💡Ethereum and Solana Dominate Web3 Startup Space

GM Defiers!

Ethereum and Solana are dominating the web3 startup space. A report from Alliance, a startup accelerator program, found that 62% of new crypto ventures are entering the Ethereum ecosystem, while 18% are building on Solana.

Farcaster, the once-booming SocialFi platform, is now earning less than $1,000 in revenue on most days. Activity on the platform is also down 53% from its peak.

PumpFun is selling off half of its revenue, with the booming memecoin launchpad having offloaded $78.7 million worth of SOL.

Markets bounced on Thursday, with Bitcoin trading around $68,000. SOL surged 6%, while DOT was flat and ETH gained 1%.

Also, Arbitrum Orbit chains unlock 15-minute withdrawals, Evan Van Ness auctions NFT allowing the winner to tweet from his account, GOAT surge inspires AI agent developers, and Vitalik Buterin outlines The Verge.

✍️ In today’s newsletter:

Startups converge on Ethereum and Solana
Farcaster revenue and adoption plummets
PumpFun is selling millions worth of SOL
Crypto markets bounce back
15-minute withdrawals arrive on Arbitrum Orbit chains
Evan Van Ness leverages Teleport for NFT auction
GOAT’s success reinvigorates AI and crypto convergence
Vitalik predicts smartwatch-based Ethereum validators

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🚀80% of Web3 Startups Launch on Ethereum and Solana

Research from Alliance, a startup incubator, found that 80% of new crypto ventures are launching on Ethereum and Solana, with market shares of 62% and 18% respectively. 36% of web3 startups are launching on optimistic rollups, while Bitcoin is also now host to 5% of early-stage projects amid the rise of BTCfi.

☄️Remember Farcaster? Activity on the SocialFi Dapp is Plummeting

Farcaster is suffering a long-term decline since closing a $180 million funding round at a more than $1 billion valuation in May. Quarterly revenue sank 70% in Q3, while activity on the platform is down more than 50% from its peak.

🏷️PumpFun Sells Over $6M Worth of Solana’s SOL

PumpFun, the darling memecoin launchpad of the Solana ecosystem, is offloading large amounts of SOL. The platform has sold $78.7 million worth of SOL from its $164 million in total revenue.

📈Bitcoin Bounces to $68,000 Amid Global Market Rally

Bitcoin has been hovering in the $64,000 to $68,000 range as the U.S. election approaches. Jeff Park, head of alpha strategies at Bitwise, believes Bitcoin could surge to $92,000 if Donald Trump wins the U.S. presidency.

⚡Offchain Labs Launches 15-Minute Withdrawals For Arbitrum Orbit Chains

Offchain Labs, the development team behind Arbitrum, has launched 15-minute withdrawals for Arbitrum Orbit chains. The new feature reduces withdrawal delays by 99.8% from seven days — the norm for optimistic rollups.

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🐦Evan Van Ness's NFT Auction Lets Winner Tweet From His Account

Evan Van Ness, a prominent web3 influencer, is auctioning off an NFT allowing the winning bidder to tweet from his X account. The NFT leverages Teleport, a protocol from Flashbots using trust-execution-enclaves to create one-time links allowing third parties to tweet once from a user’s account.

🤖GOAT Token Sparks Innovation in the Memecoin Trenches

Crypto-focused AI agents are proliferating following the meteoric success of GOAT, a memecoin promoted by the Truth Terminal agent. “I think there is something serious here going on,” said Marc Andreessen, a general partner at a16z who seeded Truth Terminal with $50,000. “I think this is maybe the first example of a convergence point between AI and crypto.”

⌚Verifying Transactions on Smartwatches: Vitalik Unveils Part 4 of Ethereum Roadmap

Vitalik Buterin, the chief scientist of Ethereum, hopes The Verge will allow validators to secure the network from devices as lightweight as a smartwatch. The Verge will introduce Verkle Trees, enabling stateless clients and SNARKs.

🌍 ELSEWHERE

Citibank Debanked Ripple's Brad Garlinghouse Due to Crypto, Exec Says (Coin Desk)
El Salvador president Nayib Bukele donates 2 Bitcoin towards building 1,000 schools in Honduras (CryptoSlate)
EURC stablecoin supply hits all-time high as market cap approaches $100 million (The Block)
Uniswap’s Permissionless Cross-Chain Bridge Goes Live (Unchained)