Overnight

a16z Crypto has released their State of Crypto Report 2024, focusing on stablecoins: - Stablecoins are gaining adoption for efficient, low-cost global payments - Transaction costs have decreased significantly: - USDC on Ethereum: $1 (down from $12 in 2021) - On Layer 2 solutions: below $0.01 - Q2 2024 stablecoin volumes: $8.5 trillion across 1.1 billion transactions - Surpassed Visa's $3.9 trillion in the same period - Stablecoins now represent 32% of daily crypto usage, second only to DeFi at 34% *This growth indicates diversification in stablecoin use cases beyond trading.*

The community continues its tradition of daily greetings with "GM to everyone who says it back" accompanied by a pointing down emoji. This friendly gesture fosters a sense of belonging and engagement among members. Additionally, the community is informed about an upcoming recap article on a recent AMA (Ask Me Anything) session, indicated by a blue heart emoji. - Daily greetings maintain community spirit - AMA recap article coming soon - Emojis used to convey warmth and excitement Stay tuned for more community updates and discussions!

A new stablecoin, xUSD, is challenging common beliefs in the DeFi space. It claims to offer: - Stability - Yield generation - Cross-chain functionality These features are often thought to be mutually exclusive in stablecoins. xUSD aims to provide: 1. Fast cross-chain transfers 2. Passive yield generation 3. Consistent 1:1 USD backing The project is nearing launch, promising to potentially reshape the DeFi landscape. Users are encouraged to stay tuned for more information about this innovative stablecoin solution.

Overnight Finance announces participation in Beefy Finance's BOOSTDAY event. Two pools on the Base network are included: - $OVN-USD+ - USD+-$WETH **Benefits for users:** - Boosted Annual Percentage Yield (APY) - Bonus #mooBIFI rewards This follows recent news of $35.8K in OVN bribes across five Aerodrome Finance pools, including: - Existing $WETH/OVN pool - New pools: $MOG/USD+, $WIF/USD+, $KEYCAT/USD+, $MIGLES/USD+ Each pool received 250 OVN ($7,167) in bribes for the next epoch. **Action:** Explore these opportunities at https://app.beefy.com

**1. FTX Bankruptcy Concludes** - Proceedings end, causing crypto price dip - One unusual exception noted - Marks significant moment in major crypto scandal **2. Satoshi Nakamoto Mystery Rekindled** - HBO documentary suggests Len Sassaman as Bitcoin creator - Widow's comments add intrigue - Discussions about Bitcoin's origins reignited **3. MicroStrategy's Bitcoin Holdings Gain Approval** - Analysts predict 64% stock rise - $16 billion Bitcoin holdings drive optimism - Signals growing institutional confidence in crypto Which news do you think will impact DeFi the most?

xUSD is highlighting the benefits of minting on Arbitrum: - **Lightning-fast transactions**: Arbitrum's Layer 2 solution offers rapid processing times. - **Pocket-friendly gas fees**: Lower transaction costs compared to Ethereum mainnet. - **Seamless entry to xUSD ecosystem**: Easy onboarding for new users. The combination of efficient minting and Arbitrum's advantages opens up numerous possibilities for xUSD users. This update emphasizes the platform's commitment to providing a user-friendly and cost-effective stablecoin experience. **Key Takeaway**: Minting xUSD on Arbitrum offers speed, affordability, and accessibility.