🚀 Crypto’s Wild Week: Sharplink’s Earnings Surge, FTX’s $1.9B Payout, & Sonic Treasuries Shake Markets

Crypto never sleeps—here's what blew up the charts this week.

Sharplink Gaming Cashes In

The play-to-earn dark horse posts numbers that make traditional gaming execs sweat into their lattes.

FTX's $1.9 Billion Reckoning

Creditors finally get a taste of recovery—proof even crypto's biggest dumpster fires leave some salvageable scraps.

Sonic Treasuries: Fast Money Gets Faster

DeFi's latest speed demon bypasses legacy finance like a sports car dodging traffic cones. Banks? Still counting beans on spreadsheets.

The Bottom Line

While Wall Street debates 'risk-on sentiment,' crypto's building the infrastructure to replace their 9-to-5 circus. Tick tock.

FTX To Distribute $1.9 Billion To Creditors

Following the collapse of the FTX exchange years ago, the defunct crypto platform has been making efforts to make creditors whole.

According to reports, the exchange will distribute $1.9 billion to its creditors. This follows a court approval to release another round of repayments, with the record date for eligible claims being August 15. However, as BeInCrypto reported, distributions will start on September 30.

“A fresh wave of liquidity could be heading back into the market,” Coin Bureau remarked.

Indeed, the repayments could serve as a net positive for the crypto market, contingent on the creditors channeling or repurposing the repayments back into the market.

Sharplink Gaming Earnings

Another crypto news headline this week, particularly for ethereum traders, is Sharplink Gaming’s earnings call, slated for August 15. It will be interesting to see what shareholders think.

The company recently announced a strategic pivot to Ethereum, sidestepping Bitcoin entirely. Racing against Thomas Lee’s BitMine in the Ethereum strategic reserve campaign, the firm has become a key flagbearer for the largest altcoin on market cap metrics.

Recently, the head of digital assets at BlackRock transitioned to join Sharplink, as the firm accelerates its Ethereum strategy.

Therefore, with the Ethereum flywheel accelerating at Sharplink Gaming, a positive earnings report could bode well for Ethereum, enhancing market Optimism for ETH.

“They will be making an even bigger announcement this week. Not going to spoil this surprise,” one user quipped.

Data on Google Finance shows Sharplink Gaming’s SBET stock was trading for $23.92 as of this writing, up by 0.56% pre-market.

Curve Token Emissions 5% Rate Drop

Another crypto news item to watch is the Curve token emissions, where CRV inflation will reduce to 5.34%, or 315,600 CRV per day. The move, which happens on Tuesday, August 12, is expected to reduce inflation for the CRV ecosystem.

“It’s that time of year again: CRV emissions are getting cut. The rate of new CRV will decrease from ~137.4M CRV/year (~4.36 CRV/second) to ~115.5M CRV/year (~3.66 CRV/second), marking the start of Epoch 5. The CRV emission rate decreases every August under Curve’s hardcoded emission schedule. The previous reduction kicked in on Mon, Aug 12, 2024 at 22:17 UTC,” Curve Finance shared in an official announcement.

CRV emissions follow a fixed, Immutable schedule based on epochs, each lasting exactly one year. At the start of every new epoch, the emission rate decreases by a constant factor of: 2^(1/4) ≈ 1.189

It comes as the Curve network turns 5, and it comes after its fourth anniversary saw emissions reduce to 6.35%, or 375,000 CRV per day.

CRV turns 4 years, and CRV inflation reduces to 6.35%, which is 375k CRV per day.

Congratulations everyone! pic.twitter.com/eHsDZfMvkt

In a recent post, the Curve Finance network said no voting is necessary for this transition.  

Lombard’s LBTC To Start Accruing Bitcoin Yield

Lombard Finance is also on the watchlist this week as it starts accruing Bitcoin yield. The BTC yield earned can serve as collateral for borrowing or provide liquidity in DeFi at the same time.

Mark your calendars: August 11

LBTC officially starts accruing BTC yield.

This upgrade isn’t just technical, it changes how BTC works for you.

From cheaper stablecoin borrows to simpler treasury management and more BTC out than you put in, here are 10 things to expect… pic.twitter.com/fKDZTXEKju

Notably, users do not have to claim yields, as they are accrued automatically. This makes integrating into money markets and other structured products easy, allowing bitcoin to be more liquid and productive than ever before.

The move could increase the value of LBTC relative to BTC while passively earning yield.

Public Firms Push for Sonic Treasuries

Elsewhere, amid growing interest among public firms for altcoin treasuries, Sonic’s S token may be next in line.

“NASDAQ-listed public treasury companies are exploring adding S to their balance sheets,” Sonic Labs stated.

Meanwhile, Michael Saylor sees this growing interest as a potential catalyst for Bitcoin, with the BTC behemoth accelerating Strategy’s portfolio ahead of this wave.