Daily Top Performer — Near Protocol (NEAR)

Top Gainer of the Day — NEAR Protocol (NEAR)

The Standard & Poor's 500 index rose 0.88% on Wednesday as traders shifted away from high-growth tech stocks and into sectors that could benefit from lower interest rates.

The latest inflation data showed a sharp decrease, leading to market expectations of a possible Federal Reserve rate cut in September.

The broader cryptocurrency market saw mixed changes, with Bitcoin dropping 0.03% and Ether rising 0.61% in the past 24 hours.

Today's top performer is NEAR, which surged 8.5% following the NEAR Horizon's AI Tech Showcase in collaboration with NEAR Protocol.

Launched on April 2020, Near Protocol (NEAR) is a decentralized platform that utilizes sharding to facilitate efficient app development and operation, much like Amazon Web Services but with a distributed network and its own cryptocurrency, the NEAR token.

On July 11, NEAR Horizon hosted an AI Tech Showcase that highlighted User-Owned AI in collaboration with NEAR Protocol. The event featured discussions on foundational crypto models, a panel on AI market trends, and insights into building Web3 applications centered around user ownership of AI.

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The Broader Market:

Solana-based gaming Layer 2 Sonic has partnered with Neon Stack to integrate EVM compatibility into its platform, facilitating the migration of Ethereum-based decentralized applications (dapps) to Solana.

This collaboration will involve integrating Ethereum-native transactions within the Sonic Virtual Machine (SVM) and expanding the use of SVM in the gaming industry.

Sonic's Layer 2 solution, HyperGrid, supports high-performance scalability and settlement on Solana Layer 1, enhancing the platform's capacity to host high-volume web3 games.

The partnership aims to bridge the ecosystems of Ethereum and Solana, offering a unified framework that allows developers to operate without the constraints of network-specific technical limitations. Both companies will showcase this advancement at the upcoming EthCC in Brussels.

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Bitcoin Spot ETF Flows:

Category

Flow (millions)

灰度比特币信托

(37.7)

Non-GBTC

116.6

Total

78.9

Bitcoin's price surged above $59,000 after cooler-than-expected U.S. inflation data but remained below $57,000, unable to fully capitalize on the positive news.

This inflation trend raises the possibility of a Federal Reserve rate cut, which could provide a boost to cryptocurrencies.

Germany continued to sell off its bitcoin holdings, offsetting the strong inflows into spot bitcoin ETFs, which recorded $78.9 million on Wednesday.

MicroStrategy's stock rose over 3% following the announcement of a 10-to-1 stock split, a move designed to make shares more accessible.

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Airdrop to Watch:

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