Gate Research Institute: The encryption market is oscillating at a low level, with the three major U.S. stock indexes falling, and Fractal Bitcoin Mainnet is online

Gate Research Institute Daily Report: On September 9th, BTC and ETH rose by 1.32% and 1.04% respectively in the past 24 hours. BTC fluctuated around $55,100, while ETH remained stable around $2,312, both showing short-term support levels. The US unemployment rate in August met expectations, and non-farm payroll data was lower than expected, raising the probability of a 0.25% rate cut by the Fed in September to 70%. Ether.fi earned $2.19 million in August, 5% of which will be used for ETHFI and LP Mining buybacks. OORT updated its Token economic model and extended the team’s Token unlocking period. Fractal Bitcoin launched its Mainnet and announced the Token economic model.

Market Commentary

According to gate market data, as of 4:00 on September 9 (UTC+0):

BTC - BTC price has increased by 1.32% in the past 24 hours, currently priced at $55,100. The highest price in the past 24 hours was $55,315, and the lowest price was $53,630. It has received strong support at the $52,500 level and is consolidating at a low position in the short term, with a weakening downward trend.

ETH - ETH price has increased by 1.04% in the past 24 hours, currently trading at around $2,312. The highest price in the past 24 hours was $2,333, and the lowest price was $2,240. Influenced by the overall market, the price of ETH is fluctuating in the same direction as BTC. Currently, there is short-term support at $2,150.

SOL —— The price of SOL has increased by 2.39% in the past 24 hours, and the current price is about $130.64, with a 24-hour high of $131.67 and a low of $126.61. The SOL price has rebounded with mainstream currencies, ending the downward trend, with support at $120 below.

ETF — Last Friday, the net outflow of the US BTCSpot ETF was $170 million, with the largest net outflow from FBTC, reaching $85 million, indicating a decreased investor interest in BTC. The net outflow of the US ETHSpot ETF was $5.98 million, with selling pressure mainly coming from Grayscale ETHE, while Belad ETHA saw a net inflow of $4.7 million for the first time in seven days.

US Stock Market Three Major Indexes - S&P 500 index fell 1.73%, Nasdaq index fell 2.55%, Dow Jones index fell 1.01%.

Fear and Greed Index - 29, indicating that market sentiment is in a panic state, and investors may sell their assets out of panic.

Popular Token

According to gate market data, combined with the volume and price performance in the past 24 hours, the popular altcoins are as follows:

BTT— The single-day increase is about 17.9%, with a circulating market capitalization of 96.2 million dollars.

BitTorrent is a popular P2P file sharing protocol, allowing users to freely share data and large files over the Internet, such as movies, shows, and audio files. In 2018, Torrent was acquired by TRON founder Justin Sun. In February 2019, BitTorrent released its native Token BTT to help expand its protocol and incentivize network participants. In February 2021, BitTorrent announced the launch of BitTorrent Chain, which is a heterogeneous Cross-Chain Interaction interoperability protocol, adopting a PoS mechanism and utilizing Sidechain to expand Smart Contract.

According to official data, the current total Miner count of BitTorrent network has exceeded 8 million, with a total contract amount exceeding 169 million, and total revenue exceeding 2.64 trillion $BTT.

CVC— Daily increase of about 15.0%, circulating Market Cap is 82.49 million US dollars.

Civic is a leading provider of Web3 identity management tools, enabling people to easily and privately manage their identities through reusable on-chain representations, and securely access their on-chain assets through Cross-Chain Interaction.

Recently announced cooperation with two Solana Non-fungible Token DAOs, Claynosaurz and MonkeDAO, as well as the Non-fungible Token trading platform tensor, to hold an event at the Solana Breakpoint in Singapore on September 19th.

AVAX- The single-day increase is about 5.6%, with a circulating market capitalization of 9.45 billion US dollars.

Avalanche is a high-performance, interoperable ecosystem built for decentralized finance applications and enterprise blockchains, with transaction confirmation times of less than 1 second.

Highlights Data

Contract Liquidation, Fees, and Long-Short Ratio According to Coinglass data, as of 4:00 on September 9th (UTC+0), the total liquidation amount of the global contract in the past 24 hours is about 102 million US dollars, with the short order liquidation amount exceeding 74 million US dollars. The BTC buy/sell ratio is about 0.8305, indicating that market participants have a pessimistic attitude towards the short-term price movement of BTC, mainly leaning towards shorting. The weighted funding rate for BTCHoldings is -0.0008%, and the weighted funding rate for ETH holdings is 0.0002%.

The US unemployment rate met expectations, and non-farm employment was slightly below expectations. Last Friday (September 6), the US released the unemployment rate and seasonally adjusted non-farm employment data for August. The unemployment rate met expectations, while non-farm employment was slightly lower than expected. However, the market’s probability forecast for a two-notch rate cut decreased from 41% to 31%, while the probability of a one-notch rate cut rose from 59% to 69%. The Intrerest Rate is currently at a level of 5.25% to 5.5%, and the market expects a high possibility of a one-notch rate cut on September 18, reaching 70%.

The reason why the probability of a 50 basis point rate cut is not increasing but decreasing has three aspects: although the non-farm payroll data in August is slightly lower than expected, it is still within a reasonable range and does not show a serious decline. Compared with July, the number of non-farm employment has increased by about 50,000, and the unemployment rate has dropped to 4.2%, the first decline in half a year, indicating a warming job market. At the same time, wages have risen more than inflation, and consumer demand is robust, indicating that the U.S. economy still has resilience. Therefore, the market generally believes that there is not much necessity for a two-notch rate cut.

Hot Comments

Ether.fi’s August revenue was $2.19 million, with 5% earmarked for ETHFI and LP Mining buyback Ether.fi announced that its revenue in August reached $2.19 million, of which 5% (about $109,000) will be used for the repurchase of ETHFI and LP Mining. Currently, the market capitalization of ETHFI is $226 million, accounting for only 0.04%. The repurchase is expected to be completed on September 15th, which may cause short-term price fluctuations.

It is worth noting that Ether.fi passed a proposal in August to increase the monthly buyback ratio of ETHFI Token from a maximum of 5% to 25%, which means that 5% to 25% of future monthly income can be flexibly used for buyback. This is aimed at boosting community confidence and enhancing Liquidity during market downturns. To achieve dynamic Liquidity management, Ether.fi plans to cooperate with Arrakis Finance to use automatic rebalancing and strategy adjustment technology for Liquidity management. However, as in August only 5% of the income was used for buyback instead of the 25% expected by the community, the gap between the buyback plan of Ether.fi and its actual execution has caused dissatisfaction in the community, which may affect its market performance and community support.

OORT updates Token economic model, extends team Token unlocking period Decentralization AI and Depin’s OORT project announced updates to its Token economic model on September 8th to enhance Decentralization, increase transparency, and ensure sustainable rise of the ecosystem. Among them, the lock-up period for the founding team’s Token has been extended from four to six years. Of the 1.3 billion Tokens originally reserved for Mining rewards, 100 million Tokens have been distributed or reserved, and the remaining 1.2 billion Tokens will be allocated as follows:

1. In the next five years, 4 billion $ OORT Tokens will be allocated for OORT Edge Node rewards.
2. The remaining 800 million Tokens will be locked in the Smart Contract from September 15, 2024, for a period of five years. After the lock-up period, 100 million Tokens will be released in the first year, and the release amount will decrease by 50% each year thereafter.

The main solution for updating the Token economic model of OORT is to lock more Tokens or extend the lock-up period, drop pressure, or stimulate short-term coin price pump.

Fractal Bitcoin launches Mainnet and announces Token economic model: 80% distributed to the community On September 9th at 3 o’clock (UTC+0), the BTC expansion plan Fractal announced the official launch of the Mainnet and mined the first Block. At the same time, it launched the Mainnet guidance program to reward active BTC users and initiated the first season developer incentives. In addition, Fractal will also launch a governance platform based on OP_CAT, allowing holders to vote on key proposals.

In the Token economic model announced by Fractal: the total supply is 210 million, 80% allocated to the community, and 20% allocated to the team and contributors. 50% of the Tokens are used for Proof of Work (PoW) Mining; 15% is reserved for the ecosystem treasury; 10% is used for community grants, with an annual distribution cap of 10% for these two parts, lasting for 10 years. 5% is allocated for presale, 15% for core contributors. Presale and team Tokens will start unlocking in the 7th month after listing, and will be linearly released until the end of the 12th month. An additional 5% is reserved for advisors, with an annual distribution cap of 20% for 5 years.

Financing Information

According to RootData, from September 6th to September 9th, 2024, one SocialFi project received financing. Details are as follows:

Blabla - SocialFi project Blabla announced the completion of its seed round of financing, with the amount undisclosed. Blabla is a SocialFi project created by former members of the TikTok and Meta teams, built on Solana Blockon-chain. Blabla introduces short videos into web3, allowing every user and creator to receive fair rewards through decentralized mechanisms and transparent reward systems.

Airdrop Opportunity

Over Protocol Layer 1 protocol Over Protocol has launched Mainnet on September 4th, and two key ecosystem programs, OverFlex and OverScape, will also go live on Mainnet, or may conduct Airdrops to reward community members who have contributed to the ecosystem in the past year. Users can follow the subsequent Over Protocol Airdrop information.

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