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November 23, 2024

🚀Weekly Recap: BTC Closes In On $100K

Happy weekend Defiers!

Crypto markets continue to rally, with Bitcoin flirting with $100,000 for the first time to post an all-time high of $99,645. The move coincided with the launch of spot Bitcoin ETF options, pushing the value of assets held by Bitcoin ETFs past $100 billion.

Bitcoin’s bullishness is flowing into other markets, with Microstrategy stock surging as the firm ups its BTC accumulation, the native tokens of Layer 1 networks staging a comeback, and AI tokens also enjoying a return to form.

SOL posted a new record high above $263, buoyed by the SEC reportedly entering talks with prospective Solana ETF issuers. Phantom, a Solana-focused wallet, stormed the iOS app store rankings amid the gains. However, some onlookers are warning that Solana’s activity spike could culminate in congestion.

The crypto community is celebrating Gary Gensler announcing his resignation for the same day as Trump’s January inauguration. The web3 sector also scored a regulatory victory when a Texas court struck down the SEC’s despised Dealer Rule, which the court found overstepped the agency’s jurisdiction in its attempt to target DeFi liquidity providers.

However, a Californian court dealt a blow to DeFi by ruling that Lido DAO governance participants may be liable for the actions of the decentralized autonomous organization.

Trump’s team appears determined to make good on its pro-crypto campaign promises. Reports also claim Trump is looking to create the first White House position dedicated to digital assets alongside a crypto advisory council.

Trump is also deepening his business interests in crypto, with the media company behind Truth Social rumored to be eying a Bakkt acquisition and exploring a digital asset payment service.

CHILLGUY is the latest memecoin to rocket to a multi-hundred-million market cap. The surge came in spite of the artist behind the meme that inspired the token threatening legal action against the project.

Ethena is edging towards activating a fee switch, with its Risk Council approving the proposed measure. The Ethena Foundation will now work with the council to establish parameters by the end of the month.

DYdX shipped its Unlimited upgrade, introducing permissionless market listings. The move follows a spate of major changes for the project, including laying off 35% of its core team and sunsetting its v3 iteration.

Plus, Binance teases stablecoin offering 19.5% annual returns, Magic Eden publishes ME tokenomics, activity on Starknet spikes, and Coinbase delists WBTC.

Also, don’t forget to check out our interviews with Gear Protocol, Plume Network, and Michael Casey.

Enjoy!

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  • LOFIGIRL at 70K (ATH 6.6M - 94x)
  • SKITTLES at 240K (ATH 7.8M - 32x)
  • KACY at 10M (ATH 85M - 8.5x)

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  • LESTER at 4M (ATH 150M - 35x)
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  • ZEREBRO at 600K (ATH 250M - 400x)
  • LUCE at 7M (ATH 90M - 13x)

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PODCAST & INTERVIEWS

AI at a Crossroads: Michael Casey’s Mission to Decentralize the Future

Michael Casey shares his journey from journalist at The Wall Street Journal to blockchain advocate and decentralized AI proponent.

After witnessing Argentina's financial crises, he became intrigued by Bitcoin and later co-authored a book on cryptocurrency, which led him to MIT and deeper involvement in blockchain innovation. Currently, he leads the Decentralized AI Society, advocating for decentralized ownership, open-source models, and interoperability to counter the monopolistic dominance of centralized AI systems. Casey emphasizes the urgent need for collaboration, education, and policy reform to ensure decentralized AI becomes the standard, safeguarding individual autonomy and enabling inclusive economic growth.

DeFi Meets TradFi: Plume Network’s Approach to RWA Tokenization

Teddy Pornprinya, the co-founder of Plume Network, a modular EVM blockchain focused on tokenizing real-world assets (RWAs), discussed the project’s newly launched testnet.

With a background at Coinbase Ventures and Binance, he brings extensive experience in traditional and decentralized finance. Plume Network has already tokenized billions in assets and aims to launch its mainnet by Q4 2024.

Scaling Ethereum Without Trade-Offs: Nikolay Volf & Luis Ramirez on Gear’s Bold Vision

The Defiant was joined by Nikolay Volf, CEO and Founder of Gear Technologies, and Luis Ramirez, Head of Developer Relations at the Gear Foundation, to learn about Gear’s contributions to blockchain scalability and developer experience.

They provide insights into the Gear Protocol and GearX decentralized compute network, which leverages WebAssembly and the actor model to enhance parallelism, scalability, and integration with Ethereum. Luis outlines Gear's developer-focused initiatives, including Gear Academy, grant programs, and collaborations with universities to support web3 adoption. The conversation highlights Gear's approach to addressing key challenges such as fragmentation and scalability while advancing innovation within the Ethereum ecosystem and broader blockchain space.

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