Golden Web 3.0 Daily | Goldman Sachs predicts the Federal Reserve will cut interest rates three times this year

DeFi Data

1. Total Market Cap of DeFi Tokens: US$165.263 Billion

DeFi total market capitalization data source: coingecko

2. The trading volume of decentralized exchanges in the past 24 hours was US$10.768 billion

Top 10 DeFi Projects with Locked Assets and Locked Amounts Data Source: defillama

NFT Data

1. Total NFT Market Value: US$22.624 Billion

NFT total market value, top ten projects by market value Data source: Coinmarketcap

2. 24-hour NFT trading volume: 2.67 billion US dollars

NFT total market value, market value ranking of the top ten projects Data source: Coinmarketcap

3. Top NFTs in 24 hours

The top ten NFTs with the highest sales growth in 24 hours. Data source: NFTGO

Headlines

Goldman Sachs expects the Federal Reserve to cut interest rates three times this year

Golden Finance reported that Goldman Sachs expects the Federal Reserve to cut interest rates three times this year, with the expected rate cuts in September, October and December, due to weak job growth in the United States. Analysts point out that job creation has slowed to around 30,000 per month, well below the approximately 80,000 needed to achieve full employment, and future revisions are likely to be negative. They believe risks lie not only with trade and immigration, but also with compensatory hiring fading and near-zero growth in most sectors. Goldman Sachs warns that despite the stable unemployment rate, even a slight slowdown in the labor market is a concern. A more significant rise in the unemployment rate could trigger a larger 50 basis point interest rate cut.

MEME Hot Topics

1. $9.19 million worth of PUMP was transferred from pump.fun's token distribution address to OKX

Golden Finance reports that according to on-chain analyst Yu Jin, 2.5 billion PUMP (US$9.19 million) was transferred from pump.fun's token distribution address to OKX two hours ago.

DeFi hotspots

1. BitMine's cryptocurrency holdings exceed US$6.61 billion, including 1.52 million Ethereum

Golden Finance reported that according to market news released by @cryptounfolded: BitMine's cryptocurrency holdings exceed US$6.61 billion, including 1.52 million Ethereum (ETH). 2. Circle issued 1.25 billion USDC on Solana in the past seven days. According to a chart published by @Cointelegraph, Circle issued 1.25 billion USDC on Solana in the past seven days. 3. Ethereum liquidations approach $5 billion. According to a chart published by @coinbureau, Ethereum liquidations approach $5 billion. Ethereum is trading around $4,200 today. Meanwhile, large liquidation clusters are occurring at $2,150-2,160 and $3,940. Andrew Kang warned that large-scale long liquidations could drag Ethereum ($ETH) down to the $3,200-3,600 range. 4. X Layer network transaction volume fell 12.86% to $37.348 million over the past 24 hours. Golden Finance reported that, according to Geckoterminal data, X Layer network transaction volume fell 12.86% to $37.348 million over the past 24 hours. The number of transactions reached 238,200, down from 268,300 yesterday. XDOG, a leading meme coin in the ecosystem, has a market capitalization of $10 million, down 10% over the past 24 hours. 5. Solana founder: Privacy is not a core factor in product PMF. Golden Finance reported that some community users identified the "biggest issues currently facing DeFi" as the lack of tokens with sustainable revenue and demand, insufficient privacy, and a lack of uncollateralized lending as key challenges. Solana founder Toly commented that privacy is not a core factor in product-market fit (PMF) and is not sufficient to significantly change user behavior. 6. The LayerZero Foundation's proposal to acquire Stargate has begun voting, with current support at 97.07%. Golden Finance reported that voting on the LayerZero Foundation's proposal to acquire Stargate has begun, with current support at 97.07%. Voting will end on August 24. Disclaimer: As a blockchain information platform, Golden Finance publishes articles for informational purposes only and does not constitute actual investment advice. Please establish correct investment concepts and be sure to increase your risk awareness.