Market Digest

Google Cloud Introduces Permissioned Blockchain for Finance

CW 35. Google Cloud announced GCUL, a permissioned blockchain aimed at financial institutions, sparking debate over decentralization. On Hyperliquid, ADL wiped out 80% of XPL open interest after a price spike. Binance futures saw a brief outage, quickly resolved in 20 minutes.

Google Cloud blockchain in development

https://www.theblock.co/post/368399/google-cloud-blockchain-gcul

Google Cloud is building its own blockchain network, named Google Cloud Universal Ledger (GCUL), for the financial sector, according to Rich Widmann, Google Cloud's Web3 Head of Strategy, who announced this on Tuesday, who also said that its upcoming blockchain will be a “credibly neutral” platform for financial institutions.

While Widmann described GCUL as a Layer 1 network, the permissioned and private nature of Google Cloud's upcoming blockchain has resulted in community skepticism, with some arguing that it should not be mistakenly described as a decentralized blockchain.

My question is what'll be the gas fee? Maybe Google stock...

XPL perp ADL on Hyperliquid

The futures market for Plasma, a stablecoin-focused blockchain, unreleased XPL token on decentralized exchange Hyperliquid experienced one of its most volatile trading episodes to date overnight.

XPL token price surged over 200% in two minutes, then more than $160 million or 80% of total open interest, was wiped out in less than 10 minutes, due to the auto-deleverage (ADL) mechanism introduced a few months ago. The ADL was introduced to protect the HLP treasury, but apparently someone has to take the loss, and now it's the short traders even they are 'hedged' like https://x.com/monolith_fund/status/1960724571511828674.

In recent months, Hyperliquid has seen whales exploit HLP vulnerabilities, manipulate coin prices, and snipe positions. Nevertheless, HYPE token reached ATH this week at $50.

Binance futures outage for 20 minutes

On Aug 29, Binance suspended futures trading on August 29 due to a technical issue in its system, due to an outage that left traders unable to close or manage positions.

The disruption froze all futures activity on the platform, affecting both retail and institutional traders.

Binance resolved the issue quickly, actively announced progress at https://x.com/binance/status/1961322990743736725, and restored trading services within 20 minutes, which is much shorter than past outages.

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