MakerDAO Teases New Stablecoin, NewStable and PureDAI, Innovating Stablecoin Market with Endgame Plan

Daily Top Performer — BinaryX (BNX)

Last week, the SPX index is up 1.54%, fueled by robust corporate earnings and expectations of potential Federal Reserve interest rate cuts, despite some Federal officials expressing concerns. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 0.64% and 0.62%, respectively in the past 24 hours.

Today’s outperformer is BNX, which jumped 7.2% after BinaryX Celebrates Third Anniversary with $500 Giveaway for GameFi Community.

BinaryX (BNX), launched in 2022, is a GameFi platform on the BNB Chain that develops blockchain games and facilitates Initial Game Offerings (IGOs). Key titles include CyberChess and CyberDragon. The platform focuses on integrating players into the game's economy to enhance engagement and ownership, enriching both gameplay and financial involvement. BinaryX is celebrating its third anniversary by hosting a giveaway for its community. The GameFi platform is offering $500, split among 10 winners who will each receive $50. To participate, users must follow BinaryX on Twitter, like and retweet the celebration post, and tag three friends. Participants should also comment with their earliest date and transaction hash for BinaryX games.

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Talk of the Town:

MakerDAO Founder, Rune Christensen, announced the introduction of two new stablecoins, NewStable and PureDAI, as part of the protocol's Endgame plan, aimed at replacing the existing DAI stablecoin. NewStable will focus on growth and resilience, backed by real-world assets, and is set to adopt a new branding later. PureDAI, on the other hand, aims to return to decentralized principles, utilizing only decentralized collateral and oracles, with minimal governance. While NewStable is soon to be operational, PureDAI's launch is anticipated to be several years away, featuring unique tokenomics designed to promote long-term demand and growth. Christensen seeks community input on these innovations to enhance their functionality post-launch.

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Spot Bitcoin ETF Flows:

Bitcoin (BTC) rose 2.81% to $67,030 on Friday, buoyed by expectations of a September Fed rate cut and robust inflows into US BTC-spot ETFs, marking five consecutive days of net inflows. Ethereum (ETH), conversely, faced uncertainty with upcoming SEC decisions on ETH-spot ETFs influencing market sentiment. Technically, Bitcoin appears bullish with potential to approach $70,000, while Ethereum shows mixed trends, struggling in the short term but maintaining long-term potential.

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Airdrop to Watch:

ZkSync, an Ethereum Layer-2 network using zero-knowledge rollups, has hinted at a governance token airdrop scheduled for the end of June, coinciding with the finalization of its v24 upgrade. This upgrade marks the transition of network governance to the community. ZkSync has gained significant traction, with its total value locked (TVL) reaching $141 million. The network aims to enhance Ethereum scalability by handling transactions off-chain, significantly reducing fees, especially after Ethereum's Dencun upgrade in March. Matter Labs, zkSync's developer, has secured $458 million in funding, reflecting strong investor confidence in the platform's technology and future.

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