🎮 GameBoy Crypto Wallet

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Good Morning,

The US is nine days away from defaulting if the debt ceiling isn’t raised by June 1st. Unsurprisingly, the crypto markets have been extremely flat — almost as if its waiting for the debt ceiling discussions outcome.

In Today's Email:

• What Matters: DCG missed its $630M payment 💸

• Products: Game Wallet, turning GameBoy into crypto wallet 🎮

• Charts: ETH LSD market share, PEPE trading volume 📈

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WHAT MATTERS

DCG Missed $630M Debt Payment

State of play: Gemini said DCG misses its $630M payment. The exchange and other creditors are working to provide forbearance to DCG to avoid DCG’s default.

• The $630M payment was due last week. It was related to the loan that Gemini made to Genesis, a DCG owned subsidiary.

• Gemini also intends to file a claim seeking $1.1 billion from Genesis for its 232,000 Earn users.

• The US SEC has accused both Gemini and DCG of selling unregistered securities via the Gemini Earn program.

What’s next: Gemini has filed an extension request to the bankruptcy court, seeking a 100-day extension.

• If approved, Genesis will have until August 27th to file its new plan, and Gemini will need to accept it by October 26th.

Our take: This might be the last lego to fall. In other high-profile cases, including Coinbase and Grayscale fight against the SEC, we’re much closer to the final saga.

• What happens to DCG, and subsequently the tens of billions of dollars in Grayscale product, is still unclear depending on the outcome of creditors discussion with Genesis.

For builders and investors: The outcome of Gemini and DCG discussions will have a significant impact towards the crypto market, at least in the short-term.

• There will be opportunities for investors to capitalize on either the claims in the bankruptcy proceeding, or any sort of value extraction from Grayscale.

Take a peek at our new referral reward at the bottom of this issue. Share this newsletter and receive our list of 100 smart crypto investors' wallet addresses 👇

PRODUCTS OF THE WEEK

Gameboy as a Secure Offline Cold Wallet

GameBoy as a crypto wallet: Keyp, a web3 onboarding tool for web3 apps have announced a new product called Game Wallet, turning any GameBoy into a secure offline cold wallet.

• The project is open source, users can flash their own GameBoy cartridge.

• The GameBoy is the perfect hardware choice since it can’t connect to the internet and was created before cryptocurrency existed.

• Users will generate their seed phrase by playing a Pokemon-like game — the wallet will support Ethereum and Bitcoin at launch.

Other cool products:

• Coinage, a subscriber membership NFT for a community-owned media outlet.

• TokenTable, a token management platform for founders and investors.

• Beepo, a multichain decentralized social network

• Holder, a marketing automation tool for web3 brands.

• KvantsAI, a decentralized AI-driven investment platform.

CHARTS OF THE WEEK

ETH Liquid Staking Market Share

Ethereum Liquid Staking Derivatives (LSDs) market share has stayed quite flat in the 45% range as the largest player, Lido, enables stETH withdrawals.

Our take: Without LSD protocols, ETH staking will be dominated by centralized exchanges, which won’t be positive for the health of the Ethereum network.

To watch: However, even Lido only has a set of 30 node operators who have been approved by the Lido team.

• We’re seeing new decentralized staking solutions being worked on, which will compete with Lido and further advances the decentralized staking ecosystem.

PEPE Coin Trading Activity

State of Play: Memecoin mania surged PEPE coin trading volume to a peak of ~$2.5 billion in May 2023. Volume has gone down since, but still relatively maintained its growth.

Our take: Unsurprisingly, most volumes are on centralized exchanges, such as Binance and Bybit, which offered users up to 100x leverage via PEPE perpetual futures.

• Those selling shovels will win the end.

QUICK BITES

• DCG missed a $630M payment.

• Hashkey Group seeks to raise funds at a $1B valuation.

• Tornado Cash hijacked by hackers.

• Lido proposes new tokenomics with token buyback.

• TP ICAP comments on crypto.

• LedgerX finished acquisition process by MIAX.

• Biden opposes debt deal friendly to “crypto traders”.

MEME & NOTEWORTHY READS

• Vitalik Buterin’s read on overloading Ethereum consensus.

• @apolynya’s read on the efficiency of validity proofs.

• @ramahluwalia’s thread on insights from Bitcoin Miami 2023 conference.

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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.