Crypto Morning Brief: Fractal Bitcoin mainnet is now live; APT, XAI, RENDER, and other tokens face major unlocks this week

2024.09.09

Crypto Morning Brief: Fractal Bitcoin mainnet is now live; APT, XAI, RENDER, and other tokens face major unlocks this week

Tether invests $102 million in agricultural giant, calling land a safe haven during geopolitical instability.

2024.09.09 - 01:52:52

FractalBitcoinAPTXAIRENDER

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Tether invests $102 million in agricultural giant, calling land a safe haven during geopolitical instability.

Author: TechFlow

Weekend Market Updates

Fractal Bitcoin Mainnet Goes Live

Fractal Bitcoin, a Bitcoin scaling network, announced on social media that its mainnet has officially launched. Users can now self-custody their Fractal assets using UniSat Wallet and OKX Wallet, both of which fully support the Fractal mainnet to ensure users maintain control over their digital assets. Transaction and balance checks are available via the Mempool Explorer.

PizzaSwap will activate at block 21000, enabling seamless swaps of Fractal brc-20 assets. Additionally, Fractal plans to launch a voting platform powered by OP_CAT, allowing FB holders to vote on key proposals—ensuring community-driven growth and development.

Fractal Bitcoin Reveals FB Tokenomics: 80% Allocated to Community

Fractal Bitcoin shared on X that the total supply of the FB token is 210 million, with the following allocation:

50% for Proof-of-Work (PoW) mining, 15% for ecosystem treasury, 10% for community grants, 5% for private sale, 5% for advisors, and 15% for core contributors.

Distributions from the ecosystem treasury and community grants are capped at 10% of total allocation annually, distributed over 10 years. Advisor allocations are capped at 20% per year, distributed over 5 years—designed to provide long-term, sustainable support for the Fractal ecosystem.

Last Week’s U.S. Spot Bitcoin ETFs See $706.1M Net Outflows

According to Farside Investors data, U.S. spot Bitcoin ETFs recorded $706.1 million in net outflows last week, broken down as follows:

Fidelity's FBTC: $404.9 million outflow;
Grayscale's GBTC: $160.7 million outflow;
BITB: $59.8 million outflow;
ARKB: $40.8 million outflow.

Arthur Hayes: Closed BTC Short Position with 3% Profit, Expects More Dollar Liquidity Next Week

Arthur Hayes, co-founder of BitMEX, posted on X over the weekend: "Closed my BTC short position with a 3% profit. Given Treasury Secretary Yellen's attention to markets and her weekend statement, I expect more dollar liquidity to enter the market next week, and BTC may rise."

Blur Founder: Leading Projects Often Emerge During Bear Markets

Pacman, founder of Blur and Blast, wrote on social media that the bear market of 2019 was deeply frustrating—there was no hype, crypto lacked users back then. Today, we have DeFi, perpetual DEXs, NFTs, yield-bearing stablecoins, and most importantly, a substantial number of active on-chain users (in terms of trading volume and activity). While it's hard to predict whether prices will rise or fall in the coming days or weeks, this space will persist. New category leaders emerge every cycle, and they are almost always built during bear markets (Blur itself was built in a bear market). It feels counterintuitive, but times like these offer the best opportunities.

ChatGPT Website Suffers Sharp Decline in Monthly Traffic

Latest data from analytics firm Similarweb shows a sharp drop in ChatGPT’s monthly website traffic from spring to mid-summer.

Peter Oppenheimer, Head of European Macro Research and Chief Global Equity Strategist at Goldman Sachs Global Investment Research, believes the initial "excitement" around ChatGPT is fading. Users may be growing tired of GPT-4 or shifting to other large language models backed by tech giants. Many users likely find it unnecessary to integrate AI chatbots into their daily lives.

Aave Co-Founder: Custom Markets for EtherFi and Ethena Launching on Ethereum Mainnet in Coming Weeks

Stani, co-founder of Aave, announced on social media that custom markets for EtherFi and Ethena will launch on the Ethereum mainnet in the coming weeks. The protocol also plans to expand to ZKsync and Linea L2 networks.

Data: Major Token Unlocks This Week for APT, XAI, RENDER, and Others

According to Token Unlocks data, several tokens including APT, XAI, and RENDER will undergo significant one-time unlocks this week:

Xai (XAI): 35.88 million tokens unlocking on September 9 at 17:30, worth ~$6.36 million, representing 6.27% of current circulating supply.
Aptos (APT): 11.31 million tokens unlocking on September 11 at 18:00, worth ~$66.16 million, representing 2.32% of current circulating supply.
io.net (IO): 2.11 million tokens unlocking on September 11 at 20:00, worth ~$3.31 million, representing 2.22% of current circulating supply.
Render (RENDER): 760,000 tokens scheduled to unlock on September 14 at 8:00, worth ~$3.59 million, representing 0.19% of current circulating supply.

Tether Invests $102M in Agricultural Giant, Calls Land a Safe Haven Amid Geopolitical Instability

The Block reported, based on Nasdaq filings, that Tether invested approximately $102 million between July 29 and August 16, 2024, through its investment arm, acquiring a 9.8% stake in South American agribusiness giant Adecoagro SA (Nasdaq: AGRO), becoming its third-largest shareholder.

Adecoagro is Argentina’s largest producer of milk and rice, operates sugarcane and renewable energy businesses in Brazil, and grows soybeans and corn in Argentina and Uruguay. At the time of writing, Adecoagro has a market cap of about $1.2 billion. A Tether spokesperson said the investment is part of its strategy to diversify profits. "Tether views land as a key asset class that complements our existing investments in Bitcoin and gold. Land is scarce, generates long-term returns, and has historically served as a safe haven during periods of geopolitical instability."

Crypto Morning Brief: Fractal Bitcoin mainnet is now live; APT, XAI, RENDER, and other tokens face major unlocks this week

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