Summary

• BTC encountered resistance at 66,000 and failed to break through, pulling back to around 64,000 US dollars. ETH has entered a downtrend channel on the 1-hour timeframe.
• Sui TVL and the total market value of stablecoins continue to hit new highs. Among stablecoins, USDC has surged as much as 0.94% in the past week.
• Newly disclosed documents indicate that FTX plans to compensate preferred shareholders with $230 million, sparking community opposition, which may have implications for industry regulation.
• The ERC-7683 proposal launched by Uniswap Labs and Across Protocol aims to address cross-chain fragmentation in a standardized manner.
• NFT project Pudgy Penguins launches arcade game Polar Challenge, exploring more IP commercialization paths.

Market Review

According to the market data of Gate.io, as of 4:00 on September 30 (UTC+0)【1】:

BTC- The BTC price fell by 0.37% in the past 24 hours, with a highest price of $66,114 within 24 hours. Over the past day, it has been consolidating at a high level below the resistance level of $66,000. A volume callback occurred at 0:00 on September 30, dropping to $64,500. The next key support level will be around $63,000.

ETH- The price of ETH has dropped by 0.66% in the past 24 hours, with the current price at $2,658, the highest price in the past 24 hours at $2,683, and the lowest price at $2,601. Since reaching the resistance level of $2,700 on September 27th, ETH has entered a downward channel. It is necessary to pay attention to the breakthrough of the upper and lower boundaries of the channel, with a short-term support level near $2,555 below.

Shanzhai Coin- In response to the updated news of the FTX restructuring plan, the concept coins related to bankruptcy have surged, with tokens such as FTT, USTC, LUNC, and LUNA skyrocketing. [4]

Three major U.S. stock indexes- The S&P 500 index fell 0.13%, the Nasdaq index fell 0.39%, and the Dow Jones index rose 0.33%.【5】

Spot Gold- Spot gold prices fell slightly to $2,650.73 per ounce, down 0.25% intraday.【6】

Fear and Greed IndexThe Fear and Greed Index has changed from 63 to 61. Despite a slight decrease, the market is still in a greedy state.

Popular Tokens

According to the market data from Gate.io, combined with the recent 24-hour trading volume and price performance, the popular altcoins are as follows:

FTT- The daily increase is about 60.2%, with a market capitalization of 7.49 billion US dollars in circulation.

FTT is a token issued by the bankrupt cryptocurrency exchange FTX. FTX's asset restructuring plan has attracted market attention after filing for bankruptcy protection in 2022.

Recently, FTX announced that it is expected to return $11 to $16 billion to creditors in the fourth quarter of 2024. If the restructuring plan hearing is approved, FTX will have 60 days to distribute assets to creditors. This means that cash will start reaching creditors by December 7, or as a result, FTT prices continue to rise.

USTC- Single-day increase of approximately 22.6%, with a circulating market value of $134 million.

Terra USD Classic (USTC) is an algorithmic stablecoin pegged to Terra LUNA and the U.S. dollar. In May 2022, due to the collapse of LUNA, the algorithmic mechanism of USTC failed to effectively maintain its peg to the U.S. dollar, resulting in a significant decoupling, with the current price at around 0.022 dollars.

Recently, possibly influenced by the FTX repayment plan, the concept of bankruptcy has become a hot topic, and the price of USTC has also risen. However, this increase may only be a short-term market sentiment response, as the project itself has not made any substantive progress. Therefore, investors need to treat this fluctuation cautiously.

DIA- Daily increase of about 19.8%, with a circulating market value of $54.96 million.

DIA is a cross-chain, open-source data and oracle platform that supports obtaining, validating, and sharing transparent and verified data feeds for traditional and digital financial applications, covering asset prices, metaverse data, loan rates, etc.

In mid-September, DIA launched a new oracle architecture called Lumina. Leveraging DIA's Ethereum Layer 2 (L2) rollup, Lasernet, Lumina can use ZKP technology for data verification and secure node contributions, ensuring decentralized operations. Coupled with recent announcements of multiple partners. This uptrend may be influenced by the above news.

Highlight Data

Sui TVL reached 10 billion US dollars, hitting a new all-time high
The public chain Sui announced on the X platform that its Total Value Locked (TVL) has reached 1 billion US dollars, setting a new historical high. The growth of Sui TVL is closely related to the thriving development of its DeFi ecosystem.

Recently, the TVL of DeFi protocols such as Sui Ecology lending, DEX, and liquidity mining has seen significant growth. Among them, Navi Protocol has performed particularly well: as of 4:00 on September 30th (UTC+0), the daily inflow of funds approached nearly 15 million US dollars, fully demonstrating the recent vitality of the DeFi ecosystem of SUI.

The total market value of stablecoins has increased by 0.28% in the past week, with USDC seeing a 7-day growth of 0.94%.
According to DefiLlama data, as of 6:00 on September 30 (UTC+0), the total market value of stablecoins is now reported at $1728.52 billion, reaching a new high since May 2022, with a 7-day increase of 0.28%. Among them, USDC has increased by 0.94% in the past 7 days, with a market value of $35.98 billion.

The trading volume of the Hong Kong virtual asset ETF today is about 30.69 million Hong Kong dollars
According to the Hong Kong stock market data, as of the close of trading, the trading volume of all (6) Hong Kong virtual asset ETFs today was approximately 30.69 million Hong Kong dollars, setting a new high in single-day trading volume in nearly a week. Among them, the Huaxia Bitcoin ETF (3042.HK/9042.HK/83042.HK) had a trading volume of 21.9438 million Hong Kong dollars, the Huaxia Ethereum ETF (03046.HK/09046.HK/83046.HK) had a trading volume of 1.98 million Hong Kong dollars, the CSOP Bitcoin ETF (03439.HK/09439.HK) had a trading volume of 3.8193 million Hong Kong dollars, the CSOP Ethereum ETF (03179.HK/09179.HK) had a trading volume of 0.2985 million Hong Kong dollars, the Bosera Bitcoin ETF (03008.HK/09008.HK) had a trading volume of 2.3156 million Hong Kong dollars, and the Bosera Ethereum ETF (03009.HK/09009.HK) had a trading volume of 0.3346 million Hong Kong dollars.

Hotspot Review

Newly disclosed documents indicate that FTX plans to compensate preferred shareholders with $230 million, sparking controversy.
According to a recent document, FTX plans to prioritize compensating shareholders with $230 million. First and foremost, from both moral and legal perspectives, FTX is currently in bankruptcy proceedings, theoretically, priority should be given to creditors, namely those customers who have suffered losses due to the company's bankruptcy. However, FTX has chosen to allocate some funds to shareholders instead of prioritizing the repayment to creditors, which will undoubtedly exacerbate the dissatisfaction and trust crisis among creditors.

Secondly, this decision may have far-reaching implications for the bankruptcy handling rules of the cryptocurrency industry. In traditional financial sectors, shareholders are usually the last to be compensated in bankruptcy, only receiving their share after all creditors have been paid. FTX's approach seems to overturn this convention, possibly leading to more uncertainty and controversy in future bankruptcy proceedings of cryptocurrency companies.

Overall, this incident demonstrates FTX's tendency to prioritize internal interests in bankruptcy liquidation, disregarding the interests of creditors and clients, which may further damage the company's reputation and trigger regulatory scrutiny and policy changes in the crypto industry.

Uniswap Labs launches the ERC-7683 standard to address cross-chain fragmentation
Uniswap Labs recently introduced the ERC-7683 standard in collaboration with Across Protocol on X, aiming to address the fragmentation issue in intent-based systems by filling the network. The mechanism of ERC-7683 includes users signing cross-chain orders, funds being held in a settlement contract, fillers competing on the target chain to fulfill orders, the winning filler executing the operation, and releasing the funds. By defining standardized cross-chain order structures and settlement contract interfaces, this standard promotes interoperability of cross-chain transaction systems, simplifies cross-chain interactions, enhances liquidity and filler networks, and reduces costs and waiting time for users in cross-chain transactions.

Interoperability has always been a key issue that needs to be addressed in the blockchain field. Initiatives such as Polkadot's interoperability and XION's integration with the Sei network provide different solutions to this challenge. Looking ahead, the development of cross-chain interoperability may move towards standardization, continuously improving this ecosystem through protocols like ERC. This will help enhance collaboration efficiency between different blockchains, providing users with a smoother cross-chain experience.

NFT project Pudgy Penguins launches IP game: Polar Challenge
NFT project Pudgy Penguins recently announced the launch of the arcade game Polar Challenge, which will be deployed in multiple game halls in the United States. Polar Challenge features Pudgy Penguins' penguin IP, allowing players to embody penguins and engage in strategic battles against predators such as seals and killer whales to compete for the highest score.

Currently, Pudgy Penguins is the NFT project with the largest IP network in addition to BAYC. It has launched physical toys Pudgy Toys, .pudgy domain names, and other products, continuously expanding its IP use cases. As of the time of writing, based on the current floor price calculation, Pudgy Penguins' market value is approximately 2.5 billion US dollars. The emergence of new IP derivatives also continues to inspire other NFT projects and brands to consider their own IP commercialization paths.【NFTGo,https://nftgo.io/collection/pudgy-penguins/analytics/general】

Financing Sector

According to Rootdata statistics, two projects received financing from September 29 to 30, details are as follows: [15]

SecondLive ——Metaverse platform SecondLive announced on September 30th that it has completed a $12 million financing round, with Crypto.com leading the investment and Capital Spark participating. After this round of financing, SecondLive's total financing amount has reached $15 million. SecondLive is a chain game with a Create-To-Earn style.

RD TechnologyRD Technologies completed a $7.8 million Series A1 financing on September 30th, with investment from Sequoia China. RD Technology is a company dedicated to promoting payment and business development in a stable and efficient manner. The funds raised this time will enable RD Technologies to connect the Web2 and Web3 worlds and continue to contribute to the development of the Web3 ecosystem in Hong Kong.

Airdrop opportunity

CharacterX
Web3 AI social network CharacterX is ushering in Airdrop Season 2, aiming to further drive user growth and engagement through community collaboration and interaction. The airdrop event will officially start on October 1, 2024, where users can participate in AI Group Mining PK to increase their scores by interacting with other users, inviting new members, etc., to win rewards. Participants have the chance to win rewards including a $10,000 prize pool, 2,000 USDT, and tokens from other projects. Weekly scores will be calculated based on basic score, chat score, and invitation score, with top-ranking users eligible for additional rewards.

Airdrop Claim Steps:

1. Register and log in to the CharacterX account.
2. Participate in AI Group Mining PK, actively interact with Character bot.
3. Invite new members to join the group to increase the score.
4. Regularly check the score and ranking, the higher the ranking, the higher the reward.

Reminder:
The airdrop plan and participation method may be updated at any time. Users are advised to follow the official channels of CharacterX to obtain the latest information. At the same time, users should participate cautiously, pay attention to the risks, and conduct sufficient research before participating. Gate.io does not guarantee subsequent airdrop rewards.

Reference materials:

1. Gate.io, https://www.gate.io/price
2. Gate, https://www.gate.io/trade/BTC_USDT
3. Gate, https://www.gate.io/trade/ETH_USDT
4. CoinGecko, https://www.coingecko.com/en/categories
5. Yahoo Finance, https://finance.yahoo.com/markets/
6. Investing, https://www.investing.com/currencies/xau-usd
7. Gate, https://www.gate.io/bigdata/homeindex
8. PR newswire, https://www.prnewswire.com/news-releases/ftx-announces-overwhelming-support-from-creditors-for-plan-of-reorganization-302227961.html
9. X, https://x.com/SuiNetwork/status/1840471528682782835
10. DefiLlama，https://defillama.com/protocol/navi-protocol
11. DefiLlama,https://defillama.com/stablecoins
12. X, https://x.com/BuildOnViction/status/1840584666749030862
13. HKEX, https://sc.hkex.com.hk/TuniS/www.hkex.com.hk/?sc_lang=en
14. THE BLOCK, https://www.theblock.co/post/318589/ftx-to-set-aside-up-to-230-million-for-shareholders-not-creditors-from-govt-forfeiture-proceeds
15. X,https://x.com/Uniswap/status/1840428634265317852
16. Rootdata, https://www.rootdata.com/Fundraising
17. CharacterAI,@CharacterXAI/the-super-booster-league-for-characterx-season-2-aim-for-the-top-and-never-stop-b0fc0154363e"">https://medium.com/@CharacterXAI/the-super-booster-league-for-characterx-season-2-aim-for-the-top-and-never-stop-b0fc0154363e

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