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👟Trump Sneaker Buyers Set to Make a Killing

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ETH continues to post gains against BTC following the launch of spot Ether ETFs. However, the move is overshadowed by drawdowns suffered across the broader cryptocurrency markets. The biggest gainers in crypto at this point, might be buyers of Trump’s Bitcoin-branded sneakers, selling at a huge premium on eBay.

Meanwhile, the slow but steady asset tokenization train keep chugging along. The California Department of Motor Vehicles is bringing vehicle titles on-chain in partnership with Avalanche, and Ripple partnered with OpeEden to bring on-chain treasuries to its network.

Plus, Republican Senator Cynthia Lummis is proposing thatthe U.S. Federal Reserve add one million BTC to its strategic asset reserves over five years, Tether reported record profits of $5.2 billion during the first half of 2024, and Terra just can’t catch a break - it now suffered $6 million exploit.

✍️ In today’s newsletter:

  • Senator Lummis introduces BITCOIN bill
  • ETH continues to gain ground against BTC
  • Bitcoin and digital assets tumble
  • California DMV is bringing car titles on-chain
  • OpenEden brings tokenized treasuries to Ripple
  • Tether’s H1 profits grow 57% year-over-year
  • Trump’s Bitcoin sneakers rapidly sell out
  • Terra paused after $6M exploit
  • Jupiter to vote on reducing JUP supply
  • Elixir unveils deUSD stablecoin
  • Polyhedra launches ZK prover platform
  • Makenow.meme enters launchpad sector
  • Hamster Kombat reveals details for delayed airdrop

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🏛️Senator Lummis Introduces BITCOIN Bill to Create ‘Strategic Bitcoin Reserve’

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Senator Cynthia Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2024 to Congress. The bill seeks to compel the U.S. Federal Reserve to buy one million BTC or 5% of Bitcon’s supply over the next five years as part of its strategic reserve asset strategy.

️🚀ETH Bounces Back Amid ETF Inflows

ETH has gained 5% against BTC since tagging a local low on July 27. ETH’s bullish momentum follows the launch of spot Ether ETFs last week.

📉Bitcoin Price Dips After Fed Leaves Interest Rates Unchanged

Bitcoin and the broader digital asset markets are pulling back despite the Federal Reserve eying September for interest rate reductions. Top ten cryptocurrencies shed between 2% and 10.6% over the past 24 hours, with BTC tumbling 5.6% and ETH shedding 6%.

🚗California DMV Brings Car Titles onto the Avalanche Blockchain

California’s Department of Motor Vehicles (DMV) is digitizing 42 million car titles on the Avalanche blockchain in a bid to modernize title transfers. Consumers can claim their digital titles via the DMV’s mobile wallet app.

💰Ripple Partners with OpenEden to Tap Tokenized Treasury Market

Ripple is embracing the booming segment of tokenized U.S. treasury assets. Ripple will host on-chain treasury bills issued by OpenEden, with Ripple allocating $10 million to the asset class.

📊Tether Reports $5.2 Billion Profit in First Half of 2024

Tether, the world’s largest stablecoin issuer, reported record profits of $5.2 billion for the first half of 2024. The milestone comprised a 57% increase compared to H1 2023, and coincided with Tether’s U.S. treasuries reserves exposure coming in at a massive $97.6 billion.

👟Trump’s Bitcoin-branded Sneakers Sell Out in Minutes

Trump continues to make bank targeting the crypto community. The Republican presidential candidate launched limited edition runs of shoes donning Bitcoin’s logo priced between $299 and $499 per pair. The shoes quickly sold out and are now listed on eBay for between $700 and $2,500.

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The state bloat problem is blockchain’s biggest elephant in the room. Every day, millions of new entries are created on public blockchains like Stellar and Solana, and each validator needs to store all this state indefinitely. Every meme NFT, hello world test contract, and spam token needs to be kept around forever no matter how often the information is actually used, or even if it gets used at all. As more users and use cases come to blockchain, the issue will only grow, causing networks to become slower and more expensive as they try to keep up with all this bloat.

READ MORE: Scalability with State Archival on Stellar vs. Solana’s Avocado

👤️Terra Can’t Catch a Break as Blockchain Gets Exploited for $6 Million

The Terra network was briefly halted after exploiters made off with $6 million worth of crypto including 3.5 million USDC, 500,000 USDT, $180,000 worth of BTC, and 60 million ASTRO tokens. The attackers took advantage of a vulnerability disclosed by sleuths in April.

🪐Jupiter Community To Vote On Reducing JUP Supply By 30%

Jupiter’s community began voting on a proposal to reduce the supply of JUP by 30%. The move comes as tokenholders are bracing for heavy dilution in the coming years.

💵Elixir Unveils Yield-Bearing Stablecoin To Compete With Ethena

Elixir unveiled its forthcoming deUSD stablecoin, an upstart competitor to Ethena’s USDe. Elixir will use a combination of Ether staking yields hedged against short positions to generate yield from staked Ether and short funding rates.

☁️Polyhedra Launches ‘ZK-As-A-Service’ Platform In Partnership With Google Cloud

Polyhedra teamed up with Google Cloud to launch Proof Cloud, a “zero knowledge-as-a-service” platform for ZK provers. Its Proof Arena platform also facilitates prover benchmarking.

👀Degens Can Now Make Memecoins From Tweets

Makenow.meme is the latest entrant into the bubbling memecoin launchpad sector. The platform allows users to quickly create memecoins from Twitter posts.

🥊Telegram Game Hamster Kombat Plans to Airdrop 60% of Tokens to Users

Hamster Kombat, a leading project within The Open Network’s bustling Telegram web3 gaming segment, announced that 60% of its upcoming token’s supply will be airdropped to users. The token drop was delayed last month.

🌍 ELSEWHERE

  • Montenegro to Extradite Do Kwon to South Korea, Rejecting U.S. Request (CoinDesk)
  • Bitcoin Hashrate Hits All-Time High as Trump Vows to Boost Industry (Bitcoin Magazine)
  • Ledn processed $1.16 billion in loans during first half of year as bitcoin's price rose (The Block)
  • Starknet’s STRK Plunges to All-Time Low as Key Metrics Show Persistent Decline (Unchained)

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