- Unchained Daily
- Posts
- 🤑 $10 Billion in a Month 🔝
🤑 $10 Billion in a Month 🔝
In today’s edition: 🚨 NYAG's $3B DCG lawsuit, 💥 ERC-404 rise and fall?, 🛠️ Solana's outage explained, 🪂 Pyth's 100M token airdrop, and more!
👯♀️ Refer Unchained with a friend and earn a Premium subscription
VaultCraft by Popcorn is your no-code, DeFi toolkit for building automated, non-custodial yield strategies. Learn more on vaultcraft.io about how you can supercharge your crypto portfolio!
Last Tuesday, Solana suffered a network outage, just shy of a year since its last shutdown. The blockchain had to quickly get a new version out and notify its validators to upgrade to it and restart their systems before blocks could be produced again, resulting in downtime of roughly five hours. While Solana has struggled with outages in the past, this issue seemed to have largely been addressed over the past year.
Lucas Bruder, the CEO of Jito Labs, joined Unchained to discuss what caused the outage, whether it’s something that builders on Solana should be concerned about for the future, recent improvements Solana has made to its technology, whether the implementation of Firedancer would have prevented this incident, and the promise of the Solana phone.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. Or watch it on YouTube.
What’s Poppin’?
by Nelson Wang, Sam Sriram, Brandy Betz, and Sage Young
The combined value of assets under management across spot Bitcoin ETFs surpassed the $10 billion mark, just one month after they began trading.
The New York Attorney General’s office now says that DCG and its affiliate Genesis defrauded customers and institutions of more than $3 billion, up from the initial charges of $1.1 billion.
The unofficial and experimental Ethereum token standard called ERC-404 sparked a trading frenzy last week that saw gas prices reach a peak of 377 gwei. Now, tokens across the sector are down over 30% after seeing a decline late on Sunday.
Pandora’s newly launched token is novel because crypto denizens can trade it on both a decentralized exchange and an NFT marketplace.
The bug, previously identified in a test network, caused Solana validators to enter into an “infinite loop” that made them stall on a block and prevent consensus agreement.
In the second phase of its airdrop, oracle network Pyth is sending out about $52 million worth of its governance tokens to decentralized applications that use its price data.
Daily Bits…✍️✍️✍️
💼 FTX seeks to sell its subsidiary, Digital Custody Inc., to CoinList for $500,000, significantly lower than its initial $10 million acquisition cost.
💰 Farcaster’s revenue surged to $600,000 during its recent popularity spike.
📈 EigenLayer's total value locked (TVL) crossed $6 billion, ranking it among the top 5 protocols in TVL following the removal of its deposit cap.
🏈 Dapper Lab's NFL All Day digital collectibles brand saw high-profile sales as part of Super Bowl promotions, with Joe Montana and John Elway involved in marketing efforts. An NFT featuring Tom Brady sold for over $40,000.
📊 US spot bitcoin ETFs accumulated over 200,000 BTC in assets under management within their first month of trading.
🔍 The UK's planned stablecoin regulations face criticism from crypto industry groups, urging the Bank of England and the Financial Conduct Authority to revise their proposals.
📖 Venture capitalist Chris Dixon's book, “Read Write Own,” included an NFT offering, but only a small fraction of the 5,000 available NFTs have been claimed by readers.
📸 During the COPA v. Craig Wright trial, the judge warned of pulling the livestream after a prohibited photo of Bitcoin influencer Hodlonaut was taken in the courtroom.
🔄 Franklin Templeton changed its profile picture from a laser-eyed Benjamin Franklin to a more reserved design, following the approval of its bitcoin ETF.
Today in Crypto Adoption...
⚡ Chinese crypto mining companies are flocking to Ethiopia, enticed by low electricity costs and favorable conditions, despite the country's complex political landscape and a partial ban on cryptocurrency trading.
The $$$ Corner…
💡 Balaji Srinivasan announced The Balaji Fund, focusing on diverse tech sectors, marking a shift from his previous stance on hyperinflation and the US economy.
What Do You Meme?
Crypto: The Game captivated a large swath of the crypto community this past week. The game, modeled after “Survivor,” was the brainchild of Dylan Abruscato, Tyler Cagle and Bryan Lee. The intention of the game, which was played virtually but also unfolded in real life, was to ruthlessly vote people off to determine a single winner. Throughout, multiple psy-ops operations created chaos. Despite all that, the competition ended up fostering numerous friendships (including for Unchained reporter Sage Young, whose coverage is below) and resulted in a shocking, but heartwarming ending.
On Friday afternoon, after the winner was announced, we hosted a Spaces with Dylan, the winner, and some of the more notable players, which we’re releasing here. In the discussion, we cover the inspiration for the game, some of the behind-the-scenes surprises, who was causing chaos for various teams and how, and why the winner may be one of the winning-est contestants ever.
Listen to the episode on Apple Podcasts, Spotify, Fountain, Overcast, Podcast Addict, Pocket Casts, Pandora, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform.
Recommended Reads
📈 Your Market Update 📉
BTC is down .2%, trading at $47,986
ETH is down 1.3%, trading at $2,483
BTC dominance: 50.03%
Crypto market cap: $1.88T
*All data as of today, 05:45 am ET. Source: CoinGecko
We Are Hiring!
A Sponsorships Manager to grow sponsorships across all its platforms as the publication itself grows. See the details and apply here.
A Bitcoin Reporter to cover all things Bitcoin. See the details and apply here.
A Regulatory Reporter to cover regulatory topics in the space. See the details and apply here.
A Senior Editor to help assign and edit daily news stories, as well as work on features and other editorial projects as needed. See the details and apply here.
An Audience Development Director to broaden the reach of the publication’s content, whether through the web, social media, newsletters, podcast platforms, or videos. See the details and apply here.
Thank you for reading Unchained. This post is public so feel free to share it. 📩📤