Overview
- Synthetix major update.
- Crypto markets plummet.
- Aave stops ETH loans.
- Liquid stake ATOM token!
- Ethereum Name Service (ENS) reaches the top.
Good morning Banter Fam,
One of the fastest growing DeFi protocols is enacting a major upgrade to its tokenomics. How will this upgrade affect its token supply from here on out?
Synthetix turning off the money printer.
Members of the popular derivatives liquidity protocol, Synthetix (SNX), have proposed SIP-276 which will end SNX token inflation with the total supply of SNX tokens capped at 300 million.
The token’s inflation model was intended to bootstrap the network, but members want to move towards a token holder value accrual model that pays token stakers “real yield” from protocol activity.
If you’d like further information, check out @0xGreythorn’s post:
Talk about bullish!
Market update 🌍
BTC/USDT 1D
With quantitative tightening by the Federal Reserve at its highest levels yet, the crypto market didn’t look too hot after Bitcoin fell below $19k for only the third time this year. The high amount of volume behind the move is worrisome and adds the potential for setting further downside. The next couple of days will determine whether BTC holds the current support or the market forces BTC to new lows. BTC closed the daily candle down -5.08% to $18,790.
High-resolution chart
ETH/USDT 1D
Ethereum’s week-long rally came to a halt yesterday after reaching a high of $1,686 only to close near daily lows of $1,554. RSI has peaked, implying a possible leg downwards. Important supports to watch are the $1,426 and the $1,260 levels. ETH completed the daily candle down -3.57% to $1,558.
High-resolution chart
| US markets close | Gain/Loss |
| S&P 500 | -0.41% |
| Nasdaq | +1.58% |
| Dow | -1.46% |
| VIX | +3.54% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| LEO token (LEO) | 5.14 | +1.5 |
| TerraClassicUSD (USTC) | 0.039 | +4.7 |
| Stargate Finance (STG) | 0.72 | +19 |
| Bitcoin Fear and Greed Index | 24 Extreme Fear |
| “Crypto” Google Trends 90d | 35 |
| “Bitcoin” Google Trends 90d | 21 |
Newswatch 📰
Aave stops ETH loans. The Aave community has voted to stop ETH lending on the protocol to protect itself from risk associated with liquidity during the Ethereum Merge. The move comes after the staking pool for stETH reached $900m, which allows for ETH loans. People are borrowing ETH ahead of The Merge to receive both the ETH-PoW and ETH-PoS tokens.
Liquid stake the ATOM token. The ATOM token finally has utility! Stride protocol introduces liquid staking for the Cosmos ATOM token with its mainnet launch. Users can stake ATOM to receive stATOM in return. The stATOM can then be staked in the stATOM/ATOM liquidity pool on Osmosis.
News Tidbits:
- BNB Beacon Chain Testnet Gibbs upgrade.
- Yearn introduces Yearn World: a directory of everything built on Yearn protocol.
- Binance to suspend ETH and wETH deposits and withdrawals during The Merge.
- Coinbase new token listings. (AUDIO, CVX, INJ, OCEAN, PUNDIX, XMON, RAY)
NFT & metaverse update 🐵
- Golden State Warriors’ Co-Owner to start a fantasy sports NFT game.
- Ethereum Domain Names reach the TOP most traded NFT assets on OpenSea.
Banter’s take
The Merge has begun!
The Ethereum Merge is officially underway, and with the completion of the Bellatrix upgrade, the final “hard fork” before the chain merges, has taken place. According to Vitalik, The Merge is scheduled to occur “around Sep 13-15.”
Below is a diagram of the entire process.
So how is the market going to play this event? There are a lot of protocols already considering freezing ETH transactions during the approximate 13 minutes that the merge will take. We can only hope that everything goes smoothly. The entire crypto market is heavily influenced by it right now, and manipulation games could take place during the next week.
Stay safe fam!
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
