ALSO: Jack Dorsey's "Bluesky" protocol opens waitlist, Coinbase waives fees for USDC-fiat conversions and more |
The biggest crypto news and ideas of the day |
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Hello and welcome to The Node. This is Daniel Kuhn and Xinyi Luo, here to take you through the latest in crypto news and why it matters. In today's newsletter: |
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Crypto Hopefuls Seek Value in Joke Tokens After Vitalik Buterin's Tweets: After Ethereum co-creator Vitalik Buterin tweeted a joke about "THE Protocol," enterprising jokersters went ahead and built the token – and a slew of other related meme coins. THE quickly rose to become one of the most-traded tokens on Uniswap, at ~$10 million in on-chain trading volume with over 5,000 holders. - THE was followed by other articles including THIS, THEY, THAT and other imitations on BNB Chain, Solana and other blockchains. The combined market capitalization now stands over $50 million.
- "Meme trading is a risky way to try to seek excessive return, but when it pans out, the upside can be very huge," James Wo, founder at crypto fund DFG, told CoinDesk.
Jack Dorsey-Backed Decentralized Social Network Bluesky Gets 30,000 Signups in 48 Hours: Bluesky, the decentralized social network initiative backed by Twitter founder Jack Dorsey since 2019, opened its waitlist on Tuesday for a "private beta." The so-called "decentralized standard for social media" hopes to replace companies like Twitter and Facebook with an overarching identity protocol for the internet. - Although crypto developer Jay Graber is leading Bluesky development, the "federated" network doesn't use a blockchain. Tho, knowing Dorsey, Bitcoin may play a part.
Crypto Exchange Coinbase Waives Fees for USDC and Fiat Conversions: Publicly traded crypto exchange Coinbase will no longer charge commission fees for USD coin (USDC) sales and purchases made in any fiat currency. The change will likely catalyze global adoption of its stablecoin, considering the dollar's relative strength in today's foreign exchange markets. – D.K. and Xinyi Luo |
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Putting the news into perspective |
(Trevor Jones for CoinDesk) In Craig Wright Verdict, Reality Prevails David Z. Morris writes about Craig Wright's latest legal defeat following a pre-emptive defamation suit filed by Bitcoin influencer Hodlnaut in Norway. The judge found Wright, who still inexplicably claims to have invented Bitcoin, lacked evidence tying him to Satoshi Nakamoto. Morris links this ruling to other recent developments (from Alex Jones' near-billion-dollar fine to Elon Musk agreeing to overpay for Twitter) where it seems like reality has prevailed. Read the full article here. |
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Overheard on CoinDesk TV... |
"We see anything but a winter. We see all time highs across all forms of development activity." – Jason Shah, Alchemy product manager, on CoinDesk TV's "First Mover" |
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The Folks Jack Dorsey Tapped to Make a 'Decentralized' Social Platform Now Have a Beta (Gizmodo) South Korea Says Report Do Kwon Transited Via Dubai 'Not False' (Bloomberg – paywalled) ZkSync to launch on mainnet this month: What you need to know (The Block) Skeptics Decry Crypto Bill and SBF's 'Industry Norms Manual' as Bad for DeFi (The Defiant) Venture capitalists hate gaming but love play-to-earn token prices (Protos)
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