- Top ApolloX Gainer: AAVEUSDT (+34.44%)
- Top ApolloX Loser: OGNUSDT (-15.62%)
Lending protocol Aave (AAVE) recently proposed the creation of a decentralized algorithmic stablecoin, GHO. Community voting for the creation of GHO is expected to begin soon. Sentiment among Aave users remained mostly positive as of Friday. Meanwhile, despite the launch of Origin Protocol’s (OGN) new governance token OGV, token price declined 22.63% over the last 7 days.
Bitcoin this week saw a steady rise from the $19k levels to a peak of $22k, but closed below $21k on Sunday. In the derivatives market, open interest increased by $868 million as compared to the previous week. However, funding rates turned negative, signifying that traders are expecting more bearish price action. This week, there were a total of $127 million long positions and $201 short positions liquidated, with over $108 million short positions liquidated from 7-8 July alone when BTC price soared to $22k from $20k.
- The U.S. Treasury Department published a fact sheet outlining how it could work with foreign regulators to address the crypto sector. (Learn more)
- The U.K. Treasury will introduce legislation on a regulatory system for stablecoins before August, though there is some delay in the framework due to recent resignations in the government. (Learn more)
- MakerDAO passed a proposal to allow DAI loans with a debt ceiling of $100 million to the Huntingdon Valley Bank. (Learn more)
- In an interview for Decrypt's gm podcast, Binance’s CEO laid out Binance's approach to "bailouts" and critiqued Alameda's lifeline to Voyager. (Learn more)
- ETH price saw a brief breakout following the successful Sepolia testnet, but analysts say its failure to flip $1,300 to support hints at further downside. (Learn more)
- Celsius is starting to repay its $258 million debt to lending protocols Aave and Compound, possibly in an attempt to reclaim collateral posted like what it did with Maker. (Learn more)
- Blockchain.com has lost $270 million to Three Arrows Capital. Its CEO assures customers that the firm remains “liquid” and “solvent”. (Learn more)
- Aave is looking to launch an overcollateralized stablecoin called GHO. (Learn more)
- Crypto exchange Binance’s trading volume spiked after its global zero trading fee policy went live Friday morning. (Learn more)
- Tesla and SpaceX CEO Elon Musk has withdrawn his $44 billion offer to buy Twitter. (Learn more)
- A handful of retailers are beginning to incorporate NFT minting into physical store locations. (Learn more)
What’s New at ApolloX
- New Core Proposal on DAO - ApolloX DAO has opened voting for core proposals on Snapshot. Vote on the APX repurchase ratio for daily trading fee income! (Vote now)
- Adjustments to Staking Rewards - ApolloX will gradually withdraw the [Stake APX] function and incorporate [Trade Rewards] into DAO Governance. (Learn more)
- ApolloX DEX Engine - The ApolloX DEX Engine allows partners to build their own futures DEX via leveraging ApolloX's stable trading infrastructure, deep liquidity, and market depth while earning commission on transaction fees. (Learn more)
- DAO Tutorial Guide - Read this tutorial guide on how you can participate in the ApolloX DAO ecosystem. (Participate now)
- DAO Governance Discord Channel - Share your thoughts and ideas on the Discord channel! Exclusively for $APX holders only. (Join now)
- 20th Epoch Trading Rewards - New unlock function, termination of auto-staking function and 100,000 APX staking reward pool. (Learn more)
Risk Reminder: Crypto trading carries a risk. All trading activities are done at your discretion and at your own risk. The information here should not be regarded as financial or investment advice from ApolloX. ApolloX will not be liable for any loss that might arise from your use of any financial product.
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