Snapshot 169

The stablecoin market cap reaches new ATH, 1 billion new USDT minted, and long liquidations across centralized exchanges

Hello Snapshotters,

This week, BTC and altcoin prices slipped, liquidating long positions across centralized exchanges. Despite the bearish news, traders seem to be holding on to their crypto funds, pushing the stablecoin market cap to a new all-time high (ATH) and exceeding the last peak in March 2022. Tether, which makes up the lion’s share of the stablecoin market, minted another 1 billion USDT on TRON. 

The macro outlook is also bullish: U.S. Fed Chairman Jerome Powell mentioned that “the time has come for policy to adjust,” hinting at a potential interest rate cut in September.

Market Spotlight

Note: Market prices captured in USD at the time of sending. Explore more on Crypto‌.com/Price. 

Want more? Get weekly Market and DeFi Updates from Crypto.‌com’s Research Team.

News Snaps

📉 Long Liquidations

The cryptocurrency market experienced a surge in long liquidations midweek, according to data from CoinGlass; 60,287 traders with long positions worth $127 million were liquidated on centralized exchanges.

📈 New ATH for Stablecoins

As of August 30, the total stablecoin market capitalization amounted to $169.8 billion, a new peak since March 2022, according to DefiLlama. USDT accounts for about 70% of the total market cap.

⚒️ 1 Billion USDT Minted

Tether minted another 1 billion USDT on the TRON network on August 20, marking a total of $33 billion USDT minted in the last year, according to Lookonchain. Tether also launched USDT on the Aptos blockchain to reduce transaction costs and leverage Aptos’s speed and scalability.

🔄 Maker Becomes Sky

MakerDAO rebranded as Sky and introduced two new tokens: USDS, an upgraded version of the DAI stablecoin, and SKY, a new governance token replacing Maker (MKR). The transition allows users to convert existing DAI and MKR holdings into USDS and SKY.

🤝 Sony x Ethereum L-2

Sony Block Solutions Labs, a joint venture between Sony Group and Startale Labs, launched an Ethereum Layer-2 blockchain named Soneium. Transak has partnered with Sony to provide fiat on-ramps for the project.

What’s Ahead

Standard Chartered Partners With Crypto.com

Standard Chartered is now providing Crypto.com with banking and payment solutions, enabling near real-time processing of USD, EUR, and AED deposits and withdrawals in the Crypto.com App. 

Starting next month, Crypto.com will provide even more seamless deposits and withdrawals for retail users from over 90 countries. 

Read the announcement here.

Number of the Week

Chart of the Week

BlackRock’s iShares Ethereum Trust became the first Ether ETF to surpass $1 billion in net inflows this month, according to data from Farside Investors.

Crypto Trivia

Which consensus mechanism does the Solana blockchain primarily use?

A) Proof of Work (PoW)
B) Proof of Stake (PoS)
C) Proof of History (PoH)

Find the correct answer at the end of this newsletter.

NFT Spotlight

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Step into the future of digital ownership. It’s good to have choices.

Product Picks

It’s Mane City’s 1st Anniversary! 

What a year it’s been for the Mane City tycoons, filled with amazing achievements and unforgettable moments. To celebrate Mane City’s 1st anniversary with you, we’re giving away 3 ‘Cyber Cubs’ NFTs to Loaded Lions, Cyber Cubs, or Dark Lions NFT holders! For more details on how to enter the giveaway, visit this link.

Use PayPal in the Crypto.com App [US]

We’re excited to announce that PayPal is now supported in the Crypto.com App, enabling you to seamlessly purchase over 350 supported cryptocurrencies directly via PayPal in your Crypto.com App. Launch the App. 

Crypto.com App New Token Listings

DOGS (DOGS)

DOGS is a meme coin created on the TON blockchain. It embodies the Telegram community’s unique spirit and culture, and is intended to reward users of the instant messaging platform. 

Polygon Ecosystem Token (POL)

POL is the new native token of the Polygon ecosystem, which is headed in a new direction as an aggregated blockchain network, combining the benefits of monolithic and modular architectures using ZK technology.

Cronos zkEVM CRO (ZKCRO)

Cronos zkEVM is a Layer-2 blockchain scaling solution built on Ethereum, utilising Zero-Knowledge (ZK) technology from ZKsync’s ZK Stack.

Cloud (CLOUD)

Cloud is a platform built on the Solana blockchain that specializes in the domain of liquid staking tokens (LSTs). It streamlines the process to ensure all LSTs are fairly priced and instantly tradable.

Crypto Level Up

What Are Meme Coins and How Do They Work?

What Are Meme Coins?

Dogecoin, Pepe, and hundreds of other meme coins like WIF are cryptocurrencies that pay homage to memes. These coins are highly volatile and speculative, as their popularity is often community-driven.

Here’s how to DYOR a meme coin project before FOMO-ing in:

1. Research the team members and project. 

2. Check if the community is strong and active.

3. Understand the tokenomics and trading activity.

Read our University article for a deeper dive on meme coins.

CryptoIRL

Every once in a while the Lion likes to bust out a game of peek-a-boo in its natural habitat — here the Crypto.com Frosted Rose Gold Visa Card hides behind a match’a made in heaven with @_seven48.

Hashtag #CryptoIRL with your Crypto.‌com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!

Security Tips

Mbappe’s Twitter Hacked to Promote $MBAPPE Scam Coin

The Real Madrid soccer star’s social media platform was hacked on the morning of August 29 to promote $MBAPPE. The rug pull token shot to tens of millions of dollars before crashing to zero within minutes.

Here’s how to stay safe:

1. Be wary of exponential token growth within a short period, as it can signal a bubble.

2. Keep in mind that even official accounts can be compromised.

3. Trade only what you can afford to lose.

Crypto Trivia Answer

C) Proof of History (PoH)

That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.