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Gate Research Institute: The US Senate passes the "Big and Beautiful Act" | Owlto supports USD1 stablecoin cross-chain infrastructure
Crypto Market Overview
Popular Tokens on Juejin
PENGU Pudgy Penguins (+3.69%, Circulating Market Cap 1.019 Billion USD)
According to Gate.io market data, the current price of the PENGU token is $0.016215, having increased by 3.69% in the last 24 hours. PENGU is the official token of Pudgy Penguins. Pudgy Penguins has one of the most influential communities in the industry. From major companies adopting penguin imagery to the widespread advertising of ETFs, Pudgy has become a cultural phenomenon. PENGU, as the exclusive token of the Pudgy Penguins community, offers its expanding fan base the opportunity to participate in community governance, share creations, and enjoy exclusive benefits. PENGU represents community, creativity, and a positive atmosphere.
The recent strong upward momentum of PENGU is mainly driven by the market's expectations for the potential progress of exchange-traded funds (ETF). Since early July, the trend has shown a gradual upward movement amid fluctuations, especially during the period from July 2 to 3, when the price was significantly raised multiple times and broke through key resistance levels of 0.0155 USDT and 0.0160 USDT. At the same time, the trading volume has also increased, further confirming the active involvement of bullish funds and the optimistic sentiment.
SUI Sui (+4.07%, circulating market value 10.396 billion USD)
According to Gate Gate.io market data, the SUI token is currently priced at 3.0152 USD, having increased approximately 4.07% in the last 24 hours. Sui is a high-performance, scalable Layer 1 blockchain based on the Move programming language, aimed at addressing issues such as high transaction costs, network congestion, and scalability, providing a solid infrastructure for dApps and Web3 technologies. Its native token SUI is primarily used for paying transaction fees, launching smart contracts, and participating in governance.
SUI has recently surged strongly, mainly driven by two factors: first, the ecological developer community has grown by 16.1% over the past year, second only to Solana, showcasing strong vitality; second, the launch of a new card game in collaboration with SEGA and the legendary "Peter Pan" series has boosted market enthusiasm. Meanwhile, the Scallop (SCA) token within the ecosystem surged over 40% in a single day two days ago, further boosting confidence. From a technical perspective, SUI has broken through the resistance levels of 2.80 and 2.90 USDT and has stood above 3.00 USDT. If it continues to break through 3.10 USDT with increased volume, it is expected to maintain an upward trend.
BONK Bonk (+2.74%, circulating market value 1.332 billion USD)
According to Gate.io market data, the current price of the BONK token is $0.000017068, having risen approximately 2.74% in the last 24 hours. BONK is a dog-themed meme token built on the Solana blockchain, aimed at bringing liquidity to the Solana ecosystem and promoting community interaction and rewards through diverse applications. Since its launch in December 2022, it has become one of the most representative community tokens on the Solana chain.
On July 2, Tuttle Capital submitted a revised effective application for the 2x Long BONK ETF to the SEC, which may launch as early as July 16, becoming the first leveraged ETF for BONK. Stimulated by this positive news, BONK initiated a significant upward trend on the same day: the price broke through multiple resistance levels from approximately 0.00001400 USDT and accelerated upward to above 0.00001700 USDT on July 3. During the rise, multiple large bullish candlesticks accumulated with continuous volume increase, indicating active entry of buying funds, driving the price strongly upward. This also validates that the ETF expectations have significantly boosted market sentiment and funding, serving as the core driving force behind this round of increase.
Alpha Interpretation
The U.S. Senate passed a key procedural vote on the "Big and Beautiful" bill.
The U.S. Senate passed a procedural motion to advance the tax reform and spending bill known as "Big and Beautiful" by a narrow margin of 51 votes in favor and 49 votes against, making it more likely for the bill to be formally approved in the coming days and aiming to be submitted for the President's signature before July 4. The over 1,000-page bill primarily includes the extension of corporate and individual tax cuts from the Trump era in 2017, as well as new tax deductions for tips and auto loans; it will also increase the defense budget and strengthen funding support for combating illegal immigration. Next, the bill still needs to go through legislative processes such as reading, debate, amendments, and final voting.
The bill has been successfully passed and implemented, which may boost the US stock market and the popularity of risk assets in the short term, as the tax reduction measures could enhance corporate profit expectations and disposable income for residents; at the same time, the deficit expansion brought about by defense and spending provisions may also enhance market optimism regarding liquidity. For the crypto market, this round of increased risk appetite may lead to a return of funds to Bitcoin, Ethereum, and some high market cap altcoins; however, in the long term, if this leads to higher inflation or triggers expectations of tightening monetary policy by the Federal Reserve, potential volatility risks still need to be monitored.
Ondo Finance and Pantera Capital plan to launch a $250 million fund to support RWA projects.
Ondo Finance is partnering with Pantera Capital to launch a "Catalyst" investment fund with a scale of up to $250 million, focusing on equity and token projects for real-world assets (RWA) on the blockchain. As an active player in the RWA sector, Ondo's two tokenized U.S. Treasury products, OUSG and USDY, currently have a total market capitalization approaching $1.4 billion. At the same time, Ondo is also laying out its own dedicated Layer-1 blockchain network, aimed at further enhancing the liquidity and infrastructure capabilities of RWA.
This collaboration between Ondo and Pantera marks a shift in capital market attention toward the RWA field, expanding from single product innovation to underlying ecosystem and long-term strategic investments. The Catalyst fund can not only provide direct funding support for emerging RWA projects but also assist Ondo in building a more complete tokenized asset closed-loop ecosystem. Combined with Ondo's existing market scale and technological advantages, this initiative is likely to accelerate the on-chain process of traditional financial assets, promoting the evolution of RWA from localized pilots to broader market applications. For the encryption industry, RWA serves as a key bridge connecting on-chain and off-chain worlds, and is expected to catalyze more real capital entering the market in the future, becoming an important driving force for a new round of industry growth.
Owlto promotes the USD1-centered stablecoin cross-chain infrastructure
The cross-chain protocol Owlto Finance is accelerating the construction of cross-chain infrastructure centered around the stablecoin USD1, supported by the Trump family. This strategic upgrade includes three key points: achieving seamless circulation of USD1 across multiple public chains; allowing users to stake USD1 on any chain and withdraw it cross-chain, while earning transaction fees and additional DeFi yields; once the "GENIUS Act" is passed, USD1 will also be positioned as the core settlement asset for cross-chain stablecoin transactions, thereby expanding more application scenarios.
Owlto's move reflects the trend of stablecoin projects expanding from single-chain scenarios to a multi-chain ecosystem. By enabling USD1 to circulate and be reused efficiently across chains, and layering staking yield mechanisms and future legal compliance expectations, Owlto aims to establish USD1 as a universal "stable value anchor" in the cross-chain world. More broadly, this is also an important exploration in the current stablecoin space regarding compliance and cross-chain interoperability, which helps enhance on-chain capital efficiency and ecosystem integration, laying the groundwork for future multi-chain collaboration.
Gate Launchpool
IPO details
Project Introduction
Impossible Cloud Network (ICN) is an innovative full-stack decentralized cloud platform launched by the European cloud service provider Impossible Cloud, integrating multiple services such as storage, computing, and networking. The platform aims to combine the excellence of Web2-level performance with the permissionless composability of Web3, thereby creating a new infrastructure in the Depin (decentralized physical infrastructure network) sector.
Reference Materials:
[Gate Research Institute](https://www.gate.com/learn/category/research) is a comprehensive blockchain and crypto market research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.
Disclaimer Investing in the crypto market involves high risks, and users are advised to conduct independent research and fully understand the nature of the assets and products they are purchasing before making any investment decisions. Gate is not responsible for any loss or damage caused by such investment decisions.