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  • August was a relatively dismal month, with a sudden pullback in prices observed in the middle of it. Yet, the recent favorable U.S. court ruling on Grayscale’s lawsuit renewed investors’ confidence, spurring much-needed respite. The win will likely influence the Securities and Exchange Commission’s (“SEC”) future decisions for spot Bitcoin ETFs, institutionalizing the digital assets sector and introducing it to mainstream adoption. 

  • SocialFi saw a new entrant with friend.tech emerging on the scene and allowing users to tokenize and trade X (formerly Twitter) profiles. While metrics experienced a significant rise mid-month, with over 500K transactions on a single day, things have since slowed down quite a bit. The entrance of notable non-crypto personalities is likely to be a key factor to monitor. 

  • In an increasingly saturated and competitive L2 landscape, Base has emerged as a clear leader among the latest additions to the L2 ecosystem, Linea and Mantle. We attribute its success to a highly visible marketing campaign, memecoin trading, and a surge in interest in the decentralized social network, friend.tech. 

  • The increase in the DAI Savings Rate has been helpful in driving demand for DAI. As one of the highest-yielding stablecoins today, DAI supply has increased by about 19% from the trough, with 5.3B units in circulation.

  • EigenLayer's TVL surged to US$245.2M, an increase of over 200%, following its cap raise in liquid restaking, highlighting strong market demand for restaking products and the protocol's expanding role in the sector.


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