3AC Creditors May Receive 46% Recovery Rate, PancakeSwap Proposes 40% Supply Reduction

Market Update U.S. equity indices are rising today after yesterday’s late afternoon sell-off. The SPY and QQQ are both up over 0.70% following the Q3 GDP report showing 4.9% growth vs. 5.2% expected, moving the probability of a rate cut in March to 72.7%. Crypto markets are mixed, with $BTC (-0.22%) showing modest declines while $ETH is up approximately 1% on the day. $SOL (+7.74%) is outperforming today as lately DeFi activity has been concentrated on alt-layer-1 chains. Solana dominance ($SOL.D) has risen to 2.38%, its highest level since January 2022. Jupiter, a Solana-based aggregator, is expected to airdrop its token sometime in January, potentially throwing more fuel on the fire within the Solana ecosystem.In a December liquidation report, defunct crypto hedge fund 3AC had its company assets valued at $1.16 billion. The bankruptcy estate has $563 million of illiquid tokens, which will unlock over the next three years. $2.7 billion in creditor claims are expected to be recognized for distribution, meaning creditors can expect a recovery rate of 45.74%. First distributions should begin in the first quarter of 2024. In addition to the asset report, 3AC founders Su Zhu and Kyle Davies have been ordered by the British Virgin Islands court not to sell $1.13 billion of persona