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In today’s crypto news, we explore the latest trends affecting the market, notable developments from key players in the industry, and innovative collaborations aimed at enhancing functionality in the crypto space.
Market Downturn: Reasons Behind the Decline
The global cryptocurrency market capitalization has witnessed a significant decline of 4.2% in the last 24 hours, now resting at $2.21 trillion. During this period, total crypto trading volume reached $116 billion, but only nine coins from the top 100 experienced price increases. Notably, a dog-themed coin, DOGS, surged by 26.3% to $0.00154, while Popcat (POPCAT) saw a 9.1% rise, trading at $0.7319. However, the general trend was downward, with Maker (MKR) suffering the largest drop at 11% to $1,902, followed closely by Polygon (MATIC) with a 10% decrease to $0.4476.
In the top ten coins by market cap, all experienced losses, with Solana (SOL) dropping 5.2% to $147 and Bitcoin (BTC) down 3.6%, now at $59,859. Ethereum (ETH) also fell by 3%, trading at $2,521. This market decline is attributed to concerns related to Nasdaq’s plans for Bitcoin Index Options, the CME’s new smaller Bitcoin futures, and Marathon Digital’s diversified mining strategy. Despite this decline, investments in crypto ETFs and ETPs reached a record high of $91.69 billion at the end of July.
MakerDAO’s Rebranding: Introduction of USDS and SKY Tokens
In a significant development, MakerDAO has rebranded itself to Sky, launching two new tokens: USDS and SKY. This overhaul aims to enhance user experience within the Sky ecosystem, providing upgraded functionality. Starting September 18, existing DAI stablecoin holders can transition to the new USDS. Additionally, the MKR governance token will transform into the SKY token, where one MKR can be upgraded to 24,000 SKY, though this upgrade is voluntary and will not affect the availability of the original tokens.
The Sky initiative will also feature an independent website and app called Sky.money, offering non-custodial access to its protocol. New decentralized projects under the Sky name will be known as Sky Stars, allowing for independent governance and community models, with the first project called Spark already set to launch.
Innovative Connectivity Solutions for Air and Maritime Traffic
Hyperway, a Web3 initiative by DroneDash, has collaborated with peaq, a layer-1 blockchain, to establish decentralized connectivity for cargo drones and air taxis. This partnership will result in the development of software connecting 5G and satellite ground stations, alongside smart contracts that reward station owners based on drone bandwidth usage. Hyperway will also implement digital wallets that are compatible with peaq and initiate a public trial for DePIN-driven drone flights.
Hyperway aims to create a network of community-owned connectivity stations, acting as vital infrastructure for drones and autonomous transport. The project has already partnered with governments in Malaysia, Thailand, and Indonesia, focusing on establishing drone infrastructure to support agricultural logistics.
On-Ramp Service Launch by Mercuryo in Ninji Wallet
In other crypto developments, Mercuryo has introduced on-ramp services on Ninji Wallet, marking a significant enhancement for this crypto wallet within the Injective ecosystem. This collaboration aims to simplify users’ experiences, enabling them to purchase the Injective (INJ) token directly through the wallet. Mercuryo’s Chief Business Officer emphasized their shared vision of providing a secure and user-friendly interface to promote the adoption of Web3 technologies.
Mercuryo continues to provide integrated payment solutions, facilitating easy access to the digital asset space for newcomers and enhancing the overall functionality of digital wallets.
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