Bouncebit Jumps on Ethena Partnership

Daily Top Performer — BounceBit (BB)



Last week, the SPX index is up 0.3%, despite some economic data indicating rising price pressures, improved inflation expectations and solid earnings reports contributed to the market's positive performance. The likelihood of a Federal Reserve rate cut in September is now considered almost even by markets. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 0.78% and 2.58%, respectively in the past 24 hours.





Today’s outperformer is BB, which jumped 33.1% after Ethena Releases Season 2 Updates with New Tools, Strategic Partnerships with Bouncebit, and Enhanced Yield Opportunities.



BounceBit (BB), founded in 2024, is a Bitcoin staking protocol that merges decentralized (DeFi) and centralized finance (CeFi) yield mechanisms, allowing investors to earn through multiple methods. It also features a web3 universe for developing and automatically integrating new projects into its platform. Ethena's Season 2 updates feature a 5% ENA supply allocation to the community, with the Sats Campaign ending by September 2nd or when USDe supply reaches $5bn. Enhancements include a Sats Campaign calculator and strategic integrations with Bouncebit and Infinex for improved yield opportunities. Additional features are a $10m LP pool on FDUSD Curve and a Bybit USDe integration for perpetual trading. BounceBit also teased an upcoming CeDeFi collaboration with Ethena Labs. 



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Talk of the Town:





Ondo Finance has launched $rUSDY on the Ethereum Mainnet, introducing a distributing form of $USDY where yield accrues daily through additional tokens, maintaining a fixed redemption value of $1.00 per token. This contrasts with $USDY, an accumulating token where the quantity of tokens stays constant but the redemption value per token increases. Token holders can seamlessly convert between $USDY and $rUSDY at any time with zero slippage via Ondo Finance's platform. Note, USDY is not available in the US or to US persons, and has not been registered under the US Securities Act.



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Spot Bitcoin ETF Flows:



Over the past week, Spot Bitcoin ETFs saw substantial inflows of over 15,000 BTC, exceeding the amount of Bitcoin mined monthly, which could lead to a potential supply shock. Key players like BlackRock’s IBIT and Fidelity’s FBTC experienced significant gains, while Grayscale’s GBTC had mixed results. U.S. Bitcoin ETFs now hold 855,702 BTC, with global totals approaching 1 million BTC, indicating bullish prospects for Bitcoin's price. MicroStrategy CEO Michael Saylor praised the robust performance of these ETFs, noting their potential impact on the market.



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Airdrop to Watch:

Amphor, an early-stage EVM-based yield aggregator optimized by AI for DeFi, with a TVL exceeding $35M, has launched its product after a six-month beta. It offers an opportunity to earn yield and AMPR points by depositing $ETH or other assets in its currently available Boosted Vault. Additionally, users can engage in social quests via quests.amphor.io, earning Sherds through activities like social engagements, referrals, quizzes, and specific vault participation. Four quests are currently active: Starter, Ambassador, Scholar, and ETH Boosted Vault. Users can track their Sherds in the platform's interface.