Daily News | Crypto Market Experiences Weak Fluctuations; Hamster Kombat Announces 60% Token Airdrop; Blackbird Labs Launches Web3 Platform for Restaurant Payments

2024-07-31, 03:46

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## Crypto Daily Digest: Hamster Kombat announces 60% token airdrop; Blackbird Labs launches Web3 platform for restaurant payments; Movement Labs Testnet Released, Attracting $160 Million in Promised TVL
First, let's examine the trading activity of <a href="/th/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> and <a href="/th/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> ETFs. According to Farside Investor data, on July 30, Grayscale Bitcoin Spot ETF (GBTC) had a fund outflow of $73.6 million. Meanwhile, the Fidelity Bitcoin Spot ETF (FBTC) had an outflow of $2.9 million, the Bitwise Bitcoin Spot ETF (BITB) had an outflow of $3.2 million, and the ARK 21Shares Bitcoin Spot ETF (ARKB) had an outflow of $7.9 million.

Bitwise Ethereum Spot ETF (ETHW) had an inflow of $3.5 million; Fidelity Ethereum Spot ETF (FETH) had a net inflow of $16.4 million on the first day; Grayscale Ethereum Spot ETF (ETHE) had a net outflow of $120.3 million on the first day.

The Bitcoin market share, which measures the relative market value of Bitcoin to the total market value of cryptocurrencies, reached a high of 52.7% last week, the highest level in three years since April 2021.

**Hamster Kombat launches new white paper, allocating 60% of tokens airdrop to players**

The Hamster Kombat team released a new white paper on Tuesday, detailing the token economics of the project and revealing the upcoming token airdrop event. The white paper claims that they are planning the "largest airdrop in crypto history" and that the game currently has 300 million users. According to the white paper, 60% of the tokens will be 'specifically' used to reward players.

The white paper also states that "the remaining funds will be used to provide market liquidity, ecosystem partnerships and grants, reward teams, and other projects." Developers stated that Hamster Kombat has not received support from investment firms or venture capitalists, and therefore will not face "selling pressure”.

Initially, the game was planned to undergo its first airdrop this month, but it was announced on Tuesday that executing the airdrop would be a complex operation. The developer stated in the official Telegram group that the Hamster token airdrop is a technically complex task, and we have not set a specific date because it is difficult to predict the exact time of implementing this plan.

Although its founder remains anonymous, they have established a large player community in a short period of time, and Hamster Kombat has become a hot topic in the crypto field. Former Hamster Kombat has 50 million daily active users in 190 countries.

The game was inspired by the success of Notchcoin. As a reference, Notcoin airdropped over 80 billion NOT tokens worth approximately $1 billion in May.

**Blackbird Labs launches <a href="/th/web3" target="_blank" class="blog_inner_link">Web3</a> platform for restaurant payments**

On July 30, Blackbird Labs, a hotel technology startup founded by Resy and Eater co-founder Ben Leventhal, announced the launch of a Web3 payment platform called Blackbird Pay, specifically designed for restaurants. The platform is built on Blackbird's new blockchain network Blackbird Flynet, providing restaurants with their own end-to-end payment and settlement network for the first time, aiming to solve problems such as reduced profits and cash reserves.

The goal of Blackbird Pay is to shorten settlement time and reduce restaurant transaction costs to approximately 2% per transaction. In addition, it allows customers to make payments using Blackbird's native token FLY, which is issued as a platform reward. Blackbird Pay allows customers of member restaurants to make payments directly from the Blackbird app using credit cards, debit cards, FLY tokens, or <a href="/th/price/usd-coin-usdc" target="_blank" class="blog_inner_link">USD Coin</a> (USDC). The application also assigns a unique customer value score to each user, which member restaurants can use as the basis for customized points, benefits, and reward programs.

The potential application of Web3 startups in the catering industry is enormous, covering cost reduction, management reward programs, and gamification. Other participants include DevourGO, a Web3 food delivery service. According to the data from the American Restaurant Association, the sales of American restaurants are expected to exceed $1 trillion for the first time in 2024.

Roni Mazumdar, co owner of Unpalogetic Foods, stated that Blackbird and similar services can help restaurants save thousands of dollars in monthly transaction fees.

Blackbird is still developing messaging and discovery applications for restaurants, including projects such as Blackbird Breakfast Club and Bar Blackbird, aimed at bringing more foot traffic to restaurants during the off-season. The company raised $24 million in Series A funding led by Andreessen Horowitz.

**Movement Labs joins <a href="/th/price/polygon-matic" target="_blank" class="blog_inner_link">Polygon</a>'s AgLayer, testnet releases $160 million in promised TVL**

Blockchain development company Movement Labs announced its joining of Polygon's Ethereum Layer 2 AgLayer, coinciding with the launch of the Movement public testnet. Movement is the first Move based ecosystem that utilizes AgLayer, helping to bridge the gap between the Move and EVM ecosystems and enabling Ethereum developers to deploy Solidity contracts on Move based chains without modifying code.

AgLayer is an interoperability layer developed by Polygon Labs and other core contributors, aimed at promoting unified liquidity and security across chain networks. AgLayer simplifies the process of converting or securely transferring native Ethereum assets from one chain to another by re settling ZK based security proofs to Ethereum.

AgLayer will serve as a unified liquidity layer between MoveVM based chains, other 'AggChains', and Ethereum, helping to address blockchain fragmentation issues. The infrastructure will also utilize Celestia's data availability layer for cost-effective, high-throughput off chain data storage while maintaining Ethereum's security.

Movement Labs announced in April this year the completion of a $38 million Series A funding round led by Polychain Capital, aimed at introducing Facebook's Move virtual machine into Ethereum. Move was initially developed by members of Facebook's Diem stablecoin project. Movement Labs claims that prior to the deployment of the mainnet, the public testnet Parthenon had already attracted $160 million in promised TVL.

## Market Trends: The overall market is weak and volatile, and the market is waiting for the Federal Reserve's interest rate decision
BTC shows a weak and volatile trend around $66,000. The Mt.Gox incident continues to ferment, with a large amount of BTC being transferred out for compensation, which has created some selling pressure on the market. Meanwhile, the Bitcoin spot ETF has seen an outflow of nearly $100 million, and although BlackRock has not yet updated its relevant data, market sentiment has been affected to some extent.

ETH: Compared to Bitcoin, ETH has performed relatively well, with a price maintained above $3,250. In recent days, the outflow of Grayscale Ethereum ETFs has slowed down.

Altcoin: The Altcoin market lacks new hotspots and is generally experiencing a downward trend. Investors' focus is mainly on mainstream currencies, and the market sentiment for Altcoins is relatively low.
### Data Indicators
Today, the AHR999 index is 0.87, although the index has fallen slightly, it is still suitable for long-term investors to make regular investments. The AHR999 index is an important indicator for measuring the long-term investment value of the market, and current values indicate that there are still good long-term investment opportunities in the market.

The Fear & Greed Index remains at 61, indicating a cooling of market greed sentiment. This index is an important indicator for measuring market sentiment, with higher values indicating a more greedy market and vice versa indicating a more fearful market. The current values indicate that market sentiment is becoming more calm, and investors should remain cautious in their operations.
###  Macro News
US stock market: The three major indexes have fluctuated, with tech stocks representing NVIDIA falling 7%, driving the Nasdaq index down more than 1%. This news has had a certain negative impact on the global asset market.

Monetary Policy: The Federal Reserve will release its interest rate decision at 2:00 am Beijing time on Thursday, and Fed Chairman Powell will give a speech at 2:30 am. It is expected that there may be significant market fluctuations before and after this period, and investors should control their positions reasonably.
### Market Hotspots:
**Telegram mini game**
Hamster Kombat, which has over 50 million Telegram subscribers, updated its token whitepaper yesterday and announced that 60% of its tokens will be used for user airdrops. Although the official claims that there are over 300 million users in the game, the airdrop value of tokens that a single user can receive seems limited in the face of this scale of user group. It is worth noting that Gate.io has launched pre market trading for this token, and investors can pay attention to its market performance.

**<a href="/th/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> Ecosystem**
The price of Solana (SOL) has fallen below the $180 mark, and all on-chain Meme tokens, except for BOME, are in a downward trend. Market opinion suggests that the significant drop in SOL may be related to the shipment of SOL purchased at a discounted price by a certain crypto investment institution. According to news reports, the SOL purchased by the institution at a discounted price will undergo a 4-year lock up period, but in reality, these tokens are already circulating in the market and there is no mandatory lock up mechanism. This has had a significant negative impact on the market price of SOL.
### Conclusion
Overall, the current market sentiment is relatively calm, with significant differentiation in the performance of mainstream currencies. The short-term trend of the market is uncertain, and the Fed's interest rate decision and Powell's speech will be the focus of market attention this week, which is expected to cause significant fluctuations in the risk market. Investors should reasonably control their positions and maintain cautious operations.

## Macro: The market is cautious before the release of technology stock financial reports, with the S&P 500 and Nasdaq indices falling
On Tuesday, July 30, the S&P 500 index and Nasdaq index closed lower, mainly dragged down by weak performance in chip and large tech stocks, while a series of important tech company financial reports to be released this week also increased market uncertainty. In contrast, the Dow Jones Industrial Average rose slightly.

As one of the leaders in the field of artificial intelligence, Microsoft's stock price fell 0.89% to close at $422.92 before the quarterly performance announcement. Despite high market expectations, the software giant's performance was lower than the growth forecast for Azure cloud computing services, causing its stock price to fall by about 5% in after hours trading.

Specific data shows that the Dow Jones Industrial Average rose 0.5%, while the S&P 500 index fell 0.5%, and the Nasdaq index fell 1.28%.

Chip manufacturer Nvidia fell 7.04% to close at $103.73. This also dragged down other chip stocks, causing the Philadelphia Semiconductor Index to fall by 3.88%. In addition, among other large technology stocks, Apple rose 0.26%, Amazon fell 0.81%, and Meta fell 0.54%, mainly due to market concerns about its valuation.

Multiple labor force data will also be released this week, including Friday's government employment report. The job vacancy and labor mobility survey released on Tuesday showed that the number of job vacancies in June was 8.18 million, higher than economists' expectations of 8 million.

On Wednesday, July 31, Asian stock markets remained within a familiar range, reflecting the divergence in the field of artificial intelligence due to the sharp performance contrast between tech giant Microsoft and chip manufacturer AMD. Before the Bank of Japan announced its policy decision, the yen strengthened. On Wednesday, the policies of central banks around the world became the focus of investors' attention, and the Federal Reserve will also announce its interest rate decision later that day. The market generally expects the US central bank to keep interest rates unchanged, but may hint at future interest rate cuts.

On the Chinese side, an official factory survey released on Wednesday showed that manufacturing activity shrank for the third consecutive month, increasing market expectations for more economic stimulus measures. The official Purchasing Managers' Index (PMI) for July decreased from 49.5 in June to 49.4, although below the boom bust line of 50, it is higher than the median forecast of 49.3 in a Reuters survey.

In early trading, the yen fell 1%, but due to the overall appreciation of the yen, it is expected to fall 3.7% in July.

In the commodity market, US crude oil rose 0.67% to $75.23 per barrel, while Brent crude oil rose 0.5% to $79.02 per barrel. Gold prices also rose about 1% on Tuesday as investors anticipated that the Federal Reserve may provide clues about a September rate cut this weekend. Spot gold rose 0.8% to $2403.47 per ounce, while the settlement price of US gold futures rose 1% to $2451.9 per ounce.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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