BTC Rallies as Trump's Odd Increases

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Good Morning.

The crypto market is up, unsurprisingly alongside Trump’s likelihood of winning chance in Polymarket. Is the market leading Polymarket, or is it vice-versa? Is it reflexive? The answer is yes. Anyway, let’s have a great start to the week.

In Today's Email:

• What Matters: Arbitrum $120M Gaming Fund Recall 🔙 

• Product: Off the Grid: Viral Crypto Game on AVAX 🔫 

• Charts: PumpFun’s Daily Revenue, TON‘s Tokens Holders 📈 

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WHAT MATTERS

Arbitrum DAO Proposes $120M Gaming Fund Recall

State of play: An Arbitrum DAO member, Joseph Schiarizzi, has proposed recalling nearly $120M worth of ARB tokens from the network's Gaming Catalyst Program (GCP) due to missed deadlines and a lack of transparency.

• The GCP was established in June to boost gaming ecosystem growth on Arbitrum, allocating 225M ARB tokens over three years.

• GCP has failed to meet several initial goals for the first four months, such as issuing proposal requests, opening grant applications, and providing biweekly updates.

• Despite not expecting his proposal to pass, Schiarizzi aims to raise awareness about the program's shortcomings and seeks to get it back on track.

• Executives from Offchain Labs responded by stating that setting up the GCP is complex and that internal biweekly meetings have been occurring.

• They also mentioned plans to formalize a start date for the program soon.

What’s next: Schiarizzi indicated he would withdraw his proposal if the GCP provided public updates and fulfilled its original commitments.

For builders and investors: DAO raiding is a concept that has been coined in the past few years as investors criticize DAO's governance effectiveness in executing their goals, especially amidst the ballooning cost that affects the governance token price action.

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

Off the Grid: Shooter Game Built on Avalanche

Off the Grid is a new blockchain-based battle royale shooter developed by Gunzilla Games and built on the Avalanche blockchain that has launched in early access on PlayStation 5, Xbox Series X/S, and PC.

• The game blends traditional battle royale mechanics with "Extraction Royale" elements.

• Off the Grid has yet to fully implement its blockchain features, such as the ability to mint NFTs and use the GUN token for in-game transactions.

• It has topped the Epic Games Store’s list of free-to-play games and is making waves on Twitch.

• Developed with input from District 9 director Neill Blomkamp, the game features narrative-driven gameplay and a unique cybernetic future setting.

• The GUNZ blockchain, which powers the game’s crypto features, is currently in testnet with plans for full implementation in the future.

Other cool products:

• Eisen, a leverage & hedge trading platform.

• QSTN, an AI-powered survey marketplace.

• Fishcake, a non-intermediary web3 campaign platform.

• ArtRun, an artcoins (NFT & Memecoins) trading platform.

• THORChain, a decentralised multichain native asset liquidity protocol.

CHARTS OF THE WEEK

PumpFun Revenue Rebounds

State of play: PumpFun has recorded 12 consecutive days of over $900,000 in revenue, marking a resurgence in the memecoin market.

• Despite skepticism, PumpFun has generated over $120M in revenue since launching 10 months ago.

• Kaito AI reported that memecoin mindshare is at a yearly high, despite major memecoins like Dogecoin and Pepe seeing declines.

• The recent memecoin rally appears to have been fueled by the MOODENG token, leading traders to focus on PumpFun coins.

Our take: You thought the meme season was over?

TON‘s Tokens Surpasses 1M Holders

Credits to OurNetwork for the original report

State of play: TON is rapidly onboarding Web2 users into Web3, adding millions daily. In 2024, the network launched key tokens like NOTCOIN, DOGS, CATI, RBTC, and HMSTR via airdrops to Telegram mini-app users.

• Each token surpassed 1M holders within a week.

• TON is now the fastest-growing L1, recently surpassing Polygon in token holders and closing in on TRON and BNB.

• With its scalable architecture, TON can deploy millions of smart contracts in a single day.

Our take: TON ecosystem coins have been a darling of CEXs because they bring new cohorts of users to their platforms.

QUICK BITES

• Trump’s WLFI token sale to start Oct. 15.

• Mt. Gox pushes repayment deadline to 2025.

• MicroStrategy targets a trillion-dollar valuation.

• Paradigm invests $20M in Ithaca, its own L2 spinoff.

• Chris Larsen donates $1M to PAC supporting Kamala.

• Mysten Labs says Sui’s gaming device is a software play.

• Arkham Intelligence plans to launch a derivatives exchange.

• Ryan Salame begins his seven-and-a-half-year prison sentence.

• Avalanche Foundation to repurchase tokens sold to Terra's LFG in 2022.

• CoinShares says the shift to Republicans drives $407M in weekly inflows.

NOTEWORTHY READS & MEME

• Ignas’ read on points-for-airdrop meta ended, what’s next?

• Goodalexander’s read on how he got black pilled and saw the light.

• Andre Cronje’s read on why L2s as appchains are not logical for builders.

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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.