Daily News | Musk States X Will Never Launch Cryptocurrency, Ethereum Compiler Vyper Vulnerability Fixed, APT and IMX Tokens Will Be Unlocked in Large Amounts This Week

2023-08-07, 04:20

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## Crypto Daily Digest: Musk States that X Will Never Launch cryptocurrency, APT and IMX Tokens Will Be Unlocked in Large Amounts This Week
On Saturday, Musk replied to <a href="/uk/price/dogecoin-doge" target="_blank" class="blog_inner_link">Dogecoin</a> graphic designer DogeDesigner that X will never launch crypto tokens.

But as early as Musk first took over Twitter, some speculated that he would introduce cryptocurrency into Twitter. Because according to a report in April 2023, Twitter will allow users to trade stocks and cryptocurrencies on the platform as part of a partnership with social investment company eToro.

Musk's vision is to build Twitter into an artificial intelligence-driven global platform that covers all fields. Musk stated that this plan will start with supporting fiat currencies and, if necessary, integrate cryptocurrencies for a period of time in the future. This clearly means that Musk's vision for a future world driven by artificial intelligence includes potential cryptocurrency use cases.

In fact, Musk previously stated that the current banking system is not "real-time and inefficient" and does not match today's digitally connected world. Musk mentioned that the solution to this problem is cryptocurrency.

Nowadays, Musk claims that X will never launch crypto tokens, and it is uncertain whether it will be a false shot or other means to achieve its vision of cryptocurrency.

On August 6th, the <a href="/uk/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a> compiler Vyper released an analysis report on last week's vulnerability incident: Prior to July 30, multiple Curve liquidity pools were exploited due to potential vulnerabilities in the Vyper compiler. Although the errors were identified and fixed, they were not aware of the impact on the protocol using vulnerable compilers at the time and were not explicitly notified. The vulnerability itself is an improperly implemented re-entry protection, and the affected Vype versions are v0.2.15, v0.2.16, and v0.3.0.

The vulnerability has been fixed and tested in v0.3.1, and v0.3.1 and higher versions are secure. In the future, measures will be taken to improve the correctness of smart contracts compiled using Vyper. One is to improve compiler testing, including increasing coverage, comparing compiler output with language specifications, and using formal verification (FV) tools for compiler bytecode verification. The second is to provide tools for developers to more easily adopt various methods to test their code, including source code and bytecode level testing. The third is to strengthen the use of the Vyper protocol for stricter bidirectional feedback.

According to Token Unlocks data, tokens for the top 5 projects will be unlocked once this week, with APT and IMX experiencing significant unlocks. Among them:

At 0:00 am (UTC) on August 7, Nym unlocked 45.63 million NYMs (approximately $8.68 million), accounting for 9.52% of the circulating supply;

At 0:00 am (UTC) on August 7, Hashflow unlocked 3.23 million HFTs (approximately $1.15 million), accounting for 1.84% of the circulating supply;

At 0:00 am (UTC) on August 9, <a href="/uk/price/moonbeam-glmr" target="_blank" class="blog_inner_link">Moonbeam</a> will unlock 3.04 million GLMRs (approximately $700,000), accounting for 0.44% of the circulating supply;

At 0:00 am (UTC) on August 12, <a href="/uk/price/aptos-apt" target="_blank" class="blog_inner_link">Aptos</a> will unlock 4.54 million APTs (approximately $30.58 million), accounting for 2.07% of the circulating supply;
 
At 10:00 am (UTC) on August 12, <a href="/uk/price/immutablex-imx" target="_blank" class="blog_inner_link">ImmutableX</a> will unlock 18.08 million IMXs (approximately $13.51 million), accounting for 1.67% of the circulating supply.

## Today’s Main Token Trends
### BTC
![](https://gimg2.gateimg.com/image/article/1691388052BTC.png)
This week sees a converging end, continuing to wait for a direction to be chosen. Risky long entry strategy: $28,550 USD; Risky short entry strategy: $27,950 USD with a continued look to the $26.5K USD level.

### KAS
![](https://gimg2.gateimg.com/image/article/1691388068KAS.png)
Last week's mentioned entry price was $0.4250 USD, and this week continues to create new historical highs, briefly reaching $0.05217 USD, achieving a profit of 22.68%. Once consolidation is complete, a sustained push towards $0.065379 USD, $0.10483 USD, and the top target of $0.14428 USD is possible.

### WLD
![](https://gimg2.gateimg.com/image/article/1691388085WLD.png)
A bullish "W" pattern has formed since the coin's introduction. If optimistic about WLD fundamentals, watch for a sustained break above the previous high of $2.55 USD, with subsequent targets at $2.584 USD, $2.785 USD, and $2.925 USD. Set stop-loss at the previous low of $1.845 USD.
 
## Macro: Start to speculate on interest rate hikes, focus on Thursday's US CPI data
So far, the US stock market has exceeded investors' expectations for 2023.

Originally, people believed that the interest rate hike cycle would not improve in the stock market until the end of the year. Still, the S&P 500 index has risen 18% this year, only 6% away from the historic high of 4796 points set in January 2022.

The market is now almost unprotected, and due to bulls being too complacent to buy protection, downside hedging has become the cheapest period in history, with many people betting on everything.

After calming down for several months, this week the S&P 500 and Nasdaq indices hit their largest weekly declines since the banking crisis in March, which sounded an alarm for the market. Some forecasters warn that inflation may bring more surprises when the recent stock market rally shows signs of foam.

Marko Kolanovic, a strategist at JPMorgan Chase, stated that the speculation of artificial intelligence is creating a stock foam, which is facing the risk of bursting. The world's largest asset management company, Blackstone, has warned that "roller coaster inflation" is entering a period of volatility, which is bad news for stocks. Good economic news such as a decrease in inflation may not necessarily be good news for the market. Rosenberg Research pointed out that the Dow Jones industrial average has recently risen for 13 consecutive days, the longest since 1987.

The last time the Dow Jones industrial average rose by 28% in 13 days, it then plummeted by 19% in October of that year. However, one reason to consider supporting US stocks is that the economic recession has been indefinitely postponed. The $1 trillion budget's "hidden stimulus" provided funding for Biden Economics, and even Fitch has now discovered this, leading to a downgrade of its US rating.

The non-farm employment population in the United States increased by 187,000 people after the July quarter adjustment, the smallest increase since December 2020 and lower than expected for the second consecutive month. The unemployment rate in the United States further fell to 3.5% in July, only slightly higher than the low of 3.4% earlier this year, more than half a century ago. After the data was released, traders reduced their bets on further interest rate hikes by the Federal Reserve.

Federal Reserve Governor Bowman stated that the Federal Reserve may need to raise interest rates further to fully restore price stability. Bowman stated that she supports the decision to raise interest rates at last month's Federal Reserve meeting. Although data released later showed a slowdown in price growth, Bowman said she would like to see more evidence of sustained deflation. In addition, she also criticized the bank's capital proposal.

This week, there is an important time point. At 12:30 (UTC) on Thursday evening, the US quarterly CPI annual rate for the end of July was announced, with a previous value of 3% and a forecast of 3.3%. These data are only used as a reference for the Federal Reserve to decide whether to raise interest rates. Currently, the probability of a rate hike in September is very low in the macro market forecast, so we have to pay attention to every macro data that affects whether to raise interest rates.

<div class="blog-details-info">
<div>Author:**Byron B.**, 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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