Crypto Morning Brief: U.S. weekly initial jobless claims surge, Scroll DAO announces governance pause
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Crypto Morning Brief: U.S. weekly initial jobless claims surge, Scroll DAO announces governance pause
Ant Group's technology subsidiary and Langxin Technology jointly announced the establishment of "Ant Blockchain Credit."
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
U.S. August unadjusted CPI year-on-year rate at 2.9%, in line with expectations of 2.90%, up from previous 2.70%
According to Jin10 News, the U.S. August unadjusted CPI year-on-year rate was 2.9%, meeting expectations of 2.90% and higher than the prior 2.70%.
U.S. August seasonally adjusted CPI month-on-month rate rose 0.4%, above expectations of 0.30% and prior 0.20%.
U.S. initial jobless claims for the week ending September 6 reached 263,000, the highest since the week of October 23, 2021
According to Jin10 News, U.S. initial jobless claims for the week ending September 6 came in at 263,000, the highest level since the week of October 23, 2021, surpassing market expectations of 235,000.
Reuters Survey: 107 analysts nearly unanimously expect Fed rate cut in September
According to Jin10 News, nearly all of the 107 analysts surveyed by Reuters believe the Federal Reserve will cut interest rates by 25 basis points on September 17, as weakening labor market conditions outweigh inflation concerns. Most analysts anticipate further rate cuts in the coming quarter.
Stagnant job growth in August, coupled with significant downward revisions to employment data over the past 12 months through March, has prompted many economists to lower their forecasts and suggest the Fed may implement more rate cuts than previously expected. Markets have fully priced in a September rate cut and now expect three rate reductions this year, up from just two only weeks ago.
Michael Gapen, Morgan Stanley's chief U.S. economist, said: "The Fed now has four consecutive months of evidence showing a slowdown in labor demand, and this trend appears increasingly persistent... In short, current inflation levels should be temporarily overlooked, and policy easing should be used to support the labor market. However, we believe a 25-basis-point cut in September is more likely than a larger cut."
OpenEden and BitGo join bidding for Hyperliquid’s USDH stablecoin issuance
According to Cointelegraph, OpenEden and BitGo have joined the bidding process for issuing Hyperliquid's native stablecoin USDH, bringing the total number of bidders to eight. The validator voting and staking phase will continue until this Sunday.
Currently, Native Markets leads with 33.73% approval votes, while 46.49% of votes remain outstanding.
Aster: Airdrop checker live, over 137,000 wallets eligible
As officially disclosed, Aster has launched its ASTER token airdrop eligibility checker. Users can connect their wallets to view their ASTER airdrop qualification and allocation amounts.
Aster stated that over 137,000 wallets qualify for the airdrop event.
Scroll DAO governance suspended, leadership resigns
According to Scroll DAO representative olimpio (@OlimpioCrypto) on social media platform X, Scroll DAO has officially announced the suspension of its governance mechanism, and DAO leader Eugene has formally resigned this week. Based on the latest representative meeting content shared by olimpio, Scroll co-founder Haichen (@shenhaichen) stated the team is "redesigning governance," though no clear follow-up plans or timelines have been provided.
Team member Raza (@razacodes) emphasized during the meeting they prefer using the term "pause" rather than "halt" or "dismantle" to describe this governance change. Several governance proposals (including treasury management proposals) are still ongoing, and their execution status remains uncertain.
Olimpio noted that Scroll team members repeatedly referred to the current governance as an "experiment" during the meeting and indicated they need time to organize the current situation. Notably, olimpio, a community representative holding 176K SCR and ranked fourth in governance power, claimed to have been banned from the Scroll Discord server, further raising community concerns about project transparency.
Survey: Ethereum core developers earn less than half of market-rate compensation
According to CryptoSlate, the latest compensation report from Protocol Guild reveals that most Ethereum core developers earn less than half of market-rate salaries.
The survey collected responses from 111 out of 190 members across 11 organizations, showing that Ethereum core contributors earn an average of $157,939 annually—approximately 60% lower than the $359,074 market-rate compensation offered by competing companies. The report notes that nearly 40% of respondents received final job offers from other firms in the past year, yet many core contributors chose to decline higher-paying positions to continue focusing on maintaining the Ethereum network.
The Protocol Guild report warns that such undercompensation poses long-term risks to blockchain networks, potentially threatening talent retention and execution of technical roadmaps, thereby affecting the credible neutrality of this $400 billion network.
Bubblemaps: MYX team potentially directly linked to $170 million Sybil attack, suggesting insider manipulation
According to blockchain analytics firm Bubblemaps, the MYX team has direct links to wallets that claimed a $170 million airdrop, indicating possible insider manipulation.
Bubblemaps previously discovered that a single entity claimed $170 million from the MYX airdrop via 100 new wallets. Tracing from the MYX creator wallet 0x8eEB, cross-chain fund flows led to one of the airdrop-receiving wallets, 0x4a31.
Bubblemaps stated that wallet 0x4a31 not only matches the funding pattern of the other 95 Sybil wallets but also sent $2.8 million worth of MYX tokens to a deposit address that had only been used by another wallet, 0xeb5A, associated with the MYX creator.
Bubblemaps added that although the MYX team previously responded that some users requested address changes, the new evidence suggests the situation may be more severe.
Chinese e-commerce platform “Mogujie” to allocate up to $20 million into digital assets
According to U.S. Securities and Exchange Commission filings, Mogujie (NYSE: MOGU), a Chinese fashion e-commerce platform, has had its board approve a strategic asset allocation plan to allocate up to $20 million of corporate assets into digital currencies, primarily Bitcoin, Ethereum, and Solana, along with related securities and investment products.
The board believes that integrating digital assets into core holdings will allow the company to diversify its capital reserves and enhance operational capabilities supporting next-generation AI products and services. The board has authorized Chairman Chen Qi to determine the timing and amount of cryptocurrency acquisitions.
Avalanche proposes raising $1 billion to establish treasury companies for discounted AVAX purchases
According to the Financial Times, the Avalanche Foundation is in talks with investors to establish two "digital asset treasury companies" in the U.S., aiming to raise a total of $1 billion to purchase millions of AVAX tokens held by the foundation at a discount. The first project, led by Hivemind Capital, aims to raise up to $500 million from Nasdaq-listed companies, with crypto investor and former White House press secretary Anthony Scaramucci serving as advisor; the second project, initiated by Dragonfly Capital, involves a SPAC targeting $500 million as well.
Ant Digital Technologies and Langxin Technology jointly announce the establishment of “AntChain Trust”
According to Ant Digital Technologies, on September 10 at the New Energy Digital Assets Community Fall Summit, Ant Digital Technologies and Langxin Technology Group jointly announced the formation of "AntChain Trust." The company will leverage core technologies including blockchain, IoT, and artificial intelligence to offer services such as green asset management and dynamic rating and pricing.
Chen Zhuoqun, Vice President of Ant Group and President of Blockchain Business at Ant Digital Technologies, stated that AntChain Trust's core mission is to transform fragmented green assets into "measurable and tradable" digital assets and build a digital trust platform supporting green asset tokenization. Xu Changjun, Chairman of Langxin Technology Group, said both parties will use AIoT and blockchain technologies to provide digital services for new energy assets.
Market Movements
Suggested Reading
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