😮Layoffs Sweep Through Crypto, Again

GM Defiers!

Major web3 teams are announcing sizable layoffs, despite the broader crypto markets largely posting a bullish performance in 2024. DYdX announced that 35% of its core team will go, while Consensys is laying off 20% of its staff.

Stacks, the third-largest Bitcoin Layer 2, shipped its Nakamoto upgrade. Nakamoto reduces block times by 98%, introduces “Bitcoin Finality,” and paves the way for sBTC’s launch.

Markets dipped on Wednesday as Bitcoin retreated under $72,000 after testing its all-time high. ETH tagged $2,700, while SOL and DOT dipped 5% and 2%, respectively.

Synthetix is looking to acquire Kwenta, the decentralized exchange that it spun off in 2020.

Also, Coinbase integrates support for instant deposits and withdrawals via Visa Direct, and a purported Three Arrows Capital spinoff goes all in on memecoins.

✍️ In today’s newsletter:

Consensys downsizes by 20%
DYdX lays off 35% of core team
Stacks launches Nakamoto upgrade
Bitcoin ETFs log second best day ever
Synthetix wants to acquire Kwenta
Coinbase integrates Visa Direct
Three Arrowz Capitel bets house on memecoins

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🗡Consensys Lays Off 20% of Staff Citing Economic Challenges

Crypto firms are laying off staff again. Consensys, the blockchain software development firm behind MetaMask, is cutting its workforce by one-fifth. The firm said “broader macroeconomic conditions” and “ongoing regulatory uncertainty” prompted the move.

👀DYdX Slashes Workforce By 35% Despite Bullish Crypto Market

DYdX, a top five perpetuals DEX, is similarly lopping the headcount of its core team by 35%. The move comes as dYdX is gearing up for its Unlimited upgrade and sunsetting its v3 iteration.

🔓Stacks Unlocks Fast Blocks and ‘Bitcoin Finality’ With Nakamoto Upgrade

The Stacks Bitcoin Layer 2 shipped its long-awaited Nakamoto upgrade, reducing block times by 98% from 10 minutes and introducing “Bitcoin Finality.” Stacks said the upgrade lays the groundwork for the launch of its Bitcoin-backed sBTC token, which it expects to launch in the next six weeks.

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📉Bitcoin Dips after Testing All-Time High

Crypto markets dipped slightly on Wednesday, with Bitcoin retreating under $72,000 after nearly exceeding its all-time high yesterday. U.S. spot Bitcoin ETFs recorded over $870 million in inflows on Tuesday, marking the second-largest inflows since inception.

💰Synthetix Proposes Acquiring Kwenta From Tokenholders

Synthetix, the veteran DeFi protocol, wants to acquire Kwenta — a front-end and decentralized exchange that spun out from Synthetix in 2020. Should both projects pass governance proposals outlining the plan, Synthetix would buy the project back from KWENTA holders with $13.2 million worth of newly minted SNX.

🤝Coinbase Integrates Support For Visa Direct

Coinbase, the top U.S. exchange by volume, integrated support for Visa Direct to eliminate frictions for crypto investors. The move allows Visa debit card holders to instantly fund or withdraw assets using Coinbase. The move follows Crypto.com overtaking Coinbase by USD-denominated trade.

🤔Three Arrows Capital’s Supposed Spin-Off Goes All in On Pump and Dumps

Three Arrowz Capitel, a project believed to comprise a spin-off from the failed Three Arrows Capital Venture (3AC) VC fund, is betting the house on memecoins. Three Arrowz Capitel’s $565,000 portfolio includes significant positions in meme tokens that are down between 50% and 90% from their respective all-time highs.

🌍 ELSEWHERE

Florida CFO Urges State Board to Evaluate Crypto Investments for Public Pension Funds (Decrypt)
Starknet Claims to Shatter Transaction Speed Record Among Ethereum Layer-2 Networks (CoinDesk)
Swell switches to OP Stack to develop rollup, replacing earlier plan to use Polygon CDK (The Block)
Circle Raises USDC Redemption Fees Again Even as Market Share Declines (Unchained)