Gate Research Institute: BTC falls below $60,000, TON network downtime for 7 hours, Maker DAO renamed Sky launches USDS Stable Coin

Market Review

According to the gate market data, as of 4:00 on August 28 (UTC+0):

• BTC - In the past 24 hours, BTC has experienced a big dump situation. At around 21:00 on August 28th (UTC+0), the price began to plummet, reaching a low of $58,034.01. During this period, the Trading Volume significantly increased, indicating strong dumping pressure in the market. Although the price found some support near $58,000 and briefly rebounded to $59,236.63, the resistance above is still significant, and the price may continue to fluctuate at a low level in the short term. As of 04:00 on August 28th (UTC+0), the price of BTC is $59,355.01, with a decrease of about 5.85% in the past 24 hours.
• ETH - In the past 24 hours, ETH PA approached BTC, showing a significant downward trend, with the price continuously dropping from about $2,677.92 to a low of $2,393.08; overall, the support level of ETH has been tested multiple times in the short term, but failed to effectively Rebound, and the market sentiment may be relatively pessimistic; as of 4:00 on August 28 (UTC+0), the price of ETH was $2,463.95, with a 24-hour decline of about 8.83%.
• Altcoin - Altcoin has seen a general decline in the past 24 hours with the decline of BTC. The decline of BTC inscription, modular blockchain, ETH stake, and stake zone is most significant.
• ETF —— The net outflow of US BTCSpot ETF was 127 million US dollars yesterday, and the total net outflow of ETHSpot ETF was 34.5 million US dollars yesterday
• The three major U.S. stock indexes—S&P 500 index pump 0.16%, Nasdaq index pump 0.16%, Dow Jones index up 0.02%.
• Spot Gold - The spot gold price fell to $2,521.40 per ounce, down 0.11% on the day.
• The fear and greed index has dropped from 48 to 30 - in the panic zone, reflecting the dampening enthusiasm in the cryptocurrency market, and the weakening confidence of investors in the future trend of Bitcoin.

Popular Token

According to gate, as of 4:00 on August 28 (UTC+0), based on volume and price changes, the following currencies have performed significantly in the past 24 hours:

SAI - Single-day increase of about 1708.83%, now trading at $0.039, with a 24-hour volume of $2.6653 million and a fully diluted market capitalization of $39.71 million. Sharpe AI is an AI-driven cryptocurrency super app designed specifically for professional traders, providing a unified platform that integrates intelligence, investment, and automation. In response to the application from the Sharpe AI team, SAI Token was officially listed on gate at 21:00 (UTC+8) on August 27, 2024, driving a rapid pump in the price of SAI Token.

IDEX - Daily increase of about 26.82%, circulating Market Cap is 40,943.2 million US dollars; IDEX is a hybrid LiquidityDecentralizationexchange (DEX) that combines the advantages of a centralized exchange's high-performance order book and AMM (AMM) model. Recently, IDEX announced on social media that the platform has passed the testnet on August 22nd, and the Mainnet will be released soon; in the future, IDEX will integrate with Polkadot.

BICITY—Single-day increase of about 15.2%, circulating Market Cap is 26,744.49 thousand US dollars; BiCity is a digital content creation platform that combines blockchain technology and AI technology, aiming to completely change the field of content creation. The platform generates high-quality visual and textual content through AI and utilizes blockchain technology to ensure the secure storage of user data. The official announcement recently revealed that the mobile application will be launched on August 21st.

OAS—single-day increase of about 12.46%, with a circulating market capitalization of 70,068.5 million US dollars; Oasys is a blockchain project designed specifically for games, aiming to solve the challenges of traditional blockchains in game development, such as high Money Laundering, slow transaction speed, and scalability issues. Oasys adopts a unique two-layer architecture, including a highly scalable Layer 1 (Hub Layer) and a Layer 2 (Verse Layer) specifically for handling game applications, achieving fast, gas-free transactions. This project has received support from industry giants such as SEGA and Ubisoft.

Highlights Data

BTC ETF total net outflow was 127 million US dollars yesterday According to Sosovalue data, the US BTCSpot ETF saw a net outflow of 1.27 billion USD yesterday (August 27th), with a total daily trading volume of 12 billion USD. The cumulative net inflow amount is 179.5 billion USD, and the current total value of BTC managed by the ETF is 570.8 billion USD, accounting for 4.67% of the total Market Cap of BTC.

ETH fund ETF yesterday's total net outflow was $34.5 million According to Sosovalue data, the US ETH Spot ETF had a net outflow of $34.5 million and a total trading volume of $129 million on August 27th. The cumulative net outflow is $481.3 million, and the total value of ETH managed by the ETF is approximately $7.18 billion, accounting for 2.31% of the total ETH market capitalization.

Contract Liquidation, Fees, and Long-Short Ratio According to CoinGlass data, as of 4:00 on August 28 (UTC+0), the total amount of BTC contract liquidation on the entire network is about 96.17 million US dollars, with the liquidation amount of long contracts about 85.14 million US dollars, and the liquidation amount of short order contracts about 11.02 million US dollars; the total amount of ETH contract liquidation on the entire network is about 102 million US dollars, with the liquidation amount of long contracts about 93 million US dollars, and the liquidation amount of short order contracts about 9.45 million US dollars.

Among them, BTCHoldings weighted funding rate is -0.0049%, ETHHoldings weighted funding rate is -0.0050%.

In the past 24 hours, the overall long and short ratio of BTC contracts has remained balanced. Although longs sentiment has improved slightly, the market as a whole still appears weak, reflecting investors' uncertainty about future trends. The long-term negative funding rate indicates a relatively pessimistic expectation for the recent price trend in the market.

ETH long-term holders single address daily inflow of 450,000 coins reached a new high According to CryptoQuant, as of August 26, there were about 450,000 ETH inflows from the long-term holderAddress in a single day, with a total value of about $1.1 billion. This data once again surpassed the record of 350,000 ETH inflows in a single day set on August 23, showing a significant increase in demand for ETH workshops. Although the price is still volatile, long-term investors' interest and confidence in the encryption market is still growing, and they continue to accumulate buying. These long-term holders include managed wallets, but not exchange and miner.

Hotspot Review

TON ecosystem update: "Resistance Dog" receives widespread support, network crashes due to DOGS On August 24, 2024, Pavel Durov, the founder of Telegram, was arrested in France, triggering widespread follow in the market. Despite Telegram's subsequent official announcement denying the allegations. This event has sparked widespread support from the TON community and encryption field opinion leaders, who have spoken out in support of Durov. After Durov's arrest, the Ton Foundation launched a protest movement called "Resistance Dog." Resistance Dog is an image of "DOGE with a black hat" hand-painted and named by Durov in 2018, symbolizing the struggle to defend personal privacy, information security, and freedom through digital resistance. The price of MEME coin REDO in the TON ecosystem also saw a significant pump in response to this, with data showing a 90.7% increase in the past seven days. This support is not only reflected in the price, but also in the community's enthusiasm and follow count, with X followers quickly surpassing 35K.

In addition to the frenzy of REDO, in recent days, Ton on-chain's MEME DOGS has also begun on-chain withdrawals. According to members of the TON Foundation, due to the large volume of $DOGS, the network congestion has caused the garbage collection function to be overloaded, resulting in many validating Nodes temporarily losing Consensus. Therefore, Ton experienced a crash issue at 10:11 on August 27 (UTC+8), and the network returned to normal after 14:00 in the afternoon. This crash led to multiple centralized exchanges suspending the deposit and withdrawal services of TON on-chain related assets. Affected by this event and the general market downturn, the price of Toncoin continued to fluctuate after the big dump, testing the key support level of $5.13 multiple times. At the same time, the volume of TON's ecosystem Token plummeted by 54.4% in the past 24 hours, showing a significant weakening of market confidence. Investors are currently in a wait-and-see state, and market sentiment tends to be cautious.

The detailed reasons and recovery status of this downtime event still need to be further disclosed, but this downtime event has already indicated the potential technical risks of the Ton ecosystem. If the Ton official cannot provide a reasonable explanation and solution, it may further hit the enthusiasm of Ton developers and builders, and Pavel Durov's legal issues have also become a potential risk affecting the Ton ecosystem construction. Gate Research Institute continues to track the further evolution of the Ton ecosystem.

MakerDAO has been renamed to Sky: launching new Token and new features On August 27, the well-known Decentralized lending protocol MakerDAO announced that it would change its name to 'Sky' and launch a new USDS stablecoin and SKY governance token on this basis. These new tokens will serve as alternatives to DAI and MKR, and users can now participate in the Sky Savings Rate early reward program through the official website, which will last until September 18. This renaming is an important part of its 'Endgame Plan,' aiming to make the protocol more resilient and scalable in the field of Decentralized finance through governance reform and structural adjustments.

USDS stablecoin will be exchanged for the original DAI Token at a ratio of 1:1, and each MKR Token can be exchanged for 24,000 SKY Tokens. Users can choose whether to exchange or not, and even if they don't, DAI and MKR Tokens will continue to exist. The renaming of Maker DAO to Sky Ecosystem has brought traffic to the project and demonstrated its ambition for expansion, but Maker DAO, as the brand image of an OG Decentralized Finance project, is deeply rooted in people's hearts, and some holders in the community are pessimistic about the renaming effect.

And in the process of Token exchange, Maker DAO has also developed a reward mechanism, that is, those who complete the conversion during the test period will receive 1.25 times the assets, which is actually another type of inflation. Considering that the official has not yet launched the Tokenomics related to SKY governance Token, MKR has completely circulated 890,000 pieces, and the treasury holds 5% of the proportion. The treasury holds the governance part of the Token may increase in value through early incentives, and the original MKR holder's governance rights may be diluted at once, but the final result still requires the disclosure of complete Tokenomics.

Finally, it can be found from the USDS code that there is already a freezing function in the USDS code. Although the official website stated that it will not be opened when officially launched, the freezing function will be opened depending on the governance factors in the future. This measure from complete decentralization stablecoins to controlled stablecoins can also be seen as Maker DAO's action to move towards compliance. Although better regulation can pave the way for DAI's expansion, after the degree of decentralization of the project is affected, there has also been opposition to its violation of the principle of decentralization in the community.

Celsius bankruptcy trustee has paid $25.3 billion to creditors On August 26, 2024, the bankruptcy trustee of Celsius submitted the first distribution status report. The report shows that Celsius has allocated over $2.53 billion in assets to more than 251,000 creditors, covering approximately two-thirds of eligible creditors, accounting for 93% of the total eligible assets. However, there are still 121,000 creditors who have not claimed their distributions. The Celsius bankruptcy case involves the distribution of over $3 billion in assets to approximately 375,000 creditors from 165 countries, including the new company MiningCo's liquid Cryptocurrency, cash, and common stock. Due to Celsius's failure to fully comply with regulatory requirements before the bankruptcy, regulatory authorities are taking enforcement actions, increasing the complexity of the distribution process.

As an important warning case in the crypto market, the Celsius bankruptcy highlights the huge challenge of credit risk management in a market environment lacking mature management mechanisms of TradFi. Such risks are easily amplified in the highly volatile crypto market, which may ultimately seriously damage the interests of creditors, warning industry practitioners to not neglect regulation and risk management while promoting technological innovation.

At the operational level, although the bankruptcy administrator has allocated most of the funds, some creditors with smaller allocations may ultimately be unable to receive the compensation they deserve. It is reported that 121,000 eligible creditors have not successfully received an average of about $1,500 in distribution. While Decentralization technology should improve the transparency and efficiency of operations, inconvenient factors such as cumbersome processes and information asymmetry have affected the progress of user claims. Additionally, from a legal perspective, the distribution of encrypted assets involves complex cross-border legal and tax issues, which have become inefficient due to different regulatory standards in each country. To address this challenge, it becomes more important to work together and establish unified standards for regulatory agencies in various countries. Gate Research Institute also reminds creditors to claim their compensation through the official application website within the specified period.

Financing News

According to RootData statistics [23], from August 27th to 28th, a total of 7 projects announced their financing, with the highest financing amount being 20 million US dollars, a total financing of 52.57 million US dollars, involving Decentralized Finance, AI, Zero-Knowledge Proof, and other zones. The details of the top three funded projects are as follows:

Space and Time On August 27, Space and Time announced the completion of a $20 million Series A financing, with participation from well-known institutions such as Framework Ventures. Space and Time (SxT) is a Decentralization data platform that ensures the security and tamper resistance of queries and data processing through its unique Zero-Knowledge Proof technology "Proof of SQL". Space and Time aims to provide developers with an efficient data warehouse that can handle on-chain and off-chain data simultaneously, enabling Smart Contract and Decentralization applications to utilize verified and accurate data. In addition, the project supports multi-chain operations, integrates with multiple mainstream blockchains, and provides support for Financial Institution, enterprise, and Web3 applications.

Solayer

Gameplay Galaxy On August 28, Gameplay Galaxy announced the completion of a $11.17 million expansion seed round of financing, with a valuation of $71 million, led by Blockchain Capital. Gameplay Galaxy is a Decentralization esports game created by the developers of the popular Web2 game series Trial Xtreme. Players can own, buy, and sell vehicles, tracks, characters, studios, and other game items as Non-fungible Tokens in a simple and straightforward way through the game.

On August 27th, Nectar AI announced a $3.9 million financing. Nectar AI is a platform that combines blockchain and generative AI, providing a multi-modal AI partner experience. In addition, Legion announced the completion of a $3.9 million financing. Legion is an on-chain project financing platform aimed at innovating the ICO and Token sales process. The new funds will be used to further develop its reputation and accountability mechanism system to comply with the latest MiCA regulations. Echelon Market also announced the completion of a $3.5 million seed round financing. Echelon is a Decentralization financial market built on the Move programming language, allowing users to borrow and lend assets through non-custodial pools.

Potential Airdrop

Story Story Protocol is an on-chain IP ecosystem based on blockchain, aiming to manage and monetize intellectual property (IP) through decentralization. It enables creators to program IP assets, achieve automated royalty payments and license management, and support innovative applications such as AI-generated content and dynamic remixing of digital works. On August 21, Story Protocol completed a Series B financing of $80 million, with participation from well-known institutions and individuals such as a16z and Polychain, bringing the total financing to $140 million.

On August 27th, Story Protocol announced the launch of the first public Testnet Iliad, where participants can join the task and mint an intellectual property asset within 48 hours after the launch. The detailed steps to participate are as follows:

1. Enter the corresponding homepage through the activity link.
2. Follow Twitter, like activity posts, join Story's Discord and Telegram Channel.
3. Receive test coins and mint ip assets.

Fractal Bitcoin Fractal Bitcoin is an extended solution developed by UniSat based on the BTC core code, and its multi-layer recursive system allows the network to dynamically expand during peak periods, ensuring efficient processing of a large number of transactions. On August 27, Fractal Bitcoin announced its tokenomics scheme, with a total token supply of 210 million. 50% is allocated to MiningNode, 15% is reserved for the ecosystem's financial reserves, 5% is allocated to presale, 5% is allocated to project advisors, 10% is allocated to community grants, and the remaining 15% is allocated to core contributors.

1. Download Unisat Wallet, get test coins on the test network.
2. Open the Fractal link, connect your wallet and select inscribe, then complete the BRC20, Files, and Text operations respectively.
3. Open the Infinity official website and click mint Directly.
4. Bind the official Twitter and Discord, click Create to Earn, upload pictures and prompts, and finally click create now to complete.

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