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How Crypto Tokens Get Launched and How That’s Evolved Over Time

Leaders from Flowdesk, a market maker doing billions in volume, reveal the complexities of token launches and crypto OTC markets.

In this episode, Reed Werbitt, US CEO of Flowdesk, and Hanson Birringer, Head of US OTC Sales, delve into the intricacies of launching a token and the evolving landscape of over-the-counter markets. They discuss what factors teams should consider when choosing market makers and exchanges, how the launch of bitcoin and ether ETFs has impacted the markets, and the role of points systems in attracting users to tokens. The conversation also covers the challenges faced by Bitcoin miners amid recent market developments and the opportunities presented by solving fragmentation.

Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.

What’s Poppin’?

by Nelson Wang, Sage Young, and Sam Sriram

Binance and CZ Face Money Laundering Allegations in New Class Action Lawsuit

Binance and its former CEO Changpeng Zhao have been accused of negligent compliance practices that enabled money laundering by users of the platform.

U.S. Treasury Withdraws Proposed Reporting Requirements for Unhosted Wallets

Crypto advocates called the proposal a dangerous overreach. After years of contentious debate, its withdrawal was quietly announced in the Federal Register.

MEV Sandwich Bot Jared 2.0 Cooks Up ‘New Recipes’: EigenPhi

Onchain analytics firm EigenPhi found that the infamous MEV attacker ‘Jaredfromsubway.eth’ could be deploying a new bot with more advanced tricks.

IP Blockchain Story Raises $80 Million in Third Round Led by a16z

The fundraise is the first time that a16z has led three rounds in a crypto firm since Coinbase. 

Daily Bits… ✍️✍️✍️

• 🚔 Malaysian authorities crushed 985 bitcoin mining rigs worth $452,500 as part of an ongoing crackdown on electricity theft linked to illegal mining operations, showcasing their commitment to curbing such activities.

• 🇳🇬 Nigeria's Securities and Exchange Commission plans to issue licenses for virtual asset issuers, including cryptocurrencies, as early as this month, in response to the growing demand for digital assets in the country.

• 📊 CME BTC futures open interest dipped to $4.97 billion before rebounding to $5.64 billion last week, as institutional investors adjusted their positions in response to market volatility.

• 💧 YieldNest launched a new liquid restaking token, ynLSDe, which allows users to earn additional yield from various liquid staking platforms such as Lido and FRAX, building on the growing $50.5 billion restaking market.

• 🇦🇪 Tether plans to launch a stablecoin pegged to the United Arab Emirates' dirham in partnership with Abu Dhabi-listed Phoenix Group, expanding its dominance in the stablecoin market beyond the US dollar.

Today in Crypto Adoption...

• 🇧🇷 Brazil's Securities and Exchange Commission approved a second Solana ETF, to be launched by Hashdex in partnership with investment bank BTG Pactual.

• 🏙️ Balaji Srinivasan launched "The Network School," a 90-day pop-up city in Singapore that experiments with the concepts from his book "The Network State," focusing on alternative education, health regimes, and leveraging emerging technologies such as crypto and AI.

The $$$ Corner…

• 🧠 YeagerAI, the team behind decentralized AI network GenLayer, secured $7.5 million in seed funding to develop "intelligent contracts" that use real-time data and large language models for blockchain applications.

• 🔧 Sorella Labs raised $7.5 million in seed funding led by Paradigm to develop tools addressing Ethereum’s maximal extractable value (MEV) issue, with one of its solutions already live as the startup emerges from stealth mode.

• 🔐 Decentralized identity startup zkME closed $4 million in a seed round led by Multicoin Capital to develop its zkMe Network, a zero-knowledge-based identity layer for Web3 applications, expected to launch by the end of the year.

What Do You Meme?

📈 Your Market Update 📉

• BTC is down 2.1%, trading at $59,459

• ETH is down 2.6%, trading at $2,589

• BTC dominance: 53.44%

• Crypto market cap: $2.19T

*All data as of today, 07:03 am ET. Source: CoinGecko

Recommended Reads

1. The Defiant: Ordinals Flounder While Runes Dominate Bitcoin Network

2. DL News: How AstraSec team prevented DeFi protocol from suffering $64m hack — and they won $65k for it

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