Will FTX Creditors Like This? 🤔
In today’s edition: 😯 A surprising withdrawal 3 weeks before SEC ETF decision, 🪂 MODE token plunges 60% post-airdrop, 💰 Bybit to accept USDe as collateral, 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.
In this episode of Unchained, memecoin traders Ansem and Kelxyz unpack everything about memecoins, discussing what makes them valuable and how they evaluate their investment potential. They also address the criticisms and controversies surrounding them, including racism and sexism. (They have a surprising reaction to the latter.) Ansem and Kel argue that memecoins have substance and value, largely due to their popularity and the attention they receive on the internet.
They also discuss the importance of distribution and virality in the success of a memecoin, how the chain any coin is on affects its value, and give their opinions on Runes vs. BRC-20s vs. Solana and Ethereum.
Plus, they talk about their wildest memecoin stories (think: Dogwifhat) and provide their insights on what they think memecoins will become in the future.
Listen to the episode on Apple Podcasts, Spotify, Pods, 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, Juan Aranovich and Sage Young
98% of FTX Creditors to Receive 118% Claims Payout
FTX creditors will receive the entire value of their claims, plus “billions in compensation for the time value of their investments.”
‘Trojan Horse?’ Grayscale Withdraws Ethereum Futures ETF Application
In a move that comes as a surprise to many, Grayscale has withdrawn its application for an ether futures ETF just three weeks before the SEC would have been forced to hand out a verdict on the approval of at least one spot ether ETF.
Layer 2 Network Mode’s Native Token Drops Over 60% Immediately After Airdrop
MODE is the latest token to see its price decline right after its airdrop.
Ethena Partners With Bybit. Will It Catalyze USDe’s Growth?
Crypto exchange Bybit will accept USDe as collateral on its platform, aiming to grab market share from USDT and offer yield to crypto traders.
Opinion: Horizontal Scalability Is the Solution to L2 Fragmentation
by Kenny Li
The proliferation of layer 2 projects on Ethereum has compromised the easy exchange of assets and data among them, but there’s one obvious solution.
Daily Bits…✍️✍️✍️
🔒 The FTX estate initiated its third auction of locked Solana, with around 41 million SOL to be progressively unlocked over four years. The previous sales have seen locked Solana sell for $64 to $110 per token.
💡 Vitalik Buterin proposed Ethereum Improvement Proposal (EIP) 7702, enhancing account abstraction by allowing externally owned accounts to act as smart contract wallets during transactions and then revert.
🏛️ In a heated House Financial Services subcommittee session, Democrats and Republicans starkly disagreed on how the SEC should handle crypto enforcement, with discussions often centering on agency overreach.
🏈 Ex-NFL star Rob Gronkowski agreed to pay $1.9 million to settle a lawsuit from former Voyager Digital customers, as part of a broader $2.4 million settlement that includes other athletes.
🚨 The U.S. Department of Justice charged Russian national Dmitry Khoroshev, the alleged leader of the LockBit ransomware gang, and is offering a $10 million reward for information leading to his arrest.
🔍 SEC Chairman Gary Gensler highlighted the lack of crucial disclosures for crypto investors following the issuance of several Wells notices, indicating forthcoming enforcement actions against major players in the space.
The $$$ Corner…
🌋 Lava Foundation, the nonprofit behind the development of modular blockchain Lava, garnered $11 million in a token funding round ahead of launching its mainnet and conducting an airdrop.
🖼️ Galaxis, a platform that collaborates with celebrities to create NFT collections, secured $10 million in funding as it prepares for a token launch, aiming to provide tangible value through NFTs across various sectors.
🧑💻 Botanix Labs raised $8.5 million to develop a Bitcoin-native DeFi ecosystem called Spiderchain, designed to provide full Ethereum Virtual Machine compatibility and scale the Bitcoin infrastructure to serve a global user base.
🛠️ ZKM, focusing on Ethereum scaling solutions, gathered $5 million in funding as it prepares to debut a Bitcoin-based layer 2 network aiming to enable interoperability across multiple blockchains.
💼 Ambient, a Solana-based decentralized network focusing on environmental data, acquired PlanetWatch's network and closed a $2 million round to enhance its infrastructure and launch a new token on Solana.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 2.4%, trading at $62,437
ETH is down 3%, trading at $3,004
BTC dominance: 50.93%
Crypto market cap: $2.41T
*All data as of today, 06:38 am ET. Source: CoinGecko
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I just read on Pomp letter that the headlines suggesting FTX users will receive about 100% of their funds back are misleading. And would suggest that a more accurate headline would be: "FTX Bankruptcy Reveals Complexities: Users Likely to Receive Less Than Expected Due to Cryptocurrency Price Fluctuations."
Truth is my hopes were high until I read his article this morning, you may want to double check!!