Ethena Labs Proposes 'Ethereal' DEX to Enhance USDe Growth Amid Market Competition

Daily Top Performer — Sanctum (CLOUD)

The SPX index was up by 0.42%, investors responded to Fed Chair Powell's remarks, where he indicated that the Federal Reserve could still cut rates twice this year, depending on economic conditions. Markets are now anticipating a 65% chance of a 25 basis point rate cut in November, with key economic data such as the September jobs report and PMIs being closely watched. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 2.56%, with Bitcoin and Ether dropping by 3.85% and by 1.81%, respectively in the past 24 hours.

Today's top performer is CLOUD, which surged 10.7% following the launch of Windfall - Innovative Gaming and Staking Rewards on Solana.

Sanctum (CLOUD), launched in 2024, is a pioneering liquid staking infrastructure on the Solana blockchain, featuring a multi-LST liquidity pool that provides virtually limitless liquidity for Solana-based liquid staking tokens (LSTs). The protocol includes an instant unstake function and a native governance token, CLOUD, which enables seamless liquidity provision and token swaps within Solana's ecosystem. Sanctum aims to improve the staking process by addressing issues such as slow unstaking times and network congestion. Windfall (→Radar) generates rewards from $SOL deposits converted into windSOL, a liquid staking token (LST) from Sanctum. Users can earn staking and restaking rewards while playing casual, luck-based games linked to Solana NFTs and other IPs. The platform is expanding to accept stablecoin, Ethereum, and Bitcoin deposits via partnerships with Kamino Finance, Eclipse, and Zeus Network. Windfall also utilizes Magic Block and zk compression for efficient lottery processing and invites collaborations and feedback.

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Talk of the Town:

Ethena Labs has proposed the launch of a decentralized exchange (DEX) called "Ethereal" to boost the growth of its synthetic dollar, USDe. The DEX aims to combine the speed of centralized exchanges with DeFi benefits, allowing users to retain self-custody of their assets while managing spot and perpetual futures positions to increase USDe's utility. If approved, 15% of future governance tokens will be allocated to the Ethena community, with Ethereal expected to handle up to 1 million transactions per second and launch on the testnet in Q4 2024. This initiative comes as USDe faces increased competition, resulting in a market cap decline from $3.61 billion to $2.54 billion, although it has maintained its dollar peg. A snapshot vote on the proposal will occur soon.

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Bitcoin Spot ETF Flows:

Yesterday, the total flow for BTC Spot ETFs shows a net outflow of $10.9 million, with no change for GBTC and a $10.9 million outflow for non-GBTC funds.

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Airdrop to Watch:

Catizen launched a new use case for the CATI token with the Airdrop Pass on September 29, 2024. This allows token holders to receive quarterly airdrops, with 1% of CATI tokens (10 million CATI) distributed every 90 days. Players can earn the Airdrop Pass by completing in-game tasks, and the first season begins in October. Additionally, users benefit from a 30% discount on in-app purchases with CATI. Catizen also offers potential airdrops from other projects in its ecosystem, including the Bombie game and Vanilla Finance's options trading bot.

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