What Does Coinbase's Financials Reveal? 🕵️
In today’s edition: 🚀 Polymarket thrives beyond elections, ✈️🇰🇷 Do Kwon's extradition to South Korea, and more!
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Compound Finance Governance, Strategic Bitcoin Reserves, & BitClout’s Legal Woes: The Chopping Block
DAOs in the Spotlight, Strategic Bitcoin Reserves, and BitClout’s Legal Battle – The Chopping Block Ep 682
In this episode, we dive into topics like the potential US strategic bitcoin reserve proposed by Republican presidential candidate Donald Trump and political figures, and its implications for the institutional adoption of bitcoin. The episode explores the recent turmoil in DAO governance through the example of Compound’s voting mishap with a controversial proposal, analyzing the role of activist investors. The squad also reflects on the legal challenges faced by the founder of BitClout, Nader Al-Naji, who was charged with misappropriation of funds, offering insights into the importance of transparent and ethical governance in the crypto industry.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
What’s Poppin’?
by Frederick Munawa, Sage D. Young, and Sam Sriram
Coinbase Reports Third Straight Profitable Quarter, But Revenue Falls 11%
The crypto exchange released its Q2 financials on Thursday and acknowledged lower spot trading volumes, but also celebrated achieving better crypto regulatory clarity and becoming the crypto ETF custodian of choice.
The US Presidential Election Isn’t the Only Reason for Polymarket’s Success
In a tweet thread, ParaFi Capital, the biggest investor in the prediction market, said the majority of first-time users participated in non-election-related markets.
Do Kwon Will Be Extradited to South Korea, Rules Montenegro’s Appeals Court
The Appellate Court of Montenegro has ruled that Do Kwon should be extradited to South Korea because their request came in earlier than the one from the US.
Daily Bits… ✍️✍️✍️
🏦 BlackRock's tokenized fund on Ethereum paid out a record $2.1 million in dividends in July, with total payouts exceeding $7 million since its launch.
📊 US spot bitcoin ETFs recorded $50 million in inflows on Thursday, led by Grayscale's newly trading Bitcoin Mini Trust, while ether ETFs saw $26.75 million in net inflows.
🔄 Solana's decentralized exchanges processed $54 billion in trading volume in July, surpassing Ethereum's $52 billion for the first time.
💰 MicroStrategy increased its bitcoin holdings to 226,500 BTC, despite reporting quarterly losses and also introduced a new bitcoin yield metric as a KPI.
🗳️ The Jupiter community began voting to reduce the JUP token supply by 30% to address high inflation and community concerns.
🚨 Cosmos-based blockchain Kujira's token price plummeted 40% due to the liquidation of the foundation's leveraged positions on its own DeFi platform, resulting in a cascading sell-off.
💔 Convergence, a Curve-based DeFi protocol, was hacked, causing its CVG token to plunge 99% after the attacker minted 58 million tokens and swapped them for roughly $200,000 worth of wrapped ETH and crvFRAX.
Today in Crypto Adoption...
🔗 Ripple will allocate $10 million to tokenized U.S. Treasury bills on the XRP Ledger, marking the first issuance of such tokens on the platform.
💹 Hong Kong's Futu Securities launched bitcoin and ether trading in partnership with HashKey Exchange, also offering Alibaba and Nvidia shares as rewards for new accounts and deposits.
The $$$ Corner…
💵 Decentralized lending developer Morpho raised $50 million in funding led by Ribbit Capital, with participation from major investors such as a16z crypto and Pantera Capital.
What Do You Meme?
📈 Your Market Update 📉
BTC is up 0.5%, trading at $64,739
ETH is down 0.9%, trading at $3,159
BTC dominance: 53%
Crypto market cap: $2.4T
*All data as of today, 07:21 am ET. Source: CoinGecko
Recommended Reads
DL News: Tether’s $5.2bn profit is turning it into an investment fund
Adam Cochran, partner at CEHV, on rinsing out the memes
Matt Hougan, Bitwise’s chief investment officer, on how bitcoin can have value when it doesn't produce cash flows
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