🤖🥊 Solana's Battle With Bots
In today’s edition: 💸 Is USDe as risky as Terra's UST ? , 🚫 Binance drops Bitcoin NFTs, and more!
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Union is the first sovereign interoperability layer pioneering trustless bridging between appchains, L1s, and L2s without depending on trusted third parties, oracles, multi-signatures, or MPC. Looking to future-proof blockchain bridging, it is the only protocol that fully addresses the sovereign bridging trilemma, unlocking a horizontally-scaled future.
This week, Ethena was in the spotlight after the airdrop of ENA, its new governance token. Ethena’s flagship product, the “synthetic dollar” USDe has amassed a $2 billion market cap in less than two months. Meanwhile, ENA’s market capitalization sits around $1.4 billion, with a fully diluted valuation of $15.5 billion.
In this episode, Guy Young, founder of Ethena Labs, discusses the risks associated with Ethena, including custodial risks and counterparty risks to exchanges. Young also talks about the use cases of Ethena’s governance token, and discusses the potential for Ethena to be integrated with DeFi and CeFi.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Sam Sriram and Sage Young
75% of Solana Transactions Are Failing as Bots Dominate Swap Count
The Solana blockchain is experiencing a high rate of failed transactions amid massive trading volumes that have led to network congestion.
As Ethena’s USDe Quickly Reaches $2 Billion in Market Cap, Some Wonder If It’s as Risky as Terra’s UST
USDe’s extremely high yields and the fact that it’s not backed by fiat are reminiscent of Terra’s notorious failed stablecoin UST. But there are important differences between the two.
Binance Ends Support for Bitcoin NFTs
Binance advises users to withdraw their Bitcoin NFTs from its marketplace as it discontinues support for these tokens as part of an effort to “streamline product offerings.”
Daily Bits…✍️✍️✍️
💲 Ripple announced the upcoming launch of a USD-pegged stablecoin targeting enterprises, supported by USD deposits, US treasuries and other cash equivalents.
📱 Google initiated legal action against individuals accused of uploading fraudulent crypto apps to Google Play, claiming they committed hundreds of acts of wire fraud affecting Google and about 100,000 users.
💸 FTX CEO John Ray III earned $1,575 per hour overseeing the exchange's bankruptcy last month, which resulted in a total of $363,825 for his efforts in March.
🔗 Ethena Labs introduced bitcoin as a backing asset for its USDe synthetic dollar, aiming for scale and enhanced safety for traders.
🇰🇷 South Korea plans to enforce stricter guidelines for crypto exchange listings, including enhanced security and transparency requirements for token projects, expected to be released later this month.
Today in Crypto Adoption...
💳 PayPal's US customers can now use the PYUSD stablecoin for international transfers, offering a no-fee option to send money to about 160 countries.
🇦🇺 Monochrome Asset Management applied to Cboe Australia for the country's first spot Bitcoin ETF, eyeing approval by mid-2024, potentially pioneering direct bitcoin holding in Australian ETFs.
🎮 Sony Bank, which is the banking arm of Japanese gaming firm Sony, explores issuing its own fiat-pegged stablecoin on the Polygon blockchain with the aim of of integrating stablecoins into its gaming and sports properties.
The $$$ Corner…
💸 Paradigm led a $20 million Series A funding round for DEX developer Ellipsis Labs, focusing on the development of Phoenix, which is a Solana onchain order book DEX.
💡 Web3Firewall, utilizing AI and machine learning for enhanced transaction security, secured $2.5 million with Nomura's Laser Digital, gumi Cryptos Capital (gCC), and SPEILLLP co-leading the pre-seed funding round.
What Do You Meme?
Recommended Reads
Unchained: What Are RPCs and Why They Play a Key Role in Crypto?
Forbes: Stablecoins And Crypto Are First Line Of Defense Against Financial Deplatforming
DL News: Vitalik Buterin Pitches ‘Degen Communism’ As Way to Spread Wealth
📈 Your Market Update 📉
BTC is up 1%, trading at $66,822
ETH is down 1.6%, trading at $3,277
BTC dominance: 50.34%
Crypto market cap: $2.6T
*All data as of today, 06:12 am ET. Source: CoinGecko
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