Justin Sun Denies Liquidation Rumors

Justin Sun Denies Liquidation Rumors

Tron founder Justin Sun has vehemently denied rumors that his cryptocurrency positions were liquidated amid recent market volatility. The claims surfaced on social media, but Sun maintains that he rarely engages in leveraged trading. Instead, he emphasized his focus on supporting the industry through staking, node operation, and project development. While some questioned the use of "rarely," Sun has not provided further clarification.

Aave Thrives Amidst Market Storm

Leading DeFi platform Aave has defied the recent market downturn, generating a substantial $6 million in revenue. The protocol's role in processing over $233 million in liquidations, including a single $7.4 million wrapped Ether transaction, contributed significantly to this earnings surge. Aave founder Stani Kulechov highlighted the protocol's resilience, emphasizing its ability to secure $21 billion in value across multiple blockchains while generating significant revenue. This performance underscores the strength and potential of DeFi platforms even in challenging market conditions.

Polymarket Users Bet on Fed Rate Cuts by September 2024

Polymarket users have placed nearly $1.44 million in bets predicting that the Federal Reserve will cut interest rates by September 2024. This reflects speculation about the Fed's response to the current market downturn.

The platform indicates a 58% chance of a rate cut over 50 basis points (bps), with $687,343 staked on this prediction. Additionally, there's a 40% chance of a 25 bps cut, with $313,224 bet on this outcome.

Regulated futures markets, according to the CME's FedWatch tool, estimate an 83.5% probability of a 50 bps cut and a 16.5% chance of a 25 bps reduction by September.

Polymarket's terms state that the market will resolve to 'Yes' if the Federal Reserve decreases the rate by 50 or more bps at their September 2024 meeting.

Polymarket also features a prediction on an emergency rate cut in 2024, with a 25% chance and $58,675 staked on this outcome.

In July, Polymarket reached a record trading volume of $387.01 million and saw a record number of users, approximately 44,520 traders, according to The Block's Data Dashboard.

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