Rhythm Morning News｜A summary of important news from last night and this morning on August 28

Bitcoin fell below the integers for a short period of time and continuously, temporarily reporting $58,500, with a 24-hour drop of 7.7%

BlockBeats news, on August 28, Bitcoin quickly fell below the integers of $60,000 and $59,000 in a short period of time and continuously, and is currently reporting $58,500, with a 24-hour drop of 7.7%.

Maker rebrands as Sky Protocol and will launch native governance token SKY

BlockBeats reported that on August 27, Cointelegraph reported that the Maker Protocol has officially changed its name to Sky and announced the names of its upgraded stablecoins and native governance tokens, aiming to make decentralized finance (DeFi) more accessible to the public.

As part of the name change, Maker renamed Dai (DAI), the world's largest decentralized stablecoin, to USDS.

The protocol also launched the Sky (SKY) native governance token for the broader Sky ecosystem as an upgraded version of the Maker (MKR) token.

MakerDAO co-founder Rune Christensen called the name change a step toward "the next evolution of DeFi." MKR holders can upgrade their MKR to SKY, and SKY can also be converted back to MKR. The upgrade is optional. Users can exchange 24,000 SKY for each MKR when upgrading.

Vitalik announces update on Ethereum Foundation spending, his salary is 182,000 Singapore dollars per year

BlockBeats news, on August 27, Ethereum co-founder Vitalik Buterin posted on social media that his salary is 182,000 Singapore dollars per year, and retweeted Ethereum Foundation employee Josh Stark's tweet, saying, "Update from Josh Stark on Ethereum Foundation spending. The key information is in this chart."

The chart captures both internal and external spending of the Ethereum Foundation. For example, "L1 R&D" includes funding for external client teams, as well as internal EF researchers. In the two years of 2022-2023, internal spending was about 38% and external spending was about 62%.

EigenLayer reduces EIGEN staking withdrawal delay to 7 days

BlockBeats news, on August 28, Ethereum re-staking protocol EigenLayer announced that the EIGEN staking withdrawal delay has been shortened from 24 days to 7 days.

EigenLayer said that the reason for this adjustment is that once intersubjective slashing takes effect on the mainnet, it will effectively control the liquidity risk of EIGEN pledge and prepare for potential variables in the future.

Ton network is suspected to be down, and no block has been produced for more than 3 hours

BlockBeats news, on August 28, according to Tonscan data, the Ton network is suspected to be down, and no block has been produced for more than 3 hours. The last main chain block was marked at 06:11:46.

Previously, Binance and Bybit platforms have successively suspended cryptocurrency deposits and withdrawals on the Ton network.

Bybit has suspended all deposits and withdrawals on the TON network

BlockBeats news, August 28, due to network instability, Bybit has suspended all deposits and withdrawals through the Toncoin (TON) network at 18:00 on August 27, 2024. Any ongoing deposits and withdrawals will experience delays until the network is deemed stable.

Other activities such as trading will not be affected.

QCP Capital: The market is waiting for the signal of the extent of the interest rate cut in September, and no significant fluctuations are expected this week

BlockBeats news, on August 27, QCP Capital's latest report pointed out that Bitcoin spot ETFs have seen strong inflows for 12 consecutive days, while Ethereum spot ETFs have faced outflows for 8 consecutive days. Bitcoin's dominance in the options market reflects the macro-driven nature of the current rate cut cycle. QCP observed moderate bullish option spread buying on the options trading desk, while volatility has declined recently, signals that the market is cautiously optimistic.

QCP recommends accumulating Bitcoin spot at a discount of 8.27% ($57,600) per week for the remainder of the third quarter as long as the spot price is below $67,000. They do not expect significant market volatility this week as investors wait for clear signals on the extent of the September rate cut.

CoinGecko Report: PolitiFi Sector Tokens Outperformed Meme Coins During the Year

BlockBeats reported that on August 27, the cryptocurrency data aggregation platform CoinGecko released a report stating that from January 1 to August 25, 2024, the PolitiFi (US election figure related meme) token category rose by 782.4%, outperforming the broad Meme coin category, which rose by 90.2% during the same period.

Although the PolitiFi sector tokens outperformed the Meme coin, they were still far behind the latter. As of August 25, the PolitiFi sector had a market share of 1.5% in the Meme coin category, with a market value of $680.8 million, while the market value of Meme coin was $45.6 billion.

TON community launches signature campaign to call on France to release Telegram founder

BlockBeats news, on August 27, according to the official TG channel, TON community officials said, "A first-of-its-kind initiative has been launched today, calling on France to #FREEDUROV.

This is an open letter mini program on Telegram. We hope that this letter will receive hundreds of millions of signatures.

We call on France to release Telegram founder Pavel Durov and allow Telegram to protect users' freedom of speech and privacy. "

Sonic Labs announced that the Sonic test network will be launched next week

BlockBeats news, on August 28, according to official news, Sonic Labs (formerly Fantom) announced that the Sonic test network will be launched next week.

Zhu Su: It turns out that only asset selection is important, not timing

BlockBeats reported that on August 27, Zhu Su, co-founder of Three Arrows Capital, posted on social media, "In mid-2023, the general view was that asset selection was not important, and timing was the key.

But it turns out that only asset selection is important, not timing."

Sony launches public testnet for its L2 network Soneium

BlockBeats reported that on August 28, Sony's blockchain division, Sony Block Solutions Labs, is launching a public testnet and developer incubation program for its Soneium network.

Soneium is an Ethereum L2 based on Op Stack that aims to provide a "cost-effective development environment" for building consumer applications. Circle, Optimism, Alchemy, The Graph, Chainlink, and Astar Network will all be early adopters of the network. The project is a joint venture between Sony Group Corporation and Startale Labs, launched in 2023, and recently transferred to Sony Network Communications Labs. The two companies also plan to integrate the ASTR token as a "key asset" on the EVM-compatible Minato testnet.

In addition, Sony said at the testnet launch last week that Astar Network will integrate its zkEVM assets and underlying infrastructure with Soneium to improve the initial liquidity of the new chain. Sony subsidiaries, including Sony Music, Sony Pictures, and Sony Innovation Fund, will participate in the Soneium Spark incubation program. Applicants will receive up to $100,000 in start-up funds and have access to exchanges and venture capital networks. In addition, Sony subsidiary Quetta Web Co. previously acquired cryptocurrency exchange WhaleFin and plans to rename and relaunch it this year.

Sony said, "This dual move marks an important milestone for Sony Group Corporation to enter Web3. It will use its huge global influence and technological expertise in entertainment, games and consumer electronics to promote the growth of the ecosystem and accelerate adoption."

Top trader Eugene: The market trend in September is still unclear, and the long-term tendency is to be bullish

BlockBeats news, on August 27, top trader Eugene Ng Ah Sio posted on social media, "This month's theme-you missed every opportunity you didn't seize.

At the beginning of the month, due to the sharp fluctuations in Bitcoin's decline to $50,000, I was immediately stopped out. My stop loss point was set above $60,000, and then in the middle of $50,000. I tried a long position in USD but was stopped out again, and the overall loss was controllable. Later, I successfully caught the bottom in SOL and ETH, and after a stop loss, I got a return of about 10%.

On August 8, I successfully made a large SOL long order, bought at $141 and sold at $157, making a profit of $3 million, and then returned to the closed position.

Due to my long-term bullish preference, the market volatility naturally affected me, causing me to experience some small losses during this period until the recent altcoin rally. In this rally, I really messed up.

Initially caught the altcoin at the golden entry point, but due to the volatility of the mainstream coins, I stopped profit early and basically missed the entire rise of WIF/PEPE/FLOKI. It should have been a gain of +25 to 30%, but I only achieved 5-7%. I then went after the aforementioned altcoins on a massive scale. Some performed better, some performed worse, and when we were down to $62,500, I was forced to close most of my positions and was almost back to square one.

This has certainly been a very frustrating month and could have been much more precise in terms of execution. The market moves were very fast this month and the precision required in execution was very high and I have not performed up to expectations.

Nevertheless, I will still use the same strategy of going long before the market turns as the reward of being right far outweighs the risk of being wrong.

The market looks uncertain for September and I have no long-term bias for September.