⚖️ETH Leads Crypto Rally With Best Week Against BTC Since May 2024

gm Defiers!

In today’s news, the crypto market rallied for the second day, led by gains from Ethereum (ETH), which topped $2,300.

Meanwhile, the MOG memecoin surged after gaining attention from Elon Musk. MOVE also saw a bit of relief following weeks of controversy.

✍️ In today’s newsletter:

Crypto markets surge for the second day
AI Agent Token VIRTUAL surges to highest price in months
MOVE experiences modest bounce
Superstate to launch on-chain equities
Stablecoin legislation pivots from ‘slam dunk’ to ‘at risk’: Bitwise CIO
Mog Coin Soars 35%
Futureverse partners with Rakuten Wallet

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⚖️Ethereum Leads Crypto Rally With Biggest Weekly Gain Against Bitcoin Since May 2024

Ethereum outpaced the broader crypto market on Friday, posting its largest weekly gain against Bitcoin since May 2024. Experts attribute the rally to improved investor sentiment after U.S. tariff concessions.

ETH surged 13% to $2,311, while Bitcoin rose 2% to $102,000.

📈AI Agent Token VIRTUAL Rallies to Multi-Month High

Virtuals Protocol’s native token, VIRTUAL, surpassed $2 for the first time since January on May 8, fueled by increased interest in its AI agent platform and updates to its Genesis Launches system.

😮‍💨MOVE Sees Slight Relief in Wider Market Rally, Despite Ongoing Controversy

MOVE rallied 4.5% on May 8, seeing slight relief alongside a wider market upswing that was fueled by positive macro sentiment. However, the coin is still down 48% over the past 30 days amid ongoing controversy.

🚀Robert Leshner’s Superstate to Launch On-Chain Stocks

Superstate, the digital asset management firm known for its on-chain U.S. Treasuries, is launching an on-chain equities platform called Opening Bell. Superstate is led by Compound Finance founder Robert Leshner.

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Learn the difference between Proof of Agreement (PoA) versus Proof of Stake (PoS) consensus mechanisms.

No consensus mechanism is perfect, and PoA does mean the network’s decentralization is as strong as the community’s web of trust. But for a financial infrastructure connecting known institutions, that trade-off yields a network that is highly resilient to the security issues currently plaguing PoS chains. In a world where blockchains may become critical public infrastructure, the Stellar approach of “staking reputation over coins” could prove to be a compelling way to safeguard consensus from both economically rational exploits and irrational threats.

🪙Stablecoin Legislation Has Gone from ‘Slam Dunk’ to ‘at Risk’: Bitwise CIO

In a recent interview with The Defiant, Bitwise’s CIO, Matt Hougan stated that the pushback from Democrats on the GENIUS Act made him reconsider U.S. lawmakers’ approach to regulating crypto. This follows Senate Republicans racing to meet Democratic demands for changes to the bill ahead of a procedural vote scheduled for Thursday, May 8.

⬆️ Mog Coin Soars 35% as Elon Musk, Gary Tan Embrace Mog/Acc Philosophy

The Mog memecoin surged 35% on May 8 and is nearly 200% in the past month, fueled by support from Elon Musk and Gary Tan, who backed the mog/acc movement centered around capitalist growth and technological acceleration.

💳Futureverse and Rakuten Wallet Debut Web3 Pass for Millions of Users

Futureverse launched RakutenWallet.Pass in partnership with Rakuten Wallet on Thursday, aiming to simplify the Web3 experience for millions of users. The platform, which leverages Futureverse's Root Network blockchain, offers secure login and interoperability.