🐶 Court Rules Elon Musk Didn't Manipulate DOGE

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A U.S. court has dismissed a class action lawsuit accusing Elon Musk and Tesla of manipulating the price of DOGE through Musk’s tweets. The court ruled that “no reasonable investor” would have relied on Musk’s tweets to inform their investment thesis.

Curve’s community has come around to a controversial proposal to allocate 44% of the Curve Community Fund to support its development team for one year. The proposal currently has 99.99% support from voters.

Aerodrome is the largest-earning decentralized exchange of 2024. The Base-native DEX has raked in $119 million this year, beating out Uniswap by 143%.

Crypto markets fell on Friday after Bitcoin ETFs reported a third consecutive day of outflows. BTC and ETH dipped 4%, while Solana and Polkadot plunged 9% and 6%, respectively.

Also, the NFL Players Association took legal action against DraftKings over its NFT platform, and the Nostr decentralized social platform is booming following the arrest of Telegram’s CEO.

✍️ In today’s newsletter:

Elon Musk off the hook for DOGE manipulation allegations
Curve community backs proposal to fund development team
Aerodrome tops DEX rankings by 2024 revenue
NFLPA says DraftKings owes it $65M for NFT licensing
Active Nostr users rocket after Pavel Durov arrest
Crypto markets drop as ETFs bleed

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️⚖️ Court Dismisses $258B Lawsuit Alleging Elon Musk and Tesla Manipulated Dogecoin

A U.S. court dismissed a 2022 class action lawsuit accusing Elon Musk and Tesla of engineering a Dogecoin pump-and-dump scheme through Musk’s tweets. The court found that tweets promoting DOGE comprise “non-factual” and aspirational “puffery” that “no reasonable investor could rely upon.”

🗳️ Controversial Curve Funding Proposal Wins Over Tokenholders

A proposal to fund Curve’s development team, Swiss Stake AG, for 12 months using 44% of the Curve Community Fund has attracted near-unanimous support. The votes of approval come despite the proposal garnering initial pushback on the Curve governance forum.

🚀 Aerodrome Tops 2024 DEX Revenue Rankings

Aerodrome, the largest DeFi protocol on Base, is the top-earning decentralized exchange of 2024 so far. Aerodrome has taken in $119 million in revenue this year, followed by Uniswap with $49 million, and PancakeSwap with $36 million.

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💰 Cobie’s Platform Echo Has Invested $10 Million Into Startups

Echo, a platform allowing retail investors to access private seed funding rounds, has invested more than $10 million since its whitelist launch in April. “In a decentralized economy, I think VCs are actually sort of an anti-pattern — concentrated ownership of an instrument intended to decentralize seems like a structural risk to founders,” said Cobie, the popular web3 influencer behind the platform.

🏈 NFL Players Union Sues DraftKings For NFT Deal

The National Football League Players Association (NFLPA) is suing DraftKings, a sports betting platform, for breaching a licensing deal concerning DraftKings’ NFT platform, Reignmakers. The NFLPA claims DraftKings owes athletes $65 million after ending their agreement last month.

📈 Nostr Usage Soars on Privacy Concerns After Telegram CEO Arrest

The number of active users on Nostr, a decentralized social media platform, is soaring after Pavel Durov, the CEO of Telegram, was arrested by French authorities over the weekend. Daily users have doubled to 20,000 in one week, while nearly 50,000 new users signed up on Thursday.

📉 Bitcoin Drops as ETFs Record Third Day of Net Outflows

Bitcoin fell 4% to trade below $59,000 again, while Ether dropped 5% to $2,450. Spot Bitcoin ETFs recorded $71.8 million in net outflows on Thursday, marking the third consecutive day of withdrawals. Meanwhile, Polkadot declined 6%, and Solana plunged 9%.

🌍 ELSEWHERE

Bitcoin still underperforming stocks since early August deleveraging event: Coinbase (The Block)
El Salvador's Bukele Says Bitcoin Strategy a 'Net Positive,' but Adoption Lags (CoinDesk)
Nigerian SEC approves local crypto exchanges in push for digital asset regulation (CryptoSlate)
Why Binance, Bybit and Bitget Want a Piece of the Solana Staking Market (Unchained)