GM Digest #409 — Shaky Week
GM Digest #409 — Shaky Week
Good Morning with Valuable Alpha / News
Weak Job Report Sends The Market Further Down
• Bitcoin falls 8% and ETH falls 9% this week while the S&P 500 sank 4.25% this week, marking its worst week since March 10, 2023. The Dow Jones Industrial Average was down 2.9% on the week, also its worst week since March 10, 2023. The Nasdaq sank 5.8%, its worst week since Jan. 21, 2022. All three indexes had their worst start to September in years
• The latest jobs report showed the U.S. added fewer jobs than expected, doing little to cast away recent worries the Federal Reserve is behind the curve on interest rates
• Expectations are the central bank will opt for a smaller quarter-point rate cut later this month, and the market is debating whether or not that will be too little too late.
Introducing Honey Chat
• @HoneyChatApp is a SocialFi platform built on @berachain, blending social media with DeFi
• It aims to transform social interactions into financial opportunities, using Berachain's stablecoin, $HONEY, as the platform's primary currency
• The platform allows creators to monetize content directly, while fans can engage with and financially support creators, potentially earning rewards themselves
Introducing InfinityVM
• @Infinity_VM is an execution architecture that integrates offchain compute with blockchain technology, addressing the limitations of purely onchain computing
• Traditional blockchains replicate transactions across nodes, which limits performance. InfinityVM allows computations to run offchain while ensuring only honest results are included, making ZK proofs more practical and enabling real-time, low-latency apps
• This approach allows developers to build applications offchain in optimized environments while maintaining blockchain-level security and trust
Synonym v2
• @synonymfinance is preparing to launch its V2, their biggest update since inception
• This update will include a full Solana integration, allowing users to lend, borrow, and earn on SOL
• Additionally, there is the "Optimistic Finality" feature which will enable instant access to assets on target chains, with a small fee for fast transactions
• They are also making changes to the $SYNO tokenomics which will be simplified with single-sided staking for fees, and buybacks
• Most of these updates are expected by the end of October
MELD Node Sale
• @onMELD is launching its Neobank zkBanking node network, designed to bring fiat transactions on-chain while maintaining privacy through ZK proofs
• The node sale, starting with whitelisting on Sept 9, will run for four months, offering 37,500 nodes in two types: static (with fixed rewards) and dynamic (with rewards based on network usage)
• This network aims to securely verify transactions on-chain, without compromising user data
Hyperlend x Theo Network
• @hyperlendx announced their partnership with @TheoNetwork_. Hyperlend is a lending platform on the Hyperliquid chain and Theo Network helps unify assets and risk currently isolated across numerous chains and protocols
• Hyperlend will be integrating Theo’s infrastructure allowing users to lend and borrow across chains. This will optimize risk and price management which improves the user experience
Misc News
• @Stepnofficial announced that the STEPN GO Beta Test is live