All That Bluster for Those Results? 😮💨
In today’s edition: 📈 $2 trillion in bitcoin trades YTD, 📊 Grayscale aims to upgrade $520 million fund to an ETF, 🚀 ENA token jumps 60% in a week, and more!
Transform financial services through DeFi & Tokenization at Meridian 2024. Stellar Development Foundation’s annual conference will take place in London, UK, from October 15 to 17. Learn More.
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What’s Poppin’?
by Tikta and Sage D. Young
Donald Trump-Backed World Liberty Financial Raises More Than $8 Million in Initial Token Sale
The amount is a far cry from the $300 million the DeFi project is reportedly looking to raise in this initial sale, however.
Bitcoin Monthly Trading Volumes Averaged $2 Trillion Year-to-Date
A team of analysts at Coinbase Institutional and Glassnode attribute a ‘relative lack of direction’ in crypto prices to uncertainties that lie ahead, including the U.S. election.
Grayscale Files to Convert Multi-Token Crypto Fund Into ETF
Grayscale Investments has filed to convert its $520 million Digital Large Cap Fund into an ETF.
Ethena’s Governance Token ENA Soars 60% Over Last 7 Days
Two recent updates—one involving SOL as a potential backing asset for USDe and the other about a large planned investment in real-word asset products—appear to be behind the rise.
Earn bitcoin on Gemini here.
2 Crypto Investors on Why They Believe DeFi Is Poised for a Bull Run
DeFi tokens have lagged in this cycle. Is that trend over? Investors Arthur Cheong and Jordi Alexander say yes.
DeFi tokens have faced significant challenges in recent years. However, are we now on the verge of a new bull market?
Arthur Cheong, founder and CIO of DeFiance Capital, and Jordi Alexander, founder of Selini Capital and chief alchemist at Mantle, join the show to discuss why they believe DeFi is poised for growth. They dive into how DeFi’s security and user experience have improved, the impact of Layer 2 solutions on Ethereum, and whether Ethereum or Solana will drive the next bull run. Plus, they discuss whether interest in memecoins takes attention from DeFi, and why sustainable tokenomics matters when it comes to valuing coins.
Are DeFi tokens finally ready to shine again?
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Daily Bits… ✍️✍️✍
🔄 Sonic Labs, the developer of the blockchain formerly known as Fantom, released a litepaper detailing its FTM token migration, tech stack, and plans for a points-based airdrop for its governance token, $S.
📊 Base, Coinbase’s Layer 2 network, surpassed Arbitrum in total value locked (TVL) with over $2.5 billion, becoming the largest DeFi ecosystem among Layer 2s after rapid growth from major decentralized exchanges and lending platforms.
📉 Trump touted World Liberty Financial after its token sale raised only $9 million.
⚖️ Coinbase moved forward with its lawsuit against the SEC, seeking documents related to crypto classification after the regulator denied its FOIA requests, aiming to clarify the SEC's stance on digital assets.
💸 Kraken expanded staking options, allowing non-U.S. customers to restake ETH on EigenLayer, providing users more opportunities to earn rewards as restaking saw a massive surge in total value locked, reaching $11 billion.
🚗 Tesla moved its remaining $770 million bitcoin stockpile to new addresses, possibly signaling preparations for further sales of its bitcoin holdings, after having sold a large portion of its assets in 2022.
The $$$ Corner…
🏙 Praxis raised $525 million to build a crypto-friendly city, designed to support innovation in AI, crypto, and biotech, aiming to attract entrepreneurs to its future tech-forward hub.
🚀 Ripple led a $25 million funding round in Bitnomial, supporting the derivatives exchange as it launched its new perpetual futures trading platform in the U.S., bringing offshore trading models into compliant domestic markets.
💡 Opacity Network closed $12 million in seed funding, utilizing zero-knowledge proofs for data verification, with plans to enhance privacy and trust in digital transactions, backed by prominent venture capital firms.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 4.3%, trading at $68,347
ETH is up 1.4%, trading at $2,633
BTC dominance: 55.1%
Crypto market cap: $2.43T
*All data as of today, 07:50 am ET. Source: CoinGecko
Recommended Reads
Persistent Weak Layer by Arthur Hayes
CoinDesk: Why the $172B Stablecoin Market Could Send Crypto Prices Higher
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