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Gate Research Institute: ETH is stuck in a price decline channel, FTX Shareholder Priority Compensation Plan sparks community controversy, FTX bankruptcy concept Token big pump
Summary
Market Review
According to gate market data, as of 4:00 on September 30th (UTC+0) [1]:
BTC - BTC price fell 0.37% in the past 24 hours, with the highest price in the past 24 hours at $66,114. In the past day, it has been consolidating at a high level below the resistance level of $66,000. At 0:00 on September 30th, there was a high-volume pullback, falling to $64,500. The next key support level will be around $63,000. [2]
ETH —— The ETH price has fallen by 0.66% in the past 24 hours, with the current price at $2,658, the highest price in the past 24 hours at $2,683, and the lowest price at $2,601. Since the price touched the resistance level of $2,700 on September 27th, ETH has entered a downward channel. It is necessary to follow the breakthrough situation of the upper and lower boundaries of the channel, and there is a short-term support level near $2,555.
AltCoin —— Affected by the restructuring news of FTX, the bankruptcy concept coin pumped, FTT, USTC, LUNC, LUNA and other Tokens big pump.【4】
The three major US stock indexes -- the S&P 500 fell 0.13%, the Nasdaq fell 0.39%, and the Dow Jones Index pumped 0.33%. [5]
Spot Gold - The spot gold price is at $2,650.73 per ounce, down 0.25% on the day.【6】
Fear and Greed Index - The Fear and Greed Index has dropped from 63 to 61, indicating a slight decrease. However, the market is still in a greedy state. [7]
Popular Token
According to gate market data, combined with the volume and price performance in the past 24 hours, the popular altcoins are as follows:
FTT - The single-day increase is about 60.2%, with a circulating market value of $7.49 billion.
FTT is the Token issued by the bankrupted Cryptocurrency exchange FTX. FTX's asset restructuring plan has triggered follow in the market after filing for bankruptcy protection in 2022.
Recently, FTX announced that it is expected to return 11 to 16 billion US dollars to creditors in the fourth quarter of 2024. If the restructuring plan hearing is approved, FTX will have 60 days to distribute assets to creditors, which means that cash will begin to reach creditors before December 7th, or as a result, the FTT price continues to rise. [8]
USTC - Daily increase of about 22.6%, with a circulating market value of 134 million US dollars.
Terra USD Classic (USTC) is an Algorithm stablecoin pegged to the US dollar by Terra LUNA. In May 2022, due to the collapse of LUNA, the Algorithm mechanism of USTC failed to effectively maintain its peg to the US dollar, leading to a significant depeg, with the current price at around 0.022 USD.
Recently, possibly influenced by the FTX repayment plan, the concept of bankruptcy has become a hot topic, and the price of USTC has also experienced a pump. However, this pump may only be a short-term market sentiment response, and in fact, the project itself has not made any substantial progress, so investors need to treat this Fluctuation with caution.
DIA —— Daily increase of approximately 19.8%, with a circulating market value of $54.96 million.
DIA is a cross-chain interaction, open source data, and Oracle Machine platform that supports obtaining, verifying, and sharing transparent and verified data feeds for traditional and digital financial applications, covering asset prices, Metaverse data, loan interest rates, etc.
In mid-September, DIA launched a new Oracle Machine architecture called Lumina. Using DIA's Ethereum Layer 2 (L2) rollup, Lasernet, Lumina can use ZKP technology for data validation and secure Node contribution, ensuring Decentralization operation. In addition, there have been multiple partner announcements recently. This pump may be affected by the above news.
Highlights Data
Sui TVL reaches $1 billion, hitting a new all-time high Public blockchain Sui announced on X platform that its Total Value Locked (TVL) has reached $1 billion, hitting a record high. [9] The rise of Sui's TVL is closely related to the flourishing development of its Decentralized Finance ecosystem.
Recently, the TVL of Decentralized Finance protocols such as Sui lending, DEX, and Liquiditystake has experienced a significant rise. Among them, Navi Protocol stands out: as of 4 am on September 30th (UTC+0), the daily capital inflow is close to $15 million, demonstrating the vibrancy of the SUI Decentralized Finance ecosystem in recent times.[10]
Stable Coin total Market Cap rose by 0.28% in the past week, with USDC seeing a 0.94% increase over 7 days According to DefiLlama data, as of 6:00 AM (UTC+0) on September 30th, the total Market Cap of Stable Coins is now reported to be $172.852 billion, reaching a new high since May 2022, with a 7-day increase of 0.28%. Among them, USDC has seen a 7-day increase of 0.94%, and its Market Cap has reached $35.98 billion.【11】
Hong Kong virtual asset ETF today's turnover is about 30.69 million Hong Kong dollars According to the Hong Kong stock market data, as of the close, the trading volume of all (6) Hong Kong virtual asset ETFs today was about 30.69 million Hong Kong dollars, reaching a new high in daily volume in nearly a week. Among them, Huaxia BTC ETF (3042.HK/9042.HK/83042.HK) had a trading volume of 21.9438 million Hong Kong dollars, Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) had a trading volume of 1.98 million Hong Kong dollars, Jiashi BTC ETF (03439.HK/09439.HK) had a trading volume of 3.8193 million Hong Kong dollars, Jiashi Ethereum ETF (03179.HK/09179.HK) had a trading volume of 0.2985 million Hong Kong dollars, Boshi BTC ETF (03008.HK/09008.HK) had a trading volume of 2.3156 million Hong Kong dollars, and Boshi Ethereum ETF (03009.HK/09009.HK) had a trading volume of 0.3346 million Hong Kong dollars. [13]
Hotspot Review
Newly disclosed documents reveal that FTX plans to compensate preferred shareholders with $230 million, sparking controversy According to a recently disclosed document, FTX plans to prioritize $230 million in compensation to its shareholders. First and foremost, from ethical and legal perspectives, FTX is currently in bankruptcy proceedings, theoretically, priority should be given to creditors, i.e. those customers who have suffered losses due to the company's bankruptcy. However, FTX has chosen to allocate some funds to shareholders instead of prioritizing the repayment of creditors, which will undoubtedly exacerbate the dissatisfaction of creditors and the Crisis of Confidence. [14]
Second, this decision may have far-reaching implications for the bankruptcy handling rules in the encryption industry. Typically, in the TradFi field, shareholders are often the last to receive compensation in the event of bankruptcy, only receiving their share after all creditors have been paid. FTX's approach seems to overturn this convention, which may lead to more uncertainty and controversy in the bankruptcy proceedings of future encryption companies.
Overall, this event demonstrates FTX's tendency to prioritize internal interests over the interests of creditors and customers in bankruptcy liquidation, which may further damage the company's reputation and trigger regulatory scrutiny and policy changes in the encryption industry.
Uniswap Labs launches the ERC-7683 standard to address the fragmentation of Cross-Chain Interaction Uniswap Labs recently introduced the ERC-7683 standard in collaboration with Across Protocol on X, which aims to address the fragmentation issue in intent-based systems by filling the network. The mechanism of ERC-7683 includes users signing Cross-Chain Interaction orders, funds being held in the Settlement contract, fillers competing on-chain to meet orders, the winning filler executing the operation and releasing the funds. By defining standardized Cross-Chain Interaction order structures and Settlement contract interfaces, this standard promotes the interoperability of the Cross-Chain Interaction transaction system, simplifies Cross-Chain Interaction, enhances Liquidity and filler networks, and reduces the cost and waiting time for users in Cross-Chain Interaction transactions.
Cross-Chain Interaction has always been a key issue that urgently needs to be addressed in the blockchain field. Efforts such as Polkadot's Cross-Chain Interaction and XION's integration with the SEI network have provided different solutions to this challenge. Looking ahead, the development of Cross-Chain Interaction may move towards standardization, continuously improving this ecosystem through methods such as the ERC protocol. This will help improve the efficiency of collaboration between different blockchains, providing users with a smoother Cross-Chain Interaction experience.
Non-fungible Token project Pudgy Penguins launches IP game: Polar Challenge Non-fungible Token project Pudgy Penguins recently announced the launch of the arcade game Polar Challenge, which will be operated in multiple game halls in the United States. Polar Challenge adopts Pudgy Penguins' penguin IP, allowing players to incarnate penguins and engage in strategic confrontations with predators such as seals and killer whales to compete for the highest score.
Currently, Pudgy Penguins is the Non-fungible Token project with the largest IP network, second only to BAYC. It has launched physical toys Pudgy Toys, .pudgy domain, and other products, and continues to expand its IP use cases. As of the time of writing, based on the current floor price, Pudgy Penguins' Market Cap is approximately $250 million. The emergence of new IP Derivatives is also constantly inspiring other Non-fungible Token projects and brands to consider their own IP commercialization paths. [Non-fungible TokenGo, https://nftgo.io/collection/pudgy-penguins/analytics/general]
Financing zone
According to Rootdata statistics, two projects received financing from September 29th to 30th, the details are as follows: [15]
**SecondLive —— **Metaverse platform SecondLive announced on September 30th that it has completed a $12 million financing, with Crypto.com leading the investment and Capital Spark participating. After this round of financing, SecondLive's total financing has reached $15 million. SecondLive is a chain game with a Create-To-Earn style.
RD Technology - RD Technologies completed a $7.8 million Series A1 financing on September 30th, with participation from Sequoia China. RD Technology is a company dedicated to promoting payments and business development in a stable and efficient manner, and the funds raised this time will enable RD Technology to connect the Web2 and Web3 worlds and continue to contribute to the development of the Web3 ecosystem in Hong Kong.
Airdrop Opportunity
CharacterX Web3 AI Social Web CharacterX is ushering in Airdrop Season 2, aiming to further promote user participation and rise through community cooperation and interaction. This Airdrop event will officially start on October 1, 2024. Users can participate in AI Group Mining PK, improve their scores through interactions with other users, inviting new members, and other methods, and win rewards. Participants have the opportunity to receive rewards including a $10,000 prize pool, 2,000 USDT, and Tokens from other projects. Weekly scores will be calculated based on basic scores, chat scores, and invitation scores, and users who rank high can enjoy additional rewards. [16]
Airdrop claiming steps:
> Note: The Airdrop plan and participation methods may be updated at any time. It is recommended that users follow CharacterX's official channels to get the latest information. At the same time, users should participate cautiously, pay attention to risks, and do sufficient research before participating. Gate does not guarantee the distribution of subsequent Airdrop rewards. Please be aware of this risk.01928374656574839201
Reference:
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