This week in the crypto sphere brings exciting updates: Binance Launchpool introduces HMSTR and CATI, Ripple’s RLUSD might be limited to institutional investors, and significant legal developments involving Ripple and the SEC.
Additionally, a notable debate among presidential candidates on crypto policies and updates from the gaming platform Snek.fun offer a broader perspective on the current market climate.
Binance Launchpool Welcomes HMSTR and CATI
Binance’s Launchpool platform welcomed Hamster Kombat (HMSTR) and Catizen (CATI), marking significant additions that offer users new staking opportunities. On September 12, Binance announced that Hamster Kombat would become the 58th project on its Launchpool.
Users can stake Binance Coin BNBUSD and First Digital USD (FDUSD) to receive HMSTR airdrops over three days starting September 23, 2024, at 00:00 UTC. Binance plans to list HMSTR on September 26, 2024, at 12:00 UTC, opening trading with HMSTR/USDT, HMSTR/BNB, HMSTR/FDUSD, and HMSTR/TRY pairs.
Since its inception six months ago, Catizen has attracted 34 million players and boasts over two million active on-chain users. The project reports an 800,000-paying user base and an average revenue per paying user of $33.
Catizen has a total and maximum token supply of 1,000,000,000 CATI, with 9% allocated for Launchpool token rewards. Users can stake BNB and FDUSD to receive CATI airdrops over four days starting September 16, 2024, at 00:00 UTC. Binance will list CATI on September 20, 2024, at 10:00 UTC, with trading pairs 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 excitement with its airdrop initiatives. This September, TON is hosting several token generation events (TGE) and airdrops.
First, Catizen, one of TON’s key projects, is set to have its token, CATI, listed on major exchanges such as OKX, KuCoin, Bybit, and Gate.io starting September 20. Launched 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 on the list is Hamster Kombat, another notable project that will hold its TGE and airdrop on September 26. Exchanges like Bitfinex, Bybit, and OKX will list the HMSTR token. However, the community has expressed concerns about the lack of clarity regarding airdrop criteria.
“The community is eager to participate, but the constant introduction of new games and features has caused confusion and overwhelm,” an X user said.
RLUSD Stablecoin and Ripple Legal Developments
Ripple’s Chief Technology Officer, David Schwartz, confirmed on September 8 that the upcoming RLUSD stablecoin would likely be available exclusively to institutional investors. In a social media exchange, Schwartz responded to an XRP user who suggested that RLUSD should be limited to large financial institutions to prevent misuse in illegal activities such as money laundering. He compared RLUSD to existing stablecoins like USDC and USDT, noting that individual investors typically cannot purchase these stablecoins directly from their issuers.
“Probably only ever be available directly to institutions. Can you get USDC from Circle or USDT from Tether, because I can’t.” Schwartz stated.
In a separate but related development, the US Securities and Exchange Commission (SEC) dropped its claims against Ripple executives Brad Garlinghouse and Chris Larsen. This action has sparked rumors of an appeal, especially since Ripple proposed to deposit 111% of the financial judgment into a bank account, presumably to ensure a pause in the case.
A former SEC regional director, Marc Fagel, provided insights into the potential appeal. He emphasized Ripple’s systematic sales rather than debating XRP’s classification as a security.
“If [the SEC chooses to] appeal, it will likely be over whether the programmatic sales constituted securities sales,” Fagel explained.
Furthermore, he clarified that the Court of Appeals could address this issue without deciding whether XRP is a security, as it remains a peripheral matter. Legal expert Bill Morgan also commented on the case, assuring XRP holders that the core judgment—that XRP is not a security—should stand firm despite potential legal maneuvering.
Cardano’s Network Activity Surges with Meme Coin Launchpad Snek.fun
Charles Hoskinson, the founder of Cardano, praised Snek.fun, a meme coin launchpad, for significantly increasing the network’s activity. On September 6, Snek.fun announced a record daily transaction volume for Cardano. This marked the highest 24-hour decentralized exchange (DEX) trading activity in the blockchain’s history.
Launched on September 5, Snek.fun is a meme coin launchpad created by SNEK and Splash, a DEX on Cardano. The platform allows users to create tokens for a fee of 25 ADA.
Once 75% of a token’s supply is purchased, and the market cap reaches 42,069 ADA, a bonding curve is triggered, adding 25% of the supply to a liquidity pool on Splash DEX. Liquidity provider (LP) tokens are then burned to prevent the team from withdrawing liquidity.
Snek.fun initially faced challenges due to high user demand and network congestion. However, it was able to optimize its platform quickly. Within the first 24 hours, over 2,000 tokens were created, and trading volume exceeded 5 million ADA.
Regardless of the achievement, some analysts express concerns about the platform’s long-term viability. They stress the need for additional features, such as creator royalties and messaging systems, to ensure sustained success.
Presidential Debate Omits Crypto Discussion, Impacting PolitiFi Coins
This week also witnessed the first presidential debate between Vice President Kamala Harris and former President Donald Trump. Despite the mounting anticipation, the debate apparently ended without any mention of cryptocurrencies, leaving many crypto enthusiasts disappointed. Instead, the debate focused on topics such as the economy, immigration, and foreign policy.
However, the absence of discussions on crypto had immediate repercussions on the market. Following the debate, the crypto market reacted sharply, particularly affecting meme coins associated with politics—known as PolitiFi.
BeInCrypto reported that the total market capitalization of PolitiFi meme coins fell by 8.7% post-debate. Moreover, some Trump-linked meme coins suffered significant declines. For instance, MAGA (TRUMP) dropped by 10%, while MAGA Hat (MAGA) plummeted by 22.5%.
Conversely, the Kamala Horris (KAMA), a meme coin related to Kamala Harris, surged by 7.3%.
