Web3🌕Monday Highlights: Daily T-Bill Interest, Trump Meme Coin Surge, ZK Audit Insights, & Hong Kong's Inverse Bitcoin ETF Launch

Happy Monday! As we kick off the week, we’ve got a roundup of the latest and most intriguing updates in the Web3 space. From groundbreaking financial products to shifts in the political landscape influencing crypto trends, today's highlights are packed with essential news. Keep reading to dive deeper into these stories and discover what they mean for the future of Web3!

1. Woo X now offers daily interest withdrawals from T-Bill-backed vaults.

Woo X has upgraded its U.S. Treasury Bill-backed yield products, enabling customers to withdraw daily interest instead of waiting seven or 28 days. This enhancement, developed with OpenTrade, reflects the growing popularity of tokenization, especially with assets like U.S. Treasuries due to rising interest rates. The Woo X RWA Earn Vaults now allow both retail and institutional users to earn daily interest on USDC stablecoin deposits without a fixed term. OpenTrade CEO Dave Sutter highlighted the flexibility and safety of this offering compared to traditional finance products. OpenTrade, Woo X’s innovation partner, has connections to USDC issuer Circle, Coinbase, and the Marco Polo enterprise blockchain project. This upgrade provides users with a risk-free rate of return on Woo X, enhancing the user experience by allowing immediate access to accrued interest.

Crypto Exchange Woo X Allows Daily Interest Withdrawals From T-Bill-Backed Earn Vaults

The RWA Vaults built with the help of OpenTrade had previously operated over a seven or 28-day term.

CoinDeskIan Allison

2. Trump meme coins surge as Biden exits the 2024 race.

Meme coins inspired by Donald Trump surged after President Joe Biden announced he won't seek re-election. Solana-based coins Doland Tremp (Tremp) and TrumpCoin (DJT) rose over 10%, while Ethereum-based Maga Hat (MAGA) gained 7%. Tremp and DJT reached highs not seen since July, with Tremp at $0.54 and DJT at $0.008. Biden-inspired Jeo Boden (BODEN) dropped 58% following the announcement. Kamala Horris (KAMA), another Solana-based coin, soared 100% after Biden endorsed Kamala Harris for the Democratic nomination. The meme coin sector shows renewed interest, though experts say it's too early to declare a resurgence.

Trump Meme Coins Rise as Biden Bows Out of 2024 US Presidential Race - Decrypt

Solana and Ethereum-based meme coins inspired by Donald Trump surged Sunday following Biden’s announcement to bow out.

DecryptSebastian Sinclair

3. Veridise reveals ZK audits uncover critical issues twice as often.

Veridise reports that zero-knowledge (ZK) audits are twice as likely to uncover critical issues compared to other audit types. Analyzing 1,605 findings, they found an average of 18 issues per ZK audit. 55% of ZK audits contained critical vulnerabilities, versus 27.5% in other audits. ZK protocols enhance privacy and scalability but are more challenging due to complex cryptographic constructs. Common issues include logic errors, data validation, and under-constrained circuits. Veridise emphasizes the need for rigorous security in ZK tech, impacting crucial infrastructure like L2 ZK-rollups and ZK-VMs.

Blockchain security firm Veridise finds ZK audits are twice as likely to uncover critical issues

Some 55% of ZK audits contained a critical issue compared to 27.5% for other DeFi audits, the blockchain security firm said.

The Block[email protected]

4. Hong Kong introduces Asia's first inverse Bitcoin ETF.

On July 23, CSOP Asset Management will launch Asia’s first Bitcoin Futures Inverse ETF on the Hong Kong Stock Exchange. The CSOP Bitcoin Futures Daily (-1x) Inverse Product (7376.HK) is designed to profit from declines in Bitcoin's price by tracking the inverse daily performance of the S&P Bitcoin Futures Index. This new ETF follows the firm’s successful Bitcoin Futures ETF launched in December 2022. The product will list at approximately 7.8 Hong Kong dollars per unit. This move continues CSOP's expansion in the Asia-Pacific region, joining other HKEX crypto ETFs launched since late 2022.

Hong Kong to launch Asia’s first inverse Bitcoin ETF

Hong Kong launches Asia’s first Bitcoin futures inverse product by CSOP, offering investors a way to profit from BTC price declines.

CointelegraphJosh O’Sullivan

That wraps up today’s Web3 highlights! As the industry continues to evolve at a rapid pace, staying informed on these key developments will help you navigate the shifting landscape. Whether it’s new financial products, emerging trends, or regulatory changes, these updates offer a glimpse into the dynamic world of Web3. Stay tuned to our blog for more insights and analysis on the latest in crypto and blockchain technology. Here’s to a week full of exciting opportunities in the world of Web3!

WEB3 AI ML