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June 19, 2024

🎉SEC Abandons Ethereum Investigation

Together with

the-defiant

GM Defiers!

The Ethereum community breathed a collective sigh of relief after Consensys, a blockchain software firm that sued the SEC over its attempts to regulate Ether, revealed that the SEC is ending its investigation into whether ETH is a security.

LayerZero revealed that nearly 1.3 million wallets are eligible for the project’s hotly anticipated airdrop. However, roughly one million of its six million users are excluded from the drop for suspected sybil activity.

We took a deep dive into the weird and wonderful trove of on-chain messages stored on the Ethereum blockchain. Ethereum users have posted 1.5 million messages on-chain, covering love, loss, elation, despair, and everything in between.

Also, Bitcoin buyers from past cycles are hodling, altcoin liquidations surge as the market dips, Ethereum NFTs crash as Blur incentives end, Moonwell launches new Morpho vaults, and APhone launches a web3 app store.

Plus, the proposed OP_CAT upgrade roils Bitcoin’s community.

✍️ In today’s newsletter:

  • Consensys says SEC’s Ethereum investigation is over
  • LayerZero to reward 1.28 million wallets
  • Digging through Ethereum’s on-chain messages
  • Bitcoin veterans accumulate, but new users dry up
  • Market dip drives $440M in altcoin liquidations
  • Ethereum NFTs suffer losses
  • Moonwell taps Morpho for WETH and USDC vaults
  • APhone sets sights on app store duopoly
  • Bitcoiners torn over OP_CAT upgrade

🙏Sponsored

📈 Markets in the last 24 hrs:

TickerValue24h
Bitcoin$66,7820.89
Ethereum$3,632 1.88
Gold 1st Future$2,331 1.36
S&P 5005431.60 -0.04 %
Arch Web32.15 1.82
Learn more about Arch Indices

🎬WATCH

Check out our podcast with Gabby Dizon, the co-founder of Yield Guild Games, to get his take on the future of web3 gaming. Watch our video on trading TON-based memecoins!

Plus, catch up on our interview with Anthony Pompliano to get his take on why decentralization and mass adoption are incompatible 👀

THANKING OUR NEWSLETTER SPONSORS

| NEWSLETTER CONTINUES BELOW |

the-defiant

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the-defiant

zkVerify reduces proof verification costs by over 90% and provides a developer-friendly environment for proof verification across a range of rollups and settlement layers.

zkVerify was developed by Horizen Labs.

✅Consensys Says SEC Is Ending Investigation Into Whether ETH Is A Security

the-defiant

Consensys said the SEC is dropping its investigation into whether ETH comprises a security. Consensys, which sued the SEC over its attempts to regulate Ethereum in April, said the news came in the form of a reply to a letter it recently forwarded to the SEC concerning Ether’s status in light of the regulator’s decision to approve spot Ether ETFs.

🪂LayerZero Announces 1.28 Million Wallets Are Eligible Airdrop

LayerZero, the popular cross-chain interoperability protocol, said 1.28 million addresses can expect allocations as part of its upcoming airdrop. The project added that one million addresses have been excluded for suspected sybil activity.

✉️Love, Loss, and Protest: Digging Through Ethereum’s 1.5M On-Chain Messages

The Defiant took a deep dive into the more than 1.5 million messages that have been posted on the Ethereum blockchain. The messages offer a vibrant cross-section of life on-chain, including love, loss, vengeance, and even religious proclamations about the Buddha.

↕️️Old Addresses Holding BTC Hit All-Time High While New Wallets Are at Lowest Since 2018

Veteran Bitcoin holders are continuing to accumulate BTC anticipating higher prices. However, the trend coincides with the number of new wallets holding BTC on-chain dipping to its lowest level since 2018.

📉️️Markets Drop as Altcoin Liquidations Top $440 Million

The recent volatility in the digital asset markets has wrought destruction for many altcoin holders. Digital assets posted $440 million worth of liquidations amid the recent price pullback.

SPONSORED POST

the-defiant

Nexo’s Hunt for $13M in NEXO Tokens airdrop rewards users for their engagement on the Nexo platform. Participants earn points through activities like exchanging crypto and using a multitude of services on the Nexo platform. While the campaign ends soon, on July 7, it still offers latecomers a chance to accumulate significant points through multipliers, giving you a good shot at a larger share of the airdrop.

New users receive a 5x multiplier, and additional multipliers include up to 2x for being a part of Nexo’s Loyalty program, and more. So if you’re looking to get in on an airdrop, this might be just the thing, check it out.

READ MORE: NEXO’S $13M AIRDROP: LATECOMERS CAN STILL WIN BIG

☄️Ethereum NFTs Crater as Blur Incentives Wind Down

Leading Ethereum-based NFT collections suffered heavy losses this past week as Blur’s latest season of incentives came to a close. Pudgy Penguins and Bored Ape Yacht Club (BAYC) were among the hardest hit as farmers unwound their positions.

🌙Moonwell Launches Two New Vaults On Morpho Blue

Moonwell, a top lending protocol on Base, has tapped Morpho Blue to launch two new vaults for WETH and USDC. The news marks Morpho’s first deployment beyond the Ethereum mainnet.

📱APhone Launches Web3 App Store To Compete With Apple and Google

APhone, the company behind a phone powered by decentralized cloud computing, has launched an app store supporting both web3 and web2 applications. APhone says it hopes to dent the prevailing app store duopoly of Google and Apple by undercutting them with zero fees for developers.

🐱’It Might Be Hard Explaining Future Devs Why We Did These Things With OP_CAT’ Says BIP Author

OP_CAT, an opcode deleted by Satoshi Nakamoto in 2011 that was recently resurrected as a Bitcoin Improvement Proposal, is dividing the Bitcoin community. While some developers warn it could pose security risks, proponents praise OP_CAT as a vehicle for enabling new functionality on Bitcoin.

🌍 ELSEWHERE

  • German Government Agency Moves $425M Bitcoin, Some to Crypto Exchanges (CoinDesk)
  • CBDCs could boost financial inclusion, ease cross-border payments in the Middle East, IMF says (CryptoSlate)
  • Kraken discloses it was exploited for nearly $3 million in bug that has now been fixed (The Block)
  • Who Are the Top 3 Delegates of ZKsync’s New Governance Token? (Unchained)

🔥 TRENDING