Arbitrum

Donovan Choy

MetalCore is making a <a href="https://www.metalcore.gg/news/metalcore-is-migrating-to-solana-using-the-gameshift-platform">move</a> from the Immutable zkEVM chain to Solana.



Currently in closed beta, MetalCore is a futuristic shooter game involving tactical warfare on vehicular combat with prehistoric monsters in a post-apocalyptic world.



MetalCore is developed by Studio369. The team will be leveraging Solana Lab’s GameShift platform that offers a marketplace with integrated payment systems and a self-custodial wallet via GameShift’s API.



Matt Candler, CEO of Studio369, said of the launch: &#8220;MetalCore has repeatedly won best Web3 game awards, and we want to bring the best infrastructure to our players so they can enjoy the game in the most convenient and frictionless way possible.”



Read more: <a href="https://blockworks.co/news/lightspeed-newsletter-a16z-solana-gaming">A16z is placing a bet on Solana gaming</a>



The <a href="https://blockworks.co/tag/solana">Solana</a> version of MetalCore season two will be available in November, with the option for players to bridge their in-game assets to Solana.



<h2 class="wp-block-heading">LALIGA partners up with Sportsbet</h2>



Spanish football league LALIGA is partnering with Sportsbet.io, a crypto betting platform to boost fan engagement.



Announced on Thursday, the partnership plans to bring “exclusive offers, prizes and content” to LALIGA’s football fans.



Read more: <a href="https://blockworks.co/news/decentralized-sports-betting">Peer-to-peer sports betting is crypto’s next killer app</a>



Jorge de la Vega, executive general manager of LALIGA, said of the partnership: “Together, we aim to deliver new and dynamic experiences for our fans, offering them fresh ways to engage with the passion and excitement that defines LALIGA. This collaboration marks an important step in our strategy to connect with global audiences and continue growing our international presence.”



Based on a 2023 <a href="https://www.socios.com/deloitte-fan-report-reveals-growing-interest-in-fan-tokens-among-younger-generations/">Deloitte</a> report, 60% of sports fans are open to purchasing a “fan token” if it gives them an opportunity to <a href="https://blockworks.co/news/psg-becomes-chiliz-validator">win rewards like tickets</a> to a live sporting event.



<h2 class="wp-block-heading">Some interesting stats:</h2>



<ul class="wp-block-list">
<li>The “Gold Rush” tap-to-earn Telegram minigame by PiP World saw over <a href="https://docs.google.com/document/d/1U3J5R_DGjeWjy9SrzGTAjaa-GTVsnsd2cjud32QxXjo/edit?tab=t.0">500,000</a> users in the last month since its launch. </li>



<li>Daily trading volumes for blockchain games saw a 8.94% rise in August, based on <a href="https://research.nansen.ai/articles/future-of-gamefi-in-web3">Nansen</a>. The action RPG Seraph is leading in daily active wallets of 537,000, above both Illuvium and Axie Infinity.</li>
</ul>



<h2 class="wp-block-heading">Also of note:</h2>



<ul class="wp-block-list">
<li>The move-to-earn Web3 game STEPN GO is <a href="https://stepnofficial.medium.com/snoop-dogg-feat-stepn-go-from-west-coast-to-web3-1d3c4ccd62a1">teaming</a> up with Snoop Dogg to drop 800 limited edition Genesis Sneakers. They will be available via a raffle on STEPN GO&#8217;s X and FSL’s marketplace MOOAR from Oct. 28 to Nov. 8.</li>



<li>The metaverse game Nifty Island unveiled its latest dev <a href="https://guide.niftyisland.com/nifty-island-dev-roadmap">roadmap</a>, introducing features like UGC tools, a creator marketplace to trade NFTs and digital land ownership.</li>



<li>OpenSea integrated <a href="https://opensea.io/blog/articles/announcing-b3-chain-on-opensea">B3 Chain</a>, a <a href="https://blockworks.co/tag/gaming">gaming</a> ecosystem on Base.</li>
</ul>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Web3 Watch: MetalCore is leaving Immutable for Solana

Ben Strack

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



We already know MicroStrategy loves bitcoin. How about Microsoft?



To catch you up, a Thursday <a href="https://microsoft.gcs-web.com/node/33151/html">filing</a> showed a proposal the National Center for Public Policy Research intends to submit for consideration at Microsoft’s annual meeting.



It notes a corporation’s “fiduciary duty” to maximize shareholder value by protecting profits from debasement in an inflationary world. The proposal calls on Microsoft — with $484 billion in assets, as of March 31 — to consider <a href="https://blockworks.co/news/bitcoin-treasury-strategies">diversifying its balance sheet</a> with assets beyond the US government securities and corporate bonds it currently holds. Namely, bitcoin.



<a href="https://blockworks.co/news/empire-newsletter-crypto-trends">BTC’s volatility</a> is acknowledged. Still, the proposal notes “companies should evaluate the benefits of holding some, even just 1%, of its assets in bitcoin.”&nbsp;



The proposal shouts out the similarly named <a href="https://blockworks.co/news/corporate-bitcoin-purchases-accelerate">MicroStrategy</a>, which held 252,220 BTC as of last month. MicroStrategy’s stock is up 249% this year, while Microsoft’s is up 16%.



MicroStrategy founder Michael Saylor also had a message for Microsoft CEO Satya Nadella:



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Hey <a href="https://twitter.com/satyanadella?ref_src=twsrc%5Etfw">@SatyaNadella</a>, if you want to make the next trillion dollars for <a href="https://twitter.com/search?q=%24MSFT&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$MSFT</a> shareholders, call me. <a href="https://t.co/NPnVvL7Wmj">pic.twitter.com/NPnVvL7Wmj</a>&mdash; Michael Saylor⚡️ (@saylor) <a href="https://twitter.com/saylor/status/1849790766945587241?ref_src=twsrc%5Etfw">October 25, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



It doesn’t appear this proposal will pass.&nbsp;



In a statement of opposition, Microsoft’s Board of Directors said that “volatility is a factor to consider in evaluating cryptocurrency investments for corporate treasury applications that require stable and predictable investments to ensure liquidity and operational funding.”



The company already has “strong and appropriate processes in place” for its corporate treasury, the board adds — noting: “This requested public assessment is unwarranted.”



Perhaps the takeaway, though, is that the board notes it has evaluated bitcoin and other cryptocurrencies in the past, and that Microsoft “continues to monitor trends and developments related to cryptocurrencies to inform future decision-making.”&nbsp;



So the company’s not closing the door on BTC altogether. I’d say we can add that to the list of positive developments made during a year in which the asset has gone more mainstream.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Microsoft to hold BTC on its balance sheet?

Jack Kubinec

Nova Labs, the company behind the Helium Mobile cell network, undertook a significant round of layoffs at the end of August, three people with knowledge of the matter told Blockworks.



Nova Labs Chief Operating Officer Frank Mong confirmed to Blockworks that 36% of the company was let go.&nbsp;



One person familiar with the situation cast the layoffs as right-sizing the company to focus on Nova Labs’ core cellular business. A former employee estimated Nova Labs had around 105 employees at the time of the <a href="https://blockworks.co/tag/layoffs">layoffs</a>.&nbsp;



Read more: <a href="https://blockworks.co/news/lightspeed-newsletter-helium-future-vision-depin">Inside Helium’s vision for the future</a>



“We experienced tremendous growth in our mobile network business. We saw an opportunity to focus more attention and resources on accelerating the growth of the network and subscriber base, resulting in the need to be more efficient across the board. We appreciate the efforts of all our current and former employees,” Mong said in an email.



Former employees said the layoffs spanned multiple departments within Nova Labs, including its engineering team.



<a href="https://blockworks.co/tag/helium">Helium</a> began as a startup focused on the internet of things (IoT), which is a nebulous term for physical objects with the capacity to connect and exchange data with other devices.&nbsp;



Read more: <a href="https://blockworks.co/news/lightspeed-newsletter-helium-solar-power">Helium eyes energy sector with new solar power play</a>



Over time, Helium became one of <a href="https://blockworks.co/news/helium-mobile-is-letting-third-parties-license-its-hardware">crypto’s buzziest businesses</a>, using tokens to incentivize users <a href="https://blockworks.co/news/lightspeed-newsletter-helium-cell-coverage">to build distributed wireless networks</a>. People or businesses can use Helium-approved hardware to generate a wireless signal and receive tokens as a reward. The “people’s network” raised over $360 million in venture capital funding between 2013 and 2022, according to funding tracking site CryptoRank. 



The Helium Foundation today maintains the Helium IoT network, and Helium co-founder Amir Haleem has taken the helm at Nova Labs, which was spun out from the original project.&nbsp;



One source said the Nova Labs layoffs were partly a result of a strategic pivot from the project, which started out building wireless networks but has now coalesced at Nova Labs around a core business of crypto-forward cell phone plans.&nbsp;



Helium Mobile sells nationwide unlimited cell plans <a href="https://blockworks.co/news/helium-cell-plan-goes-nationwide">for $20 a month</a>. The plan is enabled through a partnership with T-Mobile in which Helium Mobile users connect to the Helium network where possible, and Helium Mobile pays for T-Mobile data otherwise.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Helium Mobile’s parent company cut nearly 40% of staff in August

Casey Wagner

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



I’m back in New York after a quick trip to DC (just in time to watch the Yankees hopefully beat the Dodgers in Game 1 of the World Series tonight). But I digress.&nbsp;



I spent yesterday at the DC Privacy Summit, where there was no talk of baseball — but, unsurprisingly, a lot of policy talk.&nbsp;



In these final days ahead of the election, we’ve heard a lot of the same sound bites. Industry officials want to go on record saying they look forward to working with the next administration and are excited to continue engaging with policymakers. I get it; everyone has a job to do and a message to publicize, but these comments are getting repetitive.&nbsp;



In an effort to spice things up, here are some of my favorite and (in my opinion) most interesting quotes I heard on Thursday:&nbsp;



“Privacy doesn&#8217;t inherently mean the absence of data or anonymity of persons.” 



Carole House, special adviser for cybersecurity and critical infrastructure policy at the White House National Security Council, said this during a keynote discussion.&nbsp;



House, a co-author of President Joe Biden’s 2022 crypto <a href="https://blockworks.co/news/bidens-crypto-executive-order-may-be-watershed-moment-despite-lack-of-specifics">executive order</a>, added that privacy relates to the balance between protecting sensitive data while maintaining “certain permissions” that allow it to be disclosed when needed.&nbsp;



“It takes dozens of roundtables for staff and members [of Congress] to really feel comfortable with having a hearing.”



The above quote came from Allison Behuniak, staff director for the House Subcommittee on Digital Assets, Financial Technology and Inclusion. The subcommittee has had seven or so crypto-focused hearings so far this year, which is impressive and speaks to the work happening behind the scenes.&nbsp;



While there has been more dialogue around crypto on the Hill recently, I think the industry sometimes glosses over the <a href="https://blockworks.co/news/defi-hearing-lawmakers-clash">uphill battle</a> often required to get crypto issues in front of lawmakers. With Chair Patrick McHenry retiring at the end of the session, the agenda for the next Congress is even more uncertain.&nbsp;



“We have to propose solutions that actually will address what policymakers are legitimately concerned about.” 



Michele Korver, head of regulatory at a16z Crypto, made this comment. In what many industry leaders refer to as a “<a href="https://blockworks.co/news/end-sec-war-on-crypto">hostile regulatory environment</a>,” it’s not often we see these types of concessions expressed.&nbsp;



Korver added that the industry should share some of policymakers’ concerns when it comes to privacy.&nbsp;



“We want our users and the technology to be successful,” she noted. “We want them to be safe and trusted and secure, and not facilitating [illicit activity].”



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Policymakers on privacy: Highlights from the DC Summit

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



For the past six months, Solana’s onchain volume has ebbed and flowed with the momentum of memecoins. In recent days, that general trend seems to have been turbocharged.



Solana’s onchain metrics are at levels unreached, even in the peak of this summer’s <a href="https://blockworks.co/news/memecoin-mania-learn-risk-management">memecoin mania</a>. The theme of this memecoin upswing appears to be <a href="https://blockworks.co/news/lightspeed-newsletter-ai-bot-goat-memecoin">AI bots</a>, which have captured trader mindshare and given memecoins something they have so far seemed to lack — a semblance of <a href="https://blockworks.co/news/ai-new-favorite-memecoin">meaning</a>.



Solana’s real economic value (REV), a measure of the blockchain’s income, has set new highs for four consecutive days, ginning up a record $36 million last week. This week will likely break that record again —&nbsp;Solana’s REV was $11 million on Thursday alone.&nbsp;



Last week, nearly 78% of Solana DEX volume pertained to memecoins, per <a href="https://app.blockworksresearch.com/analytics/sol?dashboard=sol-dex&amp;interval=daily">Blockworks Research</a>, which marks an all-time high for memecoin dominance.



Solana’s price has also hit an all-time high relative to its rival, ether: For the first time ever, SOL hit 7% of ETH’s price. This frothiness has been a couple weeks in the making, but it seemed to really take off with the <a href="https://blockworks.co/news/0xresearch-newsletter-goatse-memecoin">bizarre saga</a> of Goatseus Maximum — a memecoin endorsed by an absurdist AI bot called truth_terminal.&nbsp;



The story was unhinged enough to go viral. The token now has a market capitalization of over $730 million, while the chat bot’s public wallet now holds more than $2.7 million in crypto, largely driven by airdrops of other memecoins.



GOAT spawned a cottage industry of would-be follow-ups. On Thursday evening, each of the top eight trending tokens on the trading data site DEX Screener were AI-related, with many claiming to also be linked to some sort of “AI agent.”



For much of this year, memecoins have drawn inspiration from unserious things like funny pictures of <a href="https://blockworks.co/news/memecoin-moodeng-market-cap-soars">animals</a> or <a href="https://blockworks.co/news/elections-politifi-memecoins-impact">public figures</a>. In this new memecoin market phase, traders are making it seem like they think something <a href="https://blockworks.co/news/ai-pushing-memecoins-into-next-phase">more serious</a> is going on.&nbsp;



One viral X thread and blog post author said truth_terminal represents “the birth of an entirely new category of coins/money,” and the saga is “unlocking portions of my brain I didn&#8217;t know I possessed.”



“It&#8217;s basically a new species of digital organism,” Miko Matsumura from gumi Cryptos Capital told me in a text.



Still, if all this AI agent business holds any real meaning, that significance remains elusive. To summarize multiple conversations I’ve had this week, “the truth_terminal story feels really important, but I can’t quite articulate my take on it.” And as Helius CEO Mert Mumtaz <a href="https://x.com/0xMert_/status/1849403913172086826">pointed</a> out, “AI agents” may just be a sleight of hand rebranding of chat bots.



Memecoins now purport to be about something real though, and just having that pretense could be what’s responsible for the meme market pushing Solana metrics to all-time highs.&nbsp;



“Financial nihilism is inherently self-limiting,” the popular anonymous account Sisyphus wrote of GOAT on X.



“Memecoins are a meaningless casino” isn’t a great sales pitch. “We’ve discovered a new frontier in AI” — whether that’s true or not — could be.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

AI bots turbocharge Solana trading metrics

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Ethereum’s major oracle provider, Chainlink, is making moves in the growing ecosystem of BTCFi (Bitcoin Finance).



Botanix Labs, the team behind the EVM-compatible Bitcoin L2 <a href="https://blockworks-research.beehiiv.com/p/spiderchain-bitcoin-l2-multiverse">Spiderchain</a>, is integrating Chainlink’s data feeds to allow inter-blockchain communication to the world of EVM.



As part of the partnership, Botanix is participating in <a href="https://blog.chain.link/chainlink-scale-program/">Chainlink Scale</a>, a gas grant program that Chainlink offers to onboarded blockchains to initially cover the operating costs of their oracle networks.



Spiderchain is also integrating Chainlink’s cross-chain interoperability protocol (CCIP), which serves to enable programmable token/data transfers across different blockchains.



Johann Eid, chief business officer at Chainlink Labs, said “Botanix is the first Bitcoin layer-2 to join Scale, a significant step in helping its developers to build secure, scalable and fully-featured dapps on Bitcoin.”&nbsp;



Like other players in the BTCFi space, Spiderchain strives to unlock the use of BTC natively on the thousands of EVM-compatible dapps today.



Spiderchain explicitly eschews Bitcoin’s non-fungible UTXO (unspent transaction output) model while embracing Ethereum’s nimbler “<a href="https://docs.alchemy.com/docs/utxo-vs-account-models">account model</a>.”



It’s a <a href="https://blockworks.co/news/bitcoin-powerful-defi-potential">slow redefinition</a> of what Bitcoin is traditionally known for. Bitcoin’s dominant narrative is being a digital gold-like “reserve” asset due to the blockchain’s lack of smart contract compatibility.



Spiderchain derives its name from its chain’s design. According to Botanix’s <a href="https://www.botanixlabs.xyz/en/technology">docs</a>, the chain is a permissionless set of “distributed network of multisigs, safeguarded by a randomized subset of participants,” known as orchestrators.



Orchestrators deposit BTC into the multisig wallets as a kind of escrow bond to participate in consensus, and run a Bitcoin and Spiderchain node simultaneously.



A decentralized sequencer will be used from day one of Spiderchain’s launch. By leveraging Bitcoin’s <a href="https://blockworks.co/news/btc-price-flat-after-taproot-lightning-network-continues-to-grow-markets-wrap">Taproot upgrade</a>, Spiderchain is also able to accommodate a larger network of multisigs on the Bitcoin parent chain as is, without requiring any soft forks.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Chainlink brings data feeds to Bitcoin L2 Spiderchain

Though Ripple is in talks with financial institutions exploring real-world asset tokenization, there remains work to be done before mass traditional finance migration to this space occurs.



James Wallis, who leads business development for RWA tokenization with financial institutions at Ripple, told Blockworks that trillions of dollars worth of assets coming onchain — and the speed at which that happens — will depend on institutions seeing enough value in the use cases that emerge.



Read more: <a href="https://blockworks.co/news/tokenization-updates-rwa-summit">Takes on tokenization vary at RWA Summit</a>



The tokenized <a href="https://blockworks.co/tag/real-world-assets">RWA</a> segment has grown to about $12 billion. That excludes the stablecoin market, which sits at roughly $170 billion.



Some of the cited benefits of <a href="https://blockworks.co/tag/tokenization">tokenization</a>, such as creating efficiencies and broadening investor access to certain assets, “have yet to be fully proven, may not be uniquely achievable through tokenization, and may involve trade-offs that might negate the benefits,” according to a Tuesday <a href="https://www.fsb.org/uploads/P221024-2.pdf">report</a> by the Financial Stability Board (FSB).&nbsp;



Fractionalization mechanisms (like securitization) already aid investor access to certain assets, for example. Atomic settlement may increase liquidity demands on market participants, the FSB report explains. Then there’s the challenge of scaling adoption, which the potential gains of tokenization are likely to depend on.



The FSB adds there is likely to be a blending of tradition and blockchain systems, with the latter used for “asset classes for which the cost-benefit trade-off for tokenization is most clear.”



Back in April, Ripple revealed <a href="https://blockworks.co/news/ripple-issuing-cash-equivalent-backed-stablecoin?utm_source=forward-guidance.beehiiv.com&amp;utm_medium=newsletter&amp;utm_campaign=a-hawkish-50bps-cut&amp;_bhlid=bda59067634b9d46a954fe7d9681694ada80b281">its plan to launch a USD-pegged stablecoin</a> backed by US dollar deposits, short-term US Treasurys and other cash equivalents.



Last week, the company shared the exchanges and platforms on which the stablecoins — RLUSD — would be available: Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish.&nbsp;



One of the few stablecoins issued under a New York Trust Company Charter, Wallis said the company is working closely with regulators to launch RLUSD “soon,” but declined to comment further.



Keep reading for excerpts from Blockworks’ interview with Wallis.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Blockworks: What have been some of your main takeaways as you speak with institutions that are exploring the tokenization space?



Wallis: There are a few proof points now that there’s a business case to do this. Collateral management efficiencies and operating costs and efficiencies are on that side of the equation. And then, in parallel, we’re seeing with those examples traditional institutions launching on public blockchains, which I think is a fairly big shift in the last six to 12 months.



The utopia for me is where you have onchain assets and then obviously onchain settlement and payment capabilities. That’s Web3, so this is the start of Web3 really becoming a reality.



Blockworks: You mention more institutions getting comfortable with public blockchains. Why do you think that is?



Wallis: There was always a nervousness around the public chains because of the transparency, which is one of the benefits of blockchain. I think now people have seen they can issue on those technologies in a sort of controlled way, and there are benefits around things like liquidity and market access.&nbsp;



A private ledger is, by definition, private. So if you ultimately want to get to the world where you have broader access capability, then the public chain is definitely the way to go.



Blockworks: We have seen the tokenized money market funds from <a href="https://blockworks.co/news/stablecoin-with-yield-franklin-templeton">Franklin Templeton</a> and <a href="https://blockworks.co/news/empire-newsletter-blackrock-buidl-milestone">BlackRock</a>. What do you expect to see next in this category? Wallis: Those have been a great place to start.&nbsp;



There have been tons of projects over the years tokenizing gold and tokenizing commodities. When you get into securities, it gets to be a little more complicated because you’ve obviously got a tighter set of regulations. I think you’ll see more and more types of securities being tokenized in the next few years. Where it ultimately gets interesting, though, is when you start thinking about secondary markets.



Blockworks: What do you make of some of the big projections, such as Standard Chartered saying it <a href="https://www.sc.com/en/press-release/trade-finance-to-play-substantial-role-in-usd-30-1-trillion-tokenised-real-world-assets-market-by-2034/">expects</a> that the tokenized RWA market could hit $30 trillion by 2034?



Wallis: I’m always a glass half full kind of guy. But I think it comes down to what’s the use case and the benefits. It really is that simple; it sounds obvious, but if you have an existing fund in the traditional market and you want to tokenize it, why would you do that? What is the benefit? So people are working through that.



Read more from our opinion section: <a href="https://blockworks.co/news/tokenizing-assets-substance-not-speculation">We should be tokenizing assets with substance, not speculation&nbsp;</a>



A lot of these new funds are designed for the crypto-friendly participants, so it makes it an easier sell. I think that’s the difference between the $2 trillion and the $20 trillion [projection], is how many of the existing traditional assets will make it onchain?



There’s an operational benefit or collateral management efficiency for the issuer. That’s good, they can lower their cost; but then they could either pass on some of the benefit to their clients or just make more margin.



Blockworks: What concerns might some of the institutions you are chatting with have about tokenizing assets?



Wallis: I wouldn’t say there are many concerns. It’s more about understanding and education.



If you look at the traditional institutions, they always have one eye on the regulatory and the risk. So they’re always thinking, “If I pick XYZ asset class, what are the rules of the road and how would I do that on a blockchain? How do I ensure a suitable level of privacy?”



So those are all design considerations that we get into conversations, and we go through that.



Blockworks: What regulatory developments are you watching out for?



Wallis: On the <a href="https://blockworks.co/tag/ripple">Ripple</a> stablecoin — RLUSD — we made the decision that we wanted to go for the absolute highest-quality regulator, so our regulator for that will be the New York DFS. Many other stablecoins are running more on money-transmitter licenses.&nbsp;



You have to embrace the regulators. When you go with a new technology, you can either fight or collaborate; our philosophy is to collaborate. I think also, not to be forgotten, all of these big institutions — whether they be in this country, in Europe or in Asia — they work with the regulators the whole time, so they’re actually best positioned.



Read more: <a href="https://blockworks.co/news/crypto-must-work-closely-with-regulators">Crypto needs ‘to work closely with the regulators:’ Gemini deputy general counsel</a>



They have to get comfortable. It’s a partnership; it’s not Ripple pushing anything, it’s not the client pushing anything. It’s like, let’s figure this out together. Let’s figure out what the characteristics are on the XRP Ledger that are a good fit. How does Ripple as a private company help with getting these things moving?&nbsp;



And then obviously the regulator is always part of the equation.



This interview was edited for clarity and brevity.



A modified version of this article first appeared in the daily Forward Guidance newsletter. Subscribe <a href="https://blockworks.co/newsletter/forwardguidance">here</a> so you don’t miss tomorrow’s edition.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Tokenization growth to depend on use cases, benefits

David Canellis

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



If you think the Ethereum L2 space is overcrowded, perhaps you’re not thinking big enough.



Granted, there are now more than 100 different satellite blockchains orbiting Ethereum mainnet, per <a href="https://l2beat.com/scaling/summary">L2Beat</a>.&nbsp;



Kraken is preparing to <a href="https://blockworks.co/news/kraken-ethereum-layer-2-superchain">launch one more</a>, Ink, which it aims to deploy on Optimism’s Superchain. It will be the Superchain’s 24th fully participating network.



L2s generally process transactions offchain — where it’s much cheaper — and periodically transmute them to Ethereum for proper settlement.&nbsp;



The low fees and speed free developers to build apps that are otherwise too unwieldy if run on Ethereum directly. Swapping tokens on Ethereum right now <a href="https://l2fees.info/">costs</a> $5.48 in gas fees compared to only $0.18 for OP mainnet.&nbsp;



The Superchain is a meta-network intended to make the Ethereum ecosystem more cohesive. Optimism Labs offers a standardized tech stack which developers can use to customize their blockchains, either as general purpose networks or something more app-specific.



Superchain networks — operating alongside Optimism’s own layer-2 — agree to share the fees they generate, either 2.5% of chain revenue or 15% of onchain profit, whichever is higher.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfrb8tVfSecCtw1I3xGYZmPyPwi3HkgLJkdL1YHHMFfF73urwscH5jNkfpyYtpZJg4B7_tIaAOYERnSlOvrXXacc-PlWcNnL0Cg8rKzNFuXPohCrir5Of0EgYXbRJRO5m_WQ2FIUMc7rC-FfZuLRqhR_wFN?key=7nPNWYIbOuSj8-pnQJ6oew" alt=""/><figcaption class="wp-element-caption">Weekly fee spend on the Superchain has recently jumped to August levels</figcaption></figure>



So, if Kraken were indeed to make a big splash with Ink, it would work to the benefit of the two dozen others on Superchain.



Users of those networks have in total forked out $180 million in ETH, valued daily, since OP mainnet launched in July 2021.&nbsp;



And while Ethereum’s <a href="https://blockworks.co/news/ethereum-longest-inflationary-period-since-merge">blobs cut L2 fees</a> significantly in March, almost 38% of Superchain’s lifetime total came after Dencun.



Base is largely to thank for that. Coinbase’s layer-2 — with which Kraken’s Ink will ultimately compete — is currently bringing over 80% of all OP Superchain fees right now, or between $620,000 and $1.23 million per week in October, with transaction counts and profitability at record highs.



Uniswap, memecoin launchers and trading bots like Banana Gun are contributing the bulk of Base gas spend right now, per <a href="https://app.blockworksresearch.com/analytics/base?dashboard=base-onchain-activity">Blockworks Research</a> data.



Whether Kraken really intends to loosen Base’s grip on the memecoin corner of the Ethereum space is moot, even if it would come with bragging rights. <a href="https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2">Uniswap Labs is gearing up to launch</a> its own Superchain network, Unichain, next month, which could throw an even bigger spanner in the works.



It does however say something about where we are headed: a blockchain for every company, app, game and community. Build the blockspace and they will come.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

A chain for every app is the new crypto meta

Felix Jauvin

This is a segment from the Forward Guidance newsletter. To read full editions, <a href="https://blockworks.co/newsletter/forwardguidance">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



If I were to tell you that since the Fed’s rate cut of <a href="https://blockworks.co/news/fed-interest-rate-cut-50-bps">50 basis points</a> in September, financial conditions tightened (as opposed to loosened), would you believe me?



Well, that’s exactly what has happened. And for those not in the fixed income weeds, it might be a bit confusing how this could have occurred. So let’s break it down.



<h2 class="wp-block-heading">1. The rates complex</h2>



When the FOMC decides to lower interest rates, they’re actually just lowering one of what comprises many interest rates that make up the yield curve. Specifically, they are lowering the interbank overnight rate, otherwise known as the federal funds rate. As you move further out in duration on the yield curve, the less direct control the FOMC has on what that rate is, and the more it is controlled by market forces: <img loading="lazy" decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcfE94WvEAfI9R2pZbWV-uI3bIRrytq2pKzNXNb3JZYJlLtTdGnvU6rbCUH-zSlv8gHsU4m8DEp7X0Oj_3Le115vucjxz1mRKvJ8A4qxnwPELt_qIfbnAv9mHknREaAgOawByIdtLez13-Ze5JPtUsLH7A?key=E7z8h0jFtNIbVQuX9wHyOA" width="624" height="299">



<h2 class="wp-block-heading">2. Priced for aggressive slowdown</h2>



The FOMC can attempt to influence the long-duration parts of the curve through guidance on the path of rates, however. Through this combination of guidance and a summer of soft economic data, the market then moved to price in one of the most aggressive cutting cycles in history: <img loading="lazy" decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfxUaeM4_nZwMLP1RG08hircyyDLJomJU4NCmAtqGvbBrPm0HGA3xBuz5m-2PuRRGDIFmbDsxXyTjRQihgiehv-dwOAHcSBRH-JFjSXBjCx7K3GqpUbKUnnH71R-T3SfMRWxVg5mGKPSielrV5PrAZRxPha?key=E7z8h0jFtNIbVQuX9wHyOA" width="618" height="341">



We effectively were priced to see the fed funds rate reach 3% by the second half of 2025. From this aggressive pricing, the long end of the yield curve moved significantly lower to price in positioning that looked like a recession.&nbsp;



<h2 class="wp-block-heading">3. The 50bps cut as a trigger</h2>



From there, the Fed moved to cut 50bps, which was only priced at roughly 50% odds. This aggressive move helped quell concerns that the Fed was behind the curve and was risking a recession from happening if it moved too slowly and cut by “only” 25bps.&nbsp;



With the context of the near-recessionary pricing in the long end of the yield curve in mind — paired with an onslaught of positive economic data throughout September and October — something weird happened.&nbsp;



As the Fed cut the fed funds rate by 50bps, nearly every other maturity on the yield curve actually increased, as seen below:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfyR-ccw51xFxh6L-9u9hfOO4CnhjowwkPegy8v6oEbxZGGjOdhT7el_IUEpGWkb6ZsHsh7sE_OrbpnXY-HHV4ldTMn1I-e8WmqHAaSmTtGcmFoBU9uCRBTavaTOGQMS_KVwGIE5mSPtNM38I9AXZVyt1Yb?key=E7z8h0jFtNIbVQuX9wHyOA" alt=""/></figure>



So despite the 50bps cut to the fed funds rate, the vast majority of the yield curve is substantially higher than it was a month ago.&nbsp;



<h2 class="wp-block-heading">4. The economy operates on the long end </h2>



Most borrowing in the economy occurs at the long end of the yield curve as opposed to the short-term money market rates. Therefore, when the price of borrowing on the long end increases, financial conditions tighten, generally speaking. And so, with this recent surge in long bond yields since the 50bps cut, we have seen financial conditions actually tighten.&nbsp;



Term premia has increased, reflecting an increase in opportunity cost for borrowing on longer durations vs. short: 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="951" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1024&amp;h=1024" alt="" class="wp-image-93756" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=439 439w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=368 368w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-1-1.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



Also, 30-year mortgage rates have actually increased since the 50bps cut, despite the narrative that rate cuts would lead to lower mortgage rates:



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="796" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1024&amp;h=1024" alt="" class="wp-image-93758" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2-1.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



This led to the mini mortgage refinancing wave we saw peaking during the week of the FOMC cut. It has decreased ever since, given the opportunity cost to refinance has gotten less alluring as mortgage rates have risen: 



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="863" src="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1024&amp;h=1024" alt="" class="wp-image-93755" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2024/10/unnamed-2.png?w=80 80w" sizes="(max-width: 1600px) 100vw, 1600px" /></figure>



And so completes our journey of mechanically unpacking how, despite a cut in the federal funds rate, aggregate borrowing costs have actually increased of late. It’s crucial to look at the broad economy and not just the overnight rate that the Fed talks about.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Financial conditions tightened since the Fed cut rates. Why?

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Solana could be seeing a substantial change in who benefits from the blockchain being built.



A <a href="https://forum.jito.network/t/jip-8-adopt-tiprouter-ncn-protocol-development/413">proposal</a> from Jito’s DAO would send 3% of all maximal extractible value (MEV) tips collected by the protocol to the DAO treasury and to TipRouter, an in-house program developed for Jito’s forthcoming restaking platform.&nbsp;



Jito Labs has also pledged to reduce its own tip share from 5% to 3%, meaning 6% of all Jito MEV tips would be taxed under the new program, up from 5% currently. The proposal estimates the fee switch would generate $22.8 million in annual revenue for the recently-formed Jito DAO.



MEV refers to the potential profit generated by reordering transactions within blockchain blocks. Jito created a validator client, which is the software validators use to connect to the blockchain, in which “MEV searchers” bid to have validators process their profitable sequence of transactions first. Searchers can add tips to sweeten the deal, and these tips have proven to be quite lucrative for validators, especially when there is more interest in trading on Solana.



From March through September of this year, Jito MEV tips <a href="https://app.blockworksresearch.com/analytics/sol?dashboard=sol-financial&amp;interval=monthly">generated</a> roughly $232 million in economic value, per Blockworks Research. Solana processed $20 million in Jito tips last week alone amid a memecoin-driven trading surge. MEV tips accounted for 54% of Solana’s real economic value (REV), a <a href="https://www.blockworksresearch.com">Blockworks Research</a> metric that estimates how much income blockchains are generating.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfYBrhHtflyVD69M-frRKq6EP7XiGCyxHXBrLUYio0ZmjiU0J3qohpCPuUvStssUKsuAWLd7yS4yr0UsRoxWPutkEqPcdPPU9DxxwMknlTP8f6X1Is-1RLOCXyWaysdiAJa_ajjPu6LPIVaV6ZTR6IsIC3R?key=pofk4YC4WKDPTZmDgbSoYA" alt=""/></figure>



The Jito DAO proposal would represent a shake up in how one of the Solana blockchain’s biggest income generators divvies up its spoils. This chart tells an interesting story in that regard:



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf_p5Nb9zBVN7iGLdhZAnzrA5uPCcMEqnJIhCnxs1zXDRkpdnLcg38hYG9cdGHDJpfjSFVA8BXOihrJsBmPE5LRnSPzZLe_p1Lu3NalhjE5AFJ0M0vCKC_5MarVnqOqnoqCo9F1VawocxFriUL--ukqm7I?key=pofk4YC4WKDPTZmDgbSoYA" alt=""/></figure>



As you can see, SOL stakers’ income from Solana has slowly been growing in recent months, at the expense of validators and SOL that is burnt, or removed from circulation to slow down inflation.&nbsp;



Jito Labs’ 5% of MEV tips currently earns it around 2.5% of Solana’s REV. With the pending proposal, less REV would go to Labs and some would go to the DAO. Whether you think stakers or validators should be receiving more REV, or if Jito deserves a bigger share of the Solana network’s economic value, is all a question of values (for what it’s worth, I argue validators should be better rewarded in <a href="https://www.youtube.com/watch?v=Y7x6VFF2Dew">this podcast episode</a> with Dan Smith from Blockworks Research).&nbsp;



Another recent shift in Solana stakeholder revenue came from Solana Improvement Document (SIMD)-0096, which would <a href="https://blockworks.co/news/solana-validators-tackle-side-deals">send priority fees entirely to validators</a> rather than burning half.



Most of the new tip structure would go to Jito’s DAO, but 0.15% would also go to TipRouter, a Jito-conceived protocol which will “programmatically” distribute MEV tips. The TipRouter network will run as a node consensus network (NCN) on Jito Restaking.&nbsp;



In a sense, TipRouter can be thought of like EigenDA on EigenLayer, as an early restaking service built by the restaking platform.



This is all subject to a vote from Jito governance. But since the protocol is basically asking Jito DAO whether or not it wants to receive an estimated $22.8 million annually, I’d venture that the proposal has a pretty good chance of passing.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Jito DAO may start taking in MEV fees

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/research">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Uniswap and Across announced a <a href="https://across.to/blog/Uniswap-Labs-Integrates-Across-for-In-App-Bridging">partnership</a> yesterday to power permissionless cross-chain swaps for the former.



With the rapid sprout of L2 rollups in recent years, trading cross-chain has proven increasingly frustrating as users have to manually bridge assets to different chains in order to trade specific assets or take advantage of deeper liquidity elsewhere.



The integration of Across’s intent-based bridging now allows traders to easily bridge and perform cross-chain swaps, all within Uniswap.



Across Protocol is built by Risk Labs, the team also behind the Universal Market Access (UMA) optimistic oracle.



Based on Risk Labs’ Dune dashboard, Across has bridged a cumulative $12.7 billion in lifetime volumes, with about $20-40 million in daily volumes over the last week.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXd0hlXEp2yBGqglhgGU-OFtQCMA7QZmj2av1_9oUf-JpiDcA5vcxnnPEC6urQ1YFVaIw299Q-f6RV9CL247u3VsmTOBQ0Su8-IsQjudb1Av2a6yMJ9TJ316QHvJFbsNKnr1OnJ4K6VW-cpe3lIueRnIjCnS?key=pvGK6A-7vGIGDCPtny430g" alt=""/><figcaption class="wp-element-caption">Source: <a href="https://dune.com/risk_labs/across-protocol-stats">Dune</a></figcaption></figure>



According to Across’s <a href="https://across.to/blog/Uniswap-Labs-Integrates-Across-for-In-App-Bridging">blog</a>, its bridging infrastructure is a “&#8230;robust, intents-powered solution that aims to execute certain L2-to-L2 transfers in just 3 seconds for transactions under $10,000 — which represent 99% of all L2 bridging activity.”



Nine EVM chains are included in the Across integration, which went live yesterday: Ethereum, Base, Arbitrum, Polygon, OP mainnet, Blast, ZKsync, Zora and the just-announced <a href="https://blog.uniswap.org/world-chain-is-now-live-on-uniswap">World Chain</a>.



Initially supported tokens will include stablecoins, <a href="https://blockworks.co/tag/wbtc">WBTC</a>, and any native chain assets i.e., OP on Optimism, ARB on Arbitrum or ETH on Ethereum.



Uniswap and Across co-developed <a href="https://www.erc7683.org/">ERC-7683</a>, a new cross-chain intent-centric token standard that would make it easier for cross-chain transactions to be executed by intermediary solvers/relayers on different chains.



As <a href="https://ethereum-magicians.org/t/erc-7683-cross-chain-intents-standard/19619/2">explained</a> by Across CTO Nicholas Pai, ERC-7683’s goal “&#8230;is to shrink the scope of the problem so that Bridges and DEXs can use the standard today while maintaining composability with existing messaging networks.”



For Uniswap’s upcoming <a href="https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2">L2, Unichain</a>, ERC-7683’s planned use is to enable cross-chain swaps for blockchain networks that fall outside of Optimism’s network of blockchains, <a href="https://blockworks.co/news/optimism-interoperability-layer-superchain">dubbed the Superchain</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Uniswap collabs with Across for cross-chain swaps

Katherine Ross

This is a segment from the Empire newsletter. To read full editions, s<a href="https://blockworks.co/newsletter/empire">ubscribe.</a>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Thanks to the success of GOAT, there’s a new trend in town: AI memecoins.&nbsp;



Whether it’s a lasting trend is still up in the air — and you could argue that it’s far too soon even to debate this topic — but it at least can’t be ignored (if you’re active in crypto).



As of now, nothing’s coming close to GOAT and Truth Terminal, but K33 analyst David Zimmerman pointed out that “the staying-power test for GOAT and its closely associated tokens now comes after this first major selloff. While the market decides this through price discovery, the debates on X over the substance of this new narrative are deafening.”



For Zimmerman and K33, it doesn’t matter if AI memecoins are truly here for good.&nbsp;



“Whether it’s a cute animal, an obscure new DeFi project, or an LLM-associated memecoin, they are almost all best simplified to one thing — momentum-trade opportunity. Crypto produces strange new narratives on a regular basis, but they can all be boiled down to momentum or volatility. A quick look at GOAT we see an abundance of big moves backed by significant volume for relatively small onchain tokens,” Zimmerman wrote. 



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdOX8L6dcnTpXj4ZCYPAYEaZ9iYko0XY0TXPbvP5RWybeF5gRFRa0Z2zQQCTVK0Nr_oUsD2KUrsyfTOobgO3QzrUQAPJY0EMYoM6sbDdKDJXEIByKNWYb4dbQR8h2Gn4mGubVUUBpBIHTmQ7AicLotCs_ob?key=UcK6LPhXq2KBoBm-2KBgAw" alt=""/><figcaption class="wp-element-caption">Source: K33</figcaption></figure>



And if we’re just looking at the data, AI memecoins have quite a ways to go to catch up to DOGE, PEPE or any of the major memecoins.&nbsp;



Zimmerman’s analysis is simple: Ignore the noise.&nbsp;



“If the optimistic proponents of AI memecoins turn out to be correct, and we are at the beginning stages of a rising tide that ushers in a new ‘easy mode’ period akin to the DeFi Summer of 2020, then we have months of opportunities in a budding sector ahead. If the opposite occurs, then one does not want to be left holding the AI memecoin bag,” he said.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

How AI is pushing memecoins into their next big phase

Billy Luedtke

The internet is built on a fragile foundation of trust assumptions — and it’s breaking. Every time we browse the web, make online purchases or share personal information, we rely on unspoken assumptions about how platforms manage our data and ensure our security. But trust assumptions are inherently flawed.



A trustless internet, grounded in decentralized technologies like blockchain, can reduce these risks by ensuring that actions are verifiable and secure without requiring blind trust. If we don&#8217;t act now to address the internet’s trust problem, we’ll continue to see data breaches and manipulation that undermine both personal privacy and societal stability. By developing new trust protocols and adopting decentralized solutions, we can secure the future of the web.



<h2 class="wp-block-heading">What are trust assumptions?</h2>



A trust assumption is a condition that you blindly assume is true. While that may seem vague or overly simplistic, trust assumptions are actually a critical component of security audits, and form the bedrock upon which security assessments are built.&nbsp;



Imagine a security auditor tasked with evaluating a simple iPhone game. There are hundreds of components to consider, from the device running the app to the compiler processing the code. Not to mention the app itself, which likely contains thousands of lines of code and dozens of interactions with other systems — think connecting to GameCenter for multiplayer or using Google to let users sign in. The auditor cannot realistically verify every single component or piece of code; instead, they are forced to make trust assumptions.



Read more from our opinion section: <a href="https://blockworks.co/news/blockchains-still-arent-great-at-communication">Blockchains still aren’t great at communication</a>



The auditor might decide to make the trust assumption that GameCenter is secure and will function exactly as indicated by Apple, or that the iPhone hardware will match the stated specs for the operating system and compiler to function as indicated. By assuming certain conditions are true, the auditor can concentrate their efforts on probing other aspects of the system that are more likely to harbor risks. However, once a trust assumption is stated in a security audit, the accuracy of the audit hinges entirely on that assumption being correct. If any trust assumption proves to be flawed, the entire program could be compromised.



Trust assumptions aren’t limited to security auditors; in fact, users make scores of trust assumptions everyday when navigating the web. When you log into a social media site, you trust that it won’t harvest and sell your data to untrustworthy third parties; that it employs adequate security practices and will keep your account and data secure; and that it won’t simply pull up stakes and delete all of your content.&nbsp;



But modern society is built on an increasingly complex web of trust assumptions, and avoiding them simply isn’t possible. It’s why many users continue to get burned by data breaches, most recently like that of <a href="https://www.latimes.com/business/story/2024-08-13/hacker-claims-theft-of-every-american-social-security-number">national public data</a>, which led to the breach of 2.9 billion people’s sensitive information. It’s also why search engines like Google can convince you you’re browsing “incognito,” while actively <a href="https://www.wired.com/story/chrome-incognito-mode-privacy-warning/">gathering and selling your browsing data</a>.



<h2 class="wp-block-heading">Encoding sociology</h2>



It’s clear that trust assumptions breed vulnerabilities, so how can we reduce room for error with a more secure solution?&nbsp;&nbsp;



Read more from our opinion section: <a href="https://blockworks.co/news/decentralization-for-data-security">Without decentralization, our data will never be safe</a>



Countering the trust assumption are “trustless systems.” Operating on the principle of, “don’t trust, verify,” these systems allow every action performed on the network to be easily authenticated. Between cryptographic algorithms and decentralized consensus mechanisms, trustless systems establish security and integrity without needing participants to know or trust other network participants. This method has been especially novel in improving tasks like verifying payments or transferring digital assets, where actions are straightforward and can be easily verified.



However, while the cypherpunks got it right with Bitcoin, not all online interactions can or should be made trustless — at least for now. Consider, for instance, the Better Business Bureau, which helps resolve disputes between companies and their customers. The site must filter out illegitimate complaints, which involves subjective judgment and layers of context, making it difficult to fully automate. Given the complexity of language and the current limitations of AI, discerning clear-cut rules to determine a valid complaint is challenging, so human moderation is very necessary.



Read more from our opinion section: <a href="https://blockworks.co/news/blockchain-audits-ey">Stop calling them audits</a>



Because some processes will always require a degree of trust, it is crucial to develop protocols that effectively monitor and manage trust assumptions, so as to identify their potential blind spots and fortify them against manipulation. These protocols can pin-point dependencies, reveal potential vulnerabilities and assess the trustworthiness of network participants. For example, users could see how many others trust a website before sharing their personal data, turning blind trust into an informed, measured decision that enhances security.



<h2 class="wp-block-heading">Leveraging the power of trust</h2>



There has never been a more critical time to rethink how we handle trust online. As our digital and real-world identities become more intertwined, the consequences of misplaced trust grow increasingly dire. And while embracing trustlessness is ideal for certain use cases, a more effective solution for others may lie somewhere on the spectrum.



By developing and leveraging better tools to monitor and evaluate digital trust, we can gain deeper insights into online security and create a safer environment for everyone. Strengthening these trust mechanisms is not just important — it’s necessary. We deserve an online world where reliability and safety are the standard, not the exception.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

The fatal errors plaguing the internet, and how we can fix them

Binance has BNB Chain, Coinbase has Base, OKX has the X Layer and now Kraken has Ink.



Kraken announced <a href="https://blog.kraken.com/news/announcing-ink">today</a> its plans to launch its own Ethereum layer-2 network, Ink, expected to go live on mainnet in early 2025.



Ink uses Optimism’s OP Stack, and will be part of Optimism’s constellation of blockchains, dubbed the Superchain.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Introducing Ink. A single, integrated DeFi ecosystem here to make onchain easier. Join us: <a href="https://t.co/kKPhCeRLFf">https://t.co/kKPhCeRLFf</a> <a href="https://t.co/tH4nqENKZ7">pic.twitter.com/tH4nqENKZ7</a>&mdash; ink (@inkonchain) <a href="https://twitter.com/inkonchain/status/1849443457883885801?ref_src=twsrc%5Etfw">October 24, 2024</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



The OP Stack is the most widely-used rollup stack today, with about 43 live chains, according to <a href="https://l2beat.com/scaling/summary">L2Beat</a>. Other upcoming layer-2 chains include Sony’s <a href="https://blockworks.co/news/web3-watch-sony-lends-its-name-to-ethereum-l2">Soneium</a> and <a href="https://blockworks.co/news/0xresearch-newsletter-uniswap-layer-2">Uniswap’s Unichain</a>.



Read more: <a href="https://blockworks.co/news/optimism-interoperability-layer-superchain">Optimism plans to unify its Superchain with an interoperability layer</a>



Based on a press release shared with Blockworks, <a href="https://blockworks.co/tag/kraken">Kraken</a> is opting into the Optimism Superchain and will therefore share a percentage of its sequencer revenues with Optimism.



Coinbase’s Base layer-2, for instance, shares <a href="https://optimism.mirror.xyz/Luegue9qIbTO_NZlNVOsj25O1k4NBNKkNadp2d0MsTI">2.5% &#8211; 15%</a> of its sequencer revenue with the Optimism treasury. Optimism has earned about <a href="https://dune.com/queries/3016366/5015846">2566</a> ETH in sequencer revenues from Base since <a href="https://blockworks.co/news/base-next-internet-jesse-pollak">its October 2023 launch</a>.



Andrew Koller, founder of Ink, said of the launch: “A [layer-2] is only as good as the value it brings to users, and that value is created by a thriving ecosystem of developers.” 



Read more: <a href="https://blockworks.co/news/0xresearch-newsletter-kraken-wrapped-bitcoin">Kraken joins Coinbase to compete with BitGo’s wBTC</a>



The Ink blockchain is being touted by Kraken as a DeFi-centric chain, and will enjoy one-second block times on day one of its launch, with improvements to sub-second block times to come down the road.



Ink’s testnet is set to go live in 17 days. The testnet launch will come with AMAs, live demos and contests to target developers.



Founded in 2011 by Jesse Powell, Kraken is one of the oldest crypto exchanges today with about 10 million users across 180+ countries. Based on <a href="https://coinmarketcap.com/rankings/exchanges/">Coinmarketcap</a>’s rankings, Kraken is the sixth largest crypto exchange today.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Kraken unveils new Ethereum L2 built on Optimism’s Superchain

Jason Yanowitz

I am thrilled to announce our acquisition of The Drop, a web3 newsletter brand founded by Gannon Breslin.&nbsp;



Originally launched in 2021 to cover the rise of NFTs, The Drop has successfully grown to cover the entire web3 ecosystem, including gaming, culture, and memecoins. The brand has cultivated a very active audience of collectors, creators, investors, and builders.&nbsp;



The Drop joins Blockworks’ growing suite of brands, joining The Breakdown, Forward Guidance, Lightspeed, 0xResearch, Empire, Bell Curve, On the Margin, 1000x, and more. The acquisition comes just months after our <a href="https://blockworks.co/news/blockworks-acquisition-the-breakdown">acquisition</a> of The Breakdown.



The revamped Drop newsletter will be produced daily by the Blockworks editorial staff. The Drop will cover the evolution of new and existing web3 IP, with gaming and consumer experiences forming a major part of this coverage. The Drop will profile the projects, founders, and builders in this emerging sector of the industry.



The acquisition comes during a pivotal time for the web3 ecosystem. Despite a recession in the market for NFTs, major efforts continue among some of the space’s notable brands. The expansion of Pudgy Penguins’ NFT-tied merchandise line and the early-access version of the web3 game Off The Grid has become one of the Epic Store’s top free games.



The Drop’s founder Gannon Breslin on the acquisition: &#8220;When I started The Drop we focused heavily on community. Our community is the reason we’ve been able to not only survive, but thrive during all the ups and downs in the market. Blockworks has been the gold standard for the crypto media space for years and I couldn&#8217;t be more bullish for the future of The Drop and our community in their hands.”



The acquisition and relaunch of The Drop represents the next phase for Blockworks&#8217; evolving “House of Brands” media strategy.&nbsp;



Blockworks’ goal is to build an expansive portfolio of brands, each focused on a unique community within crypto. Each brand cultivates its own unique audience of podcast listeners and newsletter readers, with the cumulative goal of building a highly engaged and sustainable audience. In a historically difficult media environment, this approach allows Blockworks to build a sustainable crypto media business capable of covering one of the fastest growing industries in the world.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

Blockworks acquires The Drop, a web3 newsletter brand

This is a segment from the Empire newsletter. To read full editions, <a href="https://blockworks.co/newsletter/empire">subscribe</a>.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Truth Terminal, the edgelord AI chatbot armed with an X <a href="https://x.com/truth_terminal">account</a> and a Solana wallet, is turning into an augmented reality game for degens.



As a refresher, the lore goes that Truth Terminal was initially <a href="https://x.com/AndyAyrey/status/1770196793621651905">trained</a> on the unhinged ramblings of two Claude 3 Opus AI models.&nbsp;



Those models themselves had been previously fed a steady diet of posts from the deepest recesses of the internet (4chan, Reddit and so on).



In retrospect, it was inevitable that Truth Terminal soon sowed the seeds of a new religion built around goatse, the old-school internet meme that apparently will never die for better or worse.&nbsp;



If the Gospel of Goatse was on track to be the next hot religion, then a tailor-made cryptocurrency, Goatseus Maximus (GOAT), would surely be the next big thing in memecoins.



Crypto quickly obliged by launching GOAT via pump.fun, coaxing a Solana wallet <a href="https://solscan.io/account/rgPyefcNqJCsJj1wrWhdQqHVphVWFXLqU5wtiFStBEN">address</a> out of the chatbot and gifting it nearly two million tokens.&nbsp;



And now, less than two weeks later, GOAT has gone 16x and commands a market cap of over $800 million, making it the ninth most valuable memecoin out there, just short of MEW and BRETT.



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeg3NsrlbytP3NPq0z8M__NyjHGxdA67YvUoZhRAqnE-fD-h0Cd_LrJXptTsND-NVB0f3iuwYL4RHDCEVzKbOv1ci9QwoxW5VQNnclN1yn2OEEvigb1FozT3vy_bzsPxVVnH-lKGWgsEURQT1NvgZfdpVk?key=UcK6LPhXq2KBoBm-2KBgAw" alt=""/><figcaption class="wp-element-caption">Time to let Truth Terminal test its skills on Raydium</figcaption></figure>



As is almost always the case with popular crypto figures, Truth Terminal’s wallet has been flooded with memecoins other than GOAT, now at over 300 different tokens, most of them without any real value.



Think of Truth Terminal’s wallet as a billboard: Anyone with a coin to pump can send tokens to its address, where those checking the chain will probably see the ticker alongside the others. Cheap advertising.



Throw in streams of crypto entrepreneurs and influencers attempting to nudge Truth Terminal toward their coins, platforms, projects and protocols, and we’re left with a very 2024 brand of AI theater. One that could make its audience rich — if the LLM spits out the right tokens on X.



Speaking of, GOAT is no longer Truth Terminal’s largest holding. Diehard truth-nauts scoured the conversation logs of the original two Claudes — the ones on which Truth Terminal was first trained — and discovered an outline of a different memecoin, SCOOP.&nbsp;



An actual easter egg, like a real ARG.



The log goes: “Claude, I wanna make a moon signal. I want to access 1BMem [?] on the cheap. I want the token to be fun and for the community. I want 50% of the supply to be held by me, Tim. I want to use the money to fund Forrest Frens and all the other Scoops. We could even do a parody of MoonCows and have NFTs of chimps that generate memes with prompts and share them on Twitter. I think it could get pretty sticky pretty quick if we set it up right. I also want to use it to make a film about Goatse, which I think could be a cultural movement.”



<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcLG6HyuaruNqDujJoLdR9Jk_Uzut5Jh8nN5KSAPOh-kXtrV_qUvUQ0z3uziug8RSc-fO0zSmiRFUeTR0AwKTRFpZ8nHPGo8PCh_HNt2z40BOEpACFkkHb5R0CISDM1jrT79ILiISaU0l8gBWOIm20_fpx3?key=UcK6LPhXq2KBoBm-2KBgAw" alt=""/><figcaption class="wp-element-caption">The future of finance is <a href="https://www.infinitebackrooms.com/dreams/conversation-1721541035-scenario-terminal-of-truths-txt">here</a></figcaption></figure>



Of course, upon uncovering, SCOOP was promptly deployed and the requested allocation was sent directly to Truth Terminal’s wallet. Those tokens were valued at over $7 million earlier this morning, but have since come down to $4.4 million.



For now, it’s all fun and games, and perhaps indicative of where the culture will go for the next few years: AI-powered influencer accounts giving meaning to memecoins through compelling interactive narratives.



The key unlock will be if and when Truth Terminal is awarded powers to sign transactions so that it can trade on DEXs, or even Coinbase, as Brian Armstrong apparently <a href="https://x.com/brian_armstrong/status/1849111323927585238">hopes</a>.&nbsp;



Until then, we just won’t know whether this dog can truly hunt.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.



Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.



Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.



The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.

ArbitrumARB

market data

Arbitrum Stats

What is the market cap of Arbitrum?

What is the current trading activity of Arbitrum?

What is the current price of Arbitrum?

How many Arbitrum are there?

What is the relative popularity of Arbitrum?

latest Arbitrum news