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Fantom Officially Rebrands to Sonic Labs | Cryptocurrency Trends

Jarseed, Bitget Research
2024/08/02
Fantom Officially Rebrands to Sonic Labs | Cryptocurrency Trends

1. Mainstream Exchange Trends:

  • Crypto exchange Bybit to cease offering products or services in France. Starting from August 2, 4:00 PM (UTC+8), French users will not be able to purchase any type of product, open new positions, or add new ones.
  • OKX pre-market trading function is officially open, and the first phase of HMSTR/USDT delivery futures is launched. Through OKX pre-market trading, users can trade coins before their official listing, gain early access to selected cryptocurrency delivery futures, and enjoy 2x leverage.

2. Cryptocurrency Trends:

  • Crypto venture capital firm ParaFi Capital reports that the prediction market platform Polymarket has experienced significant growth recently. As the 2024 U.S. election approaches, Polymarket's trading volume has reached $688 million this year, with weekly active users increasing approximately 14-fold, from around 1,400 to over 20,000.
  • Fantom announces that it has officially rebranded to Sonic Labs and plans to launch a new EVM chain, Sonic, by the end of this year.
  • BlackRock's tokenized USD Institutional Digital Liquidity Fund (BUIDL), an investment vehicle holding U.S. treasury bills, cash, and repurchase agreements, has paid out $7 million in dividends to investors since its launch in March 2024.
  • Notcoin adds a gaming section that showcases games from various developers. Users can not only play games but also earn profits.
  • The Venom Foundation, a Layer 1 blockchain, announces a historic agreement with the Republic of the Philippines to digitize billions of accountable forms using its advanced blockchain technology.
  • Futu Hong Kong officially launched its virtual currency trading service today, becoming the first brokerage in Hong Kong to launch commission-free cryptocurrency trading. Starting today, the group's app, Futu Niuniu, will offer cryptocurrency trading services.

3. Financing Trends:

  • DuelNow, an Arbitrum-based prediction marketplace, raises $11 million in a funding round led by GEM Digital Limited, with participation from Charlie Lee, founder of Litecoin, Billy Markus, founder of Dogecoin, and others.
  • Morpho, a DeFi lending platform, raises $50 million in a funding round led by Ribbit Capital, with participation from Hack VC, IOSG, Rockaway, L1D, Mirana, Cherry, Semantic, Fenbushi, Leadblock Bitpanda, Robot Ventures, and others. The valuation has not been disclosed.
  • MetaDAO, a Solana-based prediction marketplace, raises $2.2 million in a funding round led by Paradigm. The project aims to establish a governance structure that relies on market forces rather than voting. This construct is called a futarchy.
  • Binance Labs announces an investment in the modular blockchain Particle Network, an L1 solution that unifies all blockchains via Universal Accounts and aims to address user and liquidity fragmentation in Web3.

4. Regulatory Trends:

  • According to Bloomberg, the Montenegrin Appellate Court upholds a ruling that Terraform Labs Pte. co-founder Do Kwon should be deported to his native South Korea, rejecting a push to send him to the United States.
  • The European Securities and Markets Authority (ESMA), the regulatory body overseeing the EU's financial markets, issues a new opinion highlighting the considerable risks posed by global cryptocurrency companies seeking partial authorization under the MiCA regulations while conducting significant operations offshore.
Disclaimer: This content includes third-party opinions, and we do not guarantee its accuracy. Cryptocurrency prices are highly volatile, so please conduct your own research and make judgments accordingly.