🤷 Lido Is Losing Millions Every Month

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Size can be deceiving. Lido is the largest DeFi protocol and liquid staking provider with $25 billion of ETH in TVL. Yet, it’s running at a loss. Data from Dune Analytics indicates Lido has lost $7.9 million every month on average since launching in December 2022.

There’s blood in the water for TON after Pavel Durov’s arrest and now competitors are lurking — Kakao and Line completed merging their Klaytn and Finschia networks to create Kaia, which aims to rival the booming web3 ecosystem on Telegram and The Open Network.

Markets rallied as the latest U.S. economic reports exceeded analysts’ expectations. BTC and ETH rose 2%, while Solana and Polkadot were flat on the day.

Also, Base and Taiko are enjoying record-high transaction volume and active users, Aave wants to collateralize GHO with Blackrock’s BUIDL, Cobie’s Echo platform has invested $10 million into early-stage projects, Hamster Kombat readies to launch a token next month, and Proof of Play plots second Pirate Nation appchain.

✍️ In today’s newsletter:

• Lido is hemorrhaging $7.9M every month
• Kakao and Line unveil Kaia network
• Activity surges on Base and Taiko
• Aave proposes backing GHO with BUIDL
• Echo invests $10M into web3 startups
• Hamster Kombat pencil airdrop for next month
• Proof of Play plans to launch second blockchain
• Markets rally on improving U.S. economic data

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️📉 Lido is Still Unprofitable Despite Being the Largest DeFi Protocol

Data from Dune Analytics indicates that Lido is losing $7.9 million every month despite comprising the world’s largest DeFi protocol with a $25 billion TVL. Lido appears to have been profitable for only seven of 44 months since launching in December 2020.

🤝 Kakao’s Klaytn and Line’s Finschia Blockchains Merge To Create Kaia

Kakao and Line, giants in Asia’s messaging app market, shipped their new Kaia blockchain after merging Klaytn and Finschia. The companies have their sights set on the booming web3 ecosystem on Telegram and The Open Network, hoping that Kaia can foster web3 applications on their messaging platforms.

🚀 Base and Taiko Sustain Boom In Layer 2 Activity

Base and Taiko are enjoying record users and activity, with Base hosting 4.18 million transactions from 938,000 users while 129,000 wallets transacted 2.28 million times on Taiko yesterday. Their continued growth comes after other leading Layer 2s suffered declines, with both projects currently distributing points to incentivize adoption.

💵 Aave To Onboard BUIDL Shares As Collateral For GHO

Aave wants to back its GHO stablecoin with shares in BlackRock’s U.S. treasuries fund, BUIDL. A new proposal from Aave Labs advocates for onboarding BUIDL to the GHO Stability Module, which would facilitate one-to-one swaps between BUIDL and GHO while earning treasury yields for Aave.

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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.

🪂 Telegram-Based Hamster Kombat Announces September Token Launch

Hamster Kombat, a popular Telegram game claiming 80 million monthly users, announced it will airdrop a token to users next month. The drop was originally scheduled to take place in July.

⛓️ Proof of Play to Launch Second Blockchain to Support Pirate Nation Game

Proof of Play, the development team behind the popular web3 game, Pirate Nation, announced it will launch a second blockchain to host the title’s booming activity and user base. Proof of Play said it is bumping up against the maximum capacity of its existing Layer 3 network.

📈Crypto Markets Rally on Positive U.S. Economic Data

Crypto markets rallied on Thursday, buoyed by U.S. economic data that exceeded analysts' expectations. Jobless claims were slightly above projections, while the Gross Domestic Product (GDP) figures showed stronger growth than anticipated.

🌍 ELSEWHERE

• Hong Kong's Project Ensemble explores tokenization in banking with new CBDC sandbox (The Block)
• TON Back Online After Second Outage (CoinDesk)
• Binance and Bybit tease possible Solana liquid staking products (CryptoSlate)
• 2 Professional Crypto Investors Made Huge Gains on Memecoins: Here’s How They Did It (Unchained)

🔥TRENDING

• TON Goes Offline For Seven Hours Amid DOGS Airdrop
• Sony Launches Testnet and Incubator For Soneium Layer 2
• Gameplay Galaxy Secures $24 Million in Seed Funding Round to Build World’s First Web3 Competitive Gaming Ecosystem
• Ethereum Layer 2 Network StarkNet Struggles to Maintain Its Footing Post-Airdrop
• “This Technology Can’t Be Stopped,” Says Top Argentina Regulator About Crypto
• Ethereum Community Rattled by Foundation’s ETH Sales and Vitalik’s “DeFi Hate”