Gate Research Institute: BTC oscillates narrowly, Polymarket sets new monthly betting record, Non-fungible Tokens on Opensea accused of unregistered securities.

Gate Research Daily: On August 29th, BTC price fluctuated around $59,000, and Ether rebounded to over $2,500 after a slight decline. Both BTC and ETH ETFs saw net outflows of funds. OpenSea received a Wells notice from the SEC and may face legal action. Prediction platform Polymarket set a new monthly trading volume record, surpassing $450 million. Wazirx applied for a stay in the Singapore court and sought debt restructuring. Multiple encryption projects have received financing, covering computing power, payments, games and other zones. Every Finance and Mantle Network offer opportunities to earn Token rewards.

Market Review

According to the gate market data, as of 4:00 on August 30th (UTC+0):

• BTC —— The price of BTC has increased by 0.25% in the past 24 hours. As of 4:00 on August 30th (UTC+0), the price is approximately $59,258.03, with the highest price in the past 24 hours being $61,099 and the lowest price $58,884. After touching the 4-hour EMA100 moving average (61,029) in USD, the price dropped straight to the range of 59,150 to 59,500, and is currently oscillating between $57,900 and $59,500.
• ETH - The price of ETH has dropped by 0.42% in the past 24 hours. As of August 30th, 4:00 AM (UTC+0), the price is approximately $2,524.23, with a highest price of $2,596 and a lowest price of $2,505 within the past 24 hours. After briefly surpassing $2,590, the price of ETH quickly fell back and then declined to the range of $2,540 to $2,515. The price has been fluctuating between $2,430 and $2,570 during the day. Currently, there is short-term support at the $2,500 level.
• Popular zone —— In the past 24 hours, the three zones with the largest increases are RWA Protocol (up 7.30%), Gaming Blockchains (up 4.90%), and Liquid Restaking Tokens (up 5.30%).
• ETF – The BTCSpot ETF had a net outflow of $71.73 million yesterday, and the ETH Square Spot ETF had a total net outflow of $1.77 million yesterday.
• Three major US stock indexes -- The S&P 500 index remained flat compared to the previous trading day, the Nasdaq index fell by 0.23%, and the Dow Jones index pumped 0.59%.
• Fear and Greed Index - As of 4:00 on August 30 (UTC+0), the Fear and Greed Index is 29, indicating a relatively fearful market sentiment, with the market continuing to fluctuate significantly. The future trend still needs to closely follow the market dynamics.

Popular Token

According to the gate market data, combined with the volume and price performance in the past 24 hours, the following popular Tokens as of 4:00 on August 30 (UTC+0) are as follows:

CLOUD— The single-day increase is about 32.52%, with a circulating Market Cap of 40.1 million US dollars; Sanctum is a Decentralized Finance protocol aimed at fundamentally changing the way Liquiditystake tokens (LST) are traded and used on Solana, providing market for zero-slippage trading and enhanced Liquidity choices. The recent pump may be related to the follow of Solana LST, and multiple exchanges announced the launch of LST products on the 29th and before. Solana stakeprotocol Solayer has just completed a financing of 12 million US dollars, showing the enthusiasm of investors and builders for the Solana stake and re-stake ecosystem.

CHESS— Daily increase of approximately 28.79%, with a circulating Market Cap of $33.29 million; CHESS is the Token of the Tranchess project, which is an asset management and derivatives trading platform based on Cryptocurrency, providing investment strategies with different risk/reward configurations. On August 29th, CHESS/USDT perpetual contract trading was launched on a Tier 1 level exchange, where the platform's large user base can enjoy up to 75 times leverage for margin trading. This pump may be related to the above news.

OAS— Single-day increase of about 28.74%, with a circulating Market Cap of 86.79 million US dollars; Oasys is a Block chain platform focused on games, combining public chain and Private Blockchain technology to provide a fee-less and fast gaming experience. According to the news from Oasys social platform X on August 29th, Oasys has received investment from SBI Holdings, one of Japan's largest financial groups. SBI Holdings stated that they will "make further efforts to expand the application of Block chain technology" through a partnership. This pump may be driven by the investment received this time.

Highlights Data

BTC ETF net outflow was $71.73 million yesterday According to Sosovalue data, the net outflow of US BTCSpot ETF was 71.73 million US dollars yesterday (August 29), with a total daily trading volume of 1.64 billion US dollars. The cumulative net inflow amount is 17.78 billion US dollars, and the total value of BTC managed by the ETF is 543.6 billion US dollars, accounting for 4.62% of the total Market Cap of BTC.

ETF of ETH Ethereum had a net outflow of $1.77 million yesterday According to Sosovalue data, the US Ethereum Spot ETF saw a net outflow of 1.77 million US dollars yesterday (August 29), with a total daily trading volume of 95.91 million US dollars. The total net outflow amount is 477 million US dollars, and the current value of ETH managed by the ETF is approximately 7.003 billion US dollars, accounting for 2.3% of the total market capitalization of ETH.

Contract Liquidation, Fees, and Long-Short Ratio According to CoinGlass data, as of 4:00 on August 30 (UTC+0), the total amount of contract liquidation in the past 24 hours is approximately 118 million US dollars, with the liquidation amount of long contracts exceeding 0.80 billion US dollars, and the short order liquidation amount is about 0.38 billion US dollars. The buy/sell ratio of BTC is approximately 0.78, showing a relatively pessimistic sentiment in the market for the short-term price action of BTC.

BTCHoldings weighted funding rate is -0.0006%, ETHHoldings weighted funding rate is 0.0060%.

US second-quarter economic growth revised up to 3% On August 29th, according to the data released by the US Bureau of Economic Analysis, the real GDP annualized quarter-on-quarter revision for the second quarter of the United States was 3%, which was 0.2 percentage points higher than the initial value of 2.8%. The quarter-on-quarter growth rate of the first quarter was 1.4%; the GDP deflator annualized quarter-on-quarter revision for the second quarter of the United States was 2.5%, with both the expected value and the initial value at 2.3%. After the data was released, the futures of the three major stock indexes of the US stock market rose slightly, short-term US bond yields rose, the 10-year Treasury bond yield rose more than 2 basis points, the US dollar index rose short-term, and rose 0.34% intraday. The decline in spot gold expanded to 10 US dollars, and it is currently reported at 2510.78 US dollars/ounce. The significant upward revision of this GDP is believed to have eased the market's fear of a recession to a certain extent, and further consolidated the expectation of a slight interest rate cut by the Federal Reserve in September.

Hotspot Comments

OpenSea received a Wells notice from the SEC On August 28th, OpenSea CEO Devin Finzer stated on X that he has received a Wells Notice from the US Securities and Exchange Commission (SEC) and may face related legal action. A Wells Notice is typically a notification issued by the SEC to individuals or companies after the investigation is concluded. The document alleges that the Non-fungible Tokens traded on Opensea are unregistered securities. The SEC usually decides whether to file a lawsuit and take enforcement action within 6 months after issuing the notice. This means that Opensea needs to respond and provide explanations to the SEC's investigations as soon as possible during this period. Devin Finzer also explicitly stated on X that he will actively respond and provide five million dollars to help the creators who received the Wells Notice pay for legal fees.

From historical cases, when the SEC files lawsuits against companies and organizations in the encryption field, it is highly likely to be accompanied by short-term and intense market fluctuations in the encryption market. For example, when the news of the SEC's lawsuits against Coinbase and Binance was exposed, it caused a big dump in related tokens of Coinbase and Binance in a short period of time. According to the market data of gate, within three hours of Devin Finzer's post, the concept tokens BLUR and TNSR both experienced a price drop of nearly 9%, but then rebounded, and the decline has narrowed. In addition, as the largest platform for NFT traders, OpenSea, the lawsuit will affect a large number of NFT creators and NFT collectors. Once recognized as securities, a large number of NFT creators and holders may face legal risks and potential tax supplements for compliance. Moreover, the outcome of the OpenSea case may be replicated on other major NFT trading platforms, which is an important milestone in the industry's development. As investors, it is important to closely follow the developments of the event, and Gate Research Institute will also continue to follow the direction of the event's subsequent development and the potential market impact it may bring.

Prediction platform Polymarket's monthly trading volume exceeds $4.5 billion, reaching a record high According to Dune data, the trading volume of the prediction platform Polymarket in August has exceeded 450 million USD, surpassing the historical monthly trading volume in July. Since May 2024, Polymarket's trading volume has risen significantly, from about 70 million USD to the current 450 million USD; Polymarket's active users have also experienced explosive growth, increasing from around 13,000 people in May to about 60,000 people currently, which has greatly driven the vitality of its ecosystem. This rise is mainly influenced by hot events such as the US election and the Paris Olympics. As a decentralized information market platform, Polymarket allows users to predict and potentially gain returns on various controversial topics and current political hotspots.

Web3 prediction market emerged in 2014, with its core advantage lying in its mechanism perfectly suitable for blockchain technology, transparency, and data auditing methods, providing excellent market space, which is a significant advantage compared to traditional forms of gambling. The success of PolyMarket has also fueled the popularity of Web3 prediction markets. Last week, Decentralization exchange Drift on Solana announced the launch of BET (Bullish on Everything), while SEI previously incubated an innovative prediction market platform PredX. In early this month, Decentralization prediction market DuelNow also secured a financing of 11 million USD.

From a product perspective, most of these prediction platforms function by allowing users to bet on the predicted results, and the successful predictions will bring profits. However, the technologies, mechanisms, user experience, and profits they rely on are all different. In addition, the level of Liquidity will directly impact the user experience and trading Depth of the Decentralization prediction platform.

Wazirx submits an application for suspension to the Singapore court to pursue debt restructuring

Gate Research Institute once analyzed the security incident of Indian encryption exchange WazirX in detail in the daily report on July 18, and there have been new developments in the recent incident.

The reason for the WazirX security incident was that the attacker successfully transferred a large amount of Token assets by deploying attack contracts and using the deleGatecall function in proxy mode. WazirX took legal measures promptly after the incident occurred.

Recently, WazirX has filed a Moratorium application with the High Court of Singapore. The purpose of the Moratorium application is to ensure the smooth progress of the restructuring and to provide Zettai with necessary time to collaborate with relevant stakeholders to develop a detailed restructuring plan. The Moratorium period will be automatically initiated for 30 days, and the date for the court to approve the Moratorium application has not been determined. This legal protection will enable WazirX to be free from creditors' enforcement during the Moratorium period, allowing time for its restructuring plan.

The stolen assets in this security incident involve a variety of Tokens such as SHIB, ETH, MATIC, and PEPE, with a total value of 2.3 billion US dollars. The asset with the most significant loss is SHIB, valued at approximately 100 million US dollars. This restructuring plan will provide WazirX with a buffer period for its normal restructuring. As a leading exchange in the Indian region, this incident has prompted further enhancement of local exchanges in fund custody, Private Key protection, and security systems.

Financing Information

According to RootData, on August 29th, a total of 9 projects publicly announced financing, involving zones such as Computing Power, payment, and games. Excluding projects that have not disclosed financing amounts, the highest financing amount was $58 million, with a total financing of $103.3 million. The information of the top three projects in terms of financing amount are:

double jump.tokyo - On August 29, double jump.tokyo announced that it has raised over $10 million in its Series D financing round, led by SBI Investment with participation from several well-known institutions including Sony Group. Since its establishment in 2018, double jump.tokyo has been at the forefront of blockchain game development, launching the groundbreaking "My Crypto Heroes". This financing will drive strategic cooperation with investors, including collaboration with SBI Group to develop Web3 services, cooperation with Sony Group on its blockchain platform Soneium, as well as global Web3 expansion with international cryptocurrency exchanges such as Gate and BingX.

Bridge - Bridge announced on August 29th that it has completed a $58 million financing round, but the round has not been disclosed. Bridge is a stablecoin-based Web3 payment company that focuses on providing cross-border payment and foreign currency exchange services. The company has partnered with Bitso to launch a stablecoin-based B2B cross-border payment solution in Latin America.

EMC —— EMC announced on August 29 that it has completed a $20 million financing, and the round has not been disclosed yet. EMC is a blockchain-based Edge Computing protocol that aims to connect various devices and build a decentralized computing power network, providing flexible, reliable, and efficient computing resources for decentralized applications. The protocol encompasses smart contracts, decentralized storage, and a consensus mechanism for transaction verification. The EMC Token serves as the economic foundation for transactions and smart contract execution within the ecosystem.

Airdrop Opportunity

Every Finance Every Finance is a Decentralized Finance (DeFi) platform that provides Decentralized exchange traded funds (dETF) services. The platform allows users to invest in multi-chain digital asset baskets and simplifies the Decentralized Finance experience through automatic asset portfolio rebalancing. Every Finance is conducting a testing Airdrop event, where users can earn EvPoints by completing social tasks, which can be converted into $EVERY Token in the future.

Participation Steps:

1. Visit Every Finance's testing event page and log in to Zealy using Discord or WalletConnect.
2. Complete the social tasks on Zealy, such as following the X account of Every Finance and joining the Discord channel, to get EvPoints.
3. Earn more points by completing additional tasks. Points can be converted into EvPoints.
4. EvPoints will be converted to $EVERY Token when Every Token is released.

Mantle Network Mantle Network proposes Mantle, a high-performance Layer 2 network for Ethereum, built with a modular architecture, dropping Money Laundering. The current Methamorphosis event distributes 250 million COOK Tokens over 100 days. Users can collect Powder daily by holding mETH positions, which can be converted to future governance token COOK, and can choose to upgrade to $cmETH.

Participation Steps:

1. Visit the Airdrop page and connect your Wallet, bind the referral code, hold or stake ETH to get mETH.
2. Earn Powder daily, Powder can be converted to COOK, choose to upgrade to $cmETH (optional).
3. Invite other users.

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