This week in the cryptocurrency landscape delivers thrilling news: Binance Launchpool welcomes HMSTR and CATI, Ripple’s RLUSD may be limited to institutional investors, and there are critical legal updates involving Ripple and the SEC.
Moreover, a significant debate among presidential candidates on cryptocurrency policies and updates from the gaming platform Snek.fun provide a wider view of the prevailing market scenario.
Binance Launchpool Welcomes HMSTR and CATI
Binance’s Launchpool initiative has introduced Hamster Kombat (HMSTR) and Catizen (CATI), making noteworthy contributions that grant users fresh staking opportunities. On September 12, Binance announced that Hamster Kombat would be the 58th project featured on its Launchpool.
Hamster Kombat is a tap-to-earn game set on the Telegram mini-app platform, providing a distinctive gaming experience where players mimic crypto exchange CEOs in competitive confrontations. The total token supply of Hamster Kombat stands at 100,000,000,000 HMSTR, with 3% earmarked for Launchpool token rewards.
Read more: What Is Hamster Kombat?
Users can stake Binance Coin (BNB) and First Digital USD (FDUSD) to earn HMSTR airdrops over a three-day period beginning September 23, 2024, at 00:00 UTC. Binance intends to list HMSTR on September 26, 2024, at 12:00 UTC, initiating trading with pairs HMSTR/USDT, HMSTR/BNB, HMSTR/FDUSD, and HMSTR/TRY.
In sequence, following the HMSTR revelation, Binance disclosed on September 13 that Catizen would be the 59th initiative on its Launchpool. Catizen is a gaming bot themed around cats, also constructed on the Telegram mini-app platform.
Since its launch six months ago, Catizen has drawn in 34 million players and boasts over two million active on-chain users. The project has reported an 800,000-paying user base, with an average revenue of $33 per paying user.
Catizen’s total and maximum token supply is capped at 1,000,000,000 CATI, with 9% assigned for Launchpool token rewards. Users can stake BNB and FDUSD to gain CATI airdrops over four days starting September 16, 2024, at 00:00 UTC. Binance plans to list CATI on September 20, 2024, at 10:00 UTC, with trading pairs of CATI/USDT, CATI/BNB, CATI/FDUSD, and CATI/TRY.
3 Much-Anticipated Upcoming Airdrops and TGE in TON Ecosystem
The Open Network (TON) has generated buzz with its series of airdrop initiatives. This September, TON is orchestrating numerous token generation events (TGE) and airdrops.
First on the agenda is Catizen, one of TON’s pivotal projects, set to have its token, CATI, listed on prominent exchanges including OKX, KuCoin, Bybit, and Gate.io starting September 20. Introduced six months ago, Catizen has attracted 34 million players, with over two million active on-chain participants and 800,000 paying users averaging $33 in revenue per paying user.
Next up is Hamster Kombat, another significant project planning its TGE and airdrop on September 26. It will be listed on exchanges such as Bitfinex, Bybit, and OKX. However, the community has raised concerns over the lack of clarity regarding airdrop eligibility criteria.
“The community is eager to engage, but the constant emergence of new games and features has led to confusion and overwhelm,” remarked an X platform user.
The CATS project also aims to conduct a TGE and airdrop this month, although the precise date remains undetermined. With over 20 million users, CATS plans to reward Telegram users based on their account age and activity level, making all Telegram users eligible to take part. A dedicated bot will evaluate user statistics to allocate tokens, with additional tokens obtainable through a referral system and minor tasks.
RLUSD Stablecoin and Ripple Legal Developments
Ripple’s Chief Technology Officer, David Schwartz, reaffirmed on September 8 that the forthcoming RLUSD stablecoin would probably be restricted to institutional investors. In a social media discussion, Schwartz replied to an XRP user who suggested that RLUSD should remain exclusive to substantial financial institutions to avert misuse in illegal activities like money laundering. He likened RLUSD to existing stablecoins such as USDC and USDT, explaining that individual investors typically cannot acquire these stablecoins directly from their issuers.
“It will likely only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether? I can’t,” Schwartz stated.
In a separate yet related development, the US Securities and Exchange Commission (SEC) dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen. This move has sparked speculation about an appeal, primarily since Ripple suggested depositing 111% of the financial judgment into a bank account, seemingly to ensure a pause in proceedings.
A former SEC regional director, Marc Fagel, shared insights regarding the possibility of an appeal. He highlighted that the focus is on Ripple’s systematic sales rather than questioning XRP’s status as a security.
“If [the SEC decides to] appeal, it will likely be centered on whether the programmatic sales constituted sales of securities,” Fagel elaborated.
Furthermore, he clarified that the Court of Appeals could tackle this matter without making a determination on whether XRP is a security, as it pertains to a secondary issue. Legal expert Bill Morgan also weighed in on the case, reassuring XRP holders that the fundamental judgment—that XRP is not a security—should remain intact despite prospective legal contestations.
Cardano’s Network Activity Surges with Meme Coin Launchpad Snek.fun
Charles Hoskinson, the founder of Cardano, commended Snek.fun, a meme coin launchpad, for significantly boosting the network’s activity. On September 6, Snek.fun declared a record daily transaction volume for Cardano, marking the highest 24-hour decentralized exchange (DEX) trading activity in the blockchain’s existence.
Launched on September 5, Snek.fun is a meme coin launchpad developed by SNEK and Splash, a DEX on Cardano. It facilitates users in creating tokens for a fee of 25 ADA.
Upon 75% of a token’s supply being acquired and the market cap hitting 42,069 ADA, a bonding curve activates, adding 25% of the supply to a liquidity pool on the Splash DEX. Liquidity provider (LP) tokens are then burned to prevent the team from withdrawing liquidity.
Snek.fun initially encountered challenges due to high user demand and network congestion but swiftly optimized its platform. In the first 24 hours, over 2,000 tokens were created, and trading volume surpassed 5 million ADA.
Despite the accomplishment, some analysts express concerns regarding the platform’s long-term sustainability. They emphasize the necessity for supplementary features, such as creator royalties and messaging systems, to ensure enduring success.
Presidential Debate Omits Crypto Discussion, Impacting PolitiFi Coins
This week also marked the first presidential debate between Vice President Kamala Harris and former President Donald Trump. Despite the mounting anticipation, the debate concluded with no references to cryptocurrencies, leaving many crypto proponents disheartened. Instead, the discussion centered on issues like the economy, immigration, and foreign policy.
However, the lack of cryptocurrency discourse had immediate effects on the market. Following the debate, the crypto market experienced a sharp reaction, particularly impacting meme coins linked to politics—referred to as PolitiFi.
BeInCrypto reported that the overall market capitalization of PolitiFi meme coins fell by 8.7% following the debate. Furthermore, some Trump-associated meme coins suffered notable declines. For instance, MAGA (TRUMP) saw a drop of 10%, while MAGA Hat (MAGA) plunged by 22.5%.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Conversely, the Kamala Horris (KAMA), a meme coin associated with Kamala Harris, experienced a surge of 7.3%.
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