Friend Tech denies rumors of shutting down 🙏

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious 🙏 

• BTC broke the key $62,400 level, but failed to re-test and hold it as support.

• It also failed to hold $56,000, a crucial support zone.

• BTC is now trying to re-test these levels as resistance.

• $60,000-$63,000 is a big resistance area that BTC must break, or risk further consolidation otherwise,

• This level is the bull-market support band (20 Week SMA & 21 Week EMA)

• It is wise to not take any new leveraged positions till BTC closes above this band, and till BTC dominance reverses it’s uptrend.

UAE X BTC 🙏 

$800 million worth Standard Chartered bank launches Bitcoin and crypto custody service in the UAE.

It has received approval from the Dubai Financial Services Authority (DFSA) to offer crypto custody solutions in the UAE.

The bank will begin its digital asset custody services with BTC & ETH, providing secure storage for these tokens.

With this new license, Standard Chartered aims to strengthen its presence in the digital asset space and support the growing demand for regulated crypto services in the region.

Friend Tech Addresses Shutdown Rumors 🙏 

Web3 social app Friend.tech has denied rumors of shutting down, clarifying that its recent announcement about renouncing control of its smart contracts does not affect the app’s operations.

In a recent statement, the team assured users that the web app would continue to function as usual, with no further changes to the platform.

The FRIEND token bounced 51% from its lows but is still down 97% from its peak.

Despite the steep decline, it’s developers have made millions, with the project generating $81.2 million in fees since launch. The team received 50% of these fees, likely earning over $40 million in just one year.

📕 Educational

Key DeFi updates to watch this week 👇

1. DWFLabs is developing a synthetic stablecoin that will accept various crypto assets like USDt, USDc, DAI, BTC/ETH, blue chips, and select altcoins as collateral.

2. Synthetix is building SNAXchain using the OP Stack, joining the Optimism Superchain.

3. SonicLabs testnet went live with 720ms transaction finality and 400ms responsiveness, featuring gas monetization and subsidies.

4. TON Foundation is injecting 5 million $TON in rewards to boost DeFi on the Telegram-linked network, partnering with projects like Ston.fi and Dedust.io.

5. Libre launches Brevan Howard, BlackRock, and Hamilton Lane funds on Aptos.

6. GMX launches Liquidity Vaults, a rebalancing vault of GM tokens generating fees from leverage trading and swaps.

7. Euler Finance v2 goes live with a new modular approach to lending and borrowing.

8. Cosmos Foundation faces a No Confidence Proposal demanding financial transparency and questioning fund management.

9. Eigenlayer announced StakeDrops S2, distributing 86 million EIGEN tokens to restaking users and contributors, with claims opening on Sep 17th.

10. SushiSwap launched a memecoin launchpad in collaboration with GoatTradingDex.

11. Ethena Labs S2 airdrop checker is going live today.

12. CoreDAO Ignition Drop S2 will be live on Sep 11th.

13. Liquity Protocol revealed tokenomics for its new stablecoin $BOLD with a Curve-inspired revenue distribution system.

14. Ethervista introduced VISTA apps, a platform for creating tokens on Ethereum.

15. Starknet is expected to launch a proposal for STRK staking this week, with a test vote already live.

16. Zero1 Labs will announce their technical roadmap this week, including the launch of Cypher testnet.

17. Bounce Bit introduced BounceClub V2, a memecoin launchpad launching soon.

18. FriendTech shut down after developers renounced control of its smart contracts, making a revival unlikely.

📊 Stat of the day

📈 Chart of the day

Rationale & Confluences

• Aave looks like on the verge of breaking out

• Look for a 4H strong body candle close above $152

• This breakout should be supported by good volumes

• If this happens, a buy-side swing position can be built on Aave.

• The target for the same could be $200.

• Source : Cointraction

🤣 Meme of the day

Accurate 🤣 

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.