Credit-based stablecoin Beanstalk is relaunching on its one-year anniversary, four months after suffering a major breach that cost it $182 million. In a statement on the protocol’s website, the team said that while “it is impossible to predict how a permissionless fiat stablecoin will perform,” the company “never doubted its potential.”

The main cryptocurrency market was up slightly over the weekend. BTC briefly dipped below the $23,000 mark early Friday on the unexpectedly strong U.S. jobs data, but it managed to find a foothold at that support level over the weekend. At the time of writing, the largest cryptocurrency by market cap is holding steady above support at $23,000 after gaining 1.7% over the past 24 hours. BTC’s current major resistance is near the $23,500-$23,700 range. If it can break through this resistance area in one fell swoop, BTC is likely to start a stable growth market in the short term. Meanwhile, the downward pressure on long-term BTC holders eased slightly as spot prices rose above the average cost basis. However, the outstanding losses for these holders to continue holding the coins averaged 11%-61%.

Similar to BTC, ETH has gained 2.4% over the same period and is now above $1,700. On-chain metrics for the second-largest cryptocurrency by market capitalization show that if The Merge upgrade goes live, it will create a new model of growing demand. Major non-mainstream coins are also on the rise, with FLOW leading the rally with double-digit percentage growth. Despite the recent implosion, the DeFi space, especially the synthetic asset class, is expected to start a new growth cycle, driven by the recent positive news of the integration of the Synthetix protocol.

Activity in the BTC derivatives market has been subdued, possibly as market participants are all caught off guard by the upcoming upgrade of The Merge. However, BTC’s funding rates on major exchanges have fluctuated frequently, likely due to increased market uncertainty as investors anticipate Mt.Gox’s August repayment. There is an overall discount in the ETH futures market, the 3-month basis rate is in the negative region, and the term structure is at a discount. While the popularity of The Merge upgrade has pushed ETH open interest to an all-time high, ETH options volumes have yet to return to normal levels. The put/call ratio fell to a new low, indicating a large number of investors betting on a massive rally in September, effectively a hedge against the downside.