🎮 🤫 A Metric to Be Gamed?
In today’s edition: 🇺🇸 Betting on US election now legal on Kalshi, 💸 Deceptive downturn for bitcoin holders, 📉 Binance hits market share low, and more!
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What’s Poppin’?
by Juan Aranovich, Tikta, Veronica Irwin and Sage D. Young
Is Total Value Locked a Reliable Indicator of Success? Some Crypto Heavyweights Disagree
One of the most widely-used metrics in DeFi comes under fire as Coinbase’s Viktor Bunin and Solana’s Anatoly Yakovenko argue about its importance.
Americans Will Be Able to Legally Bet on the U.S. Presidential Election on Kalshi
A contract featuring the election is now slated to go live on the CFTC-regulated platform on Friday morning.
Bitcoin Long-Term Holder Losses ‘Deceptive,’ Says Glassnode
Long-term bitcoin holders now account for 47.4% of all coins held at a loss, according to Glassnode.
Binance’s Crypto Market Share Drops to 4-Year Low
Binance’s share of the crypto market dropped to the lowest level since 2020 amid a broader decline in trading volumes across centralized crypto exchanges.
Aerodrome, a DEX Native to Coinbase’s Base, Sees Record $4.7 Billion in Weekly Trading Volume
Conflict in the Middle East caused substantial price swings in the crypto markets, likely prompting liquidity providers to rebalance their positions which led to increased volumes.
Are Layer 2s Parasitic to Ethereum and ETH as an Asset?
Earn bitcoin on Gemini here.
Daily Bits… ✍️✍️✍
🎥 An upcoming HBO documentary, “Money Electric: The Bitcoin Mystery,” stirs speculation in the crypto world by claiming to reveal new details about the identity of Bitcoin creator Satoshi Nakamoto.
💎 Despite fading NFT hype, CryptoPunk 1563 sold for a record $56.3 million, perhaps signaling that even as memecoins take center stage, iconic NFTs can still attract significant investment.
🚨 Andre Cronje, a key developer behind major DeFi projects, accused a DeFi app of using his stolen code to build its $1 billion platform without paying licensing fees.
🌐 The IMF has once again urged El Salvador to tighten its regulatory framework for Bitcoin, recommending that the country limit public sector exposure and improve oversight of its Bitcoin ecosystem.
🏦 Grayscale launched a new fund offering exposure to Aave’s decentralized lending protocol, aiming to give investors access to a platform that could disrupt traditional finance by automating loans and eliminating intermediaries.
Today in Crypto Adoption...
🌍 Visa is set to launch its global platform, VTAP, in 2025, allowing banks to mint, burn, and transfer stablecoins, with Spanish bank BBVA testing the system and a pilot expected on Ethereum next year.
💳 BBVA also plans to launch its own Visa-backed stablecoin by 2025, focusing on tokenizing assets for settlement purposes and leveraging Visa's regulatory compliance and brand, with a likely emphasis on the euro for its European operations.
🌐 Swift will initiate live trials of digital asset and currency transactions across its global banking network in 2025, marking the first time it will move from experimental blockchain tests to real-world digital settlements involving both fiat and digital currencies.
💰 PayPal completed its first business transaction using its PYUSD stablecoin, paying an invoice to Ernst & Young through SAP's digital currency platform, showcasing the potential of stablecoins to streamline business payments beyond consumer-focused uses.
The $$$ Corner…
🧑💻 Binance Labs invested in Sophon, a layer 2 network built on ZKsync’s modular technology, ahead of its mainnet launch.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 0.8%, trading at $61,276
ETH is up 0.9%, trading at $2,374
BTC dominance: 54.39%
Crypto market cap: $2.23T
*All data as of today, 06:30 am ET. Source: CoinGecko
Recommended Reads
Why You Should (Still) Care About Silvergate by Nic Carter, partner at Castle Island Ventures
Crypto researcher @0xBreadguy on data availability
Sid Gandhi, co-founder and CEO of stablecoin company Payy, on his insights after asking 326 people about using stablecoins
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