Sonic and Neon Stack Collaborate to Enhance EVM Compatibility on Solana's Gaming Layer

Daily Top Performer — Near Protocol (NEAR)

The SPX index was up by 0.88% due to profit-taking in large tech companies and a move towards sectors likely to benefit from potential lower interest rates. Additionally, the latest inflation data indicated a significant decrease, leading to market expectations of a likely Federal Reserve rate cut in September. The broader cryptocurrency market was mixed, with Bitcoin dropping by 0.03% and Ether rising by 0.61% in the past 24 hours.

Today's top performer is NEAR, which surged 8.5% following the release of NEAR Horizon’s AI Tech Showcase in collaboration with NEAR Protocol.

Near Protocol (NEAR), launched on April 2020, is a decentralized platform using sharding for efficient app development and operation, similar to Amazon Web Services but with a distributed network and its own cryptocurrency, NEAR token. NEAR Horizon hosted an AI Tech Showcase on July 11th that focused on User-Owned AI in collaboration with NEAR Protocol. The event included discussions on foundational crypto models, a panel on AI market trends, and insights into building Web3 apps centered around user ownership of AI. 

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Talk of the Town:

Sonic, a Solana-based gaming Layer 2 (L2), has partnered with Neon Stack to enable EVM compatibility on its platform, facilitating the migration of Ethereum-based decentralized applications (dapps) to Solana. This collaboration aims to integrate Ethereum-native transactions within the Sonic Virtual Machine (SVM) and expand the use of SVM in the gaming industry. Sonic's L2 solution, HyperGrid, supports high-performance scalability and settlement on Solana L1, enhancing the platform's capability to host high-volume web3 games. This partnership bridges the ecosystems of Ethereum and Solana, offering a unified framework that allows developers to operate without the constraints of network-specific technical limitations. Both companies will discuss this advancement at the upcoming EthCC in Brussels.

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Spot Bitcoin ETF Flows:

Bitcoin's price surged above $59,000 after cooler-than-expected U.S. inflation data but stabilized at $57,000, unable to surpass the $60K mark. This inflation trend raises the likelihood of a Federal Reserve rate cut, potentially boosting cryptocurrencies. Germany continues to sell off its bitcoin holdings, offsetting strong inflows into spot bitcoin ETFs, which recorded $78.9 million on Wednesday. MicroStrategy's stock rose over 3% following a 10-to-1 stock split announcement, aimed at making shares more accessible.

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Airdrop to Watch:

Community Gaming, an esports tournament platform, has launched a new airdrop through its CG Summer Points Program. The platform, which has successfully raised $18.5 million from various backers including CoinFund and Animoca, allows participants to earn CG Points by completing free tasks. These points could potentially lead to a $CG airdrop. The program is set to conclude this summer. Interested users can join by signing up on Community Gaming’s website, creating a username, linking their Twitter account, and completing quests to maximize their CG Points. Participants can also increase their points daily by spinning a wheel.