WLFI Debut Implies $40B Valuation

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Good Morning,

Some weeks in crypto feel like a slow burn, others hit like a floodgate opening. This one belongs to the latter. From a Trump-backed token that already commands a $40B price tag before its first unlock, to Ethereum rewriting its all-time high.

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In Today's Email:

• What Matters: WLFI Debut Implies $40B Valuation 👀 

• Product of the Week: LayerZero Secures Stargate Acquisition 🤝 

• Charts: XPL Pre-Market Soars to $4.5B FDV, Ethereum Breaks ATH 📈 

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TOGETHER WITH

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WHAT MATTERS

WLFI Debut Implies $40B Valuation

State of play: World Liberty Financial, the Trump-linked DeFi project, will start its first token unlock on September 1, releasing 20% of allocations bought in the $0.015 and $0.05 rounds.

• The rest will remain subject to a governance vote, while team and founder tokens stay locked.

• Early investors must activate an on-chain “Lockbox” for compliance starting August 25.

• WLFI perpetuals launched this weekend on Binance, Bybit, and OKX, trading around $0.42 and implying a $40B fully diluted valuation.

• At that level, the Trump family’s 22.5B tokens could be worth over $9B, though not yet unlocked.

• The project is also pushing adoption of its USD1 and targeting a Coinbase listing, but political opponents warn Trump’s stake may pose conflict-of-interest.

Why it matters: A $40B FDV sets expectations high and puts Trump’s financial stake back in the political spotlight.

Our take: The market is pricing WLFI as more than just a meme token. Futures trading above $0.40 signals real demand, but once unlocks begin, sell pressure could test those levels. Political scrutiny will add volatility.

For builders and investors: Expect WLFI to be both a liquidity magnet and a political flashpoint.

PRODUCT OF THE WEEK

LayerZero Secures Stargate Acquisition

Stargate DAO has approved LayerZero Foundation’s acquisition bid with nearly 95% support, ending speculation around rival offers from Wormhole, Axelar, and Across. The $120M deal will dissolve Stargate DAO, allowing STG holders to swap into ZRO tokens.

• To appease veSTG holders, LayerZero pledged 50% of Stargate revenue for six months before shifting all excess revenue toward ZRO buybacks and burns.

• Although Wormhole made a last-minute $120M cash bid and other protocols signaled interest, the DAO vote was not paused.

• LayerZero called the acquisition one of the first private DAO deals over $100M, strengthening its position as a leading cross-chain infrastructure provider.

Other cool products:

• Football Fun, a skill-based sports prediction platform.

• Photo Finish LIVE, a simulation-style horse racing game.

• Pickle Charts, an all-in-one DeFi analytics and trading platform.

• Mantle Rewards, an official rewards station of the Mantle ecosystem.

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 👇

CHARTS OF THE WEEK

Plasma XPL Pre-Market Soars to $4.5B FDV

State of play: Plasma’s XPL token, set to launch later this year, is trading around $0.45 in pre-listing markets on Binance and Hyperliquid, valuing the project at $4.5B fully diluted.

• This marks a 10x jump from its July token sale, which raised $373M at a $500M FDV by selling 10% of supply at $0.05.

• Pre-market hype has driven funding rates to extreme levels, with long positions paying over 1,200% APY.

• Binance has also expanded its Plasma-linked USDT locked product to 1B USDT after overwhelming demand.

Our take: XPL’s pre-market surge shows strong demand for new Layer 1 tokens, but the 10x jump from its sale price and extreme funding rates suggest frothy conditions.

Ethereum Breaks ATH

State of play: Ethereum set a new all-time high above $4,878, surpassing its 2021 peak amid a wider crypto rally sparked by Fed Chair Powell hinting at rate cuts.

• ETH is up more than 40% YtD, fueled by surging inflows into spot ETH ETFs, strong demand from digital asset treasuries, and renewed institutional interest.

• Its market cap now stands at roughly $555B, with ETFs holding over $20B in assets.

• The milestone comes weeks after Ethereum’s 10th anniversary and follows momentum from the Pectra upgrade earlier this year.

Our take: Spot ETH ETFs and treasuries are now meaningful drivers of demand, suggesting this rally has more structural backing than past cycles.

QUICK BITES

• WLFI debut implies $40B valuation.

• Japan eyes 20% flat tax for crypto trades.

• Metaplanet wins seat at FTSE's Japan Index.

• IRS Crypto Head leaves for the private sector.

• Stargate DAO approves LayerZero acquisition.

• Ethereum finally breaks ATH record set in 2021.

• Saylor signals third consecutive Strategy BTC buy in August.

• Trump family went pro-crypto after Biden ‘weaponized' banks.

• Galaxy, Jump and Multicoin seek $1B to create SOL treasury firm.

• Philippines proposes 10,000 BTC strategic reserve with 20-year lockup.

NOTEWORTHY READS & MEME

• Ferb’s read on notes from trenches.

• Heaven’s read on Chapter 1: Ember.

• Lefty’s read on LIGHT: What Can Be, and What Is Starting to Happen.

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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.