading to U.S. retail investors, resulting in a $175,000 settlement and a commitment to cease violating the Commodity Exchange Act, though some CFTC commissioners criticised the enforcement approach, raising concerns over “regulation through enforcement” and the lack of clear guidance for DeFi protocols. Meanwhile, Euler Finance has launched Euler v2, a modular credit layer aimed at enhancing user flexibility in managing lending risks, following its recovery from a $195 million flash loan attack earlier this year; the new version allows for customisable vaults, accommodates various assets including NFTs, and has undergone extensive security audits to prevent future exploits. In other news, Solana’s price dropped 12% over the past week as memecoin platform Pump.fun sold $41 million worth of SOL tokens, contributing to downward pressure, with analysts suggesting that the ongoing memecoin craze and Solana’s price correlation with Bitcoin are influencing its movements, though a potential Solana ETF listing could act as a future price catalyst.
Magic Eden dominated the NFT trading volume in August, surpassing Blur and OpenSea with $122.47 million, accounting for 36.7% of the total market share. This marks Magic Eden’s sixth consecutive month as the leading NFT marketplace, driven by its integration of Bitcoin Ordinals. Blur and OpenSea followed with 25.4% and 19.9% of the market, respectively. Despite Magic Eden’s dominance, the overall NFT market experienced a decline, with August sales volumes dropping to $374 million, a 76% decrease from March’s peak. Meanwhile, the global crypto market capitalisation fell below $2 trillion, with Bitcoin potentially heading for a correction below $54,000. Analysts suggest that an anticipated U.S. interest rate cut later this month could lead to further volatility and a possible bottoming of Bitcoin’s price below $50,000. Adding to the bearish outlook, Bitcoin ETFs have seen five consecutive days of outflows. On another front, Polygon’s native cryptocurrency, MATIC, was upgraded to POL as part of Polygon 2.0, enhancing the token’s utility and transforming it into a “hyperproductive” asset. POL will earn fees from multiple sources beyond gas and staking, reflecting Polygon’s broader ambitions to unify all blockchains through its AggLayer protocol, with the migration from MATIC to POL ongoing and no hard deadline set for holders to upgrade.
Japan’s Financial Services Agency (FSA) is advocating for a tax overhaul in 2025 that could lower crypto tax rates, aiming to treat crypto assets more like traditional financial investments. Currently, crypto profits in Japan are taxed as miscellaneous income, with rates ranging from 15% to 55%, but the FSA’s proposal, if approved by the government, could bring significant changes. The Japan Blockchain Association has also pushed for reforms, suggesting a flat 20% tax rate and a three-year loss carryover deduction. Meanwhile, Mysten Labs, the creator of the Sui blockchain, is launching the SuiPlay0X1, a handheld gaming device that integrates blockchain technology. Expected to ship in the first half of 2025 and priced at $599, the device will support both PC games and Sui-powered blockchain games, showcasing blockchain’s potential in gaming without disrupting traditional experiences. With over 1,000 preorders already placed, payments are being accepted in Sui (SUI), Ether, and Solana. On a more concerning note, scammers have exploited a new method to steal tokens from Solana users by burning their assets through the “Permanent Delegate” extension in Solana’s Token 2022 standard. This extension allows the delegate to burn or transfer tokens without limitation, which scammers have used to erase tokens shortly after purchase. This tactic not only causes chaos but may also manipulate the token’s circulating supply to inflate prices, prompting users to practice due diligence and exercise caution when engaging in token transactions.
Source: https://cointelegraph.com
Disclaimer: The following summaries are provided for informational purposes only and are not intended to infringe upon any copyrights. All rights to the original content belong to their respective owners, and the summaries are intended to provide a brief overview of the content. If you are the owner of any of the content summarised here and have concerns about its use, please contact us to discuss the matter further.
