Together with | | GM Defiers! | Meme tokens are dominating the current web3 narrative, with monthly volume on decentralized exchanges surging to a memecoin trading-fueled all-time high. Commentators are also weighing in on the criticism the sector is attracting, with Vitalik Buterin and Arthur Hayes suggesting onlookers shouldn't be so quick to disregard meme tokens as inherently valueless by default. | Matt Hougan, the CIO of Bitwise, believes trillions of dollars will soon enter web3 through exchange-traded funds. Hougan described the $12 billion that has already flowed into spot Bitcoin ETFs as "barely a downpayment." | Plus, Tron is hoping a U.S. court will toss out the SEC lawsuit against it, arguing that the complaint oversteps the regulator's jurisdiction. | ✍️ In today's newsletter: | Memecoins drive record DEX volume Arthur Hayes and Vitalik Buterin weigh in on meme token mania Bitwise CIO says spot ETFs will attract "trillions" from institutions Tron files to get SEC lawsuit dismissed
| 🙏Sponsored | | 📈 Markets in the last 24 hrs: | | TICKER | VALUE | 24 H |
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| Bitcoin | $69,770 | -2.07 % | | Ethereum | $3,507 | -3.79 % | | Gold 1st Future | $2,237 | 0.86 % | | S&P 500 | 5243.77 | -0.20 % | | Arch Web3 | 2.95 | -4.13 % | | Learn more about Arch Indices here. | |
| | | | | 🎬 WATCH | Check out our interview with Alex Masmej, the founder of Drakula, a video content platform on Base leveraging the bubbling DEGEN memecoin as its currency. Also, watch our podcast with TN Lee, the founder of Pendle, to learn about the innovative yield tokenization protocol. |  | Pendle Finance Deep Dive With Founder TN Lee |
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| | THANKING OUR NEWSLETTER SPONSORS | | NEWSLETTER CONTINUES BELOW | | | NEAR is the chain abstraction stack, empowering builders to create apps that scale to billions of users and across all blockchains. | | Join Consensus, the world's largest and most established global hub for all things crypto, blockchain and Web3, happening May 29-31 in Austin. Save 15% on registration with code DEFIANT. | | | | Decentralized exchanges posted record monthly volume during March amid surging memecoin trading activity. Traders exchanged $261 billion worth of tokens last month, beating out the previous high from November 2021. Ethereum was the top network by DEX volume, followed by Solana, and BNB Chain. This shows that while these dog-themed or mis-spelled tokens look like jokes, they can pull some serious volume. | | | While many analysts are decrying memecoins as valueless vehicles for wild speculation, Ethereum creator Vitalik Buterin and BitMEX co-founder Arthur Hayes have each painted an optimistic outlook for the sector's potential. While Hayes noted that meme tokens accrue significant value for the networks that host them, Buterin suggested memecoins could facilitate funding for charities and public goods. | | |
| | | | | Are you looking for you next 10X? Then don't miss Consensus 2024 – your exclusive pass to cutting-edge alpha. From humble beginnings during Bitcoin's infancy to now welcoming 15,000+ attendees from 100+ countries, Consensus is the biggest and most established global hub for all things crypto, blockchain and Web3. Celebrating its tenth year, Consensus offers an unrivaled, forward-looking perspective on the future of finance, encompassing digital assets, tokenization, blockchain technology, regulation and policy, startups and beyond. | Meet with investors, builders, founders, creators, developers and brands looking to shape the narrative of the digital revolution. Mark your calendar for May 29-31 in Austin, Texas and don't miss this landmark occasion celebrating a decade of decentralizing the future. | READ MORE: Celebrating 10 years of decentralizing the future through discovery, dialogue and dealmaking |
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| | | Matt Hougan, the CIO of Bitwise, believes the bullish momentum surrounding spot Bitcoin ETFs is only just getting started. Hougan said that a meager 1% allocation from global wealth managers would result in $1 trillion entering the markets. | | | The Tron Foundation filed a motion to dismiss the lawsuit it is facing from the U.S. Securities and Exchange Commission. Tron said the SEC complaint, which alleges the unlicensed sale of securities, seeks to overstep the regulator's jurisdiction to apply U.S. law to offshore transactions. | | 🌍 ELSEWHERE | Spot Bitcoin ETF Flows Flip Negative Again as Markets Retreat (Crypto Potato) MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe (The Block) Singapore Expands Payment Services Act To Include Crypto Custody, Transfers (International Business Times)
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