Bad Macro
• Source from The Block: BTC largely mirrored global equities and other risk-on assets, which rallied initially but closed lower.
• The market had to digest a mix of economic data that could affect the timing and scale of future Federal Reserve rate cuts. August payrolls came in below expectations, while jobless claims declined last week, according to the Department of Labor. Private-sector job growth for August was just 99,000 — the smallest increase since January 2021.
Telegram Founder Breaks Silence
• Pavel Durov sent his first message to the public for the first time after the arrest in France. Pavel said that he was surprised that the French authorities arrested him “I was told I may be personally responsible for other people’s illegal use of Telegram, because the French authorities didn’t receive responses from Telegram”
• Telegram has official rep in EU that accepts and replies to EU requests + French authorities have numerous ways to reach Pavel + If French is unhappy about Telegram, they should’ve used start a legal action against the service itself rather than charging the CEO
SYRUP Token Launch
• @maplefinance’s MIP-010 is now live for voting. It proposes the launch of the $SYRUP token to fuel Maple’s next growth phase
• It includes converting existing $MPL tokens to $SYRUP at a ratio of 1 $MPL to 100 $SYRUP, without diluting current $MPL holders
• $MPL holders will convert their tokens to $SYRUP and can stake them to earn rewards. In the first 90 days, stakers will receive a fixed yield, incentivizing early participation
• Fees from Maple's and Syrup.fi's lending operations will be used to buy back $SYRUP tokens, which will then be distributed to stakers
• The protocol will mint 1.15 $billion $SYRUP tokens, with an initial 1 billion in new supply, and the rest following an inflation schedule, reaching 1.23 billion by Sept 2026
Veda x Lombard
• @veda_labs now powers @Lombard_Finance’s DeFi Vault, which bridges Bitcoin (BTC) and enables LBTC holders to access DeFi yields
• Lombard’s flagship product, LBTC, is a yield-bearing Bitcoin token that maintains a 1:1 BTC backing, allowing Bitcoin holders to earn, stake, and trade in DeFi
• Veda optimizes LBTC yields using strategies like liquidity provision on Curve and Uniswap
• Participants can earn extra rewards through Veda Points and Lombard Lux by staking LBTC
1-Click Clusters
• @clustersxyz’ universal identity layer simplifies managing multiple wallets across chains. Their latest update brings ‘1-Click Clusters’
• With 1-Click Clusters, users can generate fresh addresses for 8+ chain types with automatic backups and private key export. Including Bitcoin, Solana, Tron, Aptos and even Litecoin
• The feature offers a fast and easy way to create new addresses for payments, whitelists, or NFTs on different networks
• Security is ensured via Shamir Secret Sharing, then shards are split between user and cloud encrypted storage
Introducing Bistroo
• @BistrooIO, a peer-to-peer food delivery platform, cuts out middlemen, reducing fees and improving restaurant-customer relationships
• Unlike third-party apps that charge up to 30% fees, Bistroo allows restaurants to offer lower prices and introduces a program with no transaction fees for a fixed monthly fee
• Users can opt in for data-sharing rewards and benefit from $BIST token incentives
• Already available in the Netherlands and expanding to Belgium, Bistroo is integrating with @peaqnetwork by migrating 25% of its token supply from Ethereum, setting up staking, and implementing token-based loyalty, rewards, and peaq IDs
Introducing GMX Liquidity Vaults
• @GMX_IO introduced GMX Liquidity Vaults (GLV) , a vault which consists of GM Tokens which automatically rebalances, generating fees from leverage trading and swaps
• The GLV vault dynamically allocates its liquidity to its GM pools, based on their utilisation and demand, ensuring that liquidity flows to the markets that need it the most providing traders with deep liquidity, and LPs with higher capital efficiency
• The team announced that the first vault is GLV [WETH-USDC] on Arbitrum and can be purchased with ETH, USDC, or any of its 7 underlying GM tokens
Introducing SNAXchain
• @synthetix_io introduced SNAXchain the phase 1 version of Synthetix's new app chain built on the Optimism Superchain
• Currently, SNAXchain plans to be a neutral hub for governance and protocol decisions. Synthetix has partnered with Conduit for managing the chain infrastructure and Wormhole for cross-chain messaging between SNAXchain and Optimism & Ethereum mainnet
• There have been further discussions about eventually making the chain the place to stake $SNX and aggregate fees from other deployments
Misc News
• @pendle_fi launches new @ether_fi eBTC pool
• @ether_fi announces @Lombard_Finance $LBTC can now be restaked on their platform
• CZ has received a lifetime ban from managing or operating the cryptocurrency exchange