Top Gainer — Stacks Blockchain (STX)
Today’s outperformer is STX, which surged 18.3% in the past 24 hours after recently integrating with Pyth Network and launching Pyth Oracle on Stacks.
Stacks Blockchain (STX), launched in January 2018, is focused on enhancing Bitcoin by adding smart contracts and decentralized apps on its layer while, allowing all transactions to settle on Bitcoin due to its Proof of Transfer consensus mechanism. Last week, STX has integrated with Pyth's oracle to provide over 300 real-time price feeds, aiming to enhance DeFi applications on Stacks. Pyth's unique low-latency pull oracle design offers real-time data across 30 blockchains. The feature is live on both testnet and mainnet for developer testing.
What's Interesting Today:
Grayscale Investments has won a lawsuit against the U.S. Securities and Exchange Commission (SEC), overturning the SEC's previous rejection of Grayscale's application to convert its over-the-counter Bitcoin Trust into a listed Bitcoin exchange-traded fund (ETF). The court ruled that the SEC's decision was "arbitrary and capricious," but the victory does not guarantee that Grayscale's spot Bitcoin ETF will eventually be listed. The Grayscale Bitcoin Trust is the largest over-the-counter Bitcoin fund with over $14 billion in assets under management. This legal battle comes amid financial challenges for Grayscale's parent company, Digital Currency Group, which owes creditors over $3 billion.
Aave v3 has introduced support for yield-bearing DAI, known as sDAI, as collateral. This move comes after MakerDAO increased its DAI Savings Rate (DSR) to 8% earlier in August to promote DAI adoption through the Spark Protocol, which eventually led to a $1B increase in total value locked (TVL). However, the rate was reduced to 5.8% after the increase, causing a temporary dip in the TVL. MakerDAO's co-founder, Rune Christensen, proposes to further reduce DSR yields to 5% and increase borrowing rates to deter "whales" from taking advantage of the system. Users have already deposited $37M in sDAI onto Aave v3 within 24 hours of its launch.