Aave and Sky Partner to Bridge DeFi and TradFi with USDS Market

Daily Top Performer — UXLINK (UXLINK)

The SPX index was down by 2.12%, the drop was driven by a sharp decline in technology and semiconductor stocks, exacerbated by concerns over weak economic data, specifically subdued factory activity in August. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 5.46%, with Bitcoin and Ether dropping by 0.74% and 3.62%, respectively in the past 24 hours.

Today's top performer is UXLINK, which surged 43.3% following Animoca Brands' investment to boost user growth and ecosystem expansion.

UXLINK (UXLINK), founded in 2022, is a web3 social platform that emphasizes user-driven interactions and real-time engagement. Integrated with Telegram and various online platforms, it offers a diverse array of DApps to enhance social connections. Animoca Brands has made a strategic investment in UXLINK. The partnership will focus on accelerating user growth and expanding the ecosystem by collaborating with Animoca's portfolio.

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Talk of the Town:

Aave and Sky (formerly Maker) are considering a partnership to connect DeFi with TradFi. This collaboration, known as Sky Aave Force, aims to develop markets for the USDS stablecoin on Aave. Phoenix Labs has proposed issuing SPK tokens to support this initiative and implementing a Direct Deposit Module to let Sky mint USDS directly within Aave’s market. The goal is to foster widespread adoption and enhance the integration between the two protocols, positioning them as central elements in scalable DeFi.

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Bitcoin Spot ETF Flows:

Yesterday, The total outflow from BTC Spot ETFs amounted to $285.5 million, with $50.4 million from GBTC and $235.1 million from non-GBTC funds.

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Airdrop to Watch:

Linea is preparing to distribute LXP tokens to users who participated in the Linea Culture SZN on Layer3. To be eligible, complete your POH by September 8th. For more information, visit Linea POH or check the announcement.