Wintermute’s Ethena Revenue Share Proposal Approved

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Good Morning.

The market is still up and to the right with many meme tokens doing a 10-20x in the past week while most of us are busy escaping the traffic in Bangkok. FOMO is real and it’s more important than ever to lock it in.

In Today's Email:

• What Matters: Ethena Revenue Share ✅ 

• Product: ETHGlobal Hackathon's 10 Finalists 🏆️ 

• Charts: XRP Surges 25%, Token Listings Trends 📈 

You read and share. We listen and improve. Send us feedback at [email protected].

TOGETHER WITH

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WHAT MATTERS

Wintermute’s Ethena Revenue Share Proposal Approved

State of play: The Ethena Foundation has approved Wintermute’s proposal to overhaul how Ethena protocol revenue is allocated. This initiative aims to address the misalignment between growth and benefits for staked ENA (sENA) holders.

• Wintermute highlighted that while the Ethena Protocol generates significant revenue, sENA holders do not directly benefit, creating a disconnect.

• The approved changes propose allocating a portion of the revenue to sENA and related programs.

• The foundation confirmed that "100% of future revenue" will accrue "to the benefit of the protocol and will not be shared with any 'Labs' or development services provider entity, including but not limited to Ethena Labs."

• The foundation also said the use of revenue for specific purposes outside of sUSDe rewards and the Reserve Fund would be determined via governance.

• Wintermute also urged transparency regarding past revenue allocation to ensure it adhered to benefiting the protocol.

What’s next: The foundation has set November 30 as the deadline to finalize the parameters for activating the fee switch.

For builders and investors: We’ll see more profitable protocols aggressively turning on fee switch because of the change in the regulatory regime.

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

ETHGlobal Hackathon's 10 Finalists

ETHGlobal hosted a record-breaking hackathon in Bangkok, Thailand, featuring 713 projects competing for $750,000 in prizes.

• Judges, including Ethereum co-founder Vitalik Buterin and Aave founder Stani Kulechov, selected ten finalists targeting high-growth areas in crypto.

• Gaming emerged as a dominant theme, with four projects in the top ten.

• ETHGlobal's next hackathon is scheduled for April 2025 in Taipei.

Here is the list of the finalists:

• Metaloot: A launchpad connecting games to the Flow blockchain.

• LootGO: A "walk-to-earn" memecoin hunt game.

• BubbleWars: A Telegram-based game leveraging Ethereum referrals.

• Dark Factory: Combines the gameplay of Dark Forest with Factorio’s automation mechanics.

• MiniDAO: A Telegram bot enabling DAOs with wallet control by group members.

• DAOGenie: Uses AI agents to automate DAO tasks like purchases, donations, and communications based on votes.

• Industry.ai: Features four AI agents collaborating to handle complex blockchain operations.

• Zubernetes: A distributed system for orchestrating secure containerized workloads using ZK-proof verification.

• ETHPark-QR: Facilitates QR code parking payments in Thailand without requiring a local Thai bank account.

• Cat in a Box: A platform for sharing private data securely and engaging in decentralized science experiments (DeSci).

Other cool products:

• DexRouting, an IBC DEX aggregator.

• Rainbow, a swap aggregator on TON.

• Crafterscoin, a Solana token launchpad.

• 0xequity, a mobile app for RWA and DeFi investing.

• Paribus, an AI-backed, cross-chain, borrowing and lending protocol.

CHARTS OF THE WEEK

XRP Surges Amid Regulatory Optimism and ETF Filing

State of play: Ripple’s XRP token has surged nearly 25% in the past 24 hours, reaching $1.13—the highest since November 2021. This rise has added approximately $20B to its market cap, now at $65B.

• Optimism surrounding a favorable regulatory environment and progress in Ripple's legal battle with the SEC are driving factors.

• Additionally, 21Shares filed for an XRP ETF, mirroring its spot Bitcoin and Ethereum ETFs, further boosting market sentiment.

• Significant on-chain activity accompanied the price spike, with over $316M in XRP transfers reported within two days.

Our take: XRP has arguably been hit the hardest by the regulatory regime in the US, so it’s not too surprising that it has been benefitting the most from the recent change.

Shifting Trends in Token Futures Listings

Credits to 0xSynthesis1 for the original tweets

State of play: Token futures listings on major exchanges have struggled in 2024, with the median token losing 10-20% in value within the first month post-listing.

• Traditionally, tokens rallied after listing announcements and in the early trading days, accompanied by negative funding rates and rising OI.

• Listings with higher funding rates and larger OI increases during this period typically outperform their peers.

• While listings enhance liquidity and efficiency, they also reduce returns and volatility, limiting extreme price moves.

However, a shift may occur as tokens like ACT, PNUT, and MOODENG have seen significant gains post-listing.

• According to Yi He the co-founder of Binance, the listing fee for tokens like ACT, PNUT, and MOODENG is zero.

• Rising competition among exchanges and a focus on meme coins have fueled market excitement, potentially reversing the trend of lackluster performance.

• Sentiment around new launches may improve further, driven by changing market dynamics.

QUICK BITES

• Quantoz launches MiCA-compliant stablecoins.

• SEC chair Gary Gensler's comments suggest exit is near.

• Aave gauges community interest in expansion to Bitcoin L2.

• Spot bitcoin ETF options are one step closer to going live.

• Thala recovers $25M following successful hacker negotiation.

• Polymarket bettors see Lutnick as the Treasury Secretary's favorite.

• Crypto ATM operator Bitcoin Depot reports Q3 revenue of $135.3M.

• XRP rises over 20% spurred by regulatory environment and ETF filing.

• Crypto.com expands services in Australia through the latest acquisition.

• Razzlekhan’s Husband gets a five-year prison sentence for Bitfinex hack.

NOTEWORTHY READS & MEME

• zac.eth’s read on pumpdotscience.

• Cap’n Jack Bearow’s read on memecoin LP II.

• Zeus’ read on OlympusDAO first call in 3 years.

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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.