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Good morning, Coin Discoverers!

CRYPTO

• BTC: $59,759.00(+0.67%)YTD (+35.29%)

• ETH: $2,714.02(-0.34%)YTD (+15.35%)

• BNB: $520.72 (+0.45%)YTD (+65.89%)

*Crypto numbers as of 5:00 am EST on August 13th

Solana DEX trading volume declines as Ethereum and Base experience a surge in activity

Trading volume on Solana-based decentralized exchanges (DEX) has declined by more than 10% over the past week, according to DeFiLlama data.

Trading volume on Solana-based decentralized exchanges has dropped by over 10% in the past week, according to DeFiLlama data. Meanwhile, DEX volumes on the Ethereum, Sui, and Base networks have experienced double-digit increases during the same period.

Optimism is creating a native interoperability system for Layer 2 networks

Optimism developers intend to implement interoperability across multiple Layer 2 chains within the ecosystem, including OP Mainnet, Zora, Base, and others.

This initiative will include a message-passing protocol, a universal token standard (SuperchainERC20), and a fault-proof system for secure asset transfers.

The ecosystem's primary network is OP Mainnet, with other Layer 2 networks like Base, Mode, Zora, Lyra, and Aevo also part of the ecosystem. Additionally, Worldcoin, the digital identity network founded by Sam Altman of OpenAI, is developing its own Layer 2 network using the OP Stack.

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Crypto Startups Raised $2.7 Billion in Q2—Here's What Went Well and What Didn't

Late-stage valuations dropped by 36% to $40.8 million, indicating a more cautious stance by investors during the later stages of company growth.

A recent PitchBook report reveals that crypto startups raised $2.7 billion through 503 deals. While this marks a 2.5% increase in capital investment compared to Q1 2024, the number of deals has decreased by 12.5%.

Bybit Introduces eRupee P2P Payments with a $30,000 USDT Reward Offer

Bybit, the world's second-largest cryptocurrency exchange by trading volume, has launched a new P2P payment method using Digital Rupee (eRupee) specifically for its Indian users.

To mark this launch, Bybit is hosting an exclusive campaign until August 25, 2024, offering participants the chance to share in a 30,000 USDT prize pool. During the campaign, users who register and make an initial deposit of at least 50 USDT will be eligible for rewards from the prize pool. The introduction of Digital eRupee aims to address the growing demand for fast and secure payment methods.

STOCKS

• DOW: 39,357.01(-0.36%)

• S&P: 5,344.39 (+0.0043%)

• NASDAQ: 16,780.61 (+0.21%) 

*Stock numbers as of market close on August 12th

Canada's Scotiabank Acquires a 14.9% Stake in US Regional Lender KeyCorp for $2.8 Billion

Scotiabank (BNS.TO) is acquiring a 14.9% stake in American regional lender KeyCorp (KEY.N) for $2.8 billion, as the Canadian bank seeks growth opportunities in the struggling U.S. regional banking sector beyond its saturated domestic market.

KeyCorp shares surged 14% after Scotiabank set the purchase price at $17.17 per share, a nearly 17.5% premium over KeyCorp's most recent closing price. Scotiabank will also gain the right to appoint two directors to KeyCorp's board. Meanwhile, Scotiabank's shares declined approximately 3% in Toronto.

India's Bharti to Acquire a 24.5% Stake in BT from Altice

India's Bharti Enterprises announced it will purchase a 24.5% stake in BT (BT.L) for £3.2 billion ($4 billion) to acquire the shares held by British company's major investor Patrick Drahi. This move comes as Drahi's Altice group accelerates asset sales to reduce its debt.

Sunil Bharti Mittal, the billionaire founder of Bharti, is positioning one of India's largest conglomerates as a major strategic investor in BT. This comes as BT's new CEO, Allison Kirkby, aims to boost the company's share value by focusing on higher profits following years of cost-cutting measures.

REAL ESTATE

• 15-year: 6.07%

• 30-year: 6.55%

*Mortage rates via Mortgage News Daily

Volatile Gains in Low Volume; Excitement Expected Tomorrow

Summertime Fridays and Mondays often experience low trading volumes, especially when they start with minimal data, as is the case this week. The typical drawback of low volume is increased volatility, which has been noticeable this morning. However, this volatility has led to slightly stronger trading levels.

Despite these fluctuations, the week’s momentum is expected to pick up with the arrival of key economic data. The major event will be Wednesday's CPI report, but Tuesday's PPI could also influence the market significantly if it deviates substantially from forecasts.

TECH

X Faces Austrian Data Use Complaint Over AI Training

Austrian advocacy group NOYB filed a complaint against X, alleging that the Elon Musk-owned social media platform used users' personal data to train its AI without consent, breaching EU privacy laws.

Led by privacy activist Max Schrems, the group announced it has filed GDPR complaints with nine EU authorities to increase pressure on Ireland's Data Protection Commission (DPC).

QUICK RECAP

#1. Goodyear’s Canadian unit will invest C$575 million to upgrade its Napanee plant, creating 200 new jobs by 2027.

#2. U.S. utilities are finalizing deals with data centers, expected to consume 8% of U.S. power by 2030.

#3. Gold Fields Ltd (GFIJ.J) will acquire Osisko Mining (OSK.TO) for C$2.16 billion ($1.57 billion), paying C$4.90 per share, a 55% premium.

#4. UK's competition watchdog is examining if Synopsys' $35 billion acquisition of Ansys will impact competition in Britain.

#5. Revance Therapeutics (RVNC.O) will be acquired by Crown Laboratories for $924 million, including debt, to enhance market scale.