Trump Supports Crypto in America

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Good Morning.

Meme coins and ETH beta rallied over the weekend, with LDO and PEPE leading the pack. Seems like the market hasn’t fully priced in the Ethereum ETF approval. Onward and upward!

In Today's Email:

• What Matters: Trump supports crypto 🧑🏼

• Product: STEPN’s new move-to-Earn 👟 

• Charts: High-TPS chains, 2024 top sectors 📈 

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WHAT MATTERS

Trump Voiced Support for the Crypto Industry

State of play: Former US President, crypto skeptic, and 2024 Republican candidate Donald Trump voiced strong support for the crypto industry.

• He stated that the US “must be the leader” in crypto.

• Trump also said that Joe Biden, the current US President, wants the crypto industry to “die a slow and painful death.”

• The Trump campaign launched a tool allowing contributors to donate in crypto like Bitcoin, Ether, Solana, Dogecoin, and Shiba Inu.

• In recent years, Trump voiced skepticism toward crypto, believing the dollar should remain primary and Bitcoin should be highly regulated.

• Trump also pledged to commute Silk Road founder Ross Ulbricht's life sentence to time served if re-elected.

What’s next: In the Libertarian National Convention, Trump said that he “will ensure that the future of crypto and the future of bitcoin will be made in the USA, not driven overseas. I will support the right to self-custody.”

• Trump also said that he “will keep Elizabeth Warren and her goons away from your bitcoin, and I will never allow the creation of a central bank digital currency.”

Our take: Crypto is now a partisan issue. The political power and sway that crypto now has is much larger than initially anticipated.

• The crypto PAC is the 3rd largest in the nation.

For builders and investors: This update combined with the Ethereum ETF approval have significantly shifted the market dynamics for the coming few quarters.

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

STEPN GO: A Move to Earn App

Find Satoshi Lab (FSL) recently announced Stepn Go, a social mobile game that combines move-to-earn mechanics with social interaction. Following the success of Stepn and Gas Hero, this marks FSL's third web3 game.

• Stepn Go allows players to earn rewards through physical movement, enhanced by social features to meet interactive demands.

• The new “Haus" system lets users lend NFT Sneakers to others, fostering social connections and introducing non-crypto players.

• Stepn Go also introduces Go Game Token (GGT), which acts as a reward and can be earned by walking or running with NFT Sneakers.

• To maintain economic sustainability, users must burn Sneakers to obtain Energy and increase the Energy Cap.

• Stepn Go will be rolling out these mechanisms gradually to ensure smooth integration and an optimal environment.

Other cool products:

• Solutio, an idea sharing and crowdfunding dApp.

• Blocksmiths.pro, a token creator tools on Solana.

• TokenIgnite, a simple token creation platform for multiple chains.

• Klave, a privacy-enabling, zero-trust PaaS for WebAssembly apps.

• ForkScreener, an explorer for Crypto ICO, IDO and Trending projects.

CHARTS OF THE WEEK

High-TPS Chains Exceed 5M Daily Active Addresses

Credits to OurNetwork for the original report.

State of play: Over the past year, new chains and upgrades have launched, providing many high-performance blockchains for users. The ecosystem has grown rapidly, reaching over 5M daily active addresses (DAA) by May 2024.

• NEAR, Solana, and Sui each boast over 1M DAAs.

• Sui's active addresses have surged due to new applications like SPAM and Fan TV.

• High-performance blockchains significantly reduce fees, often below $0.1, with many under $0.01.

• NEAR, Solana, Scroll, StarkNet, and Flow have experienced over 100% TVL growth in the past 3 months.

• "Solana Spring" is in full bloom as TVL nears $5B.

Our take: Investors and users need to be wary as there might be a clicker-type application that skews the perception of onchain metrics.

Top 10 Sector Performances in 2024

Credits to Artemis for the original tweet.

State of play: Artemis shared the performance of tokens by sector. The meme coin sector is the highest performer so far with a 136% increase YTD, while Bitcoin and Ethereum have seen 58% and 59% increases YTD, respectively.

Here are the top 10 sectors based on performance in 2024:

1. Meme Coin: +136%

2. Utility & Services: +67%

3. DePIN: +66%

4. CEX: +65%

5. Ethereum: +59%

6. Bitcoin: +58%

7. AI: +55%

8. Data Services: +42%

9. Smart Contract Platforms: +21%

10. RWAs: +18%

Our take: The barbell strategy between meme and majors continue to dominate.

QUICK BITES

• Racer hints at leaving Base.

• TON’s TVL surpasses $300M.

• Ethereum targets Q1 2025 for the Pectra upgrade.

• Coinbase tries another push to appeal its SEC case.

• Caitlyn Jenner exploited X account promoted memecoin.

• Binance Executive faints in Nigerian Court during ML trial.

• BitGo can proceed with its $100M suit against Galaxy Digital.

• Trump pledges to free Ross Ulbricht, stop CBDCs and support self custody.

NOTEWORTHY READS & MEME

• FomoSol’s read on shitcoin learnings.

• 0xKyle’s read on the ETH ETF trade idea.

• S. Brennan’s read on the FIT21 token launch flow chart.

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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.