Crypto Market Faces Downward Trend Amid Broader Concerns
The global cryptocurrency market saw a significant drop, with the total market capitalization falling by 4.2% to $2.21 trillion over the past 24 hours. Trading volumes reached $116 billion during the same period. Out of the top 100 cryptocurrencies, only nine experienced price increases, with DOGS and Popcat (POPCAT) leading the charge, up 26.3% and 9.1%, respectively.
On the downside, Maker (MKR) suffered the most, plummeting 11% to $1,902, followed by Polygon (MATIC), which dropped 10% to $0.4476. The top 10 cryptocurrencies by market cap also recorded losses, with Solana (SOL) down 5.2% to $147 and Bitcoin (BTC) declining by 3.6% to $59,859.
This market downturn is attributed to concerns surrounding Nasdaq’s plans for Bitcoin Index Options, CME’s introduction of smaller Bitcoin futures, and Marathon Digital’s expansion into mining other cryptocurrencies.
MakerDAO Rebrands to Sky, Introduces New Tokens
In a significant development, MakerDAO has rebranded as “Sky,” unveiling two new tokens: USDS and SKY. The USDS is the upgraded version of the DAI stablecoin, while SKY serves as the new governance token, replacing MKR. Users can voluntarily upgrade their DAI and MKR holdings to USDS and SKY, respectively, starting September 18.
Sky is also launching a new website and app, offering non-custodial access to the Sky protocol. The rebranding introduces “Sky Stars,” formerly Maker SubDAOs, as independent decentralized projects within the Sky ecosystem, with the DeFi protocol Spark being the first to go live.
Hyperway and peaq Collaborate on Decentralized Connectivity for Autonomous Transport
Hyperway, a Web3 project by DroneDash, has partnered with peaq, a layer-1 blockchain, to develop decentralized connectivity (DePIN) for drones, air taxis, and autonomous ships. This initiative involves building ground relay stations to support data transfer for autonomous transport, with rewards issued through smart contracts.
Hyperway is already working with governments in Malaysia, Thailand, Indonesia, and others to implement this technology, including a major partnership with the Malaysian state of Sabah.
Mercuryo Launches On-Ramp Services on Ninji Wallet
Mercuryo, a global payments infrastructure platform, has integrated its on-ramp services with Ninji Wallet, the first crypto wallet in the Injective ecosystem. This collaboration aims to simplify the process of purchasing Injective (INJ) tokens, making it easier for users to engage with Web3 technologies.
Arthur Firstov, Chief Business Officer at Mercuryo, highlighted the shared vision of both teams in enhancing safety and simplicity for Web3 mass adoption.
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