Aave (AAVE) Surges 9.8% as Decentralized Lending Platform Launches Dedicated Market for Ether.fi's weETH

The SPX index was up by 1.16%, expectations of potential Federal Reserve interest rate cuts fueled gains, despite concerns about the economy.

Top cryptocurrency to buy today: AAVE surges 9.8% after launching a dedicated market for Ether.fi’s weETH

The stock market closed higher on Friday as anticipation of potential interest rate cuts by the Federal Reserve helped propel gains despite lingering concerns about the state of the U.S. economy. The SPX index closed 1.16% higher. Markets are now awaiting the upcoming inflation data for further cues on interest rates.

Meanwhile, the Coindesk Indices, an index tracking the broader cryptocurrency market, was up by 3.09%. Bitcoin rose 5.12% and Ether gained 2.88% in the past 24 hours. Among the top 10 biggest crypto gainers, AAVE surged 9.8% after launching a dedicated market for Ether.fi’s weETH.

Here’s your daily summary of the seven key events in crypto.

1. AAVE surges 9.8% after launching a dedicated market for Ether.fi’s weETH

AAVE price is the top gainer today after launching a dedicated market for Ether.fi’s weETH. AAVE soared 9.8% following the launch, highlighting high demand and Aave V4 features.

Founded in 2017, Aave (AAVE) is a decentralized lending platform on Ethereum. It allows users to lend, borrow, and earn interest on 17 cryptocurrencies without any intermediaries. The platform uses smart contracts, where assets are pooled together and users can borrow against them. It also issues interest-accruing aTokens. Aave offers features like instant loans and has a DAO.

The Aave DAO has launched a dedicated market for Ether.fi’s weETH liquid staking tokens. Users can now borrow stablecoins like USDC, pyUSD, and FRAX using weETH as collateral. The demand for borrowing against weETH is so high that caps are reached quickly on Ethereum, Arbitrum, Base, and Scroll.

This new market, following Lido’s and Ethena’s, previews Aave V4’s focus on curated, scalable markets and isolated risk, signaling a shift towards more liquid and scalable market structures.

2. Merlin Chain achieves major milestones in just six months, becoming a hub for Bitcoin-native assets

Launched in December 2023, Merlin Chain, the largest Bitcoin Layer 2 platform, has achieved several significant milestones in just six months.

With a Total Value Locked (TVL) exceeding $1.2 billion and over $16 billion in bridged transactions, Merlin Chain has become the leading hub for Bitcoin-native assets, supporting over 80% of such holders. The platform has processed 12.7 million transactions and hosts 1.9 million addresses.

Merlin Chain supports over 200 dApps, has a fair $MERL token distribution, and launched a $210M Ecosystem Grant Program. Its advanced technical features include ZK-Rollup technology and multi-token staking Oracle nodes, with strong security partnerships and ongoing plans for further expansion in 2024.

3. Bitcoin Spot ETF sees total inflows of $34.6 million, with non-GBTC ETF showing a strong demand

Yesterday, the total flow for BTC Spot ETFs was $34.6 million, with a $22.8 million outflow from GBTC and a $57.4 million inflow from non-GBTC sources.

The ProShares Bitcoin Strategy ETF (NYSE: BITO) saw outflows of $19.8 million on Thursday, while the GraniteShares Bitcoin 3x Leveraged ETF (NYSE: BITI) had inflows of $10 million. Among the 10 funds, the largest inflows were in the VanEck Bitcoin Strategy ETF (NYSE: BKKT), with inflows of $28.4 million.

4. Balance Games launches Pioneer Points Challenge, offering a chance at a whitelist spot for Pioneer Badge NFT

Balance Games, a Web3 gaming ecosystem backed by investors like A16z and Animoca, has launched the Pioneer Points Challenge.

This campaign will give participants a chance to secure a whitelist spot for the Pioneer Badge NFT. The campaign will end on September 16, 2024. Users can earn points by completing various tasks, such as following Balance Games on social media, joining their Discord, and completing Gleam tasks.

The top 100 on the leaderboard, top 100 in referrals, and 200 users with 1000+ points will win whitelist spots. Additionally, points earned may also qualify participants for a potential $EPT token airdrop.

5. Crypto market sees a green day with Bitcoin up 5% and Ether gaining 3%

The cryptocurrency market had a good day on Friday, with most of the top 10 coins posting gains. Bitcoin

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