Welcome to TechCrunch Crypto, the new face of what was once known as Chain Reaction.
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Greetings, and a warm return to the TechCrunch Crypto newsletter.
This week, I hope you all embrace the mantra “choose rich,” potentially the next rallying cry for the crypto community, thanks to a humorous suggestion by Nick O’Neill, Nifty Portal’s co-founder and CEO. It presents a more uplifting alternative to the crypto world’s longstanding mantra of “have fun staying poor.”
Is this slogan likely to attract more newcomers to crypto? Well, let’s hold off on answering that for now.
The crypto sphere was bustling this week: Bitcoin soared to unprecedented heights, Solana’s value rocketed to levels not seen since early 2022 amid a surge in memecoin popularity, Sei Labs introduced an innovative framework to boost Ethereum’s speed, Binance faces scrutiny from Nigeria, and Worldcoin is under fire in Spain.
Read on for more details.
This week in web3
– Solana’s valuation climbs to $160, marking its highest point since January 2022 as memecoin enthusiasm surges.
– Sei Labs unveils a promising solution to enhance Ethereum’s speed.
– Nigeria calls on Binance to reveal its major users; executives remain in custody.
– Worldcoin’s attempt to halt Spain’s privacy suspension fails.
– Worldcoin halts its services in Spain, following a legal challenge against the temporary ban.
– Bitcoin reaches a new all-time high of $72,700, yet warnings of ‘extreme greed’ surface.
– Zora, an NFT platform, proposes an innovative model for AI creators to monetize their work.
Crunching numbers
The crypto market witnessed Bitcoin hitting new all-time highs again this week. It rose by 8.5% over the week to $72,500 and surged 40.4% over the month. Ethereum, the second-largest cryptocurrency, increased by 3.8% over the week to $3,900. The total market cap of cryptocurrencies grew by 8.3% to $2.75 trillion.
Memecoins on Ethereum, Solana, and Avalanche blockchains have experienced significant rallies as the crypto market expands.
Mog coin, branding itself as a “culture coin” on Ethereum, has a market cap of $435.3 million and saw a 4% increase over the week. Solana’s dogwifhat, inspired by a Shiba Inu wearing a knitted beanie, rose by 79% over seven days. Meanwhile, Coq Inu on Avalanche saw a 36% increase.
It’s crucial to remember that while some memecoins may maintain their value over time, others could plummet within hours or days. So, always do your own research (DYOR).
The latest pod
Our Chain Reaction series now includes monthly deep dives into various crypto themes and topics. This month, we’re exploring the integration of blockchain and AI.
In our latest episode, I had the pleasure of speaking with Melody Hildebrandt, CTO of Fox Corporation, and Mike Blank, COO at Polygon Labs, about their collaboration.
Why focus on these two entities? Polygon Labs, known for its Layer-2 scaling solutions for Ethereum, and Fox Corporation, the media giant, have partnered to address the challenge of deepfakes as AI technology advances.
Fox introduced Verify, an open-source protocol that allows media companies to register content and set usage rights on AI platforms, enabling consumers to authenticate content using Polygon’s technology.
In our discussion, we covered:
– The collaboration between Fox and Polygon
– Strategies for safeguarding content against misuse
– The potential of blockchain technology in authenticating news content
– The impact of deepfakes on the upcoming 2024 U.S. election
Subscribe to Chain Reaction on Apple Podcasts, Spotify, or your preferred podcast platform to stay updated with the latest episodes. If you enjoy our content, please consider leaving us a review!
Investment highlights
– Ex-web3 gaming founders secure $2.5 million for their NFT marketplace aimed at user retention even in the absence of financial incentives.
– D2X, an institutional exchange based in the Netherlands, has raised $10 million in a Series A round led by Point72 Ventures.
– Polyhedra Network, a web3 infrastructure provider, has achieved a $1 billion valuation with a $20 million raise.
– ClearToken garners $10 million from institutional backers to enhance regulated clearing infrastructure.
– UXLINK secures $9 million for its web3 social platform and infrastructure to support the growth of decentralized apps (dApps).
This compilation includes data from Messari and TechCrunch’s reporting.
