dYdX to Launch Leveraged Perpetual Prediction Market

dYdX to Launch Leveraged Perpetual Prediction Market

dYdX is launching perpetual futures for prediction markets, allowing users to place leveraged bets on binary outcomes like elections or sports. CEO Charles d'Haussy explained that these markets offer a unique opportunity for DeFi to stand out. The platform aims to capture attention by providing perpetual contracts with no expiry, allowing traders to hold positions as long as they want.

Polymarket currently leads decentralized prediction markets with $450 million in August trading volume, while dYdX posted $21.2 billion. This new feature is part of dYdX’s Unlimited upgrade, which includes a MegaVault liquidity pool to support instant liquidity. The platform will allow users to propose new markets and use USDC for passive income in the liquidity vault.

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JPMorgan is a Top User of Blockchain Tech, Says CEO

Jamie Dimon, CEO of JPMorgan Chase, revealed that the bank is one of the biggest users of blockchain technology during a recent interview. He highlighted JPMorgan’s Onyx network, a private blockchain built on Ethereum, which launched in 2020 to facilitate cross-border payments, peer-to-peer lending, and wholesale transactions. Onyx has processed over $700 billion in transactions to date.

Dimon, who has frequently criticized crypto, continues to dismiss it as a "pet rock" but praised blockchain for its data-sharing capabilities. He noted that while JPMorgan doesn’t lend against crypto, clients may still access some crypto-related services through the bank. Dimon emphasized that in a free country, people can use crypto if they choose, even as he remains wary of the asset class.

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Republicans Demand Gary Gensler Clarify Crypto Airdrop Rules

Republican lawmakers Patrick McHenry and Tom Emmer pressed SEC Chair Gary Gensler to clarify how the agency treats crypto airdrops. They criticized the SEC for creating a "hostile regulatory environment," accusing Gensler of precluding Americans from benefiting from blockchain innovations. They specifically questioned how the SEC distinguishes airdrops from rewards like airline miles or credit card points.

Their letter references the SEC’s case against Tron’s Justin Sun, where airdrops were labeled as securities. The lawmakers also cited concerns about how SEC actions block US citizens from receiving crypto airdrops. They expect Gensler to respond with more detailed guidelines by the end of the month, while another key hearing about the US's stance on crypto will be held on September 24.

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TON Partners with Curve Finance for Stablecoin Swap Project

The TON Foundation has announced a partnership with decentralized exchange Curve Finance to launch a stablecoin swap project on the TON blockchain. The collaboration aims to enhance stablecoin trading on TON by leveraging Curve’s constant-function market maker (CFMM) technology, which minimizes price slippage and simplifies swaps.

The project is designed to support stablecoins and other assets from various blockchain networks, including Bitcoin, creating a more efficient trading environment on TON. The move comes amid growing demand for stablecoins on the network, with USDt on TON already reaching $730 million in circulation. Curve’s founder, Michael Egorov, is set to advise the project’s independent development team.

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Data of the Day

Bitcoin deposit addresses on centralized exchanges have reached their lowest levels since 2016, signaling a potential reduction in selling pressure. According to data from CryptoQuant, only 132,100 addresses are currently sending Bitcoin to exchanges, which could indicate that fewer investors are looking to sell their coins.

This decrease in deposits also aligns with a broader trend of investors withdrawing Bitcoin from exchanges, reducing the liquid supply of the asset by around 470,000 coins since the start of the year. CryptoQuant’s Head of Research, Julio Moreno, noted that this could suggest a tendency toward long-term holding strategies, contributing to lower sell-side pressure.

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More Breaking News

• Circle will launch its USDC stablecoin on the Sui blockchain, marking its 15th network integration since 2018.
• Dragonfly is raising $500 million for its fourth venture fund, with $250 million already secured and plans to close by Q1 2025.
• Binance reiterated it does not control WazirX after a $230 million hack and accused WazirX's parent company director of spreading misleading information.
• Hamster Kombat will take a snapshot of players' earnings on September 20, determining HMSTR token airdrop allocations before the token launch on Sept. 26.
• Bhutan holds over 13,000 Bitcoin, worth $750 million, surpassing El Salvador's Bitcoin treasuries, with the country’s BTC acquired through green-powered mining.

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