⬇️ Mt Gox Repayments Spark Crypto Sell-Off

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Crypto markets suffered a violent sell-off after Mt. Gox moved more than $2 billion in Bitcoin. Despite the large transfer, Mt. Gox only distributed $148 million worth of BTC in its first repayment to creditors. Zooming out of short-term price moves though, Web3 dApp users soared to all-time highs last quarter, with active wallets jumping 40% to 10 million in Q2.

While Ethereum currently enjoys a sizable lead over rival blockchains by annual fee revenue, if current trends continue Tron will emerge as the leading network with $1.7 billion in 12-month fees.

Plus, Pendle’s TVL plummets as markets mature, 3AC lands NFT with a three-year-old bid, memecoin infrastructure revenue surges, and Flare taps LayerZero for cross-chain support.

✍️ In today’s newsletter:

  • Crypto market cap slides to four-month low
  • Former Glassnode analyst anticipates market “stress”
  • Tron on course for annual revenue surge
  • dApp users at new highs
  • Pendle’s TVL drops 45%
  • Three Arrows’s surprise NFT buy
  • Memecoins drive strong protocol revenue
  • Flare launches support for 75 blockchains


📈 Markets in the last 24 hrs:



Check out our podcast with Daniel Fogg, the CEO of Rootstock Labs, to learn about DeFi on Bitcoin. Catch up on our interview with Chris Bradbury, the CEO of, to learn about their new points campaign. Plus, watch our explainer looking at the advanced AI blockchain tooling offered by DexGuru's GURU Network 👀




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📉Bitcoin Price Crashes To Four-Month Low As Mt. Gox Makes Initial Repayments


Digital assets suffered a brutal retracement, with just two top 100 assets posting gains for the day. Investors sold off in droves after Mt. Gox moved more than $2 billion in Bitcoin, but the defunct exchange’s first creditor repayments amounted to just $148 million.

👀‘Lower Before Higher’ Say Bitcoin Analysts

James Check, the former lead analyst at Glassnode, believes a sustained bullish recovery may still be some time away for Bitcoin investors. Check noted that many short-term holders are underwater on BTC positions with more than $21 billion in unrealized losses. “We’re at a point where more stress is likely,” Check said.

💰Tron Poised To Threaten Ethereum's Revenue Dominance

Ethereum generated $2.73 billion in annual fee revenue, beating out its closest rival, bitcoin, by more than double. However, recent trends suggest Ethereum will accrue just $1.65 billion in the next 12 months, while the dark horse Tron is on course for $1.72 billion.

⬆️Web3 Apps Reach All-Time High of 10 Million Daily Active Users

The web3 dApp user base grew by 40% in Q2, with active wallets tagging an all-time high of 10 million. SocialFi platforms hosted 2 million users with growth of 66%.



On June 18th, 2024, Stellar public network validators voted to upgrade the network to Protocol 21, which actives five new Core Advancement Proposals (CAPs) on the Stellar Mainnet.

The five CAPs introduced in Protocol 21 allow for some neat features, including an improvement to state archival, a few overall cost improvements to smart contract transactions, and perhaps the most exciting, native support of secp256r1 verification in smart contracts, enabling passkey signing support. The Stellar Development Foundation has built out a web app where you can demo passkeys to build a smart wallet.

READ MORE: Protocol 21 Upgrade on Stellar Brings Enhanced Security with Passkeys

💣Pendle's TVL Drops 45% as Key Markets Mature

Pendle’s TVL dropped by $3.5 billion in one week after a heavy volume of its liquid restaking markets matured on June 27. However, Pendle’s CEO, TN Lee, is not concerned. “Pendle's mechanics worked precisely as intended," Lee said. "Users claimed their PTs and liquidity provider tokens while YTs decayed to zero in exchange for leverage points."

🏹Bankrupt 3AC Capital Buys NFT Thanks to 3-Year Bid Authorities Overlooked

A three-year-old bid from Three Arrows Capital, the bankrupt crypto VC firm, was accepted by the former owner of the Neon Village NFT. 3AC paid 20 ETH worth roughly $60,000, while the previous owner paid a whopping 100 ETH or $360,000.

🛠️Memecoin Infrastructure is Taking Over DeFi

Memecoin protocols accounted for one-third of the top 15 web3 networks and protocols by revenue in June. ranked third behind Ethereum and Tron with $22 million, while four Telegram trading bots made their way into the rankings.

🌐Flare Network Leverages LayerZero to Connect with 75 Blockchains

Flare Network, a web3 oracle provider, has partnered with LayerZero to launch support for 75 blockchains. Flare’s data is now available to 50,000 dApps.


  • Private Equity Giants Are Circling Bitcoin Miners on AI Allure (CoinDesk)
  • F2Pool says only a few bitcoin ASICs remain profitable as price drops (The Block)
  • Venezuela’s Digital Asset Remittances Hit Yearly $460 Million (CoinGape)
  • TON Blockchain’s Stablecoin Transfer Volume Reaches Record $299 Million on US Independence Day (Unchained)


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