Daily Top Performer — Jito (JTO)

The SPX index was down by 0.92%. The decline was driven by rising Treasury yields and cautious sentiment from the Federal Reserve regarding future rate cuts.

The stock market closed lower on Wednesday as Treasury yields rose and the Federal Reserve remained cautious about future rate cuts. The S&P 500 fell 0.92%, while the Nasdaq Composite dropped 0.49%. The Dow Jones Industrial Average managed to eke out a gain of 0.03%.

Among cryptocurrencies, the Coindesk Indices tracking the broader cryptocurrency market was down by 0.49%, with Bitcoin and Ether dropping by 1.64% and 4.55%, respectively in the past 24 hours.

Top Performers

Today's top performer is JITO, which surged 10.2% following the news that Jito set a new fee record while Temporal expanded its partnership to boost Solana staking.

Jito (JTO), founded in 2021, is a DeFi platform built on the Solana blockchain. It incorporates a liquid staking protocol that leverages staking and MEV strategies, enabling users to earn returns by temporarily locking their cryptocurrency tokens. Solana-based Jito has achieved a new all-time high in 24-hour fees, surpassing Circle (USDC) and Ethereum with $4.16 million. To build on this momentum, Temporal is expanding its partnership with Jito as a Node Operator for Jito (Re)staking. This collaboration seeks to enhance the utility of staked SOL beyond mainnet consensus while promoting new network effects. Temporal is positioned to strengthen its role in accelerating Solana by offering top-tier APY, 0% commission, low vote latency, and skip rates.

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Talk of the Town

Mantra has launched the mainnet of its Layer 1 network focused on real-world assets (RWAs), allowing users to stake the OM token, bridge from Ethereum, and qualify for future RWA airdrops. The platform aims to integrate traditional finance with blockchain technology, with CEO John Patrick Mullin emphasizing the potential for a multi-trillion dollar RWA economy. Despite a 3.5% drop in OM's price to $1.38 amid a broader market pullback, the token has seen over 7,000% growth year-to-date. Mantra's recent partnerships include a $500 million real estate tokenization project with MAG and a deal with Zand Bank to streamline RWA operations.

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Bitcoin Spot ETF Flows

Category

Flow (millions)

GBTC

0.0

Non-GBTC

(125.1)

Total

(125.1)

Yesterday, the Bitcoin Spot ETF experienced a total outflow of $125.1 million, with no inflows from GBTC and a negative flow of $125.1 million from non-GBTC sources.

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Airdrop to Watch

Tomarket, a popular Telegram game with over 40 million players, has announced additional airdrop criteria ahead of its TOMA token launch on The Open Network (TON) set for October 31. Players must reach at least Bronze level and add a tomato emoji to their Telegram username to qualify. The game allows players to earn in-game tomatoes and gold coins for leveling up. Tomarket has seen rapid growth, adding 11 million users in the past month. Meanwhile, another Telegram game, X Empire, is set to launch its X token on TON this Thursday.

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