📉 ETH/BTC Slides To Three-Year Low

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The markets kicked off the week with bearish momentum despite expectations that the Federal Reserve will announce interest cuts this week. Ethereum continues to underperform, with ETH/BTC at its lowest level since April 2021.

Binance founder and former CEO Changpeng Zhao will soon be released from federal prison after serving four months for violating the Bank Secrecy Act.

Starknet’s governance greenlit a proposal to introduce STRK staking. STRK rewards will dynamically adjust based on staking participation.

DeltaPrime’s TVL slumped 40% after the protocol was exploited for $6 million. The incident occurred after the protocol’s admin private key was compromised.

Plus, Soneium integrates Bridged USDC, TreasureDAO favors ZKsync over Arbitrum for L2 launch, stablecoin adoption increases in 2024, and Circle announces plans for plans New York headquarters.

✍️ In today’s newsletter:

ETH flounders but Bernstein is bullish on DeFi
CZ is set to be released on September 29
Starknet to introduce dynamic staking
DeltaPrime’s TVL crashes after exploit
USDC is coming to Soneium
TreasureDAO attracts criticism for “grant hopping”
Stablecoins gain traction in emerging markets
Circle to relocate headquarters to New York

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Goat Network is the first BTC L2 to offer sustainable BTC yield

DIA launches ‘Lumina ’ – a brand-new trustless oracle network. Its modular, rollup-based design enables the verifiable sourcing and delivery of any data to any blockchain. Fully decentralized and permissionless.

️👀 Market Recap: ETH/BTC At Multi-Year Low, Bernstein Bullish On DeFi

Ethereum continues to lose ground against BTC, with the ETH/BTC ratio trading below 0.04 for the first time since April 2021 as cryptocurrencies sold off. However, Bernstein is betting that DeFi and Ether will soon mount a comeback.

📅Binance Founder Changpeng Zhao Set to Be Released Next Week

Binance founder and former CEO Changpeng Zhao will soon be released from federal prison after serving four months for violating the Bank Secrecy Act. According to the U.S. Bureau of Prisons, the date is set for Sunday, September 29.

✅ Starknet Community Approves Dynamic Staking

Starknet’s governance approved a proposal to introduce a dynamic staking mechanism. New token emissions will adjust based on staking participation.

⬇️ DeltaPrime’s TVL Crashes 40% After $6M Exploit

DeltaPrime users rushed to withdraw their assets after the protocol suffered an exploit, driving down the project’s TVL by 40%. DeltaPrime said it contained all risk resulting from the incident after the hacker made off with $6 million.

💵 Soneium Integrates Support For Bridged USDC

Soneium, the upcoming Layer 2 from Sony, is integrating support for Circle’s Bridged USDC Standard. Soneium said USDC will function as one of the network’s “primary tokens” facilitating value transfer, with the integration paving the way for a native USDC deployment in the future.

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💎 TreasureDAO Accused of “Grant Hopping” as it Mulls Move to ZKsync

TreasureDAO proposed deploying its upcoming Layer 2 network on ZKsync instead of Arbitrum’s Orbit tech stack. While TreasureDAO praised ZKsync’s technology, critics accuse the project of seeking to engage in “grant hopping.”

📈 Stablecoin Users in Five Emerging Economies Favor Ethereum: Survey

A survey from Castle Island Ventures, Visa, and Brevan Howard found that stablecoin adoption has steadily risen in major emerging markets during recent years in spite of crypto market cycles. The study found that 57% of respondents said they are using stablecoins more in 2024 compared to last year.

🗽 Circle Plans To Relocate Headquarters To New York

Circle is planning to relocate its headquarters to New York. The news comes despite Circle recently expressing concerns regarding the regulatory climate for crypto in the U.S.

🌍 ELSEWHERE

More than 40 Firms Join Central Bank Group to Explore Tokenization for Cross-Border Payments (CoinDesk)
Former Celsius CEO Mashinsky seeks testimony from six witnesses as he faces 115-year prison sentence (The Block)
Bitcoin transactions plummet by over 50% in a week (CryptoSlate)
SEC Surprisingly Details Exemptions From SAB 121, Further Muddying the Waters (Unchained)