Justin Sun Teases a Gasless Stablecoin
$665M in Daily Liquidations | Grayscale ETH Premium
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Good Morning.
The market is down badly, again. All this while we’re debating what the next infrastructure project will look like; will we decentralize the entire modular stack; can we do a 5x loop on LRTs' yield; do we need another new infra?
The answer is → trust your instinct.
In Today's Email:
What Matters: Justin's new stablecoin 💲
Product: Prediction games 🦆
Charts: $350M unlock, $665M liquidations 📉
Narratives: Look for blue-chip assets with high floats that can sustain the altcoin bear markets.
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TOGETHER WITH
Raremints
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WHAT MATTERS
Justin Sun Teases Gasless Stablecoin TX
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State of play: Tron Founder Justin Sun has teased his plans to develop a gasless stablecoin.
Users will be able to transfer the stablecoin without paying gas fees.
The stablecoin will launch on TRON in Q4 this year.
Sun has not shared the technical details or architecture of the project.
The new project plans to compete with the likes of PayPal’s PYUSD.
USDC transfers on Base are also currently gasless because Coinbase owns both entities.
What’s next: TRON is the most dominant chain for the largest stablecoin, USDT. This is an interesting move that will see how Justin tries to cement his dominance in the stablecoin space; maybe indirectly helping Tether's on the way.
For builders and investors: More competition is always better for builders to choose the solutions that they prefer.
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PRODUCT OF THE WEEK
Duel Duck: Crypto Prediction Games
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Duel Duck is a blockchain-based prediction gaming platform where you can place bets on sports, crypto prices, and gaming.
Users can choose pre-established trending topics and games, or customize one themselves.
There’s a duel and leaderboard element that has ties to points rewards.
It’s built on Solana.
Other cool products:
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CHARTS OF THE WEEK
$665M in Daily Liquidations
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Source: Velo
State of play: BTC dropped below $55,000 and caused more than $665M in liquidations in under 24 hours.
Mt Gox's selling pressure fear is becoming more apparent as the entity continues to make movements for payout.
230,000+ traders were liquidated according to Coinglass.
BTC and ETH faced $222.1M and $143.3M in liquidations respectively.
Our take: Don’t use leverage.
$350M Token Unlocks in July
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Source: TokenUnlocks
State of play: Altcoin supply emission continues with more than $350M forecasted to be unlocked for the rest of July.
TokenUnlocked outlines that there will be $3.5B+ in total getting unlocked in July.
XAI has the largest unlock with $70M remaining for the rest of July.
The remaining tokens that will get unlocked include WLD, APT, ARB, XAI, IMX, and STRK.
Our take: The market has clearly showed that it’s unable to absorb all of the altcoin supply emission — so, the faster we go through this, the sooner we’ll see the other side of the tunnel.
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QUICK BITES
Celo launches Dango L2 testnet.
Bitfinex says BTC faces low liquidity.
Solana starts the Firedancer bug bounty program.
US House plans to vote on overriding SAB 121 veto.
Justin Sun teases gasless stablecoin coming to Tron.
Multicoin promises $1M to back crypto-friendly candidates.
Grayscale Ethereum Trust switches to premium from discount.
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NOTEWORTHY READS & MEME
Asking infra boys what apps will be built on their layer
— Kim ⚡️ (@0xKimberly)
12:34 PM • Jul 7, 2024
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