Native USDC Launches on Sui, Enhancing Liquidity and Security for DeFi Applications

Daily Top Performer — Eigenlayer (EIGEN)

The SPX index was up by 0.97%, driven by gains in technology, communication services, and consumer discretionary sectors. The market's positive reaction was partly due to hopes of a Federal Reserve "soft landing" following strong jobs data. Investors are now focused on upcoming Fed minutes and major bank earnings, while anticipating further market volatility ahead of the US presidential election. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.54%, with Bitcoin and Ether dropping by 1.78% and by 0.03%, respectively in the past 24 hours.

Today's top performer is EIGEN, which surged 7.9% following the introduction of new EIGEN markets by Gauntlet to enhance liquidity on Morpho vaults.

EigenLayer (EIGEN), founded in 2021, is an Ethereum-based protocol that enables ETH stakers to restake their ETH and Liquid Staking Tokens (LSTs) to enhance security for other protocols. This system allows stakers to earn additional rewards while providing protocols with access to Ethereum's secure validator network, reducing the need for costly incentive programs to establish their own validators. Gauntlet has introduced two new EIGEN markets in its Morpho vaults: EIGEN/USDC and EIGEN/WETH, both with a loan-to-value ratio (LLTV) of 77%. This addition aims to enhance EIGEN liquidity following EigenLayer's recent transferability announcement and token listings, operating on the Mainnet.

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Talk of the Town:

Sui, a Layer 1 blockchain using the Move language, has launched native USDC in partnership with Circle, the stablecoin's issuer. This eliminates the need for bridging USDC and reduces associated risks, offering users enhanced liquidity and security. With native USDC, users can now directly use the stablecoin on-chain, improving decentralized finance (DeFi) opportunities on the network. Additionally, the upcoming Cross-Chain Transfer Protocol (CCTP) will enable seamless USDC transfers between supported blockchains. Various protocols, including Aftermath Finance and Suilend, have integrated native USDC from day one.

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Bitcoin Spot ETF Flows:

Yesterday, the BTC Spot ETF data shows a total outflow of $58.2 million, with $9.4 million from GBTC and $48.8 million from non-GBTC sources.

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Airdrop to Watch:

Scroll is launching its native token, SCR, as part of its move toward decentralization. The SCR token will be available via an airdrop on October 22, 2024, and listed on Binance. It will be used for governance, decentralizing Scroll’s prover and sequencer mechanisms, and fostering ecosystem growth. The total supply is 1 billion SCR, with 15% allocated for airdrops, 35% for ecosystem growth, 17% for investors, 10% for the Scroll Foundation, and 23% for core contributors. SCR aims to enhance user experience and ownership while driving Scroll’s global adoption.

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