The Block
Quick Take Superstate CEO Robert Leshner discusses the regulatory and macroeconomic tailwinds that have made this an opportune time to launch tokenized products.
Quick Take Standard Chartered’s Geoff Kendrick says there is a reduced likelihood of bitcoin breaking above its all-time high above $73,700 before the U.S. election due to traders unwinding positions. Kendrick anticipates heightened bitcoin market volatility on election day and in the days afterward, driven by the possibility of delays in the final election results.
Quick Take Tokenization firm Superstate is upgrading its USTB fund tracking U.S. government securities by introducing “continuous pricing,” a first-of-its-kind feature that dynamically updates the fund’s net asset value. USTB holders can now experience instant interest accrual, eliminating the lag typically associated with traditional market settlement cycles.
Quick Take The $400 million figure is a “small slice of the industry,” given that it’s from a sample of Blockchain Association members, the advocacy group said. The SEC has brought a number of cases against big firms over the years, including Coinbase, Kraken and others
Quick Take U.S. Vice President Kamala Harris’ odds of winning the November election have dipped to 47%, down from a 50-50 standoff last week. The prediction market for U.S. election results has garnered over $777 million in bets on Polymarket.
Quick Take Bitcoin’s price dropped to $57,654, a 1.4% decrease over the past day and nearly 10% over the past week. Ether is trading at $2,440, down 1.7% in the last day and 11% over the past week. Crypto exchanges report over $162 million in liquidations, with $135 million from long positions.
Quick Take Following years of effort, the first stage of Cardano’s Chang upgrade has gone live, transitioning ownership of the blockchain to holders of its native ADA token. With the upgrade, Cardano enters its final stage of development, dubbed the Voltaire era.
Quick Take A recent filing from the SEC warns the FTX estate that the agency might oppose any attempts to pay creditors back with stablecoins or other digital assets. The agency, like the U.S. Trustee, also opposed to a discharge provision that would limit the future legal liabilities of the FTX debtors’ estate.
Quick Take Popular memecoin launchpad Pump.fun has made $100 million in cumulative revenue from more than one million memecoins since it launched in January of this year. Another hot crypto project, Polymarket, had more volume in August than all NFTs across all chains combined, according to analytics platform CryptoSlam.
Quick Take Yuga Labs co-founder and CEO Greg Solano, a.k.a. Garga, has announced the company’s first major initiative since he took over as CEO in February: an internal team called The Workshop built to “make delightful shit, on-chain, fast.” Solano said Coinbase’s embrace of the Base Layer 2 blockchain inspired the new team, which will be shipping its first products on the forthcoming ApeChain in the coming “weeks and months.”
