Will Trump’s New DeFi Project Be Hacked? 🥷
In today’s edition: 📊 L2 networks yield low fees for Ethereum's layer, 🗣 Trump: No new details despite renewed crypto support, and more!
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The Chopping Block: Trump’s World Liberty Financial Unveiled, Memecoin Market Trends, and DeFi Developments
Trump’s Crypto Project Raises Eyebrows, memecoins Under Fire, & DeFi Innovation.
In this episode, the boys tackle the buzz around World Liberty Financial, a controversial DeFi project linked to Donald Trump, and its ties to a previously hacked protocol. They explore the motivations behind the Trump family’s involvement in crypto, questioning the legitimacy and future of the project.
The conversation pivots to memecoins, with debates around the sustainability of the memecoin market and the growing influence of platforms like Pump.fun. We explore the thought-provoking discussion on the evolution of financial games in crypto, where both strategies and the game’s rules can change dynamically. The squad also reflects on broader crypto market trends, touching on AI-driven markets, decentralized finance, and the shifting regulatory landscape.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
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What’s Poppin’?
by Veronica Irwin, Sage Young and Juan Aranovich
Trump’s New DeFi Project Could Be a Magnet for Hackers
Many in the crypto industry have expressed concern that the former president’s DeFi project might be a target for exploits motivated by money, political gain, or just plain notoriety.
Are L2s ‘Parasitic’? Analysis Shows Ethereum Only Gets a Tiny Percentage of Fees
In August, OP Mainnet outpaced its peers by maintaining a ratio of $321.31 in retained fees for every $1 spent to harness the security of Ethereum’s base layer.
Trump Promises to ‘Embrace’ Crypto and Bitcoin in Economic Policy Speech
In a speech in New York on Thursday, the former president repeated statements he’s made before about crypto, but provided no additional detail.
Daily Bits… ✍️✍️✍
🇫🇷 Telegram CEO Pavel Durov broke his silence about his arrest in France, stating that he was unexpectedly interrogated for four days regarding the illegal use of Telegram by others, without prior notice to himself or the company.
⚖️ U.S. prosecutors clarified that Ryan Salame's guilty plea in the FTX case did not halt the investigation into his partner Michelle Bond, despite his claims that he was promised otherwise as part of his plea agreement.
💰 The Ethereum Foundation plans to release a financial report, addressing community concerns about its spending, revealing that it holds approximately $650 million in its main wallet and has a financial runway of about ten years depending on ether prices.
🇺🇸 Ryan Selkis, founder of Messari, left the company to launch "Project Solomon," a new initiative to support Donald Trump's re-election campaign and develop a "parallel Washington" using modern technologies to address key governance issues.
🔍 The Blockchain Association is investigating the Federal Reserve's cease-and-desist order against United Texas Bank, viewing it as part of a broader effort to cut off the digital asset industry's access to traditional banking services.
🌐 A proposal for a no-confidence vote against the Interchain Foundation (ICF), which supports the Cosmos blockchain, caused significant controversy, with critics accusing the foundation of financial mismanagement and demanding greater transparency.
⚖️ Custodia Bank's legal battle with the Kansas City Federal Reserve has drawn concerns from other Fed banks, warning that a win for Custodia could jeopardize the U.S. banking system by forcing the Fed to grant access to all banks.
💰 DWF Labs announced the finalization of a synthetic collateralized stablecoin design, which will support a variety of assets including USDT, USDC, DAI, bitcoin, ether, and several blue-chip tokens, offering different annual percentage yields.
Today in Crypto Adoption...
🇧🇷 Visa and Santander have been selected by Brazil's central bank for the second phase of its CBDC pilot, where Visa will optimize the foreign exchange market and Santander will work on projects involving automobile operations and decarbonization.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 1.1%, trading at $56,138
ETH is down 0.9%, trading at $2,369
BTC dominance: 53.79%
Crypto market cap: $2.06T
*All data as of today, 06:57 am ET. Source: CoinGecko
Recommended Reads
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The Defiant: Behind-the-Scenes in Argentina’s Crypto Scene Now that the Aleph Pop-Up City is Over
DL News: Why the FCA rejected almost 90% of crypto firms’ applications
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