Monad $2.5B Valuation ICO

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Good Morning.

It has been a fairly eventful week from ICOBeast getting his MegaETH allocation revoked, to the market bouncing slightly, to Monad doing an ICO at $2.5B valuation, and UNI finally planning to turn on its fee switch.

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In Today's Email:

• What Matters: China accuses US stole $13B in BTC 👮

• Case Study: Lighter points speculation 📈 

• Governance & Features: UNI fee switch 🕹️

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WHAT MATTERS

China: US Stole $13B in BTC Hack

State of play: China’s cybersecurity agency said the US government has orchestrated a cyber theft worth about $13B in BTC.

• Reportedly, 120,000+ BTC was stolen from the Chinese-based LuBian mining pool in December 2020.

• The mining pool grew to become the 6th largest on the BTC network before shutting down.

Why it matters: The incident was described as a “state-level hacker operation” likely led by the US.

Our take: It’s unclear how this situation will develop, but it won’t be surprising if state level actors have tried to do this in the past.

For builders and investors: Not your key not your coins!

CASE STUDY

Lighter Points Speculation Post Funding

Perpetual DEX Lighter has raised a $68M round at a $1.5B valuation from Founders Fund, Ribbit Capital, Haun Ventures, and Robinhood.

• Lighter points has traded OTC between $80-100 in the past few weeks.

• This fundraising effectively means that the venture funds are pricing the points at $37.5 per Lighter point.

• Prediction markets are pricing Lighter FDV at 83% above $2B at launch.

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INSIGHTS

Monad Announces Public Sale

Monad announces its public sale on Coinbase’s ICO platform. The sale starts on November 17th and will be accessible in 80+ countries.

Details:

• 7.5% of the total token supply will be sold

• The valuation is $2.5B; in total Monad will raise $187.5M.

• Participants can bid up to $100k

FEATURES & GOVERNANCE UPDATE

Uniswap Proposes Fee Switch & $800M Burn

Uniswap leadership has proposed activating a fee switch and divert a portion of protocol revenue towards burning UNI tokens.

• The proposal would send UNI token to a “token jar”.

• UNI holders would then be able to destroy their UNI tokens and withdraw an equivalent amount of crypto from the token jar.

• This process would reduce the UNI supply.

• The proposal also seeks to burn ~100M UNI tokens worth almost $800M.

• This amount equals the number of UNI tokens that would have been burned had the fee switch implemented since several years back.

Other notable feature updates:

• Neutrl introduces NUSD.

• Jupiter integrates with Robinhood Wallet.

• Balancer proposes to move all liquidity to v3.

• Stables Labs announces a restoration agreement.

QUICK BITES

• Lighter raises $68M at a $1.5B valuation.

• SoFi launches crypto trading for consumers.

• China accuses US of stealing $13B in Bitcoin hack.

• CleanSpark to raise $1B in convertible note offering.

• Polymarket partners with fantasy sports app PrizePicks.

• Upexi posts record quarter with $78M in unrealized SOL gains.

• Coinbase calls off $2B deal to acquire stablecoin startup BVNK.

• Injective rolls out native EVM support on its Cosmos-based chain.

• UNI token soars 30% as the protocol propose fee switch activation.

• Coinbase launches savings account in the UK, offering 3.75% interest.

• Prosecutors seek new trial for MIT brothers after $25M ETH fraud case.

• StanChart and DCS partner to support stablecoin credit card in Singapore.

• ClearToken wins UK approval for crypto and tokenized asset settlement system.

• DBS and JPMorgan to develop interoperability framework for tokenized deposits.

NOTEWORTHY READS & MEME

• Lai Yuen’s read on the Monad ICO.

• Bubble Maps’ read on aPriori airdrop.

• Otim’s read on stablecoin orchestration.

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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.