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🔔 MARKET MOVING NEWS! (09/06/24)
1️⃣ FriendTech Plans To Develop Own Blockchain ‘Friendchain’ ‼️
Decentralised social media platform Friend.tech has announced it will be teaming up with Conduit to develop its own blockchain, Friendchain. Notably, the move comes after FriendTech co-founder Racer had recently hinted that a move away from Base was being considered for the social network.
The network will reportedly use FriendTech's native token as a "fully transferable gas token." While the protocol didn't specify a timeline for the move, its announcement on X hints that it may take “months." Ironically, the announcement seems to have had a negative effect on the price, which has fallen by 16% over the past twenty-four hours.
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2️⃣ Arbitrum To Distribute $215M In ARB Tokens for Gaming Innovation 💰
On Friday, the Arbitrum DAO officially voted to pass a proposal submitted by the Arbitrum Foundation that seeks to set aside 225 million ARB tokens (worth roughly $215 million) to be distributed over three years through the newly established Gaming Catalyst Program (GCP)
Organisations that significantly supported the proposal include L2Beat, Wintermute, and gaming-focused Treasure DAO. The GCP aims to rapidly increase recognition and usage of Arbitrum, Orbit and Stylus among game developers and players, fostering growth and engagement within the gaming community.
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3️⃣ Binance Reaches 200M Users With $100B In Assets Under Custody 🔼
Crypto exchange Binance officially announced that the number of registered users on the Binance has exceeded 200 million worldwide. It reportedly took Binance 2 years and 2 months to grow from 100 million to 200 million users. Notably, while the exchange reported adding a total of 40 million users in 2023, it appears to have already added at least 30 million more users just 6 months into 2024. This puts Binance on pace to reach 300 million users by 2026, assuming trends remain the same for both the company and the industry.
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4️⃣ Norway Returns Almost $6M In Funds Stolen From Ronin ▶️
The Norwegian government has reportedly frozen and returned $5.7 million in funds connected to the hack on the Ethereum sidechain Ronin. Notably, the returned funds are connected to the $600 million Ronin exploit in 2022. The funds were returned as a result of a coordinated effort among law enforcement agencies, lawyers, accountants, and blockchain forensics firms. Sky Mavis has stated that it will use about 15% of recovered assets to cover costs and expenses incurred by those involved in the recovery efforts and the remaining 85% will be deposited into the “Axie Infinity” treasury.
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🚨 New Video Alert!! 🚨
Blockbuster token launches aren’t what they used to be. Many of this year’s most hyped new cryptos are underperforming, leaving many of us wondering why.
It’s becoming clear that one of the answers is something that most crypto holders, traders, and investors overlook when doing their research. Today we're going to tell you about this important factor, explain how it's been impacting crypto prices, and what you can do to ensure that your bags don't suffer because of this phenomenon.
Don't miss it!
🔥 Rally Report 🔥
WORMHOLE
The price of W has rallied by 10% in the past 24 hours.
WHY?!
‼️ W token holders can now stake their tokens to participate in the governance of the protocol.
⚡️ Notably, the industry's first multichain governance system (MultiGov) launches first with the wormhole DAO. It will leverage multichain token transfers and Wormhole Messaging to allow users to delegate and vote from any connected L2 and soon Solana as well. Investors are bullish since this brings chain abstraction a step closer to reality.
If you want to buy or trade W, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
INJECTIVE
The price of INJ has rallied by 6% in the past 24 hours.
WHY?!
‼️ Injective released the first comprehensive paper on INJ yesterday. The paper details the token's utilities and deflationary mechanisms.
☄️ Injective also announced that it had onboarded gumi as a validator for the network. Notably, gumi is one of the largest giants in the gaming industry and is expected to drive further adoption across Japan and the broader Asia region.
If you want to buy or trade INJ, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQ
🚨 New Video Alert!! 🚨
What’s eating Hong Kong’s ETFs?
The new spot crypto ETFs were supposed to mark a high point in Hong Kong’s race to be a global crypto hub. But since their launch, they have underperformed, with low volume and net outflows in their first few weeks of trading. This begs the question of whether they will pick up steam, or become just another flop like so many crypto exchange traded products before them.
Today, we find out.
🔔 MARKET MOVING NEWS! (06/06/24)
1️⃣ Robinhood Set To Acquire Crypto Exchange Bitstamp In Potential $200 Million Deal 🤝
Crypto and stock trading platform Robinhood has reportedly agreed to acquire U.K.-based crypto exchange Bitstamp for $200 million in cash to expand its global crypto presence and attract institutional clients. The cash deal is expected to close in the first half of 2025, subject to customary closing conditions such as regulatory approvals.
Johann Kerbrat, General Manager of Robinhood Crypto stated,
The acquisition of Bitstamp is a major step in growing our crypto business. Bitstamp’s highly trusted and long-standing global exchange has shown resilience through market cycles … [and] has established one of the strongest reputations across retail and institutional crypto investors. Through this strategic combination, we are better positioned to expand our footprint outside of the U.S. and welcome institutional customers to Robinhood.
We’ve added programmatic daily yield so this looks a little bit more like a savings product than a checking account product, which is maybe the way to think about traditional stablecoins. [USDL] is going one step further from democratizing access to dollars, to also democratizing the risk-free rate, in the safest manner possible.
U.S. lawmakers have reportedly sent a letter to President Joe Biden, urging him to bring Binance executive Tigran Gambaryan home from detention in Nigeria. The letter argued that the case be treated as a hostage situation since the executive’s "health and well-being are in danger" due to being refused adequate health care in prison amid a three-month detainment marked by “excessive and harsh treatment.”
The U.S. House members argue the charges levelled against Gambaryan are "baseless" and describe it as a "coercion tactic by the Nigerian government to extort his employer." They state Gambaryan should be considered a "U.S. Citizen wrongfully detained by a foreign government,” under the terms of the Robert Levinson Hostage Recovery and Hostage-Taking Accountability Act.
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🔥 Rally Report 🔥
FLOKI INU
The price of FLOKI has rallied by 25% in the past 24 hours.
WHY?!
💰 Market maker DWF Labs announced a ‘commitment’ to buy $12 million worth of FLOKI tokens from the open market and the Floki treasury to support the project’s growing ecosystem.
🔍 The announcement comes after DWF recently announced its intentions to double down on the memecoin ecosystem. Notably, the price of FLOKI has gone 10x since the project announced its first partnership with DWF Labs in May 2023.
If you want to buy or trade FLOKI, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🔥 Rally Report 🔥
DOG•GO•TO•THE•MOON
The price of DOG has rallied by 18% in the past 24 hours.
WHY?!
📈 Part of a larger rally seen among tokens belonging to the Runes protocol.
🔍 DOG’s rally also aligns with the broader rally seen among dog-themed memecoins. DOG has more than doubled in value over the past week. It is also the first Runes-based token to break into the top 100 coins by market cap.
🚨 New Video Alert!! 🚨
Time for another weekly crypto review. Last week’s biggest headline is one that went unnoticed, and that’s President Biden vetoing the pro-crypto resolution. We explain why it’s so significant.
Another significant headline that flew under the radar was the news of a healthcare company adding BTC as a reserve asset. This could mark the beginning of a new trend that would be bullish for BTC.
Most importantly, markets appear to be increasingly anxious heading into the Fed’s upcoming meeting scheduled for next week. Inflation is still sticky, and the Fed could try to wipe it out with a nasty surprise.
All this and more in today’s video!
P.S. Watch until the end for some magic 😉
🔥 Rally Report 🔥
FLOKI INU
The price of FLOKI has rallied by 14% in the past 24 hours.
WHY?!
🔍 Popular GameStop stock trader Keith Gill (aka Roaring Kitty) disclosed that he holds a notional value of over $180 million in GME shares and call options.
📈 This has resulted in more bullishness for memecoins, especially FLOKI.
If you want to buy or trade FLOKI, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
When the spot Bitcoin ETFs were approved at the start of the year, asset managers such as Blackrock were racing to get them on offer to their customers.
Not all of them, though. One of the largest asset managers in the world, Vanguard, refused to offer this product to their investors, and continues to refuse to this day. Tim Buckley, Vanguard’s “current” CEO, has repeatedly shared his view that Bitcoin does not belong in any long-term portfolio.
We say “current” in quotation marks, because Tim is now stepping down from the position, set to be replaced by Salim Ramji, an executive from none other than rival firm Blackrock. Given Blackrock’s relation to the spot Bitcoin ETFs, this has a lot of people speculating that Vanguard could change its stance on Bitcoin.
Today, we’ll take a close look to try and determine the likelihood of that happening, and what impacts this would have on Vanguard, as well as the wider crypto market.
Enjoy!!
🔥 Rally Report 🔥
NOTCOIN
The price of NOT has rallied by 54% in the past 24 hours.
WHY?!
📈 Notcoin dominates trading volumes and has reached the top 1-2 by volume on Binance, OKX, and Bybit today.
🕯 More than 50% of NOT’s trading volume over the past 24 hours comes from crypto exchange Binance. Specifically, the NOT/USDT pair saw more than $1B in trading volume and the NOT/TRY pair saw $139M in trading volume on Binance.
If you want to buy or trade NOT, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
It’s been an intersting begining of the year for crypto to say the least!
This week, Jessica sat down with Arthur Hayes and Raoul Pal to discuss what is going on in the crypto market and what to expect from it in the upcoming months.
In the conversation, Arthur and Raoul shared the most degenerate plays in their portfolios, which narratives and projects they follow. They talked about memecoins, the biggest financial risks, crypto threats and much more besides.
All this and more in today’s interview! Enjoy!
🔔 MARKET MOVING NEWS! (08/06/24)
1️⃣ Bitcoin Price Tanks as Nearly $300 Million in Longs Get Rekt 🔽
The broader crypto market experienced a sudden plunge in price on Friday afternoon, yielding a still-growing pile of liquidations that includes almost $300 million worth of long positions. Specifically, data from CoinGlass shows that over $373 million in long positions and $43 million in short positions have been liquidated over the past 24 hours. CoinGlass also shows that the largest single liquidation order happened on OKX valued at $5.2 million.
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2️⃣ Bitcoin Network Transaction Fees Temporarily Soar To Nearly $52 💸
The Bitcoin network experienced a sharp increase in network fees on Friday driven by 332,000 unconfirmed transactions. Notably, network fees at the time hit 514 sats for high-priority transactions and 513 sats for low-priority transactions, with prices climbing to around 520 sats per transaction earlier in the day. In United States dollars, this represents $50–$52 in fees per transaction. Priority fees have since dropped to around $3 per transaction. According to many sources, the 332,000 unconfirmed transactions are the result of centralised exchange OKX collecting and sorting through wallets. Most of it is reportedly related to internal transactions to consolidate outputs.
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3️⃣ Crypto Marketplace Bakkt Weighs Potential Sale, Breakup 🤔
According to a Bloomberg report, Bakkt Holdings Inc., the digital-asset marketplace launched by the parent of the New York Stock Exchange, is considering the sale of the firm or breaking up the company into smaller entities. The potential move comes at a time when the crypto industry is experiencing a spike in takeover activity. Bakkt has reportedly been working with a financial advisor to weigh a range of strategic options. However, no final decision has been made and Bakkt could opt to remain independent.
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4️⃣ Trump Pitches Himself As 'Crypto President' At San Francisco Tech Fundraiser 🇺🇸
According to a Reuters report, former United States President Donald Trump presented himself as a champion for cryptocurrency by claiming his goal is to be the “crypto president,” at a fundraising event in San Francisco hosted by Craft Ventures’ general partner, David Sacks and tech billionaire Chamath Palihapitiya. The event reportedly helped Trump raise $12 million to support his promotional efforts before the Nov. 5 U.S. presidential election.
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🔔 MARKET MOVING NEWS! (07/06/24)
1️⃣ Telegram Launches Digital Mini-App Payment System, Telegram Stars ✨
Pavel Durov, CEO of the messaging platform Telegram, has announced the launch of ‘Telegram Stars’ - a new payment system for digital goods and services via in-app purchases on iOS and Android. Notably, Durov stated that app developers can swap their stars for TON via the exchange Fragment.
Explaining Telegram Stars’ compliance strategy for Apple and Google's digital product sale policies, Durov wrote,
Apple and Google take a 30% cut when users buy Stars from them, but Telegram will subsidise ads purchased with Telegram Stars. So if developers reinvest Stars in promoting their app, the overall commission will be nearly 0%. As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps.
The defendants ran a scam to drive up the price of digital artwork through false promises about developing a videogame. They allegedly took investor funds, never developed the game, and pocketed the proceeds. Digital art may be new, but old rules still apply: making false promises for money is illegal.
Semler remains focused on our two strategies of expanding our healthcare business and acquiring and holding bitcoin. The company now holds 828 bitcoins, underscoring our view that bitcoin is a compelling investment and can serve as a reliable store of value. We will continue to pursue our strategy of purchasing bitcoins with cash.
We believe ETH is a revolutionary asset with few parallels in the non-crypto financial world. The Ethereum network is likely to continue its rapid market share growth from traditional financial market participants and, increasingly, Big Tech. Should it do so while maintaining its dominant position among smart contract platforms, we see a credible path to $66B in free cash flow to token holders supporting a $2.2 trillion asset, or $22k per coin, by 2030.
🔥 Rally Report 🔥
STACKS
The price of STX has rallied by 7% in the past 24 hours.
WHY?!
📈 According to data from DefiLlama, the TVL (denominated in STX) on Bitcoin layer-2 network Stacks has hit a new all-time high. Data from Signal21 also shows that the number of active wallets and transaction volume on Stacks just hit a new all-time high.
🎙 Grayscale, which recently launched the ‘STX’ Trust, has announced a live broadcast with Stacks Co-Creator Muneeb Ali, scheduled for June 6 at 11 AM ET.
If you want to buy or trade STX, we have an exclusive $60K Airdrop Bonus Promo on ByBit as well as 0% maker fees for 30 days!
🔗 https://www.coinbureau.com/deals/trading/bybit-cb/
Looking for a Bybit guide?! 👇
📹 https://www.youtube.com/watch?v=YZV9mji7UQo
🚨 New Video Alert!! 🚨
Did you buy altcoins in the previous cycle? Altcoins that are still underwater?
Well, that appears to be the case for many of the best performing altcoins from the previous cycle. In fact, there are only 8 coins that have broken through their previous all-time highs in relation to Bitcoin.
However, could we see a recovery for some of the last cycles hottest coins? LINK, ADA, XRP, ALGO? The list goes on.
That depends on several factors that include everything from broader macro conditions to the underlying state of the crypto market. There are also unique characteristics of these coins that you need to take account of.
In the video today, we break down exactly what these factors are and how likely they are to impact on your bags.
Don't miss it!
🔔 MARKET MOVING NEWS! (05/06/24)
1️⃣ FTX Might Settle Its $24 Billion IRS Tax Bill for $200 Million 🔍
FTX is reportedly looking to settle the Internal Revenue Service’s $24 billion claim for a fraction of the amount, clearing the way for the crypto exchange to pay out significant customer recoveries. Specifically, FTX has proposed that the IRS shall receive a $200 million claim in FTX’s bankruptcy and a $685 million lower priority claim, payable on a subordinated basis to customers and other creditors. The FTX Debtors argue that the IRS has wrongly included misappropriated funds from Sam Bankman-Fried and other tax liabilities in their calculations. The settlement will become effective after it is approved by a bankruptcy judge and its broader restructuring plan becomes effective.
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2️⃣ SEC To Close Regional Office After Judge Dismisses DEBT Box Case ▶️
The United States Securities and Exchange Commission (SEC) is reportedly closing its Salt Lake City office after seeing "significant attrition" among its staff. Notably, the announcement comes after a federal judge ordered the regulator to pay roughly $1.8 million in attorney and receivership fees for committing a "gross abuse of power" in seeking to freeze the assets of Utah-based crypto company DEBT Box on misleading grounds. Some of the Salt Lake City office’s staff were pushed out over the case. The regulator's Denver office is set to take over any enforcement jurisdiction.
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3️⃣ Japanese Crypto Exchange DMM Bitcoin Outlines Funding Plan To Cover Over $300 Million In Hack Losses 💸
Japanese crypto exchange DMM Bitcoin, which was recently hacked for $320 million worth of BTC, has outlined plans to cover losses from the theft last week. According to an English translation of a statement made in Japanese on the company’s website on Wednesday, DMM Bitcoin plans to raise 50 billion yen ($320 million) with financial support from its group company, the electronic commerce and Internet company DMM Group, to compensate users for their losses.
The crypto exchange said it had procured 5 billion yen ($32 million) through borrowing as of June 3. A further capital increase of 48 billion yen ($307.6 million) is scheduled for June 7, followed by subordinated borrowing of 2 billion yen ($12.8 million) on June 10, bringing the total funds to $352.4 million.
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4️⃣ Polygon Acquires Zero-Knowledge Cryptography Firm Toposware 🤔
Polygon Labs has reportedly acquired Toposware, a blockchain research firm that helped develop Polygon’s Type-1 prover – a core component of the company's zero-knowledge (ZK) product suite. Notably, this marks Polygon Labs’ third investment in ZK startups over the past three years and brings its cumulative investment in ZK technology to over $1 billion. After the acquisition, 11 engineers from Toposware will join the existing ZK development teams on Polygon.
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5️⃣ StarkWare Launches $1M Research Fund For ZK Bitcoin Scaling ⚡️
StarkWare, the Israeli-based company behind the popular Ethereum layer-2 network StarkNet and scalability engine StarkEx, has announced plans to bring mass use to Bitcoin using zero-knowledge (ZK) technology backed by a $1 million research fund. StarkWare’s announcement reportedly aims to further Satoshi Nakamoto’s vision by enabling everyday micropayments and creating a scalable solution to support global Bitcoin transactions.
StarkWare CEO Eli Ben-Sasson stated,
Bitcoin today is mighty, but still a fraction of what it can be. Crypto can clean up the digital world and finance. It can deliver integrity to money and rebalance power in our society, taking it away from Big Tech and restoring it to sovereign individuals [...] therefore, we need a vision that showcases this. No such vision is complete without scaling the chain that started this great project.
🔔 MARKET MOVING NEWS! (04/06/24)
1️⃣ Dapper Labs Reaches $4 Million Settlement in NBA Top Shot NFT Lawsuit 🤔
According to recent court filings, Dapper Labs has reached a tentative settlement agreement with customers who filed a class-action lawsuit arguing that NBA Top Shot NFTs constituted illegally offered securities. As part of the settlement, Dapper will pay out $4 million in exchange for the plaintiffs forfeiting any future right to claim that Top Shot NFTs are securities. According to Dapper Labs CEO Roham Gharegozlou, the money will go towards payments to the class members, attorneys’ fees and settlement administrator costs.
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2️⃣ MicroStrategy And Michael Saylor Settle Tax Case For $40M ▶️
According to a New York Times report, MicroStrategy and its founder Michael Saylor have agreed to a $40 million settlement with the District of Columbia to end a lawsuit accusing him of evading income tax.
Notably, the District of Columbia sued Saylor and his company in August 2022, alleging the executive paid no income taxes in the district during the more than 10 years he had lived there. Local officials assessed the agreement as the “biggest-ever income tax fraud recovery” in the district. It is also reportedly the first lawsuit under the district’s amended False Claims Act, which encourages whistleblowers to file tax evasion claims against residents allegedly hiding residence information.
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3️⃣ Coinbase Donates $25 Million To Crypto Super PAC Fairshake 💰
Crypto exchange Coinbase has reportedly donated an additional $25 million to the pro-crypto federal super political action committee Fairshake as it ramps up lobbying for pro-crypto candidates ahead of the November United States elections. Notably, this donation brings Fairshake’s total haul this cycle to $160 million, making it one of the largest PACs attempting to influence the outcome of November’s election. Coinbase’s donation comes just a week after Ripple and crypto venture firm a16z also donated similar sums to the PAC.
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4️⃣ E-Trade Considers Kicking Meme-Stock Leader Keith Gill Off Platform 🔍
According to a Wall Street Journal report, top retail stock trading platform E-Trade is considering removing GameStop (GME) meme stock trader Keith Gill (aka “Roaring Kitty”) off its platform over concerns of potential stock manipulation around his recent purchases of GameStop options. Specifically, the report states that E-trade and its owner Morgan Stanley, are concerned Gill can use his influence to pump GME for his benefit and are debating whether recent posts on X and Reddit could be considered manipulation. However, no decision has been made yet since the platform is worried that removing him could draw negative attention to it.
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5️⃣ Bitpanda Drafts Deutsche Bank to Process Fiat Transactions in Germany 🤝
Crypto broker Bitpanda has reportedly partnered with Deutsche Bank to process fiat deposits and withdrawals for its users in Germany. The partnership will allow Bitpanda to use an application programming interface (API)-based account solution, which enables the crypto trading platform to access German International Bank Account Numbers (IBANs).
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6️⃣ Block Earner Spared Penalty In Regulator’s Crypto Yield Suit ‼️
Australia’s federal court has reportedly spared fintech firm Block Earner from paying a fine despite the court finding it offered a crypto yield-bearing product without a financial services license. Notably, Justice Ian Jackman ruled that Block Earner doesn't need to pay a penalty since it acted honestly in seeking to engage with the government over regulation of crypto-related products and services. The judge also ordered the country's financial regulator ASIC to pay some of the legal dispute costs with Block Earner and chided it for publishing a "misleading media release." Specifically, ASIC had published a press release entitled "Court finds Block Earner crypto product needs financial services licence," which the judge held as "unfair and misleading" giving rise to “reputational damage.”
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🔔 MARKET MOVING NEWS! (03/06/24)
1️⃣ GameStop And Roaring Kitty-Themed Memecoins Surge As Keith Gill Apparently Returns To Reddit 📈
GameStop and Roaring Kitty-themed memecoins surged on Monday after Popular GameStop stock trader Keith Gill (aka Roaring Kitty) posted to Reddit that he’s holding $181.4 million worth of GME stock and call options. Notably, this post marks Gill’s return to Reddit for the first time in three years. Gill’s post featured a screenshot showing he purchased 5 million GME shares for $115.7 million and put $65.7 million into call options, betting that GME would be at least $20 a share on June 21.
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2️⃣ Matter Labs Pulls ZK Trademark Application After Backlash 🔍
Matter Labs, the corporate entity behind Ethereum layer 2 scaling protocol zkSync, has reportedly abandoned plans to register the term "ZK" as a trademark. Notably, the decision comes three days after several leading ZK researchers condemned the firm’s behaviour “in the strongest possible terms,” iterating that ZK technologies should instead remain a “public good” that is “accessible to all.”
Matter Labs stated,
Thank you to everyone who reached out following our post, offering ideas, support, and feedback. As a result of these conversations, we decided to drop all trademark applications for the term “ZK”. These discussions came down to one important fact: it would be impossible to agree on a group of people perceived as credibly neutral by nearly everyone. What could have worked for Ethereum would not necessarily work for the entire world. We're proud to be a part of a movement that cares so deeply about cypherpunk values. And we are incredibly grateful to the zksync community in particular for the thousands of messages of support we received, once again affirming that community is everything.
🔔 MARKET MOVING NEWS! (02/06/24)
1️⃣ El Salvador's Pro-Bitcoin President Nayib Bukele Sworn In For Second Term 💸
Nayib Bukele, El Salvador’s pro-Bitcoin President, has been sworn in for another five-year presidential term after a landslide victory in February. The inauguration ceremony took place at the National Palace in San Salvador on June 1.
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2️⃣ Ethena's 'Synthetic Dollar' USDe Crosses $3 Billion Supply Just Four Months After Launch 🪙
According to data from The Block, USDe, the synthetic dollar issued by Ethena Labs, has reached a supply of 3 billion tokens. Notably, the milestone comes just four months after its public launch in February. The Block reports that USDe’s supply has grown by $1 billion since April 5, when it last crossed the $2 billion threshold. It's now on track to challenge DAI as the largest algorithmic or decentralised stablecoin. In terms of overall stablecoin supply, USDe is in fourth place with a 3.3% share of the overall stablecoin market, far less than market leader Tether's dominant 57% position.
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3️⃣ Uniswap Foundation Postpones Vote On Incentives ‼️
The Uniswap Foundation has postponed the highly anticipated vote on UNI staking and delegation rewards due to a concern raised by a stakeholder. The vote would have moved the DEX closer to activating its “fee switch” and giving incentives to UNI holders who staked and delegated their tokens. However, Erin Koen, the lead official overseeing the Uniswap DAO governance forum, has stated the proposed upgrade requires rigorous vetting due to its sensitive and irreversible nature, emphasising the importance of thorough scrutiny before proceeding.
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4️⃣ MotoGP’s Gresini Racing Goes Crypto With New Fan Sponsorship Program 🏍
Gresini Racing has reportedly partnered with MotoGP Guru and Animoca Brands’ subsidiary SPORTPASS to launch a fan-powered motorsport sponsorship program. The initiative will allow MotoGP fans to purchase personal team sponsorship packages starting at 125 euros.
The sponsorship packages will grant fans VIP Paddock Experiences at the 2024 Grand Prix events, name placement on the bikes and team websites, and exclusive events. Fans who own a team sponsorship package can also join Zoom calls with team members and custom merchandise and get a chance to win a Ducati Panigale V4S used by Marc Marquez.
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ARK Invest will no longer be a partner with 21Shares for a proposed spot Ethereum fund. 21Shares has filed an updated application for its Ethereum spot ETF S-1, rebranding the fund from Ark 21Shares Ethereum ETF to 21Shares Core Ethereum ETF. However, 21Shares and ARK will continue to work together on the ARK 21Shares Bitcoin ETF and other existing futures products.
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