🐶 Memecoins are No Joke

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Meme tokens are dominating the current web3 narrative, with monthly volume on decentralized exchanges surging to a memecoin trading-fueled all-time high. Commentators are also weighing in on the criticism the sector is attracting, with Vitalik Buterin and Arthur Hayes suggesting onlookers shouldn’t be so quick to disregard meme tokens as inherently valueless by default.

Matt Hougan, the CIO of Bitwise, believes trillions of dollars will soon enter web3 through exchange-traded funds. Hougan described the $12 billion that has already flowed into spot Bitcoin ETFs as “barely a downpayment.”

Plus, Tron is hoping a U.S. court will toss out the SEC lawsuit against it, arguing that the complaint oversteps the regulator’s jurisdiction.

✍️ In today’s newsletter:

• Memecoins drive record DEX volume
• Arthur Hayes and Vitalik Buterin weigh in on meme token mania
• Bitwise CIO says spot ETFs will attract “trillions” from institutions
• Tron files to get SEC lawsuit dismissed

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🎬 WATCH

Check out our interview with Alex Masmej, the founder of Drakula, a video content platform on Base leveraging the bubbling DEGEN memecoin as its currency. Also, watch our podcast with TN Lee, the founder of Pendle, to learn about the innovative yield tokenization protocol.

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🐕 Memecoins Fuel Record Monthly DEX Trading Volumes

Decentralized exchanges posted record monthly volume during March amid surging memecoin trading activity. Traders exchanged $261 billion worth of tokens last month, beating out the previous high from November 2021. Ethereum was the top network by DEX volume, followed by Solana, and BNB Chain. This shows that while these dog-themed or mis-spelled tokens look like jokes, they can pull some serious volume.

🏋️ Vitalik Buterin and Arthur Hayes Weigh In On Memecoin Frenzy

While many analysts are decrying memecoins as valueless vehicles for wild speculation, Ethereum creator Vitalik Buterin and BitMEX co-founder Arthur Hayes have each painted an optimistic outlook for the sector’s potential. While Hayes noted that meme tokens accrue significant value for the networks that host them, Buterin suggested memecoins could facilitate funding for charities and public goods.

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💰 Bitwise CIO Predicts $1 Trillion Entering Crypto Markets

Matt Hougan, the CIO of Bitwise, believes the bullish momentum surrounding spot Bitcoin ETFs is only just getting started. Hougan said that a meager 1% allocation from global wealth managers would result in $1 trillion entering the markets.

⚖️ Tron Says SEC Lawsuit Should Be Tossed For Extraterritorial Overreach

The Tron Foundation filed a motion to dismiss the lawsuit it is facing from the U.S. Securities and Exchange Commission. Tron said the SEC complaint, which alleges the unlicensed sale of securities, seeks to overstep the regulator’s jurisdiction to apply U.S. law to offshore transactions.

🌍 ELSEWHERE

• Spot Bitcoin ETF Flows Flip Negative Again as Markets Retreat (Crypto Potato)
• MakerDAO proposes allocating $600 million worth of DAI into USDe and sUSDe (The Block)
• Singapore Expands Payment Services Act To Include Crypto Custody, Transfers (International Business Times)

🔥 TRENDING

• DEGEN Launches Arbitrum Orbit-Based Layer 3 Chain
• Ondo Finance To Deploy OUSG Assets In Blackrock’s BUIDL Fund
• Memecoin Frenzy Arrives On Base As Tokens' Market Cap Crosses $1 Billion
• Our Most Read Stories This Week: Base Memecoins, AI Tokens Merge, Vitalik Calls for Mainstream, RWAs
• Fetch, SingularityNET, and Ocean To Merge Assets and Forge Shared ‘Tokenomic Network’
• Centrifuge’s Anemoy Attracts Investment From Celo As Tokenized Treasury Assets Bubble
• Vitalik Urges Ethereum Developers To Target ‘Millions’ Of Users Post-Dencun
• DEGEN Rallies On Increasing Adoption By Base Ecosystem Projects
• Maker DAO To Reduce Borrowing Fees And Increase Spark Debt Ceiling
• BlackRock’s Tokenized Treasuries Fund BUIDL Sucks Up $245M In First Week