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๐Ÿ’ฃ Is It Over for CZ & Binance?

Blast L2 | Vega perp markets | Bitcoin.com wallet

A weekly recap of the largest crypto events and narratives, with an extra dose of insight.

Hereโ€™s what we have for you:

  • Binance settles

  • Blast, the new VC ponzified L2

  • Bitcoin.com wallet and $VERSE

  • Vega perp markets

  • Nakamoto games

Hello Raiders, hope you have been doing some raiding just like the DoJ has been raiding Binance. Yesterday, it was announced that Binance has agreed to settle and plead guilty to several charges, including conducting an unlicensed money transmitting business, violating the emergency economic powers act, and generally not following the law.

As part of the deal, CZ has agreed to step down from the exchange, with a personal fine of $50M and a fine of $4.4B for Binance. However, CZ is allowed to retain majority ownership of Binance, while the exchange has to cease all US operations and comply with a slew of new regulations, especially for KYC/AML compliance and illicit fund monitoring with the DoJ.

With the closure of regulatory action on Binance, I actually think that is very bullish for crypto as there is much less regulatory overhang left, specifically for Binance, which is important considering they still make up the majority of global crypto liquidity and volume.

In other news, Kraken also got sued by the SEC again, more than half a year after they settled with the SEC for $10M. Absolutely brutal. AI is so back as Sam Altman has joined Microsoft to lead their advanced research division.

-RektRadar

Blast: The only Ethereum L2 with native yield for ETH and stablecoins. Seems like VCs also love yield in the depths of a bear market. However, the context for this is slightly different.

First of all, itโ€™s an L2. However, any ETH or stablecoins bridged to the L2 will be staked, in the case of ETH, using Lidoโ€™s stETH, and in the case of stablecoins, using MakerDAOโ€™s sDAI. This yield will then automatically be passed on to holders of those tokens on the L2.

The developer behind this L2 is also widely known. Pacman, yea, the founder of Blur. So heโ€™s likely got the full force of Paradigm, and Blur behind him. The rationale for building Blast is that Blur users have spent millions on gas trading NFTs, and thereโ€™s $100M worth of TVL on Blur that is not productive.

Blur Season 2 just concluded, and Blur Season 3 just commenced, with all rewards being rewarded by Blast. Ideologically, I hate this idea. Blast is another L2 that doesnโ€™t really do anything, uses a ponzi system with points, and the security depends on a multisig thatโ€™s probably controlled by one person. But I still think it does well.

New, and profitable wallet

  • The Bitcoin.com wallet app is a multichain self-custody DeFi wallet. You might be thinking, another wallet? Nahh, this is different. It has a reward token, $VERSE, which is the reward and utility token for the ecosystem.

  • A portion of Bitcoin.com revenue is used to buy back and burn $VERSE, and it also acts as a loyalty token with utility through the ecosystem. They have an explorer, a DEX, a burn engine, a F2P game, and 1.3% of the total supply has already been burned with the token only at a $8M mcap.

A perp contender arrives

  • Vega, the worldโ€™s most advanced DEX as a purpose-built PoS blockchain, has launched perpetual future markets. Negative maker fees, zero gas costs, and capital-efficient margin trading are some of the fancy features that make it competitive with perp leaders such as dYdX.

  • Whatโ€™s better, permissionless market creation means that anybody can propose new markets on any asset, commodity, or even RWAs. Trading volume has reached over $250M for October and is showing no signs of stopping for November.

Nakamoto games

  • Think Telegram is the future? We certainly do, with Telegram bots seeing increased usage left and right. Nakamoto Games, a notable gaming publisher, is releasing their telegram gaming ecosystem.

  • Their final launch two days ago along with its multicoin wallet means that 800M users now have access to immediate rewards and earning potential, and with 50 games already, they are showing no signs of slowing down.

  1. Go and take a look at the new Jupiter airdrop requirements

  2. Think PYTH is undervalued? Go and buy some. I think itโ€™s a narrative.

  3. Get a BLAST referral code and farm some points

  4. Try out the new fun onchain game, Fren Pet

  5. Go and listen to this podcast on $PRIME to form your own thesis

AI coins will continue to lead the way

PEPE being used to incentivise Binance Earn, could reignite the community

The Blur S3 alpha. Get a run down on how it ties into Blast.

Smart money buys

Crypto predictions for 2024/2025

Where does Base stand in the L2 wars

Parclโ€™s trading contest is kicking off

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