Ripple (https://www.coindesk.com/business/2024/08/01/ripple-to-allocate-10m-to-tokenized-us-treasury-bills-on-xrp-ledger/) has announced a $10 million allocation to tokenized U.S. Treasury bills (T-bills) on the XRP Ledger, marking the first issuance of such tokens on the platform. This initiative, facilitated by the tokenization platform OpenEden, will issue TBILL tokens to invest in short-dated U.S. Treasuries and reverse repurchase agreements (repos) collateralized by U.S. Treasuries. The move aligns with a growing trend in the crypto industry towards the tokenization of tangible real-world assets and traditional financial securities, which is seen as a way to enhance efficiency in asset management and attract significant players like BlackRock. Ripple's allocation is part of a broader fund targeting tokenized T-bills from OpenEden and other issuers, although specific dates for the fund's allocation were not disclosed. Currently, over $780 million worth of funds are locked in tokenized versions of U.S. Treasuries, reflecting the increasing interest in this sector.

In other news, Dennison Bertram (https://www.coindesk.com/business/2024/08/01/golden-boys-move-on-compounddao-wasnt-a-governance-attack-tally-protocol-ceo/), CEO and co-founder of Tally Protocol, defended the actions of a group of governance-token holders, known as the "Golden Boys," regarding their recent proposal on the Compound lending protocol, stating that their actions do not constitute a "governance attack." Bertram emphasized that the low voter participation in the governance process—only 49%—highlights the need for better incentives within decentralized autonomous organizations (DAOs). He criticized the notion that apathy from other COMP token holders invalidates the proposal's legitimacy, arguing that it reflects the imperfections of DAO governance rather than a malicious attempt to exploit the system. Tally Protocol aims to enhance engagement in DAO governance through mechanisms like governance staking and restaking, allowing users to earn passive yield while maintaining their voting rights. Bertram pointed out that without proper compensation for participation, governance becomes less attractive, as token holders often face the dilemma of price fluctuations that misalign incentives. He called for a more equitable system where participants are rewarded in proportion to their contributions, similar to traditional finance structures, to create a more engaged and accountable governance environment.

On-Chain

CryptoQuant (https://cryptoquant.com/insights/quicktake/66ab3c5200442146d8774181-The-movements-in-the-age-bands-brought-the-market-down?utm_source=twitter&utm_medium=sns&utm_campaign=quicktake&utm_content=xbtmanager) analysis indicates that movements in spent output age bands have significantly impacted the market, causing a downturn after reaching the 70K level. On July 29, substantial transfers occurred across various age bands: 29,828 units (3m-6m), 20,893 units (1m-3m), and 1,022 units (2y-5y) were moved when BTC prices were around $67K. Subsequent days saw similar patterns with notable transfers in the 1w-1m, 3m-6m, and 3y-5y age bands, contributing to increased selling pressure. This analysis, excluding 1d-1w data, suggests that the recent selling is partially driven by these movements, delaying market recovery.

According to Vini Barbosa (https://x.com/vinibarbosabr/status/1818351027793674280/photo/1), Cardano's transaction volume in USD has been on a downtrend since March. His queried data from Santiment shows that Cardano transacted $1.53 billion in the last 24 hours, a significant decline from the $11.56 billion peak in March. Currently, ADA trades at $0.40, down 48% from its $0.77 rate in March. This decline in price, while substantial, is less severe than the drop in transaction volume.

Crypto Derivatives

   •   Funding rates remained positive for BTC and ETH.

   •   Deribit Implied Volatility Index (DVOL) for BTC and ETH declined to 50.02% and 49.26%, respectively.

   •   The 30-day 25-delta skew (C-P) for BTC declined to 1.59, while that of ETH increased slightly to 0.18.

   •   The futures market witnessed $289.93M in liquidations, with longs representing 79%.

Today's ATM constant maturities for BTC display a slow decline in volatility over the 7-day and 30-day periods, which are now positioned at 44.72% and 46.29%, respectively. This is possibly due to the absence of upcoming BTC-related catalysts.

The BTC Shadow Term Structure exhibits a contango structure, with minimal changes from the previous day.

Ripple (https://www.coindesk.com/business/2024/08/01/ripple-to-allocate-10m-to-tokenized-us-treasury-bills-on-xrp-ledger/) has announced a $10 million allocation to tokenized U.S. Treasury bills (T-bills) on the XRP Ledger, marking the first issuance of such tokens on the platform. This initiative, facilitated by the tokenization platform OpenEden, will issue TBILL tokens to invest in short-dated U.S. Treasuries and reverse repurchase agreements (repos) collateralized by U.S. Treasuries. The move aligns with a growing trend in the crypto industry towards the tokenization of tangible real-world assets and traditional financial securities, which is seen as a way to enhance efficiency in asset management and attract significant players like BlackRock. Ripple's allocation is part of a broader fund targeting tokenized T-bills from OpenEden and other issuers, although specific dates for the fund's allocation were not disclosed. Currently, over $780 million worth of funds are locked in tokenized versions of U.S. Treasuries, reflecting the increasing interest in this sector.

In other news, Dennison Bertram (https://www.coindesk.com/business/2024/08/01/golden-boys-move-on-compounddao-wasnt-a-governance-attack-tally-protocol-ceo/), CEO and co-founder of Tally Protocol, defended the actions of a group of governance-token holders, known as the "Golden Boys," regarding their recent proposal on the Compound lending protocol, stating that their actions do not constitute a "governance attack." Bertram emphasized that the low voter participation in the governance process—only 49%—highlights the need for better incentives within decentralized autonomous organizations (DAOs). He criticized the notion that apathy from other COMP token holders invalidates the proposal's legitimacy, arguing that it reflects the imperfections of DAO governance rather than a malicious attempt to exploit the system. Tally Protocol aims to enhance engagement in DAO governance through mechanisms like governance staking and restaking, allowing users to earn passive yield while maintaining their voting rights. Bertram pointed out that without proper compensation for participation, governance becomes less attractive, as token holders often face the dilemma of price fluctuations that misalign incentives. He called for a more equitable system where participants are rewarded in proportion to their contributions, similar to traditional finance structures, to create a more engaged and accountable governance environment.

On-Chain

CryptoQuant (https://cryptoquant.com/insights/quicktake/66ab3c5200442146d8774181-The-movements-in-the-age-bands-brought-the-market-down?utm_source=twitter&utm_medium=sns&utm_campaign=quicktake&utm_content=xbtmanager) analysis indicates that movements in spent output age bands have significantly impacted the market, causing a downturn after reaching the 70K level. On July 29, substantial transfers occurred across various age bands: 29,828 units (3m-6m), 20,893 units (1m-3m), and 1,022 units (2y-5y) were moved when BTC prices were around $67K. Subsequent days saw similar patterns with notable transfers in the 1w-1m, 3m-6m, and 3y-5y age bands, contributing to increased selling pressure. This analysis, excluding 1d-1w data, suggests that the recent selling is partially driven by these movements, delaying market recovery.

According to Vini Barbosa (https://x.com/vinibarbosabr/status/1818351027793674280/photo/1), Cardano's transaction volume in USD has been on a downtrend since March. His queried data from Santiment shows that Cardano transacted $1.53 billion in the last 24 hours, a significant decline from the $11.56 billion peak in March. Currently, ADA trades at $0.40, down 48% from its $0.77 rate in March. This decline in price, while substantial, is less severe than the drop in transaction volume.

Crypto Derivatives

   •   Funding rates remained positive for BTC and ETH.

   •   Deribit Implied Volatility Index (DVOL) for BTC and ETH declined to 50.02% and 49.26%, respectively.

   •   The 30-day 25-delta skew (C-P) for BTC declined to 1.59, while that of ETH increased slightly to 0.18.

   •   The futures market witnessed $289.93M in liquidations, with longs representing 79%.

Today's ATM constant maturities for BTC display a slow decline in volatility over the 7-day and 30-day periods, which are now positioned at 44.72% and 46.29%, respectively. This is possibly due to the absence of upcoming BTC-related catalysts.

The BTC Shadow Term Structure exhibits a contango structure, with minimal changes from the previous day.