USDC tx via Whatsapp

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Happy Humpday 🐪. There doesn’t seem to be any bump in the crypto markets. The total market cap is inching closer to $1.7T. BTC touched $44,000 and BRC-20 is the leading performer amongst altcoin sectors.

In Today's Email:

• What Matters: Send USDC via chat 💬

• Case Study: $19M crypto lobbying 👩‍⚖️

• Governance & Features: Mantle liquid staking 🔒

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TOGETHER WITH

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• Whether it’s token compensation, tax compliance, or visa and immigration support, Toku has it all covered.

Leading crypto organizations like Protocol Labs, Filecoin Foundation, Gitcoin, Maker, Gnosis, and Safe are trusting Toku for their employment solutions.

Partner with Toku and transform the way you hire and compensate your global team!

WHAT MATTERS

Coinbase Wallet Enables Stablecoins Tx via Messaging Apps

State of play: Coinbase revealed updates to its decentralized Wallet introducing a feature enabling users to send funds through text messages on platforms like Telegram, iMessage, or WhatsApp via shareable links.

• A distinctive aspect of Coinbase Wallet is its user-controlled private keys, eliminating the need for a KYC process before usage.

• Users can send USDC on Coinbase Wallet free of charge.

• Coinbase Wallet users can also use the messaging feature for sending Bitcoin and other cryptocurrencies, but this may incur network fees.

• Recipients of USDC via text can directly access the link in Coinbase Wallet. If they don't have the app, they receive a one-click prompt to install it and receive the funds.

• Coinbase also announced support for FIAT on-ramps in over 130 countries.

Why it matters: We predict that onchain messaging <-> crypto social <-> micropayments are the trifecta necessary for the next crypto bull market cycle, especially as the dApps in the industry are gearing towards the consumer side.

For builders and investors: You need to be adaptive and have different strategies for different markets. Coinbase is being super agile, even as a public company.

• Projects that solely focus on RWA, especially those that are building on the back of high T-Bill rates, will struggle when interest rates go down.

• This payment + messaging strategy is on time for the bull market

CASE STUDY

US Crypto Companies Spent $19M on Lobbying

State of play: The cryptocurrency industry was poised to set a new record for federal lobbying spending, with firms allocating $18.96M in the first three quarters of 2023.

• This marked an increase from the $16.1M spent on lobbying during the same period in 2022.

• Last year, crypto companies including FTX spent nearly $22M on lobbying in total.

• Coinbase maintained its lead, spending $2.16M in lobbying efforts. Following suit were Foris DAX (operator of Crypto.com), the Blockchain Association, and Binance Holdings.

• Lobbying efforts intensified following the SEC's June lawsuit against Coinbase and Binance, alleging failure to register tokens—an assertion denied by both platforms.

• Crypto companies have actively pursued favorable legislation in the House of Representatives.

• A notable success came in July when a congressional committee passed two significant bills.

• Coinbase, following its grassroots advocacy campaign launched in September, is set to sustain its momentum with additional meetings with lawmakers in the upcoming weeks, as per a spokesperson.

What’s next: Crypto companies are increasing their presence in Washington.

• This could lead to “favorable legislation” or more “reasonable enforcement” for the crypto industry

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 👇

INSIGHTS

Charlie Munger’s Take on Crypto

In a conversation between John Collison and Charlie Munger, the late Munger (RIP legend) expresses a negative view of crypto, stating that he prefers gold over crypto.

• He believes cryptocurrency should have been deemed illegal and criticizes it as a "scumball activity."

• Munger argues that gold, with its historical use as a currency, is reasonable, while cryptocurrency is unnecessary and promotes delusion.

• He emphasizes the need for a currency backed by something, and despite the potential advantages of cryptocurrency, Munger insists on its illegality.

Why it matters: In this globalized world that’s increasingly multipolar and digital-first, fighting against a digital form of money is pointless.

Case in point:

FEATURES & GOVERNANCE UPDATE

Mantle Lanches Liquid Staking Protocol

Mantle LSP & mETH is now officially live.

• Mantle LSP is fully non-custodial and features a modern design focused on maintaining the integrity of the $ETH:$mETH process on L1, without introducing complexities from other PoS tokens and chains.

• 3,609 validators are securing the liquid staking protocol.

• 43,314 ETH (almost $100M) has been staked.

• The current mETH APY is 3.87%

• On December 10, the mainnet v1 will go live with a 250,000 mETH cap.

Here is the link technical document of Mantle LSP.

Why it matters: Liquid staking is a DeFi vertical that has proven to be extremely lucrative and opened up a lot of composability opportunities.

• For Ethereum L2 protocols, owning their own LSP ensures better control over their users’ value chain experience.

Other notable feature updates:

• Econia launches on Aptos.

• Hyperliquid launches NFTI.

• Yearn V3 launches on Polygon.

• DFlow Swap goes live on Ethereum.

• StakeWise V3 goes live on Ethereum.

• Cryptex launches V2 (Pi) on Arbitrum.

• Rage Trade launches v2 public beta.

• Wildcat goes live on the Ethereum mainnet.

• Solana Derivatives Exchange launches on Solana.

QUICK BITES

• Mantle launches liquid staking protocol.

• SEC delays decision on Grayscale’s spot Ethereum ETF.

• IMB introduces new cold storage tech for crypto assets.

• GateIO blames volume spike on clients’ quant strategies.

• Bitcoin community in divide over inscription technology.

• Rep. Maxine Waters calls for crypto informational sessions.

• Crypto-friendly Rep. McHenry won’t be seeking re-election.

• Crypto(.)com secures UK electronic money institution license.

• BlackRock & Bitwise file updated spot Bitcoin ETF applications.

• Franklin Templeton’s CEO comments on crypto and Bitcoin ETFs.

• Coinbase Wallet enables users to send stablecoins on messaging apps.

NOTEWORTHY READS & MEME

• 0xSmac’s read on the Solana thesis.

• Dirty Bubble Media’s read on Tether’s secret loan portfolio.

• Archetype’s read on MEV & the evolution of crypto exchange, part II.

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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.