Lido's Market Dominance 📉🔻

In today’s edition: 🔍 Lido's mixed success in ETH staking landscape, 🏆 Base Network's record-breaking user count, and more!

Aug 27, 2024

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What’s Poppin’?

by Juan Aranovich and Sage Young

Lido’s Staked ETH Has Grown Year-To-Date – But its Market Share Has Dropped

The leading restaking provider has faced increasing competition since its breakout debut.

Base Network Surpasses 1 Million Daily Active Addresses for the First Time

Coinbase’s Ethereum Layer 2 solution achieved a major milestone, reaching over 1 million daily active addresses this weekend, more than all other major Layer 2 networks combined.

Daily Bits… ✍️✍️✍️

⚖️ Abra settled with the SEC over charges related to offering unregistered crypto asset securities through its Abra Earn product, agreeing to pay civil penalties without admitting to or denying the allegations.
💰 Aave Labs proposed updating its GHO Stability Module by integrating BlackRock's tokenized fund BUIDL, aiming to enhance the efficiency and stability of its native stablecoin system.
💸 Celsius' bankruptcy administrator distributed over $2.53 billion to around 251,000 creditors, covering 93% of eligible value, though 121,000 creditors have yet to claim their distributions.
🏛️ A California judge ruled that the SEC's lawsuit against Kraken will proceed to trial, where the exchange is accused of operating as an unregistered broker, exchange, or clearinghouse.
🚨 French authorities arrested Telegram CEO Pavel Durov in connection with a cybercrime investigation involving unauthorized cryptology services, as detailed in a statement from the Tribunal Judiciaire de Paris.
💼 Rumpel Labs, backed by venture capital firms like Dragonfly and Variant, is launching a platform to create secondary markets for trading airdrop-related points, aiming to improve price discovery and offer more flexibility for users engaging with loyalty point programs.

Today in Crypto Adoption...

💰 Tokenized Treasury funds have grown to over $2 billion in market capitalization, with BlackRock's BUIDL fund playing a significant role in this surge, just five months after the market crossed the $1 billion mark.
💸 PayPal's stablecoin PYUSD reached a market capitalization of $1 billion, driven by its recent expansion to the Solana blockchain and increased activity in DeFi reward programs.

The $$$ Corner…

⚡ Ethereum research firm Chainbound closed $4.6 million to develop Bolt, a protocol designed to enable sub-second transaction confirmations on the Ethereum network, significantly reducing the current average confirmation time.

What Do You Meme?

📈 Your Market Update 📉

BTC is down 2.3%, trading at $62,357
ETH is down 3.5%, trading at $2,640
BTC dominance: 53.87%
Crypto market cap: $2.28T

*All data as of today, 06:47 am ET. Source: CoinGecko

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