Decentralized liquidity protocol Aave wants to create a member less Cayman Islands entity, Aave Foundation, that will hold Aave's trademark and IP for the DAO under the Aave Will Win framework.
This proposal represents Phase 1 of establishing the legal entity and appointing its initial independent director and supervisor. Subsequent phases will focus on transferring the trademark, domains, and codebase IP, as well as defining the operational scope. Each phase will be submitted to governance as a separate proposal.
The AAVE token has dropped by 1% over 24 hours, according to CoinDesk data.
Open interest, or the number of active bets, in ADA futures has risen to 2.46 billion tokens as of this writing, according to data source Coinglass. That’s the highest level since Aug. 22.
The token’s price has jumped by 10% to over 27 cents in 24 hours.
An uptick in open interest alongside a price rise is said to confirm the uptrend. It’s taken to indicate that traders are building long positions.
Bitcoin rose 1% to just above $86,000 early Monday after a weak U.S. jobs report pushed traders to drop bets on an October Federal Reserve rate hike.
DOGE led the majors with a gain of more than 3%, and HYPE rose nearly 3% to about $93. Ether and XRP gained up to 1%, while SOL, BNB and ZEC each slipped less than 1%, according to CoinDesk data.
According to QCP Capital, U.S. employers added just 29,000 jobs in September, against expectations of 84,000. Unemployment rose to 4.2%, and wage growth slowed to 3% from a year earlier, the slowest pace since May 2021.
That supports a Fed pause in October, but long-term borrowing costs have barely moved. The 10-year Treasury yield sits at 5.25%, which QCP pinned on heavy bond supply and the extra return investors now demand to hold long-dated debt.
Weekend liquidations were light at $62.7 million, and short bets made up 68% of the total. "Acceptance above $87,200 remains necessary to confirm the next leg," the firm said.
Minutes from the Fed's last meeting come out Wednesday.
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