Strong Coinbase Q2 Earnings, GMX Launches V2

Equities are rising amid positive corporate earnings and lower-than-expected July Jobs report. The number of jobs added was 187k, slightly below the market’s expectation of 200k, making it a “miss” from the market’s perspective. This shortfall is more favorable for stocks since it aligns better with the Federal Reserve’s desired outcome of bringing down inflation while maintaining a resilient economy. Treasury yields have pulled back since hitting fresh YTD highs earlier this week. BTC and ETH are unchanged from yesterday, as markets have yet to react to increasing chances of ETF approvals, according to Bloomberg analysts. Curve (CRV) founder Michael Egorov has mitigated his liquidation risk after raising $42m by selling 106m CRV tokens in numerous below-market OTC sales. While this decreases the likelihood of bad debt and contagion throughout DeFi, the episode sheds light on poor risk management across DeFi’s “blue chip” protocols, which likely would have taken on bad debt had Egorov not been able to find willing investors.