Grayscale Investments Launches Avalanche Trust

Grayscale Investments has introduced a new investment vehicle, the Grayscale Avalanche Trust, aimed at giving accredited investors exposure to the AVAX token. This trust joins Grayscale's extensive portfolio of single-asset investment products, each tailored to a specific cryptocurrency. Open for daily subscriptions, the trust mirrors the structure of other Grayscale offerings, focusing solely on a single asset.

The launch underscores Grayscale’s dedication to expanding investor access to diverse crypto assets. With its strategic partnerships and multi-chain capabilities, Avalanche is ready to play a leading role in the future of real-world asset tokenization. Grayscale continues to innovate by adding new options, such as recent trusts for Bittensor and Sui, to its broad array of crypto investment opportunities.

‍

Franklin Templeton Expands OnChain Fund to Avalanche

Franklin Templeton is extending its Franklin OnChain US Government Money Fund (FOBXX) to the Avalanche blockchain, marking its fourth network launch. This innovative money market fund, represented by the BENJI token, was the first US-registered mutual fund to utilize public blockchain technology for transaction recording and ownership sharing.

Already trading on Stellar, Polygon, and Arbitrum, the BENJI token provides institutional and retail investors a way to engage with low-risk US government securities in a tokenized format and assets under management of $420 million. By integrating with Avalanche’s ecosystem, Franklin Templeton aims to collaborate with the blockchain's developer community to bring new breakthroughs to market.

‍

Solana NFT Marketplace Magic Eden to Launch ME Token

Magic Eden, a leading Solana NFT marketplace, is set to introduce the ME token, developed by the ME Foundation, to enhance its ecosystem and user experience. The ME token will facilitate cross-chain trading on Magic Eden’s Solana-based platform, allowing users to trade assets across multiple blockchains, furthering the platform’s reach in the growing NFT market.

The token is also expected to be integrated into third-party protocols and decentralized applications, expanding its utility beyond Magic Eden. This initiative reflects a broader trend toward multi-chain ecosystems in the NFT space, signaling the end of single-chain dominance. Magic Eden has processed over $6 billion in trading volume and a has significant share of Bitcoin Ordinals and Runes trading.

‍

Tron’s USDD Stablecoin Removes $750M Bitcoin Backing

Justin Sun, founder of Tron, recently reassured users after the Tron DAO Reserve withdrew nearly $750 million in Bitcoin backing for the USDD stablecoin, sparking concerns about its decentralization. USDD, launched in 2022 as an algorithmic stablecoin and competitor to Terra’s UST, is now primarily backed by Tron’s native token, TRX. Sun explained that the move was to improve capital efficiency, as USDD’s collateralization had long exceeded 300%, which he deemed unnecessary.

Despite Sun's reassurances, the decision has reignited debates over the stablecoin's decentralization and governance, with critics pointing to the lack of community involvement in decision-making. The announcement, made via Sun’s personal account rather than through official DAO channels, further fueled skepticism about the transparency and decentralization of USDD.

‍

Data of the Day

Tron-based memecoin generator Sun Pump has quickly gained traction, surpassing its Solana competitor Pump.fun in 24-hour revenue just a week after its launch. On Wednesday, Sun Pump generated approximately $585,000 in revenue, outpacing Pump.fun’s $366,000 for the same period.

The platform saw 7,531 meme coins launched, with some experiencing substantial price volatility, such as Sundog, which briefly surged 25% before declining. Sun Pump's rapid success is partly attributed to Justin Sun’s active promotion on social media, where he has been heavily endorsing the new platform.

‍

More Breaking News

• Coinbase will enable 1:1 EUR to EURC stablecoin conversions starting August 28, with EURC compliant with the EU's new MiCA regulations.
• Babylon has launched phase one of its self-custodial Bitcoin staking mainnet, already attracting over 12,700 stakers with more than 20,600 delegations.
• Donald Trump endorsed a DeFi-related crypto project promoted by his sons, urging Americans to stand against big banks and financial elites.
• Conduit has launched a marketplace to help rollup teams buy and integrate tools for scaling solutions, following a $37 million funding round.
• Former congressional candidate Michelle Bond has been indicted for allegedly conspiring in an unlawful campaign finance scheme linked to FTX.
• The SEC argued against dismissing its lawsuit against Hex founder Richard Heart, asserting jurisdiction and contesting his motion to dismiss.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.