Planet Daily | The swap market expects the US to cut interest rates by a total of 100 basis points this year; Grayscale will launch the first XRP trust fund in the US (9.13)

Headlines

Swap markets remain stable as Fed expects rate cuts totaling 100 basis points this year

The swaps market remained stable following the release of the U.S. PPI data, with expectations that the Federal Reserve will cut interest rates by a total of 100 basis points this year.

Market News: Grayscale to launch first US XRP Trust Fund

According to market news, Grayscale will launch the first US XRP Trust Fund, paving the way for the launch of a potential XRP ETF in the future. It is reported that the potential XRP Trust Fund will be a so-called closed-end fund designed to provide qualified investors with direct investment opportunities in XRP.

The monthly rate of PPI in the United States in August was 0.2%, expected to be 0.10%, and the previous value was revised to 0%

The U.S. PPI monthly rate in August was 0.2%, in line with expectations of 0.10%. The previous value was revised from 0.10% to 0%.
The annual rate of PPI in the United States in August was 1.7%, in line with expectations of 1.8%. The previous value was revised from 2.20% to 2.1%.

Industry News

The number of initial jobless claims in the United States for the week ending September 7 was 230,000, which was expected to be 230,000. The previous value was revised to 228,000.

The number of initial jobless claims in the United States for the week ending September 7 was 230,000, in line with expectations for 230,000. The previous value was revised from 227,000 to 228,000.

Binance Launchpool and Super Earn Coin launch HMSTR project

According to the official announcement, Binance Launchpool has launched the 58th project - Hamster Kombat (HMSTR), a cryptocurrency exchange CEO simulator P2E game built on the Telegram applet platform. Users can put BNB and FDUSD into the HMSTR reward pool on the Launchpool website after 08:00 (Eastern Time) on September 19, 2024 to receive HMSTR rewards. The HMSTR activity will last for a total of 7 days. The website is expected to be updated within about 24 hours of this announcement before the event opens.

Capital Economics: PPI is expected to keep the Fed in a moderately accommodative stance, and the threshold for a substantial rate cut is high

In a report on the August PPI, Paul Ashworth, an analyst at Capital Economics, noted that the latest U.S. inflation data provides impetus for the Federal Reserve to start cutting interest rates next week. As expected, the PPI rose 0.2% month-on-month last month, while the growth rate in July was revised downward. The core index was 0.3%, which was higher than expected. Ashworth estimated that together with yesterdays CPI data, the PPI data suggests a modest increase in the core PCE rate of 0.14% month-on-month, which is preferred by the Fed, with the report to be released on September 27. The Fed is expected to cut interest rates by at least 25 basis points next week, and Ashworth added that the bar for the Fed to cut interest rates significantly remains high.

eToro agrees to pay $1.5 million to settle with the U.S. SEC and plans to stop most crypto asset trading activities

The U.S. Securities and Exchange Commission announced today that eToro USA LLC has agreed to pay $1.5 million to settle charges that it facilitated the purchase and sale of certain crypto assets that were securities. eToro has agreed to cease violating applicable federal securities laws and to offer only a limited number of crypto assets for trading.
eToro said that going forward, the crypto assets that U.S. customers can trade on the company’s platform will be Bitcoin, Bitcoin Cash and Ethereum, in accordance with the SEC’s order on the matter, and that it will provide its customers with the ability to sell all other crypto assets within 180 days of the SEC’s order.

Taylor Swift expressed her support for Harris the next day, and more than 330,000 people visited the voter registration website link attached to it

According to ABC, the U.S. General Services Administration said that the day after American music queen Taylor Swift expressed her support for U.S. Vice President Harris, more than 330,000 people visited the voter registration website link she attached.

Project News

Trump: World Liberty Financial will be officially launched on September 16

Trump announced on X that his familys cryptocurrency project World Liberty Financial will be officially launched on September 16. The project aims to embrace the future of cryptocurrency and eliminate slow, outdated large banks.

BA Labs proposes that Sky gradually vote to divest wBTC collateral asset exposure

According to a governance post on Thursday, MakerDAO rebranded Sky will vote to completely remove wBTC from its ecosystem, which could be a major development for DeFi as the platform has $200 million in wBTC collateralized loans.
On Thursday, BA Labs proposed to gradually divest all wBTC’s collateral exposure in five steps, with the first step starting on September 26. Each step will be voted on.
“We found that legal due diligence did not provide sufficient assurance,” BA Labs said in its proposal, which proposes adding alternative products to the platform if it passes.
According to the BA Labs article, currently, on Sky’s lending platform SparkLend, the value of wBTC mortgage loans is approximately US$73 million, and in Sky’s legacy vault, the debt pledged by wBTC is approximately US$127 million.

ZKsync launches on-chain governance system

ZKsync launched an on-chain governance system, which is designed around the principles of separation of powers and checks and balances.
By design, no single person or entity has the power to change the ZKsync protocol. All changes to the protocol must be approved by three independent bodies that exercise independent judgment and control over their decisions: the community of token holders, the security committee, and value-aligned regulators to ensure that proposals are implemented, where:
-The Token Holder Assembly allows token holders and representatives to submit and vote on protocol upgrades directly on-chain;
- The Security Committee is composed of technical experts who are responsible for reviewing and approving protocol upgrades and have the authority to freeze the protocol in emergency situations;
-Guardians ensure that governance proposals are aligned with the values of the ZK Creed.
The governance system supports three types of proposals: ZKsync Improvement Proposals (ZIPs), Token Program Proposals (TPPs), and Governance Advisory Proposals (GAPs).

Arbitrum launches vote to change ranking strategy, auctioning transaction priority

Arbitrum has initiated a vote, and Arbitrum One and Nova plan to adopt a new transaction sorting strategy called Timeboost, which provides traders with a fast track to obtain transaction priority through an auction method, thereby capturing arbitrage and back-running trading opportunities.
Timeboost aims to reduce the negative impact of MEV searcher racing behavior while returning the benefits of the transaction sorting market to ArbitrumDAO, where traders can choose to collect bids in ETH or ARB.
The proposal also proposes two main ways to handle revenue: transferring ETH revenue to the DAO treasury, or destroying ARB revenue.
If the proposal passes, it will be tested on a public testnet, and currently 57.7% of voters support transferring the collected ETH to the DAO treasury.

MakerDAO rebrands Sky feature to launch on September 18

MakerDAO rebranded Sky and published a post on X stating that the Sky function will be launched on September 18, and users are welcome to participate in the Sky Launch Party.