Colorado tokenizes churches; Fed: It’s time to consider rate cuts

Headlines

▌Colorado Church Group Tokenizes $2.5 Million Church

A network of affiliated church groups called the Colorado House of Prayer has tokenized its parent church in an attempt to buy the $2.5 million building. Pastor Blake Bush, who is leading the project, said he was driven by a higher power to use blockchain technology as a tool to advance the group's mission. The 11,457-square-foot building, known as the "Old Stone Church" for its stone exterior, was purchased by its current owners in 2022 for $2.2 million. Bush and the Colorado House of Prayer group reportedly intended to purchase the building for $2.5 million Bush said he came up with the idea to tokenize the building — putting it on a blockchain as a digital asset that can be divided into shares — after a spiritual experience.

▌Federal Reserve Voting Committee: It's time to consider rate cuts

Federal Reserve FOMC voting committee member Daly said that recent economic data makes me "more confident" that inflation is under control. It's time to consider adjusting the current interest rate range of 5.25%-5.50%. Although the labor market is slowing, it is "not weak."

Market

As of press time, according to Coingecko data:

BTC's latest transaction price is 58,608.89 US dollars, with a daily increase or decrease of -1.6%;

ETH's latest transaction price is 2,617.07 yuan, with a daily increase or decrease of -0.1%;

BNB's latest transaction price is 530.86 US dollars, with a daily increase or decrease of -2.3%;

SOL's latest transaction price is 142.50 US dollars, with a daily increase or decrease of +0.4%；

DOGE's latest transaction price is $0.1, with a daily change of -2.7%；

XPR's latest transaction price is $0.5647, with a daily change of -0.6%。

Policy

▌Better Markets CEO: US SEC has a 90% chance of winning in Ripple's appeal

Better Markets CEO Dennis Kelleher said the U.S. Securities and Exchange Commission (SEC) has a 90% chance of winning its appeal against Ripple's XRP lawsuit. He criticized the court's decision as flawed, arguing that the judge in the case misapplied the law. Kelleher said in an X post, "Be serious. This is not 'national law', this is just a baseless ruling by a local court judge that has been rejected by other well-respected judges and will be overturned on appeal, which is why the judge did not allow the SEC to appeal." Blockchain Applications Nubit announced a partnership with Fractal Bitcoin The modular blockchain project Nubit announced a partnership with Fractal Bitcoin to introduce OP_CAT-based SNARK validators and Nuport to Bitcoin.

Cryptocurrency

▌Global 40 Bitcoin ETFs hold a total of 1,070,594 Bitcoins

According to HODL15Capital data, as of August 16, 2024, 40 funds hold 1,070,594 Bitcoins, worth more than $64 billion. IBIT continues to hoard Bitcoin.

▌NFT lending platform Blend has a total transaction volume of $6.789 billion

According to Dune data, Blur's NFT lending platform Blend has a total transaction volume of $6.789 billion, with a total of 750,071 loans. The platform currently has 11,481 independent borrowing addresses and 4,595 independent loan addresses. Analyst: BTC reaching $150,000 by the end of 2025 would increase MicroStrategy stock by about 60% Benchmark fintech analyst Mark Palmer estimates that if BTC reaches $150,000 by the end of 2025, MicroStrategy (MSTR) will be priced at $2,150 per share (or $215 per share after MSTR's 10-for-1 stock split on August 9). As of August 2024, the stock is trading at around $132, meaning that Palmer's prediction of a 300% increase in BTC spot price would only increase MSTR stock by about 60%.

▌The current TVL of Ethereum liquidity re-pledge protocol is 10.188 billion US dollars.

DefiLlama data shows that the current TVL of Ethereum liquidity re-pledge protocol is 10.188 billion US dollars. Among them, the top five protocols in terms of TVL are: ether.fi TVL is 4.983 billion US dollars, a decrease of 1.46% in 7 days; Puffer Finance TVL is 1.335 billion US dollars, a decrease of 1.22% in 7 days; Eigenpie TVL is 1.174 billion US dollars, a decrease of 3.11% in 7 days; Renzo TVL is 974 million US dollars, a decrease of 11.08% in 7 days; Mellow LRT TVL is $665 million, with a 7-day increase of 2.90%; ▌ The number of unconfirmed transactions in the entire Bitcoin network is 171,875 According to BTC.com data, the number of unconfirmed transactions in the entire Bitcoin network is 171,875, the network computing power is 651.33EH/s, and the 24-hour transaction rate is 9.52 transactions/s. The current network difficulty is 86.87T, and the next difficulty is predicted to increase by 1.84% to 88.47T, with 9 days and 10 hours left before the adjustment.

▌TON network currently has 644 million TON staked

According to tonscan data, TON network currently has 644 million TON staked. In addition, the current staked APY is 3.7%, and the network has 386 verification nodes.

Important Economic Dynamics

▌The probability of the Fed cutting interest rates by 25 basis points in September is 72.5%

According to CME's "Fed Watch": The probability of the Fed cutting interest rates by 25 basis points in September is 72.5%, and the probability of a 50 basis point cut is 27.5%. The probability of the Fed cutting interest rates by 50 basis points by November is 56.3%, the probability of a 75 basis point cut is 37.6%, and the probability of a 100 basis point cut is 6.2%.

▌Harris is pushing new tax proposals to lower the cost of living

Vice President Kamala Harris is pushing a wide range of economic proposals that would provide new tax breaks and lower the cost of living for Americans, aiming to address the financial issues that voters care about most.

Golden Encyclopedia

▌What is Delegated Proof of Stake (DPoS)?

DPoS is an evolution of the Proof of Stake (PoS) consensus mechanism designed to provide enhanced scalability, efficiency, and democratic governance. Daniel Larimer proposed the DPoS concept in 2014 as an enhancement of the traditional PoS consensus mechanism designed to improve efficiency and scalability. Larimer first shared his vision in a Bitcointalk forum post, which led to the actual implementation of DPoS and the launch of BitShares in 2015. This marked the beginning of DPoS in blockchain technology, laying the foundation for its adoption in other projects such as Steem and Eos. Eos, in particular, used a consensus mechanism to conduct one of the largest initial coin offerings (ICOs) in the cryptocurrency industry in 2017, which attracted a lot of attention to DPoS and highlighted its potential in achieving high performance and decentralized governance.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and is not intended as actual investment advice. Please establish the correct investment concept and be sure to increase risk awareness.