A recent update reveals that the Shiba Inu team has been working hard to prepare for the blockchain launch of SHIB Eternity, despite the recent drop in SHIB's price. According to Lucie, a key member of Shiba Inu’s development team, the blockchain version of the SHIB Eternity game will launch soon. Another exciting update is the forthcoming TREAT tokens, which will play a significant role in SHIB Eternity. Lucie, the marketing lead for the team, shared these updates on social media.

SHIB Eternity is a free-to-play collectible card game for mobile devices, where users play against others using unique Shiboshis. The game includes an in-game currency called Kibbles, which players earn along with XP as they win matches. SHIB Eternity is popular among SHIB fans, and there are plans to integrate it into the Shibarium platform.

Although many game details are still under wraps, developers have shared some hints. According to Lucie, the blockchain version will be quite different and could increase transaction volume in the Shiba Inu ecosystem, possibly leading to significant SHIB burns. “Shiba Eternity is getting very, very close!” Lucie announced.

A major feature of SHIB Eternity is the introduction of TREAT tokens, which will be important in the game. Lucie mentioned that TREAT will likely serve the same function as Kibbles in the mobile version, allowing players to make in-game purchases, upgrades, and customizations. Additionally, the game will enhance the utility of BONE, another Shiba Inu token.

BONE, currently used for gas fees on the Shibarium network, will also be usable for transactions within SHIB Eternity, including upgrades and customizations for Shiboshis. Shiboshis are NFTs that provide access to SHIB Eternity gameplay. Lucie noted that players need to own or rent the real NFT Shiboshi to play with others on the blockchain version of the game.

The Shiba Inu team continues to innovate, preparing for the blockchain launch of SHIB Eternity and the introduction of TREAT tokens. These updates could significantly impact the SHIB ecosystem, providing new opportunities for engagement and growth. Despite recent market challenges, SHIB enthusiasts have much to anticipate as these developments unfold.

The US Securities and Exchange Commission (SEC) has rejected Ripple's attempt to use the Terraform Labs settlement to contest a proposed $2 billion fine. The regulator declared that the comparison is invalid due to major differences between the cases.

Ripple contended that the SEC's demand for a $2 billion penalty is too high, noting that the SEC only sought a 1.27% penalty from Terraform Labs, despite its $33 billion in sales and fraudulent activities causing over $40 billion in losses.

The SEC criticized Ripple's use of inappropriate comparisons and flawed calculations. The regulator asserted that comparing Ripple’s situation to Terraform Labs is invalid because Terraform Labs is bankrupt and agreed to severe penalties, unlike Ripple.

The SEC highlighted several significant differences between the two cases. Terraform Labs is shutting down operations, destroying keys to all its crypto asset securities, agreeing to substantial restitution to investors, and removing two board members involved in the violations. Ripple has not agreed to any such measures.

The SEC emphasized that penalties for wealthy defendants like Ripple, who do not recognize their violations, should be higher. Ripple’s comparison based on penalty ratios is flawed because it ignores gross profit. The appropriate penalty, considering gross profit, would be much higher than Ripple suggested.

The SEC argued that applying Terraform’s penalty ratio to Ripple’s $876.3 million in gross profits would result in a $102.6 million penalty, not the $10 million Ripple proposed. Ripple avoids comparing the Terraform settlement's penalty to the gross profit of the violative conduct, which is significantly higher.

Ripple has been in a legal battle with the SEC since 2020. The SEC accused Ripple of using XRP as an unregistered security to raise funds. Last year, Judge Analisa Torres ruled that XRP is not a security in exchange programmatic sales but is considered a security in direct sales to institutional investors. Since then, Ripple and the SEC have been disputing the appropriate penalties.

The SEC insists that Ripple's argument is flawed, stressing that penalties should reflect the seriousness of violations and Ripple's financial status. The comparison to Terraform Labs, which is winding down and agreed to severe penalties, does not apply to Ripple’s situation.

Ripple claims that the SEC's $2 billion fine is disproportionate and should be aligned with the ratio used for Terraform Labs. However, the SEC argues that this ratio is inappropriate for Ripple due to the differences in financial conditions and actions of the two companies.

The SEC’s dismissal of Ripple’s comparison to the Terraform Labs settlement underscores the complexities in determining appropriate penalties in high-profile cryptocurrency cases. This ongoing legal battle is crucial for the regulatory landscape and will have significant implications for Ripple and the broader cryptocurrency market.

MicroStrategy, a leading American business intelligence company, plans to increase its Bitcoin holdings by purchasing $700 million worth of BTC. The firm has increased its original $500 million convertible notes offering to $700 million, aiming to use the proceeds to buy Bitcoin. This large purchase might boost Bitcoin's price due to increased demand amid market volatility.

In a recent announcement, MicroStrategy revealed the sale of $700 million in convertible notes, which it plans to use for buying more Bitcoin. These notes, offering a 2.25% interest rate and maturing in 2032, will be sold privately to qualified institutional investors. The firm also offers an option for these investors to buy an extra $100 million in notes within 13 days of issuance.

The proceeds from the sale, estimated at $687.8 million after expenses, will go towards acquiring Bitcoin for general corporate purposes. If investors buy the additional $100 million in notes, the total proceeds could reach $786 million.

MicroStrategy's first-quarter 2024 financial results show it holds 214,400 BTC valued at $7.54 billion, with an average purchase price of $35,180 per BTC. This makes MicroStrategy the largest Bitcoin holder among public companies, with a market capitalization of approximately $26.53 billion as of June 14, 2024.

Despite past losses, MicroStrategy remains committed to growing its Bitcoin reserves, now owning about 1% of all Bitcoin in existence.

Bitcoin's price is currently falling due to selling pressure from miners who have sold over 1,200 BTC worth $79.20 million. As of now, Bitcoin's value has dropped to $66,145, down 4.70% in the last seven days, according to CoinMarketCap. However, MicroStrategy's upcoming $700 million Bitcoin purchase could trigger a price rebound during this market correction.

A crypto analyst known as ‘Jelle’ stated on X (formerly Twitter) that Bitcoin has been in a major re-accumulation phase for the past three months. Investors have been buying more BTC, taking advantage of the price drop in anticipation of future gains. Over the past three months, the total Bitcoin balance on exchanges has decreased by 200,000 BTC, indicating strong accumulation.

MicroStrategy's ongoing strategy to increase its Bitcoin holdings, combined with the current accumulation trend among investors, might lead to a significant price surge. As the company prepares to invest an additional $700 million into Bitcoin, the market eagerly awaits the potential impact of this substantial investment.

The Swiss Financial Market Supervisory Authority (FINMA) has shut down the crypto-linked FlowBank SA, citing financial instability and significant operational issues. This decision highlights serious breaches of the bank’s capital requirements and questions about its overall financial health.

On June 13, FlowBank SA was closed by FINMA due to insufficient capital to operate. The report indicated that the bank was "over-indebted" and unable to meet the necessary capital requirements. FINMA stated, “FlowBank SA no longer has sufficient capital for its operations as a bank. The minimum capital requirements, which must be met at all times, have been significantly and seriously breached.”

FlowBank had been on FINMA’s watchlist since 2021 due to serious regulatory breaches. The bank failed to meet capital requirements and lacked proper organization and risk management. FINMA imposed several measures to restore compliance, including appointing an independent auditor. However, ongoing compliance issues and capital ratio breaches worsened the situation. In June 2023, FINMA appointed an overseer to monitor FlowBank’s activities.

The findings revealed repeated violations and numerous organizational deficiencies, leading to the decision to shut down the bank. FINMA noted that FlowBank engaged in high-risk business relationships and processed large transactions without proper checks.

FlowBank acknowledged its closure in a letter to clients, mentioning the revocation of its bank and securities licenses. FINMA assured that deposits up to 100,000 Swiss francs (around $111,710) are protected, with refunds to be processed within seven working days. The law firm Walder Wyss AG will oversee the bankruptcy process. The status of customers’ crypto deposits remains uncertain and will be determined by the liquidator, who will decide if cryptocurrencies are considered “claims on the bank” or custody assets.

FINMA stated, “FINMA’s primary aim is to protect depositors. The liquidator will repay deposits up to CHF 100,000 (privileged deposits) to clients as quickly as possible. Current calculations suggest these deposits can be fully repaid from the bank’s available funds. We do not expect the Swiss banks’ deposit insurance scheme (esisuisse) to be involved. Client custody accounts will also be segregated and repaid.”

Switzerland, known for its crypto-friendly stance, has several banks supporting digital assets, including AMINA (SEBA), Maerki Baumann, and Swissquote. The closure of FlowBank shows Switzerland’s commitment to strict operational standards for crypto institutions. This action aims to prevent incidents similar to the FTX collapse and ensure that only compliant platforms can operate.

The closure of FlowBank SA by FINMA highlights the importance of strong financial health and strict regulatory adherence in the crypto banking sector. While Switzerland remains a favorable environment for digital assets, the FlowBank case shows the regulatory rigor needed to ensure stability.

Customers can expect protection for their deposits up to the insured limit, but the handling of crypto assets will depend on the liquidation process. As the crypto banking sector evolves, maintaining high compliance and financial health standards will be crucial for these institutions.

UwU Lend, a DeFi lending protocol, has suffered two attacks within three days, losing a total of $23 million. The second attack occurred on Thursday while the protocol was trying to reimburse users from the first hack.

On June 10, UwU Lend was struck by a sophisticated attack, resulting in a loss of $19.3 million. The attackers used flash loans to exploit the protocol. In response, UwU Lend paused its operations and assured users that most assets were secure. They also offered a $4 million white hat bounty for the return of the stolen funds. The stolen assets included Wrapped Ethereum (wETH), Wrapped Bitcoin (wBTC), Curve DAO (CRV), Tether (USDT), Staked USDe (sUSDE), and others.

Blockchain security firm Beosin revealed that the attacker manipulated the price of USDe (USDE) by swapping it for other tokens using flash loans. This devalued USDe and sUSDE. After the price manipulation, the hacker deposited some tokens into UwU Lend and borrowed more $sUSDe than expected, driving USDe’s price higher. Similarly, the attacker deposited the sUSDE to UwU Lend and borrowed CRV.

By Wednesday, UwU Lend announced they had identified and fixed the vulnerability, unique to the sUSDE market oracle. The protocol was unpaused, and markets were gradually reopened. The team assured users that their funds were safe and that all bad debts would be repaid.

Just as the situation seemed under control, a second attack was reported on Thursday during the reimbursement process. This time, the same attacker drained another $3.7 million from the protocol and converted the funds back to ETH. The affected pools included uDAI, uWETH, uLUSD, uFRAX, UCRVUSD, and uUSDT.

The crypto community reacted with concern, questioning the safety of their funds. Many joked that the funds were not “safu” but were “with Sifu,” referring to UwU Lend’s founder Michael Patryn, also known as Sifu. Patryn, a co-founder of the collapsed QuadrigaCX, is currently under investigation by Canadian authorities for his involvement in the exchange’s criminal activities.

UwU Lend has paused the protocol again this week to investigate. Reports indicate that the second exploit was caused by a vulnerability similar to the first attack. MetaTrust Labs explained that the hacker used 60 million uSUSDE obtained from Monday’s hack as collateral to drain the pool.

This series of events led users to question whether the UwU Lend team knew about the tokens in the attacker’s wallet and why they didn’t stop supporting the sUSDE collateral.

As of now, UwU Lend has not provided an official explanation for the second exploit. Users are left wondering how a similar attack could happen so soon after the first and whether the protocol’s security measures are adequate to prevent future breaches.

The challenges faced by UwU Lend highlight the vulnerabilities in DeFi protocols and the importance of strong security measures. As the investigation continues, the DeFi community will be closely watching to see how UwU Lend addresses these issues and what steps they take to restore user confidence.

UwU Lend’s recent experiences highlight the risks involved in DeFi protocols. The quick succession of attacks has shaken user confidence and raised important questions about the protocol’s security. As the investigation unfolds, UwU Lend must address these vulnerabilities and implement stronger safeguards to protect their users and assets. The outcome will have significant implications for the broader DeFi ecosystem, emphasizing the need for continuous improvement in security practices and protocols.

Jurrien Timmer, Fidelity Investments’ Director of Global Macro, recently explained why Bitcoin adoption has slowed down. According to Timmer, the growth of Bitcoin's network has not kept pace with its price increases, causing this slowdown. He sees Bitcoin as “exponential gold” and a potential store of value, but highlights the need for network growth to sustain price movements.

Timmer points out that Bitcoin’s price is closely tied to its network growth, which is influenced by scarcity, monetary policies, and market sentiment. Despite rising prices, Bitcoin’s network growth has lagged, creating a gap that might explain the slowdown in adoption. Timmer compared Bitcoin and Ethereum’s growth to historical technological advancements, noting that Bitcoin’s network follows a power curve, with prices fluctuating around it, leading to a unique boom-bust cycle.

Timmer believes the gap between price and network growth could explain why Bitcoin’s adoption has slowed. He suggests that for Bitcoin to reach new highs, its network must grow faster. This could be driven by changes in fiscal policy. Veteran trader Peter Brandt noted diminishing returns in each bull market cycle, suggesting the current cycle might be ending. Timmer agreed, pointing to the nature of price discovery as Bitcoin matures.

Ki Young Ju, CEO of CryptoQuant, added insights on Bitcoin’s slower adoption. He noted that Bitcoin’s circulation velocity is at its lowest since 2013 but doesn't see this as negative. Ju argues that Bitcoin has shifted from being “P2P Electronic Cash” to “Digital Gold,” with institutions holding it long-term rather than frequently trading it. This shift means traditional adoption metrics may no longer apply. He suggested analyzing Bitcoin transactions differently to better understand its use.

Ju’s views align with the increasing interest from institutions in Bitcoin. For example, Canadian fintech company DeFi Technologies recently made Bitcoin its treasury reserve, buying 110 BTC. Similarly, Japanese firm Metaplanet adopted Bitcoin as its core reserve asset and added another 23.35 BTC in June, totaling 141.07 BTC.

Insights from experts like Timmer and Ju, along with rising institutional investments, highlight the gap between Bitcoin’s price and network growth. Despite slower adoption, the evolving uses of Bitcoin and growing institutional interest suggest Bitcoin’s future remains promising. As more institutions adopt Bitcoin as a reserve asset, its network growth and price dynamics may continue to evolve, leading to new developments in its adoption and market behavior.

In summary, Bitcoin adoption has slowed due to lagging network growth compared to price gains. However, this does not reduce Bitcoin’s potential as a key financial asset. With ongoing institutional interest and changing usage patterns, Bitcoin remains a significant player in the cryptocurrency world.

In its legal battle with the U.S. Securities and Exchange Commission (SEC), Ripple Labs Inc. has filed a new notice to the Southern District of New York. This document, dated June 13, 2024, aims to influence the court’s view on the SEC's proposed penalties and final judgment.

Ripple's lawyers, led by Michael K. Kellogg, have referenced a similar case against Terraform Labs. In the SEC vs. Terraform Labs Pte. Ltd., Terraform and CEO Do Hyeong Kwon were found guilty of massive securities fraud. On June 12, 2024, the court ordered Terraform to pay about $3.59 billion in disgorgement and a $420 million civil penalty, which is around 1.27% of their $33 billion sales.

Ripple argues that the penalties in their case are too high compared to the Terraform case. The SEC’s treatment of Terraform involved fraud and large investor losses, but Ripple is not accused of fraud.

Ripple contends that the SEC's penalties are too severe. They cite other cases where penalties were between 0.6% and 1.8% of revenues. Ripple's filing states: “The civil penalty sought by the SEC in Terraform demonstrates the unreasonableness of the civil penalty sought by the SEC in this case.” Ripple insists that these penalties are unfair and excessive, especially since their case lacks direct financial harm to institutional buyers.

By comparing their case with Terraform's, Ripple aims to show inconsistencies in the SEC’s penalties. This move is meant to argue for fairer treatment and a more reasonable fine. Ripple proposes a penalty cap of $10 million, much lower than the SEC’s suggested $2 billion fine for selling XRP to institutional investors. This highlights Ripple’s stance that the SEC’s demands are too harsh.

Ripple's recent filing is a key part of their defense, aiming to persuade the court by using the Terraform case as a reference. Ripple hopes to get a fairer outcome that aligns with the severity of their allegations.

Ripple’s new filing is a strategic attempt to reduce SEC penalties by referencing the Terraform Labs case. They argue for penalties more in line with similar cases and propose a $10 million cap instead of the SEC’s $2 billion fine. This filing not only questions the SEC’s approach but also seeks to set a precedent for fair penalties in the crypto industry. The outcome could have significant effects on Ripple and the broader cryptocurrency market.

Paradigm, a leading crypto-focused venture capital firm, has announced the creation of an $850 million fund to support early-stage crypto startups. This move highlights Paradigm's strong belief in the transformative power of the crypto industry and follows a growing trend of investing in new ventures.

On June 13, Paradigm introduced its new fund, emphasizing its commitment to the technical and economic impact of cryptocurrencies. The firm noted the significant progress of Bitcoin, which has now exceeded $1 trillion in value, and the expansion of blockchains like Ethereum and Solana. Paradigm also pointed to the global rise of stablecoins and the rapid advancements in research that have enabled new consumer applications.

Paradigm’s co-founder, Matt Huang, stressed the importance of promoting a positive future for crypto, emphasizing Paradigm's role as both investors and builders. Over the years, Paradigm has launched several open-source projects, including Foundry, a popular Ethereum development tool, and Reth, a high-performance Ethereum execution node. The firm is excited to continue dedicating significant resources to such initiatives.

This fund launch comes amidst a broader trend where other major venture capital firms are also investing heavily in the crypto industry. In April, Galaxy Digital announced a $100 million fund aimed at backing up to 30 early-stage crypto startups over the next three years.

A recent report from Galaxy Digital Research revealed that in the first quarter of 2024, about 80% of the capital was directed towards early-stage companies. Crypto-focused early-stage venture funds have remained active, with many still holding reserves from their 2021 and 2022 fundraiser.
However, larger generalist venture capital firms have either exited the sector or reduced their investments, making it harder for later-stage startups to secure funding.

The report also noted a slight increase in pre-seed deals in the first quarter of 2024, indicating some growth in newly founded startups. This trend suggests a healthy influx of new ventures into the crypto space, supported by the active involvement of early-stage venture funds.

In summary, Paradigm's $850 million fund showcases its strong belief in the potential of cryptocurrencies. This move aligns with the broader trend of investing in early-stage crypto startups and reflects continued optimism in the industry. As the crypto market recovers, Paradigm's fund is set to play a crucial role in fostering innovation and supporting new projects, ensuring a dynamic future for the ecosystem.

Tysons Corner, VA, June 13, 2024 — MicroStrategy, a company known for its strong commitment to Bitcoin, has announced a new financial move to raise $500 million. If you're not well-versed in finance, don't worry. This article breaks down what’s happening in simple terms.

What's Going On?

MicroStrategy plans to raise $500 million by offering a special type of loan to big investors. These loans are called "convertible senior notes," and they are due in 2032. Here's what this means:

Convertible Senior Notes

Convertible: These notes can be changed into shares of MicroStrategy’s stock.

Senior: They have priority over other debts if the company has financial trouble.

Notes: This is just another term for a type of loan.

MicroStrategy is offering these notes to large, qualified investors in a private deal. They’re also giving these investors the option to buy an additional $75 million in notes if they want.

Why Is MicroStrategy Doing This?

MicroStrategy intends to use the money raised from this offering to buy more Bitcoin. They believe in the long-term value of Bitcoin and use it as their primary reserve asset. Essentially, they want to hold onto Bitcoin like a savings account, but one that they expect will grow in value over time.

Key Details About the Notes

Interest Payments: The notes will pay interest twice a year, on June 15 and December 15.

Maturity Date: The notes are due on June 15, 2032. This means investors will get their money back (plus interest) if they hold onto the notes until this date.

Redemption Option: Starting from June 20, 2029, MicroStrategy can choose to pay back the notes early.

Conversion into Stock: The notes can be converted into MicroStrategy stock or a mix of cash and stock, depending on what MicroStrategy decides.

Why Should You Care?

This move shows MicroStrategy’s confidence in Bitcoin's future value. By raising $500 million to buy more Bitcoin, they are betting that Bitcoin will be worth much more in the future. This can influence other companies and investors who might see MicroStrategy’s actions as a vote of confidence in Bitcoin.

The Big Picture

MicroStrategy is a tech company that also focuses heavily on Bitcoin. They use their software development skills to create Bitcoin applications and believe that combining their business structure with a strong focus on Bitcoin will create value for their investors.

Summary

MicroStrategy is raising $500 million by offering convertible senior notes.

They plan to use this money to buy more Bitcoin.

The notes will pay interest and can be converted into MicroStrategy stock.

This move underscores MicroStrategy’s belief in the long-term value of Bitcoin.

Understanding these financial maneuvers can seem complex, but at its core, MicroStrategy is simply borrowing money now to invest in what they believe will be a more valuable asset in the future: Bitcoin. This strategic move highlights their confidence in both their business model and the future of cryptocurrency.

The Federal Open Market Committee (FOMC) held its fourth policy meeting of the year on June 12, deciding to keep interest rates steady at 5.25% to 5.5%. This unexpected decision caused significant turmoil in the crypto market, leading to sharp declines in Bitcoin and Ethereum.

The FOMC’s decision not to cut rates, despite previous hints, created immediate volatility in the crypto market. Bitcoin's price plummeted from $70,000 to $66,000, and Ethereum experienced a similar fall. This resulted in nearly $400 million in liquidations, showing high investor anxiety.

Federal Reserve Chair Jerome Powell emphasized the progress in fighting inflation but maintained a cautious approach, indicating that “considerable progress” has been made but it’s not yet time to relax monetary policy. Powell’s commitment to a 2% inflation target suggests that premature rate cuts could undo the progress.

The FOMC’s announcement and Powell’s remarks had a swift and dramatic effect on crypto markets. Bitcoin dropped from $70,500 to $67,220, and Ethereum fell from over $3,700 to $3,400. Altcoins like Cardano, Solana, and Ripple also saw declines of at least 8%.

Nearly $400 million worth of crypto assets were liquidated in the past two days, highlighting market instability. US spot Bitcoin ETFs saw net outflows of $200 million, ending a 19-day streak of net inflows.

Despite a brief boost in confidence after the US Consumer Price Index (CPI) report showed a year-over-year inflation rate of 3.3% for May, slightly below the expected 3.4%, the crypto market quickly returned to previous levels. This underscores the persistent lack of investor confidence amid ongoing economic uncertainty.

While the US sticks to its firm stance against premature rate cuts, other regions like the European Union and Canada are taking different approaches, opting for rate cuts this year. These varying strategies reflect different economic conditions and policy choices worldwide.

In the US, a Grayscale-backed survey revealed that 41% of voters are paying more attention to Bitcoin due to persistent inflation. This growing interest in cryptocurrencies highlights the increasing scrutiny of traditional economic policies and the search for alternative investments in a high-inflation environment.

The FOMC’s decision to hold interest rates steady has sparked major volatility in the crypto market, leading to significant liquidations and shaken investor confidence. Bitcoin, Ethereum, and other altcoins saw sharp declines, showing the market's sensitivity to Federal Reserve policies.

As global economic strategies diverge, the US remains committed to combating inflation without easing monetary policy too soon. This cautious approach underscores the Federal Reserve's focus on stabilizing the economy, even if it causes short-term market fluctuations.

The crypto market remains highly reactive to economic indicators and policy decisions, with investors watching closely for any changes in the Federal Reserve’s stance and global economic trends that could affect digital assets. The ongoing economic uncertainty and varying approaches to inflation management create a complex landscape for investors. With increasing public interest in cryptocurrencies as a hedge against inflation, the crypto market will likely stay a key focus in the broader economic narrative.

Franklin Templeton, a global asset management leader with over $1.5 trillion under management, has highlighted the emerging field of Decentralized Physical Infrastructure Network (DePin) projects. Their report, “DePIN: Traction in Supply & Early Signs of Increasing Demand,” investigates how these projects are innovating and potentially disrupting traditional infrastructure sectors.

DePin projects use token incentives to reduce costs by outsourcing operations to third parties. This lean and efficient model can revolutionize industries like computing, energy, telecommunications, and mapping, according to Franklin Templeton. “DePIN projects have the potential to disrupt traditional infrastructure companies and business models,” they noted.

Franklin Templeton highlights Hivemapper and Helium as key examples of DePin projects. Hivemapper, a blockchain-based decentralized mapping network, rewards drivers with Hivemapper (HONEY) tokens for contributing to road mapping via dashcams. In just 31 months, Hivemapper has mapped 21% of global roads with over 60,000 contributors.

Helium (HNT), another significant DePin project, has developed the largest decentralized wireless network. By partnering with T-Mobile, Helium expanded its 5G network to 13,000 hotspots, offering an affordable phone plan. Helium’s nearly 93,000 subscribers illustrate the potential market disruption and cost efficiency of DePin projects.

Despite their growth, DePin projects face a major challenge: demand is not keeping up with supply. This imbalance could threaten the long-term success of DePin projects unless consumer interest increases. According to the DePin Ninja dashboard, the ecosystem includes 1,215 active projects with a total market cap of $47 billion.

The DePin sector is growing with new projects like Aethir and io.net, whose tokens, ATH and IO, were recently listed on several centralized exchanges. These listings enhance liquidity and validate these projects, encouraging more investment and participation.

Franklin Templeton’s report emphasizes the potential of DePin projects to transform traditional infrastructure by using blockchain technology and decentralized models. These projects represent a unique chance to innovate and rethink infrastructure sectors.

As projects like Hivemapper and Helium show their capabilities, the focus must shift to increasing consumer demand. Success depends on attracting and retaining users to prove that decentralized models can offer reliable, cost-effective services.

Franklin Templeton’s look at DePin projects highlights their disruptive potential. By outsourcing costs through token incentives, projects like Hivemapper and Helium showcase the efficiency and market disruption possible with DePin models. However, balancing supply and demand remains a challenge for long-term success. With over 1,200 active projects and significant market capitalization, the DePin ecosystem is ready for growth, provided it can meet demand challenges.

DePin projects could significantly change how infrastructure is managed and operated. Franklin Templeton’s insights point to a future where decentralized models might become the standard in various industries. Balancing supply and demand will be essential to realize the potential of DePin projects fully.

Fred Rispoli, senior managing partner at Hold Law and a supporter of Ripple, has shared his predictions on the Ripple Labs and US Securities and Exchange Commission (SEC) lawsuit. Rispoli provided insights on the case’s timeline and potential outcomes, engaging with users on X (formerly Twitter).

Rispoli, known for backing Ripple, expects a ruling by the end of July or early August. He mentioned that Judge Analisa Torres might issue the decision on July 13, a significant date in the case's history. “I’m predicting we have a ruling by [the] end of July/early August. Although Judge Torres could get poetic and issue it on July 13,” Rispoli said. On July 13, 2023, Judge Torres declared XRP a non-security, causing XRP’s price to double in a day.

Rispoli is skeptical about a settlement, saying, “The case can always settle beforehand, but I put that at 0% now.” This shows how firm both Ripple and the SEC are as they near the case’s conclusion. He also noted that issues not addressed in the upcoming ruling could still be settled later.

In response to X user XRPamici’s question about the SEC’s appeal options, Rispoli explained that the SEC “cannot appeal anything to do with its claims against Brad Garlinghouse and Chris Larsen relating to Institutional Sales” since these claims were dismissed with prejudice. However, the SEC can still appeal decisions related to Programmatic Sales of XRP.

Rispoli discussed the roles of Judge Sarah Netburn and Judge Analisa Torres in the judicial process. He explained that both judges might coordinate to avoid a separate ruling from Judge Netburn on the SEC’s use of expert witness Andrea Fox if Judge Torres can bypass relying on that testimony. “Netburn and Torres can confer and determine that the issue before Netburn (the SEC’s ‘extra expert’) does not need to be ruled upon because Torres sidesteps the need to rely on that witness for her ruling (a scenario that only happens with a ruling favorable to Ripple),” Rispoli noted. This could streamline the case and lead to a faster resolution.

In early May, pro-XRP lawyer Jeremy Hogan also expected a July ruling but prepared for a possible delay. “I’ll start watching out for a ruling in July and will be like wtf?!? in September,” Hogan commented.

Fred Rispoli’s insights give the XRP community a clearer view of what to expect as the Ripple-SEC case nears its end. His predictions about the legal process and potential outcomes highlight crucial moments ahead. With a ruling expected soon, the community is anxious for a decision that could greatly affect Ripple, XRP, and the broader crypto market.

As the case progresses, the coordination between Judge Netburn and Judge Torres and their handling of expert testimony will be critical. A favorable ruling for Ripple could simplify proceedings, while an unfavorable outcome might extend the legal battle with more appeals.

In summary, Fred Rispoli’s analysis sheds light on the Ripple-SEC lawsuit’s final stages. While a settlement is unlikely, the upcoming ruling and the judge’s decisions will be vital. The XRP community watches closely as the next few months will shape Ripple's future and set important precedents for the crypto industry.

Vitalik Buterin, Ethereum’s co-founder, has defended meme coins by detailing seven practical uses that could integrate them into everyday life. Despite skepticism from the crypto community on X (formerly Twitter), Buterin believes meme coins can make positive contributions beyond entertainment and speculation.

Many in the crypto community question the utility of meme coins. Notable critic 0xDesigner argues they lack substantial impact on daily life and should not dominate the crypto conversation. "Why are meme coins still a major narrative? They don't improve everyday life," he stated, frustrated that his own meme coin concepts felt forced.

Mathew Gould, founder of Unstoppable Domains, compared meme coins to initial coin offerings (ICOs), highlighting regulatory challenges. Gould suggested that while meme tokens could fund brands or causes, "regulatory issues remain a significant barrier."

Buterin listed seven reasons why meme coins are valuable:

Reputation/Identity: Meme coins could verify identity or reputation in online communities.

Cross-Border Payments: They could facilitate small, informal cross-border transactions due to their low value and ease of transfer.

Decentralized Social Platforms: Meme coins could reward content creators and encourage engagement, similar to tipping.

Prediction Markets: They could be used in prediction markets for betting or forecasting events.

Privacy Features: Meme coins might offer privacy for anonymous transactions.

Enterprise Apps: They could be integrated into zk validiums (Layer 2 scaling solutions) for niche or experimental projects.

Censorship-Resistant Voting: Meme coins could enable secure voting within their communities, involving coin holders in decision-making.

Buterin criticized the trend of using meme coins merely for profit, preferring "financialization as a means to an end," especially for causes like healthcare and open-source software.

In March, Buterin emphasized the societal benefits of meme coins, envisioning them as tools for funding public projects and supporting causes. Despite differing views, Buterin’s vision suggests meme coins can offer unique contributions when used thoughtfully.

Buterin’s advocacy highlights meme coins’ potential beyond speculation. By outlining uses such as decentralized identity and content rewards, he challenges the idea that meme coins lack real-world utility. While critics raise valid concerns, Buterin believes meme coins can make valuable contributions to society.

Ripple, a leading blockchain firm, has launched a significant fund to promote blockchain innovation in Japan and South Korea. The new XRPL Japan and Korea Fund underscores Ripple’s commitment to expanding its influence in the Asia-Pacific region. This initiative highlights Ripple's belief in Japan and Korea as key centers for blockchain technology.

Ripple’s cryptocurrency, XRP, runs on the XRP Ledger, a public blockchain designed for corporate use. The new fund will support corporate partnerships, developer grants, startup investments, and community development. This is part of Ripple’s larger plan to allocate 1 billion XRP to support blockchain developers. Emi Yoshikawa, Ripple’s VP of strategic initiatives, stated, "The launch of this fund shows our strong belief in Japan and Korea as crucial hubs for blockchain innovation."

This fund comes as Ripple aims to counter the "hostile regulatory environment" in the U.S., a concern noted by CEO Brad Garlinghouse. The focus on the Asia-Pacific region represents a strategic move to areas with more favorable regulations.

The Asia-Pacific region is one of Ripple’s fastest-growing markets. The company is working to speed up the adoption of its crypto-payment services. Ripple’s partnerships, like with Tokyo-based HashKey DX for supply chain finance, show its commitment to growth. In 2016, Ripple and SBI Holdings formed a joint venture, SBI Ripple Asia, to promote Ripple’s payment solutions. The XRP Ledger is also issuing official NFTs for the World Expo 2025 in Osaka, Japan, highlighting Ripple’s strong presence in the regional blockchain scene.

In October, Ripple obtained a full license to operate in Singapore, strengthening its position in the Asia-Pacific market. Ripple established its Asia-Pacific headquarters in Singapore in 2017, showing long-term commitment to the region.

Ripple’s strategic efforts go beyond Japan and Korea. In April, the company announced plans to launch a US dollar stablecoin within the year. This aims to integrate Ripple’s solutions into the global financial system, making transactions more efficient. Despite legal challenges in the U.S., Ripple has made progress. In October, the SEC dropped claims against Ripple executives Brad Garlinghouse and Chris Larsen, part of a larger lawsuit over XRP token sales. This legal relief allows Ripple to focus on global expansion and innovation.

Ripple’s growth and expansion highlight its commitment to blockchain innovation. The XRPL Japan and Korea Fund shows Ripple’s strategic focus on regions with high blockchain potential. By investing in these markets, Ripple aims to strengthen the blockchain ecosystem and encourage the adoption of its technology.

The XRPL Japan and Korea Fund is a major step in Ripple’s plan to expand globally and drive blockchain innovation. With strong investor backing and a clear strategy, Ripple is set to be a key player in the global blockchain industry. Through technology and partnerships, Ripple aims to overcome regulatory challenges and transform the financial landscape with blockchain.

Mistral's latest funding includes $502 million in equity and $141 million in debt. Major investors in this Series B round are General Catalyst and Lightspeed Venture Partners. CEO Arthur Mensch thanked the investors, saying, “We are grateful for the confidence and support, which will accelerate our roadmap and global expansion.” Researcher Devendra Chaplot highlighted the company’s growth, noting, “Mistral AI has grown ~3x in valuation since December and ~25x in the last year!”

Founded in April 2023 by former Meta and Google’s DeepMind staff, Mistral AI aims to develop models to rival GPT-4, Claude 3, and Llama 3. The company has released several models, including Mistral 7B and Mistral 8x22B, under an open-source license. Their most advanced models, like Mistral Large, are proprietary and offered as API-first products.

Mistral AI also offers a free chat assistant, Le Chat, and a coding model, Codestral, with a restrictive license. In June 2023, the startup raised $113 million from a founding round led by Lightspeed Venture Partners shortly after its launch. Former French minister Jean-Nöel Barrot praised this achievement, saying, “Congratulations to Mistral AI for raising €105 million just a month after its creation: a record!”

Investors are optimistic about AI startups like Mistral AI. A McKinsey survey shows that 67% of respondents expect to increase AI investments in the next three years. However, businesses are aware of the risks, such as data privacy, bias, IP infringement, and inaccurate outputs.

KPMG experts suggest that blockchain could address these risks by providing a secure way to track and manage IP. Blockchain can ensure proper attribution and royalties for reused content, reducing IP misappropriation risks. Companies could use NFTs with smart contracts to store IP on a blockchain, preventing unauthorized data use and ensuring proper credit or compensation. Leveraging blockchain technology can help companies benefit from AI while mitigating associated risks.

Mistral AI’s substantial funding and plans to compete with leading AI models mark a significant advancement for the French startup. With strong investor backing and innovative strategies, Mistral AI aims to become a key player in the AI industry, addressing generative AI challenges through technologies like blockchain.

Recent on-chain data shows that Bitcoin is no longer being used as electronic cash by its users, with circulation hitting a significant low.

CryptoQuant founder and CEO Ki Young Ju highlighted in a post on X that Bitcoin's circulation has significantly decreased. The key indicator here is "Velocity," which measures how quickly Bitcoin’s tokens are moving in the market. A high Velocity means coins are moving quickly on the network, while a low value means tokens are staying in addresses longer before being transferred.

The chart below shows Bitcoin's Velocity over time. As observed, Bitcoin’s Velocity increased during the 2021 bull run and peaked in mid-2022. However, after this peak, the metric started to decline sharply.

This decline continued until the end of 2023, after which the indicator stabilized. The chart reveals that current Velocity levels are the lowest in about 13 years, comparable to 2011. This trend offers insights into the current perception of Bitcoin by its users.

Bitcoin was originally designed to be a form of electronic cash for peer-to-peer transactions without central control. The fact that BTC tokens are not circulating frequently suggests they are not being used much for transactions. "Despite Satoshi’s vision of 'P2P Electronic Cash,' Bitcoin is now primarily seen as 'Digital Gold,'" says Ju, noting that institutions hold it without frequent transactions.

It remains uncertain if this low Velocity will continue. The indicator showed rapid increases in the past, indicating it could rise again. Historical patterns reveal cycles of high and low Velocity. Ju believes Bitcoin’s Velocity will peak again when it is widely used for payments.

Bitcoin's concept as electronic cash dates back to its creation, aiming for decentralized, everyday transactions. However, its usage has evolved. During the 2021 bull run, Bitcoin saw a surge in activity and Velocity, but this trend reversed after peaking in 2022.

One reason for this change is the growing interest from institutions, who view Bitcoin as a store of value rather than a transaction medium. They hold large amounts of Bitcoin to hedge against inflation and economic uncertainty, resulting in fewer transactions and lower Velocity.

The idea of Bitcoin as "Digital Gold" is gaining ground, with many seeing it as a safe asset like gold. This aligns with the low Velocity metric, as both institutions and individual investors tend to hold onto their Bitcoin longer, reducing transaction frequency.

However, Bitcoin’s role as electronic cash is not entirely gone. The cryptocurrency market is volatile and can change quickly. The Velocity metric has shown cycles in the past, suggesting it could rise again.

In conclusion, Bitcoin’s current low Velocity reflects a shift from its original purpose as electronic cash to being a store of value. Its future may balance these roles, with periods of high transaction activity and long-term holding phases. As the crypto ecosystem evolves, Bitcoin’s utility and perception will likely adapt, possibly leading to new peaks in Velocity when conditions favor widespread use for payments.

Cardano's Voltaire Upgrade is a crucial step towards a self-sustaining blockchain, transitioning control from IOHK to the community. Founder Charles Hoskinson describes it as the most significant milestone in Cardano’s history, paving the way for full decentralization.

This upgrade will introduce a voting and treasury system, allowing stakeholders to influence Cardano’s future. Cardano’s development phases, or "eras," are named after famous figures like Byron, Shelley, Goguen, Bashō, and Voltaire. The first three phases introduced the basic blockchain, decentralization, and smart contracts.

The Bashō era emphasized scaling, while Voltaire will bring in governance, voting, and treasury management. The upcoming Chang fork, expected this month, will start the “Age of Voltaire.” Charles Hoskinson emphasized that this upgrade will transform Cardano into a fully decentralized blockchain ecosystem.

Hoskinson stated, “It’s the most significant milestone in the history of Cardano. We’ll have the most advanced blockchain governance system, annual budgets, a treasury, and community wisdom to guide us.” This event will shift control from IOHK to the community, making the blockchain more secure and decentralized.

Cardano Node will upgrade to version 9.0, approaching the necessary hard fork. Hoskinson noted that the network is “Chang fork ready” and awaits 70% of the stake pool operators (SPOs) to install the new node. This is the final step before the hard fork.

The Chang fork will introduce tools and infrastructure to support this new phase, enabling Cardano to become self-sustaining. ADA holders will have governance authority, allowing them to propose and vote on improvements through the existing staking process.

In the Voltaire era, Cardano will implement a treasury system funded by transaction fees. These funds will support network development projects chosen through voting. Before the upgrade, the community will test new governance features detailed in Cardano Improvement Proposal (CIP) 1694.

Future plans include the Ouroboros Leios upgrade, aiming to improve transaction efficiency and scalability. These upgrades are part of a broader strategy to keep Cardano competitive. Enhancements in scalability and security could boost investor confidence and positively impact ADA’s price.

“Cardano’s evolution shows intention,” said Taha Abbasi, CTO at Ferrum Labs. “The Chang Hard Fork will prove Cardano’s commitment to decentralization. These upgrades might increase ADA demand, potentially leading to a price surge by year’s end.” Abbasi suggests a bullish scenario could see ADA reach a $1.5 price target.

The Voltaire upgrade is a major milestone for Cardano, aiming to create a fully decentralized, self-sustaining blockchain. With voting and treasury systems empowering the community, and upcoming upgrades enhancing scalability, Cardano is poised for significant advancements and potential growth in ADA value.

Former President Donald Trump met with key Bitcoin mining industry figures at Mar-a-Lago on June 11, showing strong support for the sector. He emphasized the vital role of miners in stabilizing the national energy grid and promised to advocate for their interests both domestically and globally.

Following the meeting, Trump’s campaign posted on Truth Social: “VOTE FOR TRUMP! Bitcoin mining may be our last line of defense against a CBDC. Biden’s hatred of Bitcoin only helps China, Russia, and the Radical Communist Left. We want all the remaining Bitcoin to be MADE IN THE USA!!! It will help us be ENERGY DOMINANT!!!”

David Bailey, CEO of Bitcoin Magazine, highlighted the event on X (formerly Twitter), stating: “Today was a historic moment in our journey towards hyperbitcoinization. Trump gathered America’s hashrate and committed to championing our cause in DC and globally. BTC will THRIVE in the US. Orange Man+Orange Coin= Good.” Other industry leaders at the event shared similar sentiments.

Brian Morgenstern, Head of Public Policy at Riot Platforms (NASDAQ: RIOT), noted the productive talks with Trump, emphasizing the importance of Bitcoin mining and energy abundance in the U.S. Jason Les, CEO of Riot, praised the meeting: “Very good meeting with President Trump on Bitcoin and US energy dominance!!!” S Matthew Schultz, Executive Chairman and Co-Founder of Cleanspark, noted Trump’s support for their operations in states like Georgia, Mississippi, and Wyoming: “Trump LOVES what we’re doing at Cleanspark in Georgia, Mississippi, and Wyoming.”

Zach Bradford, CEO of Cleanspark Inc., highlighted the positive impact of Bitcoin mining on local communities and infrastructure: “We work hard every day making rural Georgia and Mississippi communities Great. BTC mining is building the infrastructure of the future, and we work hard to ensure America’s Bitcoin Miner has support from our leaders.” Amanda Fabiano, founder of Fabiano Consulting, stressed the need for informed political support: “Our industry faces political struggles fueled by misinformation. We need politicians interested in learning about Bitcoin’s benefits.”

Salman Khan, CFO at Marathon Digital (NASDAQ: MARA), appreciated the recognition of the industry’s importance and committed to advocating for its future.

This meeting occurs amid increased scrutiny from the Biden administration and Democratic lawmakers over Bitcoin mining's environmental impact. Trump's proactive stance, including promising to commute Ross Ulbricht’s sentence and accept Bitcoin for campaign donations, signals a potential shift in political dynamics that could impact the cryptocurrency industry.

The Mar-a-Lago gathering underscored Trump’s commitment to supporting the Bitcoin mining industry, reflecting a broader political battle over digital currencies. With Trump’s endorsement, miners hope for more favorable policies and recognition of their contributions to the energy grid and technological progress.

The discussion highlighted Bitcoin mining’s potential to aid in achieving energy dominance and fostering economic growth, especially in rural areas. Trump’s promise to champion Bitcoin on domestic and international stages marks a significant moment for the industry, setting the stage for future U.S. cryptocurrency policy developments.

The United States spot Bitcoin Exchange Traded Funds (ETFs) saw a significant surge in June, marking a notable increase from the previous month. In the first week alone, these ETFs acquired Bitcoin (BTC), equivalent to two months' worth of mining supply.

Between June 3 and 7, the eleven spot Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) purchased 25,729 Bitcoin worth $1.83 billion. According to HODL15Capital, the Bitcoin mined during that period was about 3,150 units, making the ETFs' acquisition eight times higher. HODL15Capital's data shows that for the entire month of May, spot Bitcoin ETFs bought only 29,592 BTC. This highlights a tough month of May for these ETFs compared to the significant buying week in June.

The past week marked the largest buying spree since mid-March, when Bitcoin's price surged to a new all-time high (ATH) of around $73,000. Over the last five months, these Bitcoin ETFs have seen net inflows of $15.69 billion. Despite the $17.93 billion in net outflows from Grayscale’s GBTC, US spot Bitcoin ETFs now manage a total of $61 billion in Assets Under Management (AUM). This is impressive compared to traditional asset ETFs that have been around much longer.

Gold ETFs, which have existed for 20 years, now have 60% of the AUM of these five-month-old US spot Bitcoin ETFs. Nate Geraci, President of ETF Store, highlighted this growth in a post on X (formerly Twitter) on June 9. The surge in Bitcoin's price can be linked to the increased acquisition of the cryptocurrency by these ETFs.

Bitcoin's price has been volatile over the past week, with daily highs and lows. While Bitcoin reached a peak of $71,093 on Wednesday, it is currently trading at $69,407.61, showing a 0.05% increase in the last 24 hours. Despite dropping below $70,000, Bitcoin's rise on June 5 was the first time it crossed $71,000 since May 21. The digital asset is struggling to break through its current ATH.

Crypto market experts are optimistic that if Bitcoin surpasses its ATH, it could climb to $83,000 or even $100,000 before the year ends. Robert Kiyosaki, the author of “Rich Dad Poor Dad,” is particularly bullish, predicting that Bitcoin will reach $350,000 by August 25. Kiyosaki's confidence in Bitcoin stems from his skepticism about the current US leadership.

The rapid growth of spot Bitcoin ETFs in the US shows increasing acceptance and integration of Bitcoin into mainstream finance. SEC approval has enabled institutional investors to gain exposure to Bitcoin securely. This institutional interest drives significant capital inflows into Bitcoin, supporting its price.

Comparing with Gold ETFs underscores the rise of Bitcoin ETFs. While gold has been a traditional safe haven, Bitcoin is seen as a digital alternative. The swift capture of a substantial portion of AUM by Bitcoin ETFs indicates a shift among investors towards digital assets.

As Bitcoin gains traction, the role of ETFs in its ecosystem will likely expand. These instruments bridge traditional finance and cryptocurrencies, making it easier for investors to enter the Bitcoin market. The performance of Bitcoin ETFs in June sets a positive precedent for future growth and adoption.

In summary, the surge in Bitcoin ETF acquisitions in June could surpass May's numbers, highlighting growing institutional interest in Bitcoin. With predictions of Bitcoin reaching new highs, the development and acceptance of Bitcoin ETFs will be crucial in shaping the future of digital assets in finance.

DeFi Technologies Inc., a leading Canadian fintech company, has made a significant move by adopting Bitcoin (BTC) as its primary treasury reserve asset. This strategic decision involves buying 110 BTC and integrating traditional finance with decentralized finance (DeFi). This shift aligns with the trend of companies diversifying portfolios amid economic changes.

Bitcoin's value surpasses $1 trillion, making it a solid hedge against inflation. Its scarcity, fixed supply, and digital resilience make it more appealing than traditional assets. Olivier Roussy Newton, CEO of DeFi Technologies, expressed confidence in Bitcoin: “We have adopted Bitcoin as our primary treasury reserve asset, reflecting our belief in its role as a hedge against inflation and a safe haven from monetary debasement. As the best-performing asset over the past decade, Bitcoin offers significant potential to expand the company’s treasury.”

Anthony Pompliano, a Bitcoin advocate, supports this move. “Bitcoin is slowly seeping into public company treasuries around the world. We remain shareholders of DeFi Technologies (DEFTF) and believe the business is still undervalued,” he shared on X (formerly Twitter).

This decision coincides with major monetary policy changes. The Bank of Canada recently lowered its key policy rate from 5% to 4.75% to ease the burden on indebted consumers. Lower interest rates make borrowing cheaper, potentially increasing spending and investment. For DeFi Technologies, this means lower capital costs and a greater appeal for alternative investments like Bitcoin.

Matteo Greco, a research analyst at Fineqia, highlighted Bitcoin's potential as a leveraged version of gold for those who see it as a store of value. “Over the past 15 years, Bitcoin has consistently increased in value against fiat currencies, despite higher volatility. Investors who accept short-term losses have found Bitcoin to be a valuable mid- to long-term investment”.

DeFi Technologies' adoption of Bitcoin is part of a broader trend of companies incorporating Bitcoin into their reserves. As economic conditions fluctuate and interest rates drop, Bitcoin's appeal grows. Its ability to safeguard against inflation and monetary instability makes it an attractive option for companies seeking to diversify and secure long-term value.

By adopting Bitcoin as a reserve asset, DeFi Technologies positions itself at the forefront of financial innovation, embracing digital assets to transform the financial landscape. This move not only strengthens the company’s financial stability but also highlights its commitment to leveraging new technologies for growth and resilience.

In summary, DeFi Technologies' investment in Bitcoin as a treasury reserve marks a key milestone in merging traditional finance with decentralized finance. This move underscores Bitcoin's growing acceptance as a valuable asset and its potential to hedge against economic uncertainty. As more companies adopt digital assets, the financial landscape will evolve, with Bitcoin playing a central role in this transformation.