SIP-411 - Strategic Acquisition of Kwenta to Relaunch Synthetix Exchange and Enhance Brand Integration

Daily Top Performer — Ondo Finance (ONDO)

The S&P 500 dropped 0.33%, driven by weak tech earnings and sharp declines in semiconductor stocks. Slower Q3 GDP growth and strong jobs data further lowered hopes for Fed rate cuts. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.27%, with Bitcoin dropping by 0.98% and Ether rising by 2.18%, in the past 24 hours.

Today's top performer is ONDO, which surged 13.47% after Wellington and Ondo Finance Boost 24/7 Liquidity for Tokenized U.S. Treasury Fund in Web3 Push.

Ondo Finance (ONDO), founded in 2021, is a DeFi platform that blends traditional finance with blockchain to provide fixed yield loans backed by crypto assets, targeting a diverse investor base with varying risk appetites. Wellington Management has teamed up with Ondo Finance to provide 24/7 liquidity for its tokenized U.S. Treasury Fund, enhancing its use in cross-border and Web3 settlements. This initiative, backed by SC Ventures, aims to make traditional assets accessible on blockchain while maintaining stability and credibility for institutional investors.

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Talk of the Town

SIP-411 proposes acquiring Kwenta, Synthetix's leading front end, to relaunch the Synthetix Exchange, contingent on approvals from both the Spartan and Kwenta Councils. The acquisition involves exchanging 1 $KWENTA for 17 $SNX, valuing Kwenta at approximately $13.2 million, funded by issuing up to 9,050,375 new SNX tokens, resulting in a 2.8% inflation over one year. This strategic move aims to regain control over customer interactions, enhance branding, align product roadmaps, and merge communities, ultimately driving value for SNX token holders. If approved, governance will transition to the Spartan Council, with Kwenta’s treasury absorbed into Synthetix’s treasury, requiring majority approval from both councils to succeed.

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Bitcoin Spot ETF Flows

Yesterday, in the BTC Spot ETF data, total inflows amount to $21.3 million, with $0 million from GBTC and $21.3 million from non-GBTC sources.

Check Out the Latest Prices, Charts, and Data of BTCUSDT Perp and BTC/USDT Spot Contracts!

Airdrop to Watch

Nillion has successfully raised an additional $25 million in funding, bringing its total to $50 million. Key investors in this round include Hack VC, HashKey Capital, Big Brain Holdings, and Animoca. Resources are available for those looking to engage with Nillion, including guides on interacting with the Nillion Testnet and completing the Verifier Task. Although there is no confirmed airdrop, Nillion has suggested potential rewards for early supporters.