The Federal Reserve cut interest rates by 25 basis points as expected
The Fed cut its benchmark interest rate by 25 basis points to 4.50%-4.75%, the second consecutive rate cut, in line with market expectations. This time the decision was unanimous, and the policy statement remained largely unchanged, continuing to emphasize the close attention to the risks of the dual goals, but deleting the sentence "more confident that inflation is moving sustainably toward the goal", without sending a clear signal about future rate cuts, nor commenting on the results of the US election in any way.
Powell: No plan to keep inflation below 2%, will not resign because of Trump
Fed's balance sheet falls below $7 trillion
MakerDAO Votes to Maintain Its Rebranded Token “Sky”
According to The Block, MakerDAO voted to maintain its brand name "Sky", which is part of the "Endgame" plan proposed by founder Rune Christensen, aiming to launch a new stablecoin and set up a "subDAO" to build crypto applications and infrastructure. Although some members of the community have doubts about the brand change of the decentralized protocol, only four major holders control nearly 80% of the voting rights among the approximately 20 voting entities, all of which support the retention of the Sky brand.
As part of the Endgame plan, Sky plans to launch multiple new stablecoins, including the decentralized PureDAI and the regulatory-compliant NewStable, and will be launched on Solana and Ethereum L2 Base. In addition, the project will also integrate Aave, launch the SkyLink cross-chain bridge, and enter the field of asset tokenization.
Detroit to become largest US city to accept crypto for taxes, fees
According to the Detroit City Finance Office, Detroit will become the largest city in the United States to accept cryptocurrency payments for taxes and other fees, and the payment option is expected to be launched in mid-2025. Through a secure platform provided by a partnership with PayPal, Detroit residents will be able to pay municipal fees using cryptocurrency.
According to the 2020 U.S. Census, Detroit has about 630,000 residents, making it the 26th largest city in the United States. In the 1950s, it was the fourth largest city with a population of nearly 2 million. Currently, only three states in the United States (Colorado, Utah, and Louisiana) allow the use of cryptocurrencies for state-level payments. In addition, Miami and New York City have shown great interest in cryptocurrencies but have not opened payment options. There are already two cities in the United States that accept crypto payments, namely Williston, North Dakota and Miami Lakes, Florida.
Canadian crypto company WonderFi CEO kidnapped, released after paying $1 million ransom
According to CBC (Canadian Broadcasting Corporation), Dean Skurka, CEO of Canadian encryption company WonderFi, was kidnapped and released after paying a ransom of $1 million. The incident took place in downtown Toronto, where Skurka was forcibly taken into a vehicle and detained, and was later released after paying the ransom through electronic payment. Skurka said that he is currently safe and the company's customers' funds and data have not been affected.
Police have launched an investigation but have not disclosed further details. In recent years, executives in the crypto industry have repeatedly become targets of crime. In July this year, a Bitcoin holder was kidnapped and killed, losing three Bitcoins. Last year, WonderFi claimed to own nearly half of the shares of Canada's regulated cryptocurrency exchanges.
Jito Labs records $78.92 million in monthly fee revenue in October, surpassing Lido and Uniswap
According to The Block, Jito Labs recorded $78.92 million in monthly fee revenue in October, doubling its previous record of $39.45 million in May. This growth has enabled Jito Labs to surpass Lido and Uniswap to become the leading fee generator in the DeFi field.
Jito Labs' earnings were particularly significant on October 24, with a single-day tip income of $6.14 million, highlighting the growing demand for MEV (maximum extractable value) services on the Solana chain. Jito Labs' success is attributed to its MEV infrastructure, including the Jito-Solana validation client and block engine, which effectively extract value from on-chain transaction activities. In addition, JitoSOL staking tokens further broaden the source of income, combining staking rewards with MEV extraction income.
The rise of Jito Labs signals a possible shift in fee models in the DeFi space toward MEV optimization, but its sustainability may rely on high transaction volumes on Solana, especially those driven by memecoin.
Coinbase: cbBTC has been listed on the Solana blockchain
Coinbase announced the official launch of its first SPL token cbBTC issued on the Solana chain. cbBTC is a token pegged 1:1 to Bitcoin (BTC) and backed by BTC assets in Coinbase custody.
Crypto-focused AI company Pond completes $7.5 million seed round led by Archetype
According to The Block, Pond, an AI startup focusing on the cryptocurrency field, raised $7.5 million in a seed round of financing, led by Archetype, and other investors include PAKA, Web3.com Ventures, Cyber Fund, Delphi Ventures, Coinbase Ventures, Near Foundation, and several angel investors. Pond aims to build a decentralized AI model layer to provide AI support for blockchain.
Pump.fun transferred 78,000 SOL to Kraken 8 hours ago
According to the on-chain analyst Ember, the price increase has accelerated the frequency of sales for pump.fun, which has been selling SOL: they continued to transfer 78,000 SOL ($15.13M) to Kraken 8 hours ago. Pump.fun has received a total of 1.153 million SOL in fees so far. The number of sales is 823,400 SOL ($133.81M), with an average price of $162.
Paradigm transferred another 6.938 million LDO to Coinbase Prime 2 hours ago
According to on-chain analyst Ember, Paradigm transferred another 6.938 million LDO to Coinbase Prime 2 hours ago, worth about $9.23 million. So far, 15.118 million (about $20.52 million) of the 70 million LDO purchased by Paradigm from the Lido Treasury have been transferred to Coinbase Prime, with an average price of $1.36.
