Another Satoshi Doxing Attempt

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Good Morning.

We had a fairly uneventful and nice weekend. Coin prices are moderately up, with memes continuing to become CT’s favorite. Anyway, Smokey from Berachain wrote a wholesome tweet about taking care of oneself as a founder, even when you’re “locking in”. Give it a read!

In Today's Email:

• What Matters: Who is Satoshi? 🔍️ 

• Product: Magic Eden & Ubisoft’s NFT 🃏 

• Charts: $823M Raised in September, Decentralized Stablecoins in Q3 📉 

You read and share. We listen and improve. Send us feedback at [email protected].

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WHAT MATTERS

An Attempt to Reveal Satoshi Nakamoto’s Identity

State of play: A new HBO documentary titled "Money Electric: The Bitcoin Mystery" aims to uncover the true identity of Bitcoin's pseudonymous creator, Satoshi Nakamoto.

• Directed by Cullen Hoback, known for his work on "Q: Into the Storm," the documentary is set to release on October 9, 2024.

• Hoback hinted that the film’s conclusion would be controversial, as they presented an unexpected figure, Nakamoto.

• Galaxy’s Head of Research, Alex Thorn, mentioned on X that the documentary claims Len Sassaman could be Nakamoto.

• Thorn also referenced a 2021 Medium post by Evan Hatch that explores this theory.

• On Polymarket, 41% of bettors predict Len Sassaman will be revealed as Satoshi, while 33% bet on another or multiple individuals.

What’s next: If the documentary identifies Len Sassaman as Satoshi, it could positively impact Bitcoin since Sassaman passed in 2011, the 1.1M BTC tied to Nakamoto would remain untouched, easing fears of a market sell-off and supporting price stability.

For builders and investors: Nothing to see here - just another attempt at Satoshi’s identity, something that we should’ve left behind way back in 2018.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our list of 500 crypto VC individuals 👇

PRODUCT OF THE WEEK

Magic Eden & Ubisoft Launch NFT Collection for 'Captain Laserhawk'

Magic Eden, Ubisoft, and Arbitrum Foundation have launched a collection of 10,000 NFTs on the Arbitrum blockchain, inspired by the Netflix anime "Captain Laserhawk: The G.A.M.E."

• NFT holders for the multiplayer shooter will gain access to rewards, content generation, and governance influence.

• Ubisoft's Web3 Executive Producer emphasized that the integration of web3 technology allows players to shape the game's future collaboratively.

• Despite this initiative, non-Ethereum web3 gaming experienced only $494K in trading volume from September 22 to 29.

Other cool products:

• Hexn, a crypto portfolio management platform.

• Daminik, an Open source Digital Asset Management.

• CoinHeatMap, a crypto insights driven by social volume.

• EVM Sandbox, a production-ready Web3 staging environment.

• Project Zero, a blockchain data extraction and streaming platform.

CHARTS OF THE WEEK

Crypto Companies Raise $823M in September

State of play: In September 2024, crypto companies raised a total of $823M across 200 different firms, according to data from the TIE terminal.

• Celestia led the funding with a $100M ecosystem fundraise

• Infinex comes in second place with $65M from public token sales.

• 33 DeFi companies also secured funding in September 2024.

• Protocol development projects raised $192M.

• Seed rounds are topping the charts.

• 41 companies raised seed rounds last month.

Our take: In general fundings are still down in crypto, but there are often OTC token sales being done by foundations of large protocols to fund their runways.

Decentralized Stablecoins Market Mixed Q3 Results

State of play: Decentralized stablecoin protocols reported mixed results in Q3, with Ethena leading the market cap at $3.1B, followed by MakerDAO (now Sky) at $2.16B, and Curve at $351.4B.

• Ethena seeing the largest decline from $3.61B to $2.54B (-29.64%) due to regulatory uncertainty and reduced liquidity.

• MakerDAO fell from $2.3B to $1.5B (-45%), while Curve increased slightly from $352M to $359M (+1.99%).

• In terms of trading volume, Curve dominates the market with 60%, MakerDAO follows at 25% with $100M daily volume, and Ethena averages $50M (15%).

• MakerDAO leads in daily active addresses (DAAs), averaging ~50,000, with a peak of ~450,000 on August 10.

• Curve and Ethena average less than 5,000 DAAs each.

Our take: Stablecoin competition will continue to increase, which is a net good thing for us as the end consumers.

QUICK BITES

• Coinbase seeks early appeal in SEC case.

• US moves to seize $2.7M from Lazarus hacks.

• US Spot Bitcoin ETFs log $300M in weekly outflow.

• Coinbase to delist non-compliant stablecoins in EU.

• Tether teases USDT documentary on 10th anniversary.

• EigenLayer 'erroneously transferred' $5.5M worth of tokens.

• EIP-7881 proposes for slot time reduction from 12 to 8 seconds.

• Metaplanet buys another $6.7M in BTC, raising holdings to over $40M.

• Magic Eden and Unibost release a gaming NFT collection on Arbitrum.

• IcomTech founder sentenced to ~10 years in prison for role in crypto ponzi scheme.

NOTEWORTHY READS & MEME

• 0xKyle’s read on Shuffle’s thesis.

• Archimed Capital’s read on the fat participation thesis.

• Liang’s read on crypto protocols and the need for incentives.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.