💡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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What is Alephium? Unpacking UTXO Sharding, Proof of Less Work, and DeFi Security

📈 Markets in the last 24 hrs:

🎬WATCH

Catch up on our podcast with Dylan Kawalec, the head of developer relations at Goat Network, to find out about Founders Club, an initiative incentivizing developers building Bitcoin’s Layer 2 ecosystem.

Check out our discussion with Charles Cascarilla, the co-founder and CEO of Paxos, to catch up on the stablecoin issuer’s partnerships with Stripe and Stellar.

Watch our interview with Terence Kwok, the founder of Humanity Protocol, to learn about the project’s zero-knowledge decentralized identity solution.

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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)