Gate.io Blog Daily News | Lido's Staked ETH Market Share Drops Below 30%, Fantom Launched the US Dollar-backed Stablecoin USDC.e, Ripple Plans to Issue Stablecoins Pegged to the US Dollar

Daily News | Lido's Staked ETH Market Share Drops Below 30%, Fantom Launched the US Dollar-backed Stablecoin USDC.e, Ripple Plans to Issue Stablecoins Pegged to the US Dollar

05 April 11:57

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## Crypto Daily Digest: Satoshi Nakamoto may embrace his 49th birthday, Lido's staked Ethereum market share has fallen below 30%, Fantom announced the launch of the US dollar-backed stablecoin USDC.e today, and Ripple plans to issue stablecoins pegged to the US dollar
According to the birthday that Satoshi Nakamoto filled out when registering an account on p2pfoundation, it was April 5, 1975. Today, April 5, 2024, is his 49th birthday.

According to DeFiLlama data, Ethena TVL exceeded $2 billion and is currently at $2.005 billion, reaching a new high with a 7-day growth rate of 43.33%.

<a href="/price/fantom-ftm" target="_blank" class="blog_inner_link">Fantom</a> announced that its officially recognized stablecoin USDC.e will be launched today, supported by Circle and Wormhole. The USDC.e on Wormhole is bridged from the native USDC and is located in <a href="/price/ethereum-eth" target="_blank" class="blog_inner_link">Ethereum</a>'s smart contract. It is possible to upgrade to the native USDC in the future. It will become the official and recognized stablecoin for the Fantom ecosystem (and all future network upgrades).
 
SingularityNET stated on the X platform that the proposed vote on the merger of SingularityNET, <a href="/price/fetch-ai-fet" target="_blank" class="blog_inner_link">Fetch.ai</a>, and Ocean Protocol tokens is now open to AGIX token holders on <a href="/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a> and Ethereum. The deadline is 20:00 on April 16 (UTC+8).
 
Dune data shows that the total amount of ETH staked on the Ethereum beacon chain is 32,073,148, accounting for 26.76% of the total ETH supply. Among them, the liquidity staking protocol Lido's staking share has fallen below 30%, reaching 29.7%.
 
According to CoinDesk, Ripple will issue stablecoins backed by the US dollar, bringing more practicality and liquidity to <a href="/price/xrp-xrp" target="_blank" class="blog_inner_link">XRP</a> Ledger.

## Market Trends: BTC slightly rises, with high popularity of new coins
<a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> (BTC) surged from around $65,000 to $69,000 yesterday, increasing market value and a collective rise in the Altcoin sector. According to data from the options market, although the market experienced a maximum correction of nearly 10% this week, market volatility expectations are still rapidly decreasing. With the first week of delivery after the quarterly big delivery today, BTC Dvol has fallen below 70%, and the IV downward pressure mentioned last month continues to be released. Recently, the performance of the bulk trading market has been weak, and investors mainly choose to buy halved call options as their investment strategy.
### Market Hotspots
Hong Kong concept sector: The 2024 Hong Kong Web3 Carnival will be held from April 6 to 9 at the 3FG of the Hong Kong Convention and Exhibition Center. Some Hong Kong concepts sector projects, such as Alchemy Pay (ACH), Conflux (CFX), Nervos Network (CKB), <a href="/price/the-sandbox-sand" target="_blank" class="blog_inner_link">The Sandbox</a> (SAND), and MASK Network (MASK), have recently seen significant gains.

MEME sector: Meme coins are the most popular sector recently, especially <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> in March and Base Chain in April. Meme coins have become a hot source for these public chain ecosystems to expand. In the near future, Elon Musk's single GROK may continue to lead the MEME craze.

ENA: Ethena (ENA) has recently gained market popularity due to its strong stablecoin earnings. Currently, its TVL has exceeded $2 billion, with a 7-day growth rate of 43.33%, making it one of the most popular projects along with PENDLE in the same race. Ethena has created a new type of crypto native bond by combining returns from staked Ethereum with funds and basis from perpetual and futures markets. In addition, users can purchase or sell USDe through external AMM pools using stablecoin collateral (such as USDT or USDC), a synthetic US dollar under the Ethena protocol. Users can also stake and de-stake USDe to obtain a corresponding share of profits.

W: Wormhole (W): Wormhole was incubated initially and supported by Jump Crypto, aiming to enable developers to build native cross-chain applications that cover multiple chains. It has now evolved from a bidirectional cross-chain bridge focused on Ethereum and Solana to a universal messaging protocol that supports multiple chains, becoming a leading project in the cross-chain sector. Recently, after the launch of token W, it has surged to $1.79, with a current 24-hour decline of 17.66%.

Overall, the recent market hotspots have been concentrated on newly launched tokens and the MEME sector with fast returns. This presents a dull background of the current high volatility of Bitcoin, and the market speculation consensus has not yet formed a highly unified consensus. The rotation rhythm of popular sectors and tokens is fast.

## Macro: Fed officials hinted that there is no rush to cut interest rates in the near future, and the three major US stock indexes closed lower
On Thursday, several Federal Reserve officials stated that inflation remains high, there is no rush to cut interest rates, and the labor market's resilience is recognized.
 
The intensive speeches of Federal Reserve officials followed yesterday's Federal Reserve Chairman Powell. Powell emphasized on Wednesday that the Federal Reserve has time to evaluate upcoming data before lowering interest rates, indicating that policymakers are willing to wait for more obvious signs of inflation decline before taking action.
 
Minneapolis Federal Reserve Chairman Cashkali unexpectedly stated that inflation has risen this year, and there may not be a rate cut, shocking the market. Corresponding to the performance of the US stock market, the S&P 500 index opened high on the day. It continued to fluctuate narrowly above 5,240 points before Kashkari began speaking, reaching a maximum of 5,256.59 points. After Kashkari's hawkish speech, the US stock market took a sharp turn and fell to a daily low of around 5,146.06 points within 20 minutes before closing.
 
But there are also Chicago Fed chairpersons who are more dovish because they are concerned about potential issues in the labor market.
 
However, in the end, all 11 sectors of the S&P 500 index suffered a complete collapse on the eve of the non-farm payroll release, with AMD closing down more than 8.2% and AMD falling about 5.7%, leading to the decline in the technology sector.
 
In contrast to the weak trend of the US stock market, the size of money market funds is constantly increasing.
 
Due to the latest statement from the Federal Reserve indicating that officials are not in a hurry to initiate a rate cut process, investors generally expect short-term interest rates to remain high, thereby driving the asset size of US money market funds to historic highs. According to the latest data released by the Investment Company Association, in the week ending April 3, US money market funds attracted approximately $70.5 billion in inflows, the largest weekly increase in nearly three months. At the same time, the total asset size of the fund has jumped from $6.04 trillion in the previous week to $6.11 trillion. Since the Federal Reserve launched its most aggressive tightening policy in decades in 2022, retail investors have chosen to invest their funds in money market funds.
 
In addition, tonight, the United States will release its March unemployment rate data. strong US economic data has significantly reduced the likelihood of the Federal Reserve cutting interest rates in May. The probability of a rate cut in May has been lowered from 90% last month to the current 50%, indicating a change in market expectations for the Fed's future monetary policy.
 
Overall, the crypto market has shown a high and strong trend recently. However, due to the decrease in market volatility and changes in expected interest rate cuts, there are still some uncertainties in the future trends of the crypto market. Investors should not only pay attention to the cash <a href="/price/flow-flow" target="_blank" class="blog_inner_link">Flow</a> of spot ETFs but also maintain their attention to the policy shift of the Federal Reserve.

<div class="blog-details-info">
<div>Author:**Carl Y.**, Gate.io Researcher
<div>Translator:Joy 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>

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