🚀Stablecoin Borrowing Rates Soar

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Stablecoin borrow rates on Aave and Compound surged above 20%, signaling that crypto bulls are unperturbed by the markets posting a slight pullback.

MicroStrategy’s aggressive Bitcoin accumulation is inspiring corporate firms to stockpile BTC, including MARA, Metaplanet, and Boyaa Interactive. Michael Saylor, MicroStrategy’s CEO, is also urging Microsoft to add BTC to its treasury.

The DeFi sector on Ripple’s XRP Ledger is gaining momentum. The trend follows XRP rallying 400% in 30 days.

Also, Ethena teams up with Derive, NFTs bounce back, Nike abandons NFT project, Hyperliquid grows after airdrop, and Enron parody targets crypto.

✍️ In today’s newsletter:

USDT and USDC borrow rates spike above 20%
MicroStrategy inspires wave of corporate BTC buying
Michael Saylor petitions Microsoft to buy Bitcoin
DeFi blooms on XRP Ledger
Derive partnership to deliver 5% of DRV to sENA holders
NFT market tags nine-month high
Nike to wind down RTFKT despite nine-figure revenue
“Enron” announces decentralized technology play

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📈 Markets in the last 24 hrs:

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Catch up on our podcast with Dimitri Gusakov, the community staking lead at Lido, to learn more about their Community Staking Module and upcoming roadmap!

And watch our recap of the recent Devcon 2024 conference in Thailand.

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

DIA Lasernet is live on testnet: the first Layer-2 rollup designed for oracle infrastructure, built in collaboration with Conduit, OP Stack, Celestia & Hyperlane.

Impossible Cloud Network (ICN) is a revolutionary cloud platform that connects enterprise-grade hardware with cloud service providers. ICN is building an open cloud that is more performant than typical web2 providers while being more cost-effective so that the largest companies in the world will run their operations in it.

📈️Aave and Compound Users Are Paying More Than 20% For Stablecoin Loans

Borrow rates for USDT and USDC briefly soared above 20% on Aave and Compound as utilization exceeded 93%. The rates marked 12-month highs for both tokens.

👀Bitcoin Becomes Corporate Gold as MicroStrategy and MARA Double Down

MicroStrategy’s aggressive strategy of Bitcoin accumulation has inspired other firms to begin stockpiling BTC. MARA, Metaplanet, and Boyaa Interactive are among the companies hoarding Bitcoin as strategic reserves.

🪙Saylor Urges Microsoft to Buy Bitcoin

Michael Saylor, the CEO of MicroStrategy, is calling on Microsoft to incorporate Bitcoin into its treasury management strategy. However, the computing giant has urged investors to vote against a proposal to diversify its reserves into BTC.

🌱Ripple DeFi Ecosystem Surges

DeFi is blooming on XRP Ledger, with memecoins and decentralized exchanges on Ripple’s Layer 1 network enjoying eye-watering growth. The trend follows Ripple’s XRP token soaring more than 400% over the past 30 days.

SPONSORED POST

Alephium, the efficient & scalable PoW L1 designed for smart contracts and dApps has launched its BSC Bridge, enabling seamless token transfers between Alephium and Binance Smart Chain (BSC). Built on Wormhole’s architecture, the bridge supports BNB, USDT, and USDC transfers with great & diverse incentives like free gas fees for new users and lucrative rewards.

Alephium’s Ecosystem offers financial incentives, liquidity rewards, limited-edition NFTs, whitelist spots for major IDOs, and giveaways. Users can explore a thriving ecosystem featuring DeFi platforms, gaming projects, Memecoins and NFTs.

By combining sharding with PoW, Alephium achieves unmatched scalability, security, and decentralization, making it a hub for DeFi, NFTs, and blockchain innovation.

🤝Ethena Partners With Derive, sENA Holders To Receive 5% of DRV Supply

Ethena announced a partnership with Derive, the decentralized options protocol formerly known as Lyra. Derive is onboarding support for USDe as collateral, launching a structured USDe product, and airdropping 5% of its token’s supply to sENA holders as part of the deal.

⬆️NFT Sales Soar to Highest in Nine Months as Crypto Bull Run Heats Up

The NFT market is bouncing back, with daily volume tagging a nine-month high of $1.9 billion. The Bored and Mutant Ape Yacht Club collections appear to be leading the recovery, both surging by more than 90% in seven days,

🪂Hyperliquid Dominates Crypto Derivatives Market After Airdrop

Hyperliquid is enjoying a surge in momentum after airdropping more than $1 billion worth of tokens to early adopters last week. Trade volume on the exchange rallied 84% to $5 billion, while the price of HYPE is up 138% since debuting.

🛑Nike’s RTFKT NFT Project to Shut Down Operations

Nike announced it will shut down RTFKT, an NFT project the global apparel giant acquired in December 2021. RTFKT raked in more than $100 million in royalties from collections that have since plummeted in price.

🥸Fake Enron Announces Parody Crypto Relaunch With Viral Post

News that Enron plans to leverage decentralized technologies to mount a comeback stunned the crypto community. However, the project’s terms and conditions revealed the announcement to be a parody.

🌍 ELSEWHERE

BlackRock’s Bitcoin ETF (IBIT) Now Holds Over 500,000 BTC (BeInCrypto)
Patrick McHenry, Maxine Waters Introduce Bill to Regulate AI in Financial Services (Decrypt)
Coinbase Plugs Apple Pay Into Its Fiat 'Onramp' for Third-Party Crypto Apps (CoinDesk)
Aave on Par With Traditional Banks as Net Deposits Reach All-Time High of $31 Billion (Unchained)