In the past 24 hours, the entire network has seen $812 million in liquidations, mainly from long positions.

On August 8th, it was reported by sources that the Solana financial tool SPAC deal led by Joe McCann has been called off. The reason for the failed transaction has not been made public immediately. Two weeks ago, a limited partner at McCann's hedge fund Asymmetric posted on X that the fund has witnessed a nearly 80% decline year-to-date. On July 24th, it was announced that Joe McCann, the founder and CEO of the crypto hedge fund Asymmetric Financial, is going to serve as the CEO of a new Solana treasury company called Accelerate. The company plans to raise up to $1.51 billion. It intends to raise $800 million through a PIPE, $358.8 million through a SPAC, $250 million through convertible bonds, and sell $103.2 million in SPAC subscription rights. If this fundraising is successful, Accelerate will promptly start to establish a new Solana treasury or become the largest SOL treasury management company in the market.

On August 8th, the Nasdaq-listed company Trident Digital Tech Holdings (TDTH) announced today that it has the intention to apply for a stablecoin operational license in multiple African countries with the aim of promoting the application of RLUSD in the African market. Additionally, the company plans to raise $5 billion in order to establish a corporate XRP reserve pool so as to enhance the integration with the Ripple ecosystem. The company is currently in the early stages of discussions with regulatory agencies and financial institutions in different countries and is anticipated to commence the phased deployment in pilot countries by the middle of 2026.

On August 8th, Bloomberg ETF analyst Eric Balchunas declared that the first 2x long Galaxy ETF (GLXU) officially began trading on this very day.

August 8th, International Business Settlement (00147.HK) declared that on August 8, 2025, the company's wholly-owned subsidiary, Chengtai, and Mr. Chen Sanming signed a joint venture agreement to set up a joint venture. After going through the registration process, the joint venture will be held by Chengtai and Mr. Chen Sanming with 70% and 30% equity respectively. The joint venture will mainly be involved in cryptocurrency-related business. (Sohu Finance)

On August 8th, according to official information, Solayer is going to hold a joint event with WCT to give rewards to active users in the ecosystem. The top 100 consumers of Jade Card and the top 100 holders of sUSD, sSOL, and LAYER will obtain a distribution of 50,000 WCT tokens. The eligibility will be determined based on a snapshot taken on August 18th.

August 8: The rating agency S&P Global carried out its initial credit rating on the DeFi protocol Sky (formerly known as MakerDAO). It assigned a B- rating to Sky, which is on a par with the sovereign debt rating of the Republic of the Congo and is classified as a high-risk "speculative grade." S&P pointed out that the current risks of Sky mainly include high depositor concentration, excessive reliance on the founder Rune Christensen, and the uncertainty of DeFi regulation. However, it also recognized that Sky has had low credit losses and stable revenue since 2020. This rating does not cover the governance token SKY and only pertains to USDS, DAI, and their savings derivatives. Sky is the fourth-largest stablecoin issuer on Ethereum, with a circulating supply of $7.9 billion. Sky responded that this rating is the first step towards integrating with the traditional financial system. In the future, as DeFi awareness grows, the ratings may be upgraded. Analysts believe that although th