Good morning, Coin Discoverers!

CRYPTO

• BTC: $69,436.50(+1.75%)YTD (+57.20%)

• ETH: $3,342.50(+2.21%)YTD (+46.82%)

• BNB: $592.30 (+1.42%)YTD (+88.69%)

*Crypto numbers as of 5:00 am EST on July 29th

$24 million proposal in Compound Finance

A recent Compound Finance DAO proposal has sparked claims of a governance attack after a small group, led by whale Humpy, bought enough tokens to narrowly pass their proposal despite objections from many community members.

The proposal allocates 499,000 COMP tokens, worth around $24 million, to a yield-bearing protocol controlled by 'the Golden Boys,' a group led by Humpy. This group pushed the proposal through and has been accused of similar DAO-hijacking actions in the past.

August preview: Token projects plan nearly $1 billion in unlock

August is set to be a notable month for token unlocks, particularly for Wormhole and Avalanche, which together will unlock nearly $450 million worth of tokens.

Just months after Wormhole's airdrop in April, the cross-chain project will unlock 600 million tokens this month, worth around $180 million, making up a third of its circulating supply. ZetaChain will also unlock nearly a fifth of its circulating supply, and several other projects are set to unlock tokens worth $50 million or more.

This Week in Crypto Games: 'Illuvium' Launches on Epic Store, Atari Retro Arcade Debuts on Base

The crypto and NFT gaming space is bustling with activity, as prominent games are launching, token airdrops are increasing, and there's a constant stream of events. It's a lot to keep up with!.

Our weekend roundup highlights the biggest news from the past week and includes a few additional tidbits you might have missed. We also feature some of our original stories from the week.

The University of Wyoming Launches UW Bitcoin Research Institute

This August, the University of Wyoming will inaugurate the UW Bitcoin Research Institute, with the goal of enhancing Bitcoin research through rigorous, peer-reviewed studies.

Bradley Rettler, an Associate Professor at the University of Wyoming and Bitcoin advocate, announced the institute on X (formerly Twitter) on July 28. Rettler, who will serve as the BRI’s director, criticized current Bitcoin research for its shortcomings and emphasized the need for more rigorous academic publications.

STOCKS

• DOW: 40,589.34(+1.64%)

• S&P: 5,459.10(+1.11%)

• NASDAQ: 17,357.88(+1.03%) 

*Stock numbers as of market close on July 26th

Vital Energy and Northern Oil and Gas acquire Point Energy's shale assets for $1.1 billion

Vital Energy (VTLE.N) and Northern Oil and Gas (NOG.N) will jointly acquire U.S. shale assets from private equity-owned Point Energy Partners for $1.1 billion, the companies announced on Sunday.

Vital Energy will acquire an 80% stake in the Point Energy assets, situated in the Delaware portion of the Permian Basin, a key area of the U.S. shale industry spanning Texas and New Mexico. Northern Oil and Gas will purchase the remaining 20%, according to the companies.

Europe embraces investment from the Middle East

On Sunday, Egypt's Ministry of Petroleum and Mineral Resources signed two agreements with international companies to invest $340 million in boosting oil and gas production in the Mediterranean and the Gulf of Suez.

Following discussions between Egypt's Petroleum Minister Karim Badawi and executives from international oil and gas companies, a $222 million investment deal was signed with Shell Egypt (SHEL.L) and Malaysia's Petronas. The deal aims to boost natural gas production in the Mediterranean's West Delta region, including the drilling of three wells and the establishment of marine facilities.

REAL ESTATE

• 15-year: 6.33%

• 30-year: 6.90%

*Mortage rates via Mortgage News Daily

Clear Gains Following Key Inflation Data

Although today's monthly core PCE headline came in slightly higher than the median forecast, most forecasters did not update their predictions following yesterday's quarterly PCE data. Had they been required to revise their forecasts, the expectation would likely have increased from 0.1 to 0.2, making today’s unrounded figure of 0.182 a logical market beat.

In reality, the two-day market activity could be described as "boring." The quick rally driven by this morning's PCE data almost precisely countered yesterday's PCE-driven sell-off, with neither movement making a significant impact in the broader context.

TECH

Tokenizing Real-World Assets Requires a Specialized Blockchain

John Patrick Mullin, CEO and co-founder of Mantra, believes that tokenizing real-world assets (RWAs) could transform traditional finance, and that a dedicated blockchain is essential for its swift adoption.

Mantra positions itself as the ideal solution, offering a 'security-first' layer-1 blockchain designed to meet real-world regulatory standards. Mullin notes that tokenizing real-world assets entails more than simply recording transactions on a blockchain.

QUICK RECAP

#1. WesBanco (WSBC.O) will acquire Premier Financial (PFC.O) in a $959M all-stock deal, highlighting ongoing consolidation in U.S. regional banks.

#2. Amazon MGM Studios has signed a multi-year film partnership with Scott Stuber, the former head of films at Netflix (NFLX.O), to finance and release movies from his new production company.

#3. Leonardo (LDOF.MI) and Immsi's (IMSI.MI) Intermarine signed a contract worth up to €2.6 billion ($2.82 billion) to supply Italy's navy with 5 coastal minehunter ships.

#4. Billionaire Barry Diller indicated that IAC (IAC.O) is no longer pursuing the acquisition of Paramount Global (PARA.O), CNBC reported.

#5. Britain's Metro Bank (MTRO.L) is selling its prime residential mortgage portfolio to NatWest Group (NWG.L) for up to £2.4 billion ($3.1 billion) cash.