Synthetix Launches SNAXchain for Cross-Chain Liquidity and Governance

Daily Top Performer — Sonic Labs (FTM)

Last week, the SPX index was down by 4.25%, The decline was led by semiconductor and energy stocks, as weak US manufacturing and labor market data heightened concerns about a slowing economy. Investors are now awaiting key inflation data, which could influence the Federal Reserve’s upcoming interest rate decision. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.35%, with Bitcoin and Ether rising by 0.09% and 0.15%, respectively in the past 24 hours.

Today's top performer is FTM, which surged 8.5% following the launch of Sonic Labs' testnet with 106 million transactions and a developer bounty program.

Sonic Labs (FTM), founded in 2018, formerly known as Fantom Foundation, supports the development of Sonic, a new layer-1 blockchain designed for fast, efficient transactions and secure connectivity to Ethereum. It focuses on creating decentralized applications and managing governance for the Sonic ecosystem, which is set to launch later in the year. 

Fantom, now rebranded as Sonic Labs, launched its testnet, processing over 106 million transactions. The testnet achieved 70 million blocks with an average block time of 0.45 seconds and a finality time of 0.76 seconds, making it one of the fastest EVM blockchains. The FTM token, set to be replaced by the S token, dropped 1.2% to $0.37 despite a recent upward trend. Sonic Labs focuses on dApp development, while the Sonic Foundation oversees governance. The rebrand follows a $10 million funding round, and Sonic Labs also introduced a bounty program, Sonic Boom, to encourage developer participation until Nov. 4.

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Talk of the Town:

Synthetix has launched SNAXchain, an app chain aimed at providing cross-chain liquidity and trading fee revenue for SNX stakers and on-chain trading products. Initially serving as a governance hub for Synthetix’s deployments on Ethereum and L2 networks like Optimism, Arbitrum, and Base, SNAXchain plans to expand functionality to include SNX staking and cross-chain liquidity by Q4. Built on Optimism’s Superchain, SNAXchain uses Conduit and Wormhole for cross-chain messaging. Synthetix aims to differentiate itself in Arbitrum’s DeFi derivatives market by accepting various tokens as collateral.

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Bitcoin Spot ETF Flows:

From September 2-6, 2024, BTC Spot ETF experienced a total net outflow of $706.1 million, with $160.7 million from GBTC-related investments and $545.4 million from non-GBTC investments. The current total stands at a net of $16.9 billion, combining $20.0 billion in GBTC outflows and $36.9 billion in non-GBTC inflows.

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Airdrop to Watch:

SUI Name Service (SNS) announced a 500 million token supply with 10% allocated for an airdrop. The first distribution, on August 9th, was in the form of NFTs, redeemable for tokens at TGE. The project's treasury holds 57%, with some reserved for future airdrops. To be eligible for future airdrops, users can register a name, link it to their SUI wallet, and set it as their default.

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