Grayscale Launches Aave Trust, Expanding Investor Access to DeFi Lending Protocol

Daily Top Performer — Stacks (STX)

The SPX index was down by 0.17% as the market was impacted by rising oil prices, which surged over 5% following President Biden's support for Israel potentially striking Iran’s oil facilities. Additionally, U.S. labor market data showed signs of cooling, with a rise in jobless claims and fewer planned layoffs. Investors are now awaiting the September jobs report for further insights. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.35%, with Bitcoin rising by 1.40% and Ether dropping by 1.90%, in the past 24 hours.

Today's top performer is STX, which surged 3.6% following Stacks' success of their Bitcoin Builders event after a successful Asia tour and announcing the next Developer Event.

Stacks (STX), launched on January 2021, enhances Bitcoin with smart contracts and decentralized apps as a layer-1 solution, aiming to decentralize the internet and reduce big tech's dominance. It uses the security of Bitcoin to back its ecosystem, allowing for the creation of modular dApps. The Stacks Foundation and Stacks Asia are concluding their Asia tour, which introduced thousands to the Stacks Bitcoin Layer 2 ecosystem. They are now seeking input on where to hold their next Bitcoin Builders event globally.

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Talk of the Town:

Grayscale has launched the Grayscale Aave Trust, providing investors with exposure to Aave, a decentralized lending protocol on Ethereum and the 44th largest cryptocurrency by market cap. The trust operates like a closed-end fund, allowing accredited investors to buy shares that track Aave's price. This follows Grayscale's earlier approvals for Bitcoin and Ethereum ETFs. Aave, a major DeFi protocol, aims to optimize lending and borrowing through blockchain and smart contracts, reducing intermediaries. Grayscale also offers trusts for other cryptocurrencies, including XRP, Bitcoin Cash, and Chainlink.

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Bitcoin Spot ETF Flows:

Yesterday, the total flow for BTC Spot ETFs was -$90.2 million, with no flow for GBTC and a -$90.2 million outflow from non-GBTC funds.

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Airdrop to Watch:

The temp check vote for Ethereal's potential integration with Ethena has passed, allowing sENA and rsENA holders to start earning rewards from Ethereal DEX. Ethereal's waitlist is now live, and the first 1,000 users will gain access to an exclusive early user Telegram group.

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