Crypto wallet MetaMask saw a 55% increase in active users in the past four months, from 19 million in September to over 30 million in January - comparable to the record numbers the wallet hit in 2022. Its growing user base has coincided with a surge in crypto prices, as more users return to or find the wallet for the first time. MetaMask has rolled out Blockaid, a web3 security tool, by default for multiple blockchains to protect users against malicious transactions.
Starknet, an Ethereum rollup, airdropped 728 million tokens to around 1.3 million addresses, marking the biggest airdrop of the year so far. STRK fluctuated in price following the airdrop, reaching a high of $5 before falling back to $3.50, putting the total supply of 10 billion tokens at an FDV of $35 billion. Its current market cap is $2.32 billion. The tokens will be progressively unlocked over 31 months starting from April. This is a faster timeline than what is typical for unlocks in the industry.
Fantasy, a new trading card game combined with social finance, lets you create a roster of crypto Twitter influencers to compete for weekly prizes based on their real-life social media performance. Players can also trade digital influencer cards to enhance their lineups and win bigger rewards. The game offers a Hero program that allows influencers to monetize their Twitter presence, earn royalties, and gain additional game points.
Ethena Labs rolled out USDe, a trust-minimized scalable stablecoin, earlier this week. It also released sUSDe, a yield-bearing version that offers a 27% yield. Ethena generates its returns using yield from staked Ethereum and financing rates from its short positions, using staked Ethereum and perpetual contracts to maintain the stablecoin’s peg. This means the yield is not without risks.
One of the more active and vocal airdrop farmers in the space is predicting that this year will be a significant year for airdrops, with many opportunities already emerging. In an interview, this airdrop farmer shares insights on how consistent organic usage over several months is crucial for farming airdrops. He also identifies several underrated airdrops and emphasizes the marketing potential of airdrops in attracting and retaining users.
Major US banking associations have asked the SEC to amend its definition of crypto assets because they want to be able to serve as custodians for newly approved spot Bitcoin ETFs. The banks have asked the SEC to change guidelines issued in March 2022, which make it more costly for banks to offer large-scale crypto custody services.
MicroStrategy's Executive Chairman Michael Saylor declared the company has no intentions of selling its bitcoin, even though it is sitting on a nearly $4 billion unrealized profit, as he considers it to be a superior asset compared to gold, real estate, and the S&P. Saylor says there is no reason to sell a winning asset. After being ridiculed throughout the bear market for being underwater on his purchases, his view has been vindicated by the entrance of institutional capital into the bitcoin ecosystem via spot ETFs.
Many influencers do more harm than good. Users should simply ignore them, foster a more ethical and informed community, and prioritize true decentralization over quick gains.
Walmart has re-upped its agreement with Pudgy Penguins for its Pudgy Toys line, rolling out new Pudgy products across 3,100 of its stores.
This blog post provides an update on the markets and discusses general thoughts around Bitcoin and Ethereum prices, rumors of the FTX estate selling its Solana, Pudgy Penguins, and the Starknet airdrop.
2024.02.21·blockgraze.beehiiv.com·3 min read·TLDR Crypto John Deaton is challenging Senator Elizabeth Warren for her Senate seat as a cryptocurrency advocate and attorney.
The Japanese government has greenlit a bill allowing venture capital firms and investment funds to acquire crypto assets. Should it pass parliament, it could be a huge catalyst for web3 startups in the country, as the inability of funds to hold crypto assets greatly restricts the flow of early-stage capital. This amendment aligns with Japan's previously indicated plans to support the crypto sector while still attempting to protect users.
South Korea's People Power Party is considering making promises around cryptocurrencies for the general election in April. Proposals include allowing spot bitcoin ETFs, institutional investments in cryptocurrencies, and initial exchange offerings. These campaign strategies are an effort to attract young voters, as over 80% of the country's cryptocurrency holders are aged between 20 and 30. These pledges could spark significant changes in the country's current stringent crypto regulations.
Ethena, a synthetic dollar with native yield, officially launched on mainnet yesterday. It is now rolling out its official Shard campaign, which rewards users based on their activity and involvement in the protocol. The campaign will occur over several short-term periods, or 'Epochs', each concentrating on different activities and communities. The initiative is aimed at long-term participants in the ecosystem and will diminish in value over time.
Baseline, an automated tokenomics engine for ERC20 tokens, was created to improve token launches on the upcoming Blast L2. It seeks to create more efficient and equitable markets through protocol-owned liquidity. The platform's key features include deterministic market making, native credit, and Baseline Value, which offers a guaranteed minimal buy value behind each token. The protocol aims to eliminate the unpredictability often associated with on-chain token launches while offering stable and always available liquidity.
This post lays out strategies crypto traders can use for profit-taking and avoiding getting caught up in the hype of the bull market. The author’s strategy for profit-taking on short-term positions is largely based on upcoming catalysts like media trends and significant moves by smart money. His long-term strategies rely more on recognizing signals that might indicate a bull cycle's end.
This post discusses some thoughts from a crypto VC on loyalty and points programs, one of the latest metas in the space. The discussion examines the efficacy of these programs, their impact on user retention and acquisition, and the relationship between points and tokens. While there are legal and regulatory implications for transferring points to tokens, points can be an effective way to acquire customers and keep them engaged.
The announcement of Sora by OpenAI last week, which caused most AI-related tokens’ prices to rise, resulted in Worldcoin's WLD tokens surging over 200%. This surge in WLD’s value could be a great benefit to creditors of Three Arrows Capital and FTX. However, the current price is based on the fully diluted valuation of the coin, which could be impacted materially by upcoming token unlocks.
This blog post provides a detailed overview of zk-SNARKs, cryptographic tools that quickly verify proofs of a statement's truth without revealing other information. The piece traces the development of zk-SNARKs from their origins in the 1980s to modern, optimized variations. It highlights the surge of cryptographic proofs over the past years, propelled by advances in computer science, mathematics, and hardware, alongside the rise of blockchain technology. While initially, two main lines of these types of proofs (SNARKs vs. STARKs) existed, the differences between them have blurred, evidence that these kinds of proofs will likely continue to evolve in the future.
2024.02.20·blog.lambdaclass.com·13 min read·TLDR Crypto Ethena, which just rolled out to mainnet yesterday, might provide one of the better airdrop opportunities currently available due to its unique design, the yield narrative that will surround it, tokenomics, and top-tier investor backing.
This repository provides a way for developers to contribute to Scroll, a zkEVM Layer 2 project for Ethereum scaling.
Vitalik Buterin sees AI as key to enhancing Ethereum code verification and bug detection, potentially transforming security and fostering a crypto subsector merging AI and web3 technologies.
Citing a breach in its terms, GoFundMe canceled a legal defense fundraiser for Tornado Cash, leading to full refunds for donors.
Circle and Coinbase are asking Congress to give the Treasury more authority to scrutinize the issuers of Tether, the leading stablecoin issuer, and its banking partner. The executives are accusing Tether of enabling illicit activities and promoting its own USD-backed cryptocurrencies as more compliant alternatives. Tether leads the stablecoin industry by a wide margin, but the competition between Circle and Tether has been intense over the past couple of years.
Crypto venture funding totaled $1.9 billion in Q4, a 2.5% increase from the previous quarter. This uptick comes as the prices of tokens in the crypto market and prices of crypto equities appreciated significantly starting in Q4. The quarter also included several large funding rounds for established companies like Swan Bitcoin, Blockchain.com, and Wormhole.
The DAO behind ApeCoin has voted to build its gaming-focused ApeChain on Arbitrum, a popular Ethereum scaling solution. The decision has led to a modest rally in APE's price, a slight reversal from the fairly consistent decline it has had since its launch two years ago. However, the decision sparked controversy as the top voter was Horizen Labs, the team that developed the staking mechanism for APE coin that disappointed many in the community. Horizen was also the author of the proposal and would be working on ApeChain, so some community members are accusing them of self-dealing.
Wormhole is partnering with Succinct to build an Ethereum ZK Light Client to support message verification on the Wormhole platform. This will minimize reliance on Wormhole Guardians for multi-chain message verification. Succinct's unified ZKP protocol will simplify the development process and enable easy integration for the latest proof systems.
2024.02.19·apigateway.agilitypr.com·3 min read·TLDR Crypto This thread discusses the debate over the first-ever Ordinals Collection - BitcoinShrooms, OrdinalPunks, or OrdRocks. The debate hinges on how you would define a collection - whether the collection needs to be grouped together by inscription numbers and whether it needs to be a profile picture collection or not. BitcoinShrooms was staggered in its inscriptions, with a group of them starting at inscription #19. OrdinalPunks is credited as the first PFP collection. OrdRocks has the lowest overall inscription numbers.
This thread articulates a strategy to effectively use sniping bots by ‘bribing’ to get your trades to be executed first. Key elements of this method include selecting the right sniping bot, correctly setting up features, and determining the optimal incentive to increase the chances of getting the first trade. It isn’t just enough to know how much to bribe - traders also need to try to get a good idea of what the demand for the token will be to see if it is even worth paying the bribe.
This post discusses opportunities that the crypto space has given participants in the past and anticipates that there will be opportunities on a similar scale for another couple of cycles. While returns on BTC and ETH have likely diminished, other coins can still provide significant returns. The coming bubble is likely to burst around 2025-2026 - participants need to remember to take profits.
Yuga Labs, the team behind the Bored Ape Yacht Club, has announced the acquisition of Proof, the NFT company behind the Proof Collective and Moonbirds. Proof has faced significant challenges over the past year and a half after a booming start. The Moonbirds assets will be integrated into Yuga's gaming universe, with potential for IP rights transfers to holders. The deal was met with polarized opinions. Many in the BAYC community have been disappointed with the team throughout the bear market.
Crypto x AI has been one of the most popular narratives as of late. This post provides a list of the best reads on the topic from a variety of sources.
Pudgy Penguins briefly surpassed Bored Ape Yacht Club in floor price over the weekend, another milestone for one of the most storied NFT collections in the space.
YC added stablecoins to its requests for startups list, highlighting that they offer low-fee, fast transactions, and are becoming integral to the future of finance.
The announcement of Sora and Sam Altman’s claim that he wanted to raise $8 trillion for OpenAI led to AI tokens across the board receiving strong bids - Worldcoin notably hit an all-time high and was up 100% on the week.
The U.S. House's Financial Services Committee is set to discuss cryptocurrency's role in illicit finance in an upcoming subcommittee hearing. Experts from prominent crypto businesses including Coinbase and Circle will be speaking at the event. Its focus will likely be on how the industry can combat illicit activities. This is part of a larger discussion politicians are having around Anti-Money Laundering laws for the cryptocurrency sector.
VanEck is reducing the sponsor fee of its HODL spot Bitcoin ETF from 0.25% to 0.20% effective February 21. The move is a response to competitive pressures to attract more investors in the rapidly evolving ETF landscape. ETFs are often a winner-take-most market, so cutting fees in the crowded market is the primary way issuers have been trying to gain market share.
Moonwell has introduced USDC Anywhere, a feature that expedites the lending and borrowing of USDC across Ethereum networks. Powered by Circle’s Cross-Chain Transfer Protocol and Socket, USDC Anywhere securely transfers USDC across various networks streamlining the use of on-chain apps, games, and NFT marketplaces.
Crypto game Ascend has launched, aiming to unlock untapped yield potential in NFTs. MetaStreet, the company behind Ascend, raised $25 million to fund what it is calling Liquid Credit Tokens (LCTs) to create scalable capital markets for on-chain illiquid assets. Its aim is to democratize access to high-yield credit, inviting institutional and individual investors to participate equally. The company expects $3.5 billion of sustainable new yields from the NFT market with LCTs.
Researchers used the Total Cost to Attack model to assess the feasibility of 51% attacks on Bitcoin and 34% attacks on Ethereum. This model incorporates the operational and capital expenditures required for such attacks, considering both profit-driven and ideologically motivated attackers. They found that the security mechanisms in place make these attacks economically impractical, providing evidence of Nash Equilibrium in the networks. The research questions the assumption that network security linearly correlates with fee revenue, suggesting that miner speculation on fee cycles actually enhances security.
This thread goes over the concepts of "Alpha" and "Edge" in crypto. Alpha refers to information that can be utilized for financial gains, while edge involves extracting yield from the market using a superior skill or understanding. The thread describes three types of alpha: time-sensitive alpha, mass psychology-based alpha, and intuition-based alpha, providing detailed examples for each type.
Fed Governor Christopher Waller argues that the majority of stablecoins, which are largely tied to the dollar, could actually strengthen the dollar’s hegemony. His basic position on this is that stablecoins are pegged to the US dollar, they are central to DeFi, and DeFi activity is continuing to grow at a rapid rate. While acknowledging potential risks if a shift from dollars to digital currencies occurs, Waller dismissed these fears, reiterating that the dollar will continue to stay central to economic activity no matter what technology that activity is leveraging.
Coinbase bounced back from losses in Q3 to report a better-than-expected Q4 largely driven by higher interest income on its stablecoin reserves and other products. The markets responded positively to these surprising income numbers and to the efficiencies created on expenses within the business. What was most interesting about this quarter’s report for Coinbase were the signs of retail volumes coming back with higher-than-expected volumes in that segment of the business.
This dashboard provides an easy way to keep up with the daily flows into/out of the spot Bitcoin ETFs, a direct indicator of institutional and retail interest in the ETFs.
This thread from a popular Crypto Twitter figure details his 7-year journey in the space and the key lessons he learned in each of those 7 years.
This article details how the crypto space has seen very few traditional exits due to its complex nature. Regulatory uncertainty has dampened some of the activity. Liquidity events driven by the release of tokens have partially substituted the need for a traditional exit.
The Dynamic TAO proposal, BIT1, could be a major shift in Bittensor's approach. It focuses on decentralization, community governance, and aligning incentives for a more dynamic and economically vibrant network.