🗳️ Polymarket Soars Amid Election Frenzy
In today’s edition: 🚀 GSOL Trust premium rises alongside ETF speculation, 🏦 ⏱ Polkadot's treasury could soon run dry, 📉 MOTHER loses 57% from peak value, and more!
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What’s Poppin’?
by Sage Young, Juan Aranovich and Sam Sriram
Polymarket Hits Record Highs in Monthly Users and Trading Volume Due to Presidential Election
The prediction markets platform attracted nearly 30,000 monthly active users and saw over $110 million in trading volume for the month of June, which ended with a disastrous debate for President Joe Biden.
Grayscale’s Solana Trust Continues to Trade at a High Premium After 2 Spot SOL ETF Filings
The price of GSOL indicates the level of confidence its investors have that spot SOL ETFs will be approved.
Polkadot Expects $245 Million Multi-Chain Treasury to Run Dry in 2 Years
Polkadot’s treasury flow has turned negative, with $87 million already spent in the first half of 2024.
MOTHER Sheds Half Its Value Since All-Time High Despite Iggy Azalea’s Mastery of Crypto Memes
After reaching a market cap of nearly $150 million, MOTHER, arguably one of the most successful celebrity meme cryptocurrencies, has dropped more than 57% to a market cap of $59.9 million.
Daily Bits… ✍️✍️✍️
💸 Silvergate Bank settled with the SEC, Federal Reserve, and California regulator for $63 million over allegations of inadequate anti-money laundering controls and misleading disclosures.
🔒 The U.S. Marshals Service awarded Coinbase Prime a $32.5 million contract to manage and trade large-cap digital assets for the agency.
📰 TRON founder Justin Sun won a defamation lawsuit in the People’s Court of China against Chongqing Business Media Group, which was ordered to apologize and retract false statements.
📊 Ethereum products saw $60 million in weekly outflows, the highest since August 2022, as investors anticipate the launch of ether ETFs in the US.
📈 The Aptos Foundation proposed deploying Aave V3 on the Aptos mainnet and is currently gathering feedback from Aave’s governance community.
📉 DeFi protocol Pendle's total value locked dropped by 40%, from $6.18 billion to $3.7 billion, mainly due to the maturation of liquid restaking pools.
Today in Crypto Adoption...
🌐 Circle became the first global stablecoin issuer to comply with new EU regulations, receiving a license under the Markets in Crypto-Assets (MiCA) framework to operate in Europe.
🇸🇬 Paxos gained approval from the Monetary Authority of Singapore to issue stablecoins, with DBS providing custody and cash management services.
💳 The Bahamas is developing regulations to require commercial banks to distribute its Sand Dollar CBDC to increase adoption, as current usage remains limited.
The $$$ Corner…
⚡ Iris Energy raised $413 million through stock sales to expand its bitcoin mining operations, aiming for 30 EH/s hash rate capacity and 510 MW data center capacity.
💰 Mamori secured $5 million in seed funding from Blockchain Capital to enhance Web3 security through its innovative algorithm detecting potential blockchain software exploits.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 0.2%, trading at $62,622
ETH is down 0.7%, trading at $3,445
BTC dominance: 50.81%
Crypto market cap: $2.43T
*All data as of today, 06:40 am ET. Source: CoinGecko
Recommended Reads
DL News: When will Ethereum ETFs launch? Experts just moved their July 4 target
CoinDesk: U.S. Administrative Procedure Law Exists for a Reason. The SEC Must Follow It
Zoom Out by BitMEX co-founder Arthur Hayes
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