Monat: Juli 2024

• Polymarket surpasses $1 billion in trading, driven by US election betting surge.
• Trump leads with 57% odds; Harris’s odds rise to 40% after Biden’s withdrawal.
• Series B funding of $70 million and MoonPay partnership boost Polymarket’s platform growth.

Polymarket, a leading crypto betting platform, has achieved a significant milestone, surpassing $1 billion in trading volume.

This surge has been largely driven by intense speculation surrounding the upcoming United States presidential election.

Donald Trump leading with 57% odds

According to Dune Analytics, Polymarket’s bet trading volume reached $1,051,670,878 million by July 31, a substantial increase from $111 million in June and $63 million in May.

The majority of this activity has been fueled by wagers on the US presidential election set for November 4, with over $458 million bet on the outcome so far.

Currently, former President Donald Trump holds a strong lead with 57% odds, while Vice President Kamala Harris has seen her odds improve significantly to 40%, following President Biden’s unexpected withdrawal from the race.

Polymarket has grown considerably but remains unavailable to American users

While Polymarket is predominantly used for betting on political outcomes, the platform also offers markets on a variety of topics, including cryptocurrency, sports, business events, and the 2024 Olympic Games.

The platform’s growth has been further bolstered by a $70 million Series B funding round led by Peter Thiel’s Founder Fund on May 14, with participation from Ethereum co-founder Vitalik Buterin.

To make the platform more accessible, Polymarket partnered with payments platform MoonPay on July 24. This collaboration enables users to make deposits using debit and credit cards, streamlining the onboarding process for those outside the cryptocurrency community.

Adding to its credibility and expertise, Polymarket enlisted election analyst and statistician Nate Silver as an adviser on July 16.

Interestingly, despite its focus on US events, Polymarket remains unavailable to American users.

With its diverse range of prediction markets and a growing global audience, Polymarket continues to thrive as a leading destination for speculative betting, attracting users keen on a wide array of topics.

The post Polymarket surpasses $1B in bet trading Volume amid US election betting surge appeared first on CoinJournal.

• GMX proposes switching revenue distribution from ETH to GMX token buybacks.
• On-chain voting for the proposal is open until August 4 for the GMX DAO community.
• The new model aims to boost GMX token value and maintain user real-yield benefits.

GMX, a prominent on-chain perpetual and spot exchange, has initiated an on-chain vote for a significant proposal aimed at revamping its revenue distribution model.

Announced on July 29, the proposal dubbed “Buyback GMX and Distribute GMX” seeks to enhance the long-term value of the GMX token by shifting from the current “buyback ETH and distribute ETH” model to a “buyback GMX and distribute GMX” approach.

Proposal passes snapshot vote enters on-chain vote stage

The proposal has successfully passed the initial snapshot vote and has now moved to the on-chain voting phase.

The ‚Buyback GMX and Distribute GMX‘ proposal, which would change the current revenue distribution model, has passed a Snapshot vote. It now moves on to an on-chain vote by the GMX DAO on Tally:

🔸 https://t.co/2U7HjWvv6r

Delegates, please review the proposal and vote now.

1/3 pic.twitter.com/yzcIKAL4md

— GMX 🫐 (@GMX_IO) July 31, 2024

The GMX DAO community has until August 4 to cast their votes on this crucial change. If approved, the new model will not only boost the native GMX token’s value but also maintain real-yield advantages for its users.

What is the Buyback GMX and Distribute GMX all about?

Key elements of the proposal include an option for users to convert distributed GMX to ETH, providing flexibility in how they receive their rewards. The revenue distribution process will involve allocating a seventh of the fees towards daily GMX purchases over seven days.

These purchases will be based on GMX’s Chainlink oracle price on Arbitrum and Avalanche, ensuring fair market value transactions.

Additionally, the buyback contract will introduce a premium to the revenue model, starting at 0% and gradually increasing to 5% over the week. This mechanism aims to add further value to the GMX token over time.

GMX’s trading model already allows liquidity providers to earn fees from spreads, funding fees, and liquidations. The proposed changes are expected to strengthen these incentives by directly tying revenue distribution to the platform’s native token.

Currently ranked as the 45th largest chain by revenue and fees according to DeFiLlama, GMX faces competition from other decentralized exchanges like dYdX and Jupiter Perpetual Exchange.

The outcome of this vote could position GMX more favourably in the DeFi space, enhancing its appeal to both users and investors.

The GMX community eagerly awaits the results of the vote, which will determine the future direction of the platform’s revenue distribution strategy.

The post New GMX revenue distribution model advances to on-chain vote stage appeared first on CoinJournal.

• Tether recorded $1.3 billion in net operating profit for Q2 and $5.2 billion for the first six months of the year.
• Q2 also saw a $520 million increase in group equity, bringing the total to $11.9 billion.
• Tether held $5.33 billion in excess reserves as of June 30, 2024.

Tether Holdings Limited recorded a staggering $5.2 billion in net profit for the first half of 2024, the company has announced.

In details shared on July 31, Tether said its operating profits for the second quarter of the year reached $1.3 billion, a milestone that saw its net profits for the first six months of the year rise to $5.2 billion.

“With the second quarter attestation of 2024, Tether has once again demonstrated its unwavering commitment to transparency, stability, liquidity, and responsible risk management. As shown in this latest report, Tether continues to shatter records with a new profit benchmark of $5.2 billion for the first half of 2024,” Paolo Ardoino, CEO of Tether, said.

$97.6 billion in US Treasuries

Tether’s Q2 2024 attestation report also indicates that the USDT issuer has increased its US Treasury bills holdings to $97.6 billion. It puts the crypto company 18th overall in global ownership of US Treasuries ahead of Germany, the United Arab Emirates and Australia.

Notably, Tether ranks third in the 3-month purchases behind the United Kingdom and the Cayman Islands. 

In Q3, 2023, Tether reported its US T-bills stood at $72.6 billion.

Excesss reserves are at $5.3 billion

Tether says its group equity rose by $520 million in the second quarter of 2024 to overall $11.9 billion.

According to the report, the increase in group equity came despite the company seeing a $653 million in unrealized loss amid Bitcoin’s price dip. However, gains for gold and a $165 profit helped to “partially offset” the loss.

“With Tether Group’s own equity reaching $11.9 billion, Tether has achieved an impressive and unmatched financial strength enabling it to continue leading the stablecoin industry in stability and liquidity as well as to bring its expertise across different areas such as Artificial Intelligence, Biotech, and Telecommunications” Ardoino added.

While the company reinvested a portion of the Q2 profits in strategic projects, it still maintains $5.3 billion in excess reserves.

Tether issued more than $8.3 billion in USDT during the quarter.

The post Tether hit a record $5.2 billion profit in first half on 2024 appeared first on CoinJournal.

Icebreaker, an open professional network co-founded by Coinbase and Google veterans, has raised $5 million in a seed round to build the blockchain’s version of LinkedIn.

Dan Stone and Jack Dillé, co-founders of Icebreaker, announced they secured the funding in a round led crypto-native investment firm CoinFund.

Icebreaker will use the funds to assemble a world-class team as it continues its mission to launch a platform that allows for professional connections on the blockchain.

Professional networking platform on the blockchain

According to the announcement, Icebreaker targets a professional network where users can benefit from “cryptographically verifiable identity” in a market that’s increasingly impacted by artificial intelligence related noise and “fake personas.”

Icebreaker will help recruiters find the best, high-quality talents, while users can tap into top opportunities as the existing platforms are often laden with engagement driven profiles.

“The world runs on trust,” Icebreaker co-founder Dan Stone, said in a press release. “Until now, it’s been impossible to see because our existing networks optimize for engagement over signal. Yet every leader knows the loudest or most followed person is rarely the best. Icebreaker lets you see who your close network trusts so you can cut through the noise to surface the talent and opportunities that are quiet, yet exceptional.”

Stone and Dillé both worked at Google before joining crypto exchange Coinbase and left in 2023 to co-found Icebreaker.

Pilots for Icebreaker have included engagements with Coinbase, Opensea, and Polygon Labs. Users can create profiles on the platfom from existing identities across one or more of LinkedIn, X, GitHub, and Farcaster among others.

The platform’s seed round also attracted investment from venture capital firms Accomplice, Anagram, and Legion Capital. Over 30 founder angels also backed Icebreaker’s funding round.

The post Coinbase, Google veterans secure $5M to build ‘blockchain’s LinkedIn’ appeared first on CoinJournal.