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November 30, 2024

⬆️Weekly Recap: Ethereum and Altcoins Rebound

Happy weekend Defiers!

While Bitcoin consolidated above $90,000, Ethereum and altcoins outperformed this week. The market dominance of Bitcoin fell from 57.9% to 54.5% as ETH gained 10.7%, XRP rallied 22%, and Cardano surged 21.5%.

Memecoins continued to capture the attention of traders, with meme tokens driving record monthly DEX volume. Decentralized exchanges hosted more than $362 billion worth of trades in November, spurred by unprecedented on Solana, Base, and Arbitrum.

AI agents are proliferating on Base. Clanker, an agent that creates tokens in response to text prompts on Farcaster, is raking in seven-figure daily revenue just three weeks after launching. The market cap of Virtuals Protocol’s VIRTUAL token crossed $1 billion, spurred by its adoption of a vehicle for new token launches.

The crypto community celebrated a U.S. Federal Appeals court knocking back the Treasury Department’s sanctions targeting Tornado Cash. The court found that the Treasury Department overstepped its statutory authority as Tornado Cash’s smart contracts do not comprise property.

However, the news followed a Dutch court extending the detention of Alexey Pertsev, a Tornado contributor, while the developer waits to appeal his sentence.

The incoming Trump administration is reportedly planning to extend the jurisdiction of the CFTC over crypto, indicating digital assets will be regulated as commodities. In other Trump news, the company behind Truth Social filed a trademark application for a crypto payment processor, and Justin Sun invested $30 million into World Liberty Financial.

XRP enjoyed a bullish week, buoyed by the news of a tokenized money market fund coming to XRP Ledger.

Cardano is also rallying, inspiring investors to withdraw ADA from exchanges in droves. Charles Hoskinson, Cardano’s founder, is also tipping that government adoption could drive the price of Bitcoin to $500,000 within two years.

A renewed airdrop season appears to be on the horizon, with SynFutures and Solv Protocol announcing token generation events, the Jupiter community voting on a potential drop, and Hyperliquid distributing its token to early adopters.

Competition to bring crypto exchange-traded products to market is heating up. Bitwise filed to convert its fund tracking the top 10 cryptocurrencies into an ETF, while Hashdex wants to launch an index ETF tracking BTC, ETH, AVAX, LINK, and LTC.

Plus, the market cap of Ethena’s USDe soars, Binance launches BFUSD stablecoin, CryptoPunk collateralizes $2.75 million loan, and ex-pro gamer gambles away memecoin rug-pull lootings.

Also, don’t forget to check out our podcast with Justin Drake, an Ethereum Foundation researcher, to learn about his vision for the Ethereum Beam Chain.

Enjoy!

DEFI ALPHA

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New features include an exclusive Telegram group where our resident degens share real-time intelligence from the trenches, a biweekly Alpha call where you can chat directly with the DeFi Alpha newsletter authors, and additional content to help you stay on top of hot trends.

Just this week, we caught:

  • ARMY on Ripple at 2M (ATH 42M - 21x)
  • VAIN at 240K (ATH 6M - 25x)
  • SITCOM at 1.6M (ATH 10M - 8.5x)

Previous wins:

  • KACY at 10M (ATH 85M - 8.5x)
  • LESTER at 4M (ATH 150M - 35x)
  • PNUT at 5M (ATH 2.2B - 440x)
  • ZEREBRO at 600K (ATH 600M - 1000x)
  • LUCE at 7M (ATH 300M - 42x)

What are you waiting for? Subscribe now and join the Telegram group!

PODCAST & INTERVIEWS

Deep Dive into Ethereum's Beam Chain: Exclusive Insights with Researcher Justin Drake

In this week’s podcast, Cami Russo was joined by Justin Drake, an Ethereum Foundation researcher who recently proposed overhauling Ethereum’s consensus layer with his Beam Chain roadmap.

Justin explains how the Beam Chain would incorporate key innovations like SNARK proofs, quantum security, and single-slot finality to boost decentralization, security, and scalability. He also discusses incremental upgrades like staking caps and pre-confirmations, which aim to improve Ethereum’s performance and user experience in the near term.

The conversation also explores Ethereum’s competition with Solana and Bitcoin, highlighting how Ethereum’s long-term focus on robustness and scalability positions it to thrive as the foundational layer for the decentralized internet.

How Light Clients Will Transform Ethereum: Insights from Pier Two’s Patrick McNabb

The Defiant sat down with Patrick McNabb, the co-founder and CEO of Pier Two, an Australian-based institutional staking provider providing non-custodial staking services to enterprises in the APAC region.

McNabb discussed Pier Two's development of "Lantern," a peer-to-peer light client for Ethereum which aims to reduce reliance on RPCs and lower costs for wallets and applications. McNabb noted the growing staking industry, anticipating further innovations with Ethereum’s protocol upgrades and the introduction of slashing mechanisms to reshape risk-reward dynamics. He also praised the Ethereum Enterprise Alliance (EEA) for its global network and value in connecting with traditional industries exploring blockchain.

How Gateway.fm Empowers Enterprises with Blockchain | Igor Mandrigin & Pradeep Singh

The Defiant spoke to Igor Mandrigin and Pradeep Singh from Gateway.fm to learn about their role as a blockchain infrastructure provider focusing on building Layer 2 solutions tailored for enterprise adoption.

The pair emphasize their expertise in scalability, cost-efficiency, privacy, and security, addressing challenges such as rapid technological evolution and data sovereignty. They note Gateway.fm’s contributions to Polygon's CDK and efforts to package open-source technology into enterprise-ready solutions. Mandrigin and Singh also express optimism regarding the growing adoption of blockchain by enterprises.

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