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.