[Standard Chartered Bank Forecast: Ethena USDe to Reach $40 Billion] According to TechFlow News on October 1, as reported by Cointelegraph, the UK-based Standard Chartered Bank has released its first coverage report on the crypto protocol Ethena. The report highlights that as the protocol expands its revenue streams, its synthetic dollar asset USDe is expected to grow eightfold by the end of 2028, reaching a scale of $40 billion. Standard Chartered further believes that during this forecast period, USDe is likely to slightly outpace the overall growth rate of the stablecoin market. In terms of token valuation, Standard Chartered has set a year-end target price of $2 for Ethena's ENA token, representing an approximately sevenfold increase from the current reference level of $0.28 cited in the report. The data in the report suggests that ENA could outperform the bullishly viewed Bitcoin (BTC) and Ethereum (ETH) during this period. The core logic of the research is based on the correlation between the expansion of USDe's scale and the buyback mechanism of the ENA token. Earlier in September, following governance approval, Ethena implemented a "fee switch" mechanism, which stipulates that 95% of net business profits will be used to buy back ENA starting from a specific point. According to calculations, if USDe reaches the projected $40 billion scale, the annual amount allocated for buybacks would account for approximately 23% of ENA's circulating market cap. Standard Chartered pointed out that this proportion is excessively high and unsustainable, and therefore expects the price of ENA to rise in order to bring the buyback-to-market-cap ratio back to a normal level.
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More >$6.3 billion stolen by Binance hackers flowed into Chinese money laundering networks.
A Chainalysis report indicates that the $6.3 billion in crypto assets stolen by the Binance hack are being transferred through thousands of wallets and multiple blockchains, with some funds already flowing into money laundering networks in China.
芯片股延续跌势，费城半导体指数盘中下跌 10.1%
Chip stocks continued their decline, with the Philadelphia Semiconductor Index falling 10.1% intraday. The index was dragged down by US election policies and earnings reports from Arm and Qualcomm. Election results showed support for policies restricting the construction of new AI data centers, prompting Wall Street analysts to lower target prices for several AI infrastructure-related chip companies. Arm reported second-quarter revenue, profit, and outlook that all exceeded expectations, but third-quarter royalty income fell short, partly due to weak smartphone sales. Qualcomm's fourth-quarter results and current-quarter outlook slightly exceeded market expectations, but its smartphone chip sales were affected by weak market conditions. Other chip companies reported that Astera Labs' third-quarter results and fourth-quarter guidance both exceeded expectations; Coherent reported first-quarter results that exceeded expectations and raised its outlook. (Source: Investor's Business Daily)
Hut 8 reported a net profit of $190 million in the third quarter and sold 3,100 bitcoins to repurchase shares.
Hut8 reported net income of $189.5 million in the third quarter, while revenue fell to $71.1 million. Net income included $413.8 million in unrealized Bitcoin gains. Hut8 sold approximately 3,100 bitcoins to fund a $250 million stock buyback and cancelled 3.3 million shares. The board increased the buyback mandate to $1 billion. The company's AI data center project, currently under construction, is projected to have a lease value of approximately $26.6 billion. (Source: Bitcoin News)
Solana Labs' subsidiary Leap launched a mobile trading app with plans to buy back and burn SOL.
Solana Labs' new subsidiary, Leap, has launched a high-performance mobile trading app of the same name, available for early access starting today. The app supports trading in tokenized stocks, ETFs, commodities, forex, and crypto assets, and provides profit and loss displays covering deposits and transaction fees. Leap plans to use a portion of each transaction fee to buy back and burn SOL after the fee is implemented. Solana's official account has confirmed this news.
Chainalysis: Some funds stolen from Binance flowed into Chinese money laundering networks.
Chainalysis reports that the hackers behind the $6.3 billion Binance theft are transferring some of their assets through Chinese money laundering networks, with hundreds of thousands of dollars already traced flowing into these networks. The hackers have reportedly transferred approximately $500 million through the TRON network, distributing it across more than 1,000 addresses before transferring it to networks such as Ethereum and Bitcoin. Crypto companies have frozen approximately $3 billion in stolen assets, with about $2.42 billion in BTC and ETH remaining virtually untouched since the theft, while the remaining nearly $1 billion has entered money laundering channels. A Binance spokesperson stated that they are cooperating with law enforcement, on-chain analytics companies, and stablecoin issuers to track and freeze the relevant assets. (Source: Bloomberg)