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Robinhood's addition to the S&P 500 drove its stock up, while upcoming token unlocks and the closure of Kinto create mixed market signals. Market Reactions to Robinhood's S&P 500 Inclusion Robinhood (HOOD) shares surged 7% in after-hours trading following its inclusion in the S&P 500, set for September 22. This contrasts with Strategy (MSTR), which was not included despite meeting the criteria. The move signals increasing acceptance of crypto-related companies in traditional finance, as previously seen with Coinbase. Robinhood reported Q2 revenue of $989 million, up 45% year-over-year, with net income at $386 million ($0.42 per share). Crypto trading revenue reached $160 million, nearly double year-over-year, though down from the previous quarter's $252 million. Token Unlock Events and Potential Market Volatility Significant token unlocks are scheduled for the week, potentially impacting market prices. Tokens like MOVE, S, and APT are among those set for release. Specifically, Cheelee (CHEEL) will unlock approximately 20.81 million tokens on September 13th, valued at approximately US$56 million and accounting for 3.13% of the current circulating supply. Aptos (APT) will unlock approximately 11.31 million tokens on September 11, representing a 2.20% ratio to the current circulating supply and valued at approximately $48 million. Sonic (S) will unlock approximately 150 million tokens on September 9th, accounting for 5.02% of the current circulating supply and valued at approximately US$45.4 million. These unlocks, while part of scheduled tokenomics, can create downward pressure on prices due to increased supply. Kinto's Closure Following Exploit Kinto, an Ethereum Layer 2 network, will shut down on September 30 following a July exploit that resulted in a $1.55 million loss from lending pools. The exploit involved minting 110,000 fake Kinto tokens and draining assets from Morpho lending vaults and Uniswap v4 liquidity pools. Founder Ramón Recuero is allocating $55,000 of personal funds to reimburse affected users. All remaining foundation assets will be returned to the Phoenix lenders, who will recover 76% of their loan principal. The incident highlights the risks associated with DeFi platforms and smart contract vulnerabilities, with the vulnerability existing in the widely used OpenZeppelin Proxy template. Broader Market Implications Robinhood's inclusion in the S&P 500 may encourage more traditional investors to explore crypto offerings, potentially driving capital inflows into the crypto market. The company's platform serves as a gateway for retail investors into digital assets. Conversely, the exclusion of MicroStrategy (MSTR) from the S&P 500, despite meeting standard market capitalization and revenue growth thresholds, suggests continued skepticism toward crypto assets among index gatekeepers. Linea will distribute 160 million LINEA tokens as incentives for its Ignition liquidity program next week, with 80% allocated to lending pool LPs and 20% allocated to Ethereum trading. SOL Strategies Inc. (STKE) is set to begin trading on the Nasdaq Global Select Market on September 9, after receiving approval. This listing aims to enhance the company's visibility among institutional investors. CEO Leah Wald stated that joining Nasdaq aligns the company with innovative technology firms and positions it to attract institutional investors who recognize Solana's infrastructure potential. Expert Commentary Bloomberg senior analyst Eric Balchunas noted that MSTR's inclusion would have created a feedback loop where rising BTC prices boost MSTR's valuation, attracting more index-linked capital and further reinforcing Bitcoin's institutional adoption.
Several tokens including S, MOVE, BB, APT, IO and PEAQ are scheduled for significant unlocks this week, potentially impacting market prices. Executive Summary This week, several tokens including S, MOVE, BB, APT, IO and PEAQ will undergo significant token unlocks. These unlocks, where previously restricted tokens become available in the market, may lead to increased selling pressure and price declines, depending on distribution strategies and overall market sentiment. The unlocks are scheduled throughout the week, with Sonic (S), Movement (MOVE), and Aptos (APT) representing a substantial portion of the unlocked value. The Event in Detail On September 9th, Movement (MOVE) unlocked approximately 50 million tokens at 11:00 AM (GMT+8), representing 1.89% of the circulating supply, valued at approximately $5.94 million. Separately, Sonic (S) will unlock approximately 150 million tokens, representing 5.02% of the current circulating supply, valued at approximately $45.68 million. Aptos (APT) will unlock approximately 11.31 million tokens on September 11, representing 2.20% of the circulating supply, valued at approximately $48.18 million. In addition, io.net (IO), BounceBit (BB) and Peaq (PEAQ) are also scheduled for unlocks. Market Implications Token unlocks are critical events that often trigger price volatility due to the increased circulating supply. If demand does not match the increased supply, prices may come under pressure. Investor psychology plays a significant role, as early investors or project teams may sell unlocked tokens for profit. Smaller tokens with low liquidity are generally more sensitive to unlocks. September is projected to see approximately $4.5 billion in vested tokens unlocked. Cliff unlocks, which are larger, one-time releases, account for $1.17 billion of this total, while linear unlocks account for $3.36 billion. Expert Commentary According to Binance research, > Token unlocks are pivotal events in the crypto market, often triggering significant price volatility. These events affect the market due to increased circulating supply, as unlocks boost the number of tradable tokens, potentially pressuring prices if demand doesn't match. Syed Fahad Hussain notes that > Unlock cliffs often cause volatility — plan accordingly. Broader Context Projects must consider tokenomics, which encompasses the financial architecture underpinning a protocol's sustainability, governance, and long-term value. Elements of tokenomics include total and max supply, initial allocation, vesting and lockups, burn mechanisms and emission schedule. Supply pressure caused by token unlocks can be mitigated using strategies such as lock staking incentives or building liquidity buffers. Projects with a high percentage of circulating tokens tend to be less volatile during unlocks, as the impact of new tokens entering the market is minimized. Projects should stress-test their tokenomic models to model best-case, base-case, and worst-case outcomes.
BounceBit is the first-ever native BTC Restaking chain. The BounceBit network is secured by staking both Bitcoin and BounceBit tokens. BounceBit's PoS mechanism introduces a unique dual-token staking system by leveraging native BTC security with full EVM compatibility.
In a groundbreaking move, BounceBit introduces the mixed DeFi and CeFi yield mechanism, allowing BTC holders to earn yields through native validator staking, DeFi ecosystem, and a CeFi mirroring mechanism powered by Ceffu and Mainnet Digital.
The $BB token has several uses on the BounceBit platform:
Staking: Stake $BB to actively participate in the PoS dual-token staking mechanism.
Protocol Incentive: The token is paid out as staking reward to validators who secure the network.
Gas: $BB is the denomination of the gas fees that are required to conduct transactions and execute smart contracts.
Governance: Use $BB to participate in on-chain governance, e.g. voting on protocol upgrades.
Currency: $BB can be used as currency on the BounceBit platform. It can be used in various applications and infrastructure, as medium of exchange or store of value.
BounceBit’s Layer 1 consists of the following components:
Dual-token PoS: A hybrid consensus mechanism where each validator can accept both $BBTC and $BB tokens;
Native LSD module: A module allowing the delegation of staking to validators and receiving a LST voucher in return.
BounceBit has a foundational CeFi layer which consists of below components:
Regulated Custody: All user funds are stored in secure custody solutions utilizing MPC wallets.
Off-Exchange Settlement (OES): OES enables safe access to CEX liquidity, while transactions are settled off-exchange. (Data from Coingecko)
BounceBit (BB) current price is 0, up 8.13% today.
BounceBit (BB) daily trading volume is $108.3M
BounceBit (BB) current market cap is $80.2M
BounceBit (BB) current circulating supply is 409.5M
BounceBit (BB) fully diluted market cap (FDV) is $411.3M