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Gate.io Blog Daily News | Friend.Tech TVL Fell 7.8% In One Day; SUI Foundation Will Reallocate the Distribution of 117 Million SUI to Fund Its Ecosystem Development

Daily News | Friend.Tech TVL Fell 7.8% In One Day; SUI Foundation Will Reallocate the Distribution of 117 Million SUI to Fund Its Ecosystem Development

06 October 14:22

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![](https://gimg2.gateimg.com/image/article/16965731521006.jpg)

##Crypto Daily Express: Friend.tech Tvl Fell 7.8% In One Day; Base On-Chain Bridge Has Accumulated Over 300,000 Users

Friend.Tech TVL fell 7.8% in one day and is overwhelmed by withdrawal requests that keep pouring in. The number of withdrawal requests it received peaked at $3.5 million on October 4, the largest number since its inception. Despite this, the platform still keeps a stable reserve of around $17 million.
 
The Sui Foundation has announced its decision to reallocate 117 million Sui (worth $51 million), the native tokens to the chain, stating that it will "redirect" the <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> of the tokens. The involved tokes represent 13.6% of its circulating supply and 1% of its total supply.
 
According to a report by Blockchain company, Elliptic, a record $7 billion in crypto assets have been involved in cross-chain transactions-based money laundering in one year.
 
Messari data reports a total of 297 financing transactions were completed in Q3 2023 in crypto, and the financing amount became smaller, declining to $2.1 billion. Data suggests that most of the investment targets fuel the development of early-stage projects and infrastructure rather than the development of user-oriented applications.
 
Lybra Finance launched a community proposal for the disposal of unmigrated V1 tokens, putting forward three optional schemes, which are a 3% migration fee, 20% migration fee, or token destruction.
 
According to data from DuneAnalytics, the number of bridged users on the Base chain has surpassed the 300,000 threshold, numbered at 300,556 at the time of writing this article. The bridged TVL exceeds 209,000 ETH, which is equivalent to US$350 million or so at the current price.
 
According to Decenter, the Korean Digital Asset Exchange Joint Negotiation Agency (DAXA) will hold an explanatory session on the Virtual Asset User Protection Act. The three-day long session, starting on October 11, will discuss the compliance matters applicable for business operators in the crypto sector as well as the regulation of unfair dealings in the industry.
 
ETHGlobal will host the ETHOnline Hackathon from October 6-25, 2023.
 
Grayscale released the September report, recognizing the impressive performance of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> amidst the global market fluctuations in September 2023. Despite the general sluggish market which witnessed heavy losses in most traditional assets,  Bitcoin still achieved a growth of 4.1% in September. The remarkable performance of BTC in tough times,  especially the resilience it shows when faced with the rising U.S. bond rate demonstrates its potential to become a "storage of value" and " safe haven" for investors.

##Today’s Token Price
###BTC
![](https://gimg2.gateimg.com/image/article/1696573247screenshot-20231006-142012.png)
View: Yesterday, BTC surged at first, but reversed to fall after hitting $28000 and then consolidated between $25,000-$28,500. There is no important trading opportunity in such a case. Investors should watch closely the US non-farm data to be released on this Friday night, which is expected to affect the short-term trend of the market.

###ETH
![](https://gimg2.gateimg.com/image/article/1696573267screenshot-20231006-142022.png)
View: After a 2.12% fall yesterday, ETH started to consolidate closer to the lower edge of the consolidation range, in contrast to the strong BTC, which still remains closer to the upper edge of the consolidation range. Faced with a sluggish market, the wise act is to sit tight and take no act at all. There is currently no clear signal in the short term, and we still forecast a prospect for a bullish market. There might be opportunities to open positions to buy assets after the release of non-agricultural data tonight, conditional upon the data causes the short-term fluctuations in the market, dragging the price to $1560-$1600.

###SOL
![](https://gimg2.gateimg.com/image/article/1696573287screenshot-20231006-142031.png)
View: Days ago, SOL daily candlesticks experienced a standard bullish pattern: it went through a strong bullish run after breaking up the downward trend line. The price is currently going through consolidations during a small range and presents no opportunity to sell at a high. There will be signals to buy assets when it falls to the support area of $18-$20. The stop-loss should be exercised when it falls below this range, the positions should be closed to take profit when the price hits the previous high of $24.

##Macro: Investors Still Play It Cautious; Non-agricultural Data Was Released Today
Investors will still act with due care before the release of key employment data on Friday. Current data reinforce the market consensus that the Federal Reserve will extend the duration of high interest rates.
 
The Federal Reserve has raised interest rates 11 times since March 2022, which is the most aggressive frequency in interest hikes since the 1980s. The interest policy did work, bringing the inflation down to somewhere around 4%, a level that is still twice higher than the Fed's target.
 
As a result, the U.S. 30-year treasury bond yield hit a high of 5%, the hughest level since 2007. The prevailing view is that only if the adverse effects of high interest are shown in US labor market data will the Fed change its stand. But oddly, data available now seems not supportive of the prediction that the Federal Reserve's high-interest rate policy will cause major economic recessions in the U.S.
 
Various recent data show that despite the recent slowdown in the labor market, employment growth is still far beyond the level required to keep pace with economic growth. The resilience exhibited in the U.S. economy will undoubtedly fuel the public’s anxiety about the market risk.
 
Take the data on initial jobless claims in the United States as an example. A report released a day before showed the number of private employees in the United States increased at a pace slower than expected. The week ended Sept. 30 saw the submission of a total of   207,000 initial jobless claims in the U.S., an increase of just 2,000 from the previous week. The number is basically consistent with economists’ estimated 210,000, according to the Dow Jones consensus estimate. But the data is to the disappointment of some investors who were hoping to see a more severely damaged labor market so that there will be grounds to push the Fed to stop the interest rate hike that has adversely affected the stock market. The yield on the 10-year treasury bond initially edged higher after the jobless claims were released, then fell slightly, last closing at 4.731%.
 
Judging from the current market conditions, the general financial market environment remains challenging. The market is striving to strike a balance between Fed's tightening and the government’s bond yields policy, and a recovery that brings the U.S. economy to a soft landing remains a distant prospect.  
 
Currently, the issue that is mostly concerned by the market is the non-farm payroll data to be released this Friday. If the data far exceeds expectations, it will push the dollar to go higher, which will put upward pressure on risk assets including cryptocurrencies. Investors have anchored their hopes on the monthly employment report to be published this Friday or any data to provide any clue for the future prospects of the environment.

<div class="blog-details-info">
<div>Author:**Peter L.**, Gate.io Researcher
<div>Translator: Sally Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

BTC/USDT -2.25%

ETH/USDT -0.08%

SUI/USDT + 0.57%

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