Bitpush editor selects Web3 news for you every day:
[ DeFi protocol Penpie was hacked, and about $27 million in crypto assets were stolen]
Penpie, a decentralized finance (DeFi) protocol built on tokenized yield platform Pendle, was hacked on Wednesday. Blockchain data shows that hackers have stolen about $27 million in crypto assets from the protocol, including various types of staked Ethereum, Ethena 's sUSDE, and wrapped USDC stablecoins.
Pendle confirmed that it had discovered a security vulnerability in the Penpie protocol and would maintain close communication with the team. Pendle added that investors' funds are safe on Pendle, but as a precautionary measure, all contracts have been temporarily suspended. Data shows that Penpie (PNP) plummeted 40% after the attack. Pendle (PENDLE) fell nearly 8% in the past 24 hours.
[Data: Solana network transaction volume hit a multi-month low in August]
The Block data shows that transaction activity on the Solana blockchain dropped sharply in August. The monthly non-voting transaction volume on Solana hit a multi-month low in August, lower than the level for most of 2024. Before August, the transaction volume exceeded 700 million transactions per month. This decline has restored transaction activity to its highest level since September 2023, when the transaction volume was 494 million. In addition, the number of Solana mobile users fell from 1.31 billion in July to 485.61 million, a decrease of nearly 63%.
[ Binance will launch Solana liquidity staking token "BNSOL" by the end of September]
According to The Block, Binance will launch the Solana liquidity staking token "BNSOL" by the end of September. BNSOL will enable users to stake SOL tokens to earn a portion of network payment fees and mint a liquid staking token that can be used when the underlying token is locked.
It is reported that Binance is programming the token with a "dynamic APR" that will be adjusted based on the current Solana staking expenditure and follow a commission rate related to the amount of accrued rewards and the value of B NSOL relative to SOL. Users will be able to redeem their tokens based on the redemption waiting period, and Binance will officially announce the launch of the protocol later this month.
[ Bitfinex analyst: If the Fed's easing cycle and economic recession occur at the same time, Bitcoin may fall 20% after the September rate cut]
Cryptocurrency investors had been expecting a September rate cut by the Federal Reserve to fuel a bull run after months of sluggish price action, but escalating recession fears could bring a deeper correction, Bitfinex analysts said.
The team wrote that if an easing cycle coincides with a recession, Bitcoin (BTC) could fall 15%-20% after the September rate cut, meaning the price would bottom out around $40,000-50,000.
Or a larger 50 basis point rate cut could cause BTC to briefly rise by 5%-8%, but then have those gains erased as concerns grow about an impending recession and asset prices take a bigger hit, Bitfinex added.
[ 21.co launches its Wrapped Bitcoin product "21BTC" on the Ethereum blockchain]
21Shares’ parent company 21.co has announced the launch of its new wrapped Bitcoin product, 21BTC, on the Ethereum blockchain. The company is working with market maker Flow Traders to provide clients with “peace of mind” as they explore new opportunities in decentralized applications and Ethereum.
Bitcoin wrapped products are BTC-backed ERC-20 tokens issued on various blockchains, backed one-to-one by BTC, and held by centralized custodians. To redeem, holders destroy tokens to receive native BTC, while minting involves depositing native Bitcoin to receive tokens. It is reported that 21BTC is unique in that the underlying assets are securely stored in cold wallets without the use of bridging technology.
"This would resemble past episodes where large rate cuts initially boosted asset prices, but gains were contained by rising economic uncertainty," the authors said.
[Former U.S. Treasury Secretary: The Federal Reserve may not cut interest rates significantly in the end, and the possibility of not cutting interest rates may have risen to over 15%]
Former U.S. Treasury Secretary Lawrence Summers said the Federal Reserve's monetary policy is not as tight as investors may think, making the market more vulnerable to entering a bubble zone. Summers said in an interview with Bloomberg on Saturday that the U.S. economy remains strong, employment is good, and economic growth remains resilient. This surprised some Wall Street giants such as JPMorgan Chase CEO Jamie Dimon and Bridgewater founder Ray Dalio, who had previously predicted that the economy would fall into recession as the Fed began to fight inflation. But Summers pointed out that the strong U.S. economy may actually be bad news for U.S. stocks because it shows that the Fed's monetary policy is not as tight as the market thinks. Summers warned that the probability of the Fed not cutting interest rates in 2024 may have increased slightly to more than 15%, which is bearish for U.S. stocks.
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