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Coinbase reported Q2 revenue results, returning $1.4 billion in Q2 revenue and exceeding market expectations despite an 11% drop from the previous quarter due to declining crypto prices. The company's gains were attributed to its USDC interest earnings, transaction revenue from Base, and advancements in regulatory clarity.
Marathon Digital Holdings reported a $200M loss for Q2 because of Bitcoin's halving event, increased global hash rates, equipment failures, and higher competition, which reduced Bitcoin production by 30% year-over-year. This is all despite a 78% revenue increase from higher Bitcoin prices and new hosting services.
deUSD uses stETH and sDAI as collateral and earns yield by shorting perpetual derivatives, like Ethena's USDe. When funding is favorable, it hedges using longs and holds T-bills in negative funding environments. Permissionless mints and redemptions will go live in December, and deUSD will be the default collateral in the Elixir ecosystem.
Daylight Energy is a DePIN protocol that allows participants to contribute energy in exchange for tokens. Its team plans to build an onchain system to incentivize distributed energy and electrification, which alleviates strain on the already-overworked electricity grid. The protocol will be a marketplace for energy for tens of thousands of homes, appliances, and electric companies.
30% of Solana's weekly active addresses interact with token contracts, which is more than DeFi. Tether holds $5 billion in BTC. Bitcoin has the poorest price performance this cycle compared to all previous halving cycles. Animoca Ventures has the most investments in the space, with over 400. Base has surpassed Optimism in TVL, surpassing the original OP Stack chain.
The Variant team is excited about multiple potential developments this year and next within the crypto space. Some of the areas of excitement include crypto usage on mobile, better stablecoin infrastructure, creative prediction market formats, and integrating social and creator tools into financial platforms.
Tether's Q2 2024 report reveals record-breaking profits of $5.2 billion and highlights the company's significant ownership of U.S. Treasury bills, which surpass $97.6 billion. The group's equity reached nearly $12 billion, solidifying its financial strength and leadership in the stablecoin market.
This analysis breaks down the revenue and profitability of the top Layer 1 (L1) and Layer 2 (L2) blockchains over the past year. While Ethereum leads in revenue, it posted a net loss due to high token issuance, unlike Tron, which is the most profitable blockchain with $271M in earnings. Base emerged as the most profitable among L2s, retaining 63% of its revenue, while others like Arbitrum and zkSync Era showed positive earnings despite the competitive environment.
Galaxy CEO Mike Novogratz is hopeful that Kamala Harris will soon express support for the crypto industry, highlighting the need for bipartisan support to grow the sector.
Solana passed Ethereum in monthly DEX trading volume for the first time in July 2024, even though it has only 1/5th of Ethereum's market cap.
Tokens are currency protocols used to further growth - similar to how business equity is used to attract talent.
This author shares his candid thoughts on the current state of the crypto market, warning that investing in tokens from previous cycles may be unwise as many teams have lost passion.