New Roads Open for RLUSD
RLUSD, the stablecoin developed by Ripple Labs, has been integrated on the tokenization platform Securitize, as announced by Ripple CEO Brad Garlinghouse.
Through a new smart contract built within the Securitize platform, users will be able to redeem their shares of tokenized money markets, such as BlackRock’s BUIDL and VanECk’s VBILL, directly into RLUSD.
Unlike traditional off-ramping rails, the new contracts allow for instantaneous RLUSD swaps around the clock.
Besides that, Securitize will also be integrating the XRP Ledger, broadening user access to the wider XRPL ecosystem.
Launched in December last year, RLUSD’s market cap has grown by 929% from $72M to $741M today.
However, the price of XRP has remained unchanged since Garlinghouse’s announcement.
Calling All On-chain Detectives!
Blockchain analytics protocol Bubblemaps has launched Intel Desk, a platform where users can uncover suspicious crypto activity to earn rewards.
3% of Bubblemaps’ native BMT token supply, or 30M tokens, will be provided as incentives on Intel Desk via seasonal airdrops.
Each quarter, the top on-chain sleuths will earn a share of the rewards, based on the level of assistance provided to the most high-profile cases.
Findings gathered by the Bubblemaps community, usually in the form of X threads or articles, will be collated and tagged to their respective cases, providing context and a larger picture.
Since the launch of Intel Desk, the price of BMT has moved upwards slightly by just 2% from $0.0645 to $0.0658 today.
To Cut Or Not to Cut
The crypto asset management company DBA has proposed to slash the total supply of Hyperliquid’s native HYPE token by 45%.
As proposed by investment manager John Charbonneau, the supply reduction is intended to turn HYPE into a more attractive asset for investors.
His proposal focused on 3 specific changes to HYPE’s tokenomics – removing authorization for unminted tokens, burning the HYPE supply held by the protocol’s Assistance Fund, and removing HYPE’s 1B token supply cap.
Charbonneau argued that these non-circulating tokens have caused a problem for users to accurately value the platform.
Should the proposal be accepted and approved by the community, around 421M tokens earmarked for emissions and rewards, combined with 21M from the Assistance Fund, will be removed from circulation.
The Hyperliquid platform has faced a wave of challenges in September, with the rise of new perpetual DEXs such as Aster and Avantis, as well as large investors exiting their positions.
Since reaching a peak of $59.30 last week, the price of HYPE has fallen further by 18% since the proposal was published to $48.60 today.
What Lies Over the Rainbow?
Crypto wallet provider Rainbow plans to launch its native RNBW token in Q4 this year.
Alongside the announcement, the team also introduced a slew of upcoming improvements, such as real-time prices, in-app perpetuals trading, and a new ‘King of the Hill’ daily token game.
While the team has yet to provide further details, it’s clear that token allocations or a potential airdrop will be tied to points collected by users.
Rainbow had also intended to acquire the Clanker token launchpad as part of its suite of products, but it would seem that negotiations have broken down for now.
In Other News…
SBF Says GM. Sam Bankman-Fried (SBF), the former CEO of FTX crypto exchange posted “gm” (good morning) on his X account yesterday evening, this sparked a 32% rally in FTT, FTX’s exchange token.
Vitalik Buterin Defends Base L2. Ethereum Founder Vitalik Buterin posted on X on Tuesday, defending CoinBase’s ETH L2 Base against skeptics who say that Base can “instantly steal all user funds”.
Aster vs. Hyperliquid. Aster, the new perpetuals DEX, with strong ties to Binance founder “CZ” spiked 47% and hit a new ATH price. Aster is considered the chief rival to Hyperliquid, and has overtaken Hyperliquid in daily revenues.
Tether Seeks $500B Valuation. USDT stablecoin issuer Tether is reportedly in talks with investors to raise an additional $20B, valuing their entire firm at $500B. If completed, Tether would become one of the world’s most valuable private companies alongside SpaceX and OpenAI.
Seedify Exploited. Seedify, a Web3 incubator and launchpad, was exploited by a DPRK state-affiliated group. The attacker gained access to a developer’s private keys, using it to mint additional SFUND tokens. SFUND is down over 35% on this news.
$15M Crypto Scam Ring Busted. South Korean and Thai authorities cooperated and busted the “Lungo Company” crypto scam ring which reportedly victimized over 870 South Koreans. In total, over 30 perpetrators have been apprehended.
Pump.fun Streamer Drained Live. Raivo “Rastaland” Plavnieks was livestreaming on the Solana memecoin launchpad to fund treatment for his cancer. At a viewer’s request, he downloaded a Steam game containing malware. Rastaland was drained of $31K of SOL. Thankfully the Solana community rallied and pumped his token to make him whole.
WLFI Debit Card Launching “Very Soon”. Zak Folkman, the co-founder of the Trump-linked crypto project World Liberty Financial, announced that their debit card will be launching very soon. The card will allow users to pay using their USD1 stablecoin with the app linking payments directly to Apple Pay.
$100 For Grabs! Solana DeFi mega app Jupiter announces a promotional campaign for their Jup Mobile crypto wallet. The top 10,000 users by networth who migrate and use the wallet will be eligible for a reward of $100 each.
One App To Rule Them All. Plasma, a stablecoin focused L1 announces a superapp ahead of its mainnet launch on 25 September. The app supports its upcoming crypto debit card, and reportedly gives users stablecoins yields of up to 10%, while offering cashback rates of 4%.
The Token Is ZRO. Cross-chain bridging infrastructure firm LayerZero announced the completion of their 50M ZRO token buyback program. With this, the LayerZero Foundation has bought back 5% of the ZRO token supply (~$100M).