Ndax Weekly TL;DR August 19th

Happy Monday, Ndaxers— Here’s what happened last week: 

• Arbitrum DAO Signals Strong Support for ARB Token Staking
• Donald Trump Assembles Pro-Crypto Transition Team
• BitVM2 Whitepaper Unveils Enhanced Security for Bitcoin Sidechains
• NYSE and Nasdaq Withdraw Additional Requests for Crypto ETF Options Rule Changes 

The Arbitrum DAO has shown significant support for implementing staking for ARB tokens, with 91.5% of voters signaling approval. The move is part of a broader strategy to enhance governance participation and strengthen the security of the Arbitrum protocol. Currently, only about 10% of ARB’s circulating supply is actively used in governance, and voter engagement has declined since the DAO’s launch. The new staking mechanism aims to reverse this trend by incentivizing ARB holders to delegate their tokens to active governance participants, allowing them to capture value through potential rewards. crypto.news

Donald Trump, the Republican presidential candidate, has announced a pro-crypto transition team as part of his preparations for a potential second term in the White House. Key figures on the team include Howard Lutnick, CEO of Cantor Fitzgerald, and Linda McMahon, chair of the America First Policy Institute. Lutnick, a vocal Bitcoin supporter, has been involved in significant crypto initiatives, including a $2 billion Bitcoin funding project and advocating for stablecoins and asset tokenization. Trump’s son, Donald Trump Jr. and Eric Trump are also involved in crypto projects, with Trump Jr. launching a Telegram channel to share verified information. 

In contrast, Democratic Vice President Kamala Harris has enlisted anti-crypto advisors from President Joe Biden’s administration, such as Brian Deese and Deputy Treasury Secretary Wally Adeyemo. Deese is believed to be the architect of "Operation Choke Point 2.0," aimed at restricting crypto businesses from traditional financial systems. Harris's silence on crypto policies has raised concerns among digital asset proponents. crypto.news

Developers have released the whitepaper for BitVM2, the latest iteration of Bitcoin's sidechain technology, which introduces significant updates aimed at improving security and reducing the number of on-chain transactions required for dispute resolution. The new version allows for permissionless challenging of transactions, enabling any user to verify and challenge the system without requiring changes to Bitcoin's consensus. BitVM2's bridge design, described as the most secure BTC bridge to date, employs a 1-of-n security model, providing robust protection against unauthorized transactions. The whitepaper highlights BitVM2's potential to support new classes of applications on the Bitcoin network while addressing scalability challenges that have hindered existing Bitcoin bridges. crypto.news

The New York Stock Exchange (NYSE) American and Nasdaq International Securities Exchange (ISE) have withdrawn three more proposals for rule changes aimed at listing options on Bitcoin and Ether exchange-traded funds (ETFs). These withdrawals, disclosed in regulatory filings on August 14 and 15, follow a series of similar actions, reflecting ongoing regulatory scrutiny around spot Bitcoin and Ether ETF options in the U.S. The Securities and Exchange Commission (SEC) has previously requested more time to review these proposals, leading to this recent flurry of withdrawals. Cointelegraph

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News Nuggets

• Bitcoin Mining Profitability Hits Record Lows Amid Rising Network Hashrate CoinDesk
• Dubai Court Recognizes Crypto as Valid Salary Payment in Landmark Ruling Cointelegraph
• Marathon Digital Seeks to Raise $250 Million to Expand Bitcoin Holdings crypto.news
• Vitalik Buterin Donates $532K in Ethereum After Swapping Memecoins crypto.news
• Crypto Exchanges Ramp Up Advocacy Efforts in Canada Ahead of 2025 Elections Cointelegraph
• 3AC Liquidators Sue Terraform Labs for $1.3 Billion Over TerraLUNA Collapse CryptoSlate
• Schumer and Democratic Leaders Advocate for Bipartisan Crypto Regulation at Crypto4Harris Event CryptoSlate
• Researchers Propose Blockchain-Based "Proof of Personhood" System to Combat AI Bots and Verify Human Identity Online Cointelegraph

As of 08-18-2024 at 9:00 PM EST

Market Summary

• Over the last seven days, the global cryptocurrency market cap has experienced little change, holding around CA$2.83 trillion at the time of writing.
• Bitcoin's market dominance stands at 55.8%, while Ethereum's share is 15.2%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$80,533 and CA$79,500, registering a 0.96% change over the past week and a market cap of CA$1.6 trillion. At Ndax, the weekly movers are Alien Worlds (TLM), which saw a 42% increase in the last seven days, reaching a market cap of CA$76.5 million, and Aave (AAVE), which experienced a 22% rise with a market cap of CA$2.3 billion. (At the time of writing)

Visit our new markets page offering real-time data for almost 15,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market.

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Mark your calendars!

• August 20: Canada Inflation Rate Announcement
• August 23: Fed Chair Jerome Powell's speech at the Jackson Hole retreat
• Q3 2024: Cardano Chang Hard Fork
• September 25: EOS Leap 6 Hard Fork

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• Cosmos (ATOM) 13% APY
• Polkadot (DOT) 12% APY
• Celestia (TIA) 8% APY
• The Graph (GRT) 8% APY
• Near (NEAR) 7% APY
• Solana (SOL) 5.5% APY
• Polygon (MATIC) 4% APY
• Ethereum (ETH) 3.3% APY
• Cardano (ADA) 3% APY

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Happy trading, 
The team at Ndax