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🚀 Crypto Markets Bounce After Brutal Dip

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Bitcoin and the broader digital asset markets are rebounding from a bearish week of price action. The combined crypto market cap is up 4% in 24 hours amid the move.

Aave is the latest DeFi blue chip to consider activating a “fee switch” that would distribute protocol revenue to tokenholders through a buyback program. The move follows similar efforts from Uniswap that have not yet materialized.

Analysts are debating the legacy of initial coin offerings (ICOs). Despite the 2017 ICO bloom facilitating the proliferation of low-quality crypto projects, ICOs provide a relatively fair vehicle for distributing a token to investors.

Plus, Jito rallies after announcing restaking plans, politicians want to invest public funds in Bitcoin, Cardano gears up for its Voltaire upgrade, investors flock to Monad’s ecosystem, and Fold targets going public through a merger.

✍️ In today’s newsletter:

  • Crypto markets rebound after bearish week
  • Aave community mulls fee switch proposal
  • ICO nostalgia stirs
  • JTO rallies on Jito Restaking announcement
  • Politicians push for public investments in Bitcoin
  • Cardano readies for Chang hard fork
  • VCs back Monad ecosystem
  • Fold plots SPAC merger to go public

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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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Polkadot is a decentralized multi-chain ecosystem, consisting of a Layer 0 Relay Chain securing 100 Layer 1 parachains.

Learn more: What is Polkadot?

📈Bitcoin Bounces Back after Brutal Crypto Selloff

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Digital assets are bouncing back after suffering a bearish week amid heavy stock market sell-offs and a pullback after the launch of spot Ether ETFs. Bitcoin is up 4.2% over the 24 hours, while Ethereum rebounded 3.5%, Solana gained 6.5%, and Polkadot recovered by 2.4%.

️💸Aave Community Weighs Proposal to Distribute Protocol Revenue Among Token Holders

AAVE holders are contemplating a proposal to distribute revenue to tokenholders through a buyback program. Marc Zeller, the founder of Aave-Chain Initiative and the proposal’s author, said the move could drive “constant demand” from AAVE buyers.

🤔Were ICOs Really So Bad? Sentiment is Starting to Shift

The 2017 ICO boom was heavily stigmatized for giving rise to a proliferation of low-quality crypto projects and scammy celebrity endorsements. However, compared to today’s climate of opaque points programs and heavy pre-market VC investment, ICOs arguably offer a fairer mechanism for distributing digital assets.

🆕Solana-Based Jito Rallies After the Staking Platform Says it Will Add Restaking

Jito is the latest entrant joining Solana’s burgeoning restaking sector. News of the forthcoming Jito Restaking platform sent the price of JTO soaring, with the token up more than 50% in the past seven days.

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The state bloat problem is blockchain’s biggest elephant in the room. Every day, millions of new entries are created on public blockchains like Stellar and Solana, and each validator needs to store all this state indefinitely. Every meme NFT, hello world test contract, and spam token needs to be kept around forever no matter how often the information is actually used, or even if it gets used at all. As more users and use cases come to blockchain, the issue will only grow, causing networks to become slower and more expensive as they try to keep up with all this bloat.

READ MORE: Scalability with State Archival on Stellar vs. Solana’s Avocado

🇺🇸 Flurry Of Politicians Advocate For Investing Public Funds Into Bitcoin

An increasing number of U.S. politicians are pushing for public investment into Bitcoin. While independent presidential candidate, Robert F Kennedy, and Republican Senator Cynthia Lummis want the Federal Reserve to buy BTC, the mayor of Jersey City wants to invest 2% of his city’s pension fund.

🍴Cardano Validators Begin Migration In Preparation for Chang Hard Fork

The Cardano community is gearing up for its forthcoming Chang hard fork and Voltaire upgrade. Cardano launched new node software for validators, paving the way for the network to pivot to decentralized governance.

💰Monad-based DeFi Projects Unveil Flurry of Funding Rounds

Three projects in the Monad ecosystem have bagged $16 million from investors combined. The news comes as Monad, a parallelized EVM network, readies for its testnet launch.

🗠Bitcoin Rewards Company Fold to Go Public on Nasdaq Via SPAC Merger

Fold, a debit card and mobile app offering Bitcoin to users as cashback rewards, is going public by merging with a special-purpose acquisition company (SPAC). The acquisition valued Fold at $365 million ahead of the Nasdaq listing.

🌍 ELSEWHERE

  • VanEck Sees Bitcoin Hitting $2.9M by 2050 – but a Lot Has to Happen First (CoinDesk)
  • US Senator withdraws support for Elizabeth Warren's proposed crypto AML bill (The Block)
  • Arbitrum proposes expanding Orbit Chain beyond Ethereum (CryptoSlate)
  • Bitcoin Coinbase Premium Index Turns Negative (Unchained)

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