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GM Defiers! |
Are memecoins dead? The fun and useless tokens are among the digital asset sectors hardest hit by the recent crypto downturn. The sector's top assets including DOGE, SHIB, and WIF have all posted double-digit drawdowns over the past week. As memecoins slump, Bitcoin's Layer 2 ecosystem is booming, with its combined TVL soaring past $2 billion. |
Plus, SEC chair Gary Gensler gets grilled in the Senate, Polkadot community ratifies JAM upgrade, Michael Egorov commits to Curve development despite suffering massive CRV liquidations, Holographs suffers exploit suspected of insider involvement, and Zapper announces on-chain data protocol. |
✍️ In today's newsletter: |
Gary Gensler grilled by U.S. Senator over crypto policy Memecoins hit hard by crypto downturn Bitcoin L2 TVL tags all-time highs Polkadot prepares for JAM overhaul Michael Egorov claims commitment to Curve development HGL tanks 50% after Holograph exploit Zapper Protocol unveiled
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📈 Markets in the last 24 hrs: |
| TICKER | VALUE | 24 H |
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| Bitcoin | $68,291 | 1.43 % | | Ethereum | $3,570 | 2.05 % | | Gold 1st Future | $2,336 | 1.24 % | | S&P 500 | 5421.03 | 0.85 % | | Arch Web3 | 2.16 | 7.55 % | | Learn more about Arch Indices here. | |
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🎬WATCH |
Check out our podcast with Johann Kerbrat, the general manager of Robinhood Crypto, to learn about the firm's latest forays into web3. And catch up on our interview with Marcos Nunes, the co-founder of Gnosis Pay, to learn about how they are bridging the gap between self-custodial crypto wallets and traditional payment methods. |
Plus, watch our DeFi 101 video exploring the basics of DeFi! |
 | Introduction to DeFi: The Future of Finance | Crypto 101 |
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THANKING OUR NEWSLETTER SPONSORS |
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Stellar empowers builders to unlock human and economic potential. Explore the new Stellar smart contract platform, Soroban, designed for scale and sensibility. |
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zkVerify reduces proof verification costs by over 90% and provides a developer-friendly environment for proof verification across a range of rollups and settlement layers. |
zkVerify was developed by Horizen Labs. |
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SEC chair, Gary Gensler was grilled by Republican Senator Bill Hagerty over his agency's refusal to engage in constructive dialogue with the web3 industry. "You're not prioritizing staff or resources for areas that desperately need it," said Hagerty. "This is an innovative and constructive industry that is getting pushed offshore." |
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Memecoins are taking a beating as crypto assets pull back, with many of the sector's leading assets suffering double-digit draw-downs this week. DOGE, SHIB, and PEPE are all down around 10% in the past week, while WIF has tumbled 26% over the same period. |
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Bitcoin's Layer 2 ecosystem is ducking the recent bearish momentum in the crypto markets, with the combined TVL of Bitcoin L2s rocketing to new highs above $2 billion. Merlin Chain leads the sector with $1.14 billion after gaining 170%, followed by BitLayer — which soared 720% to tag $260 million. |
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Polkadot's community has ratified an upgrade that will introduce sweeping changes to the network's architecture. Rather than functioning as a scraped-back Layer 0 chain, Polkadot's base Relay Chain is set to support advanced computation including smart contract execution once JAM has been implemented. |
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| | | | | One might wonder why an L1 would release an all new smart contract platform in 2024; What could this ecosystem possibly be looking to contribute to a market already saturated with mature players? | Soroban was released as an integral part of Protocol 20 to the Stellar mainnet in May of 2024; The vision was to take a battle proven chain optimized for low cost remittance and layer on added utility that could further the mission of providing greater financial access. | Here are five key problems solved with Stellar's smart contract platform. | READ MORE: Five Key Challenges with DeFi Solved with the Stellar Smart Contract Platform |
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Michael Egorov, the founder of Curve, has committed to working towards the protocol's development in spite of suffering an enormous CRV liquidation. Michael suffered a loss of more than 100 million CRV as the token's price tumbled, but many onlookers think Egorov is unphased after using the assets to back $95.7 million in stablecoin loans. |
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The price of Holograph's HLG token crashed 50% after a hacker was able to inflate HLG's supply by 66% via an exploit. Researchers believe a "rogue" insider developer could be the likely culprit. |
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ZapperFi, a popular DeFi portfolio dashboard, has unveiled plans to launch an on-chain data protocol. Zapper Protocol would be powered by the forthcoming ZAP token. |
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🌍 ELSEWHERE |
Binance 'relieved' as Nigeria drops tax charges against its executives (The Block) Drake on Brink of $1M Bitcoin Loss as NHL and NBA Bets Sour (CoinDesk) MicroStrategy Boosts Stock Sale to $700M to Buy More Bitcoin (Bitcoin Magazine) CRV Sitting on Exchanges Reaches an All-Time High as CRV Price Hits All-Time Low (Unchained)
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