The SEC Is Poised To File Fewer Crypto Cases in 2024

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

1. The Chaos Labs, building trust and transparency in the financial markets of the future has raised $55M Series A, led by  HaunVentures 

2. Fabric Cryptography, a Silicon Valley hardware startup, has raised $33M in a Series A funding round, co-led by Blockchain Capital and 1kx

3. Orderly Network, a  web3 liquidity provider, has raised $5M in strategic funding, led by  OKX Ventures

4. ARC, an NFT-gated community of over 850 members, has raised $4.5M, led by Venture Capital firm Arcane Group.

5. Crunch Lab, the startup is the core contributor behind CrunchDAO, a platform for AI researchers who can participate in distributed machine learning competitions, has raised $3.5M in seed funding, led by Multicoin Capital.

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🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week… 

1. ⚖️ The SEC is poised to file fewer crypto cases in 2024: This year to date, there have only been nine. Quick math shows the SEC has, on average, brought 23 crypto-related actions per year since 2019 — almost two per month, annualized.

   

2. ⚖️ US spot bitcoin ETFs see lowest daily trading volume since early February:U.S. spot bitcoin exchange-traded funds saw $61.98 million daily net inflows amidst a $779.87 million daily total trade volume on Monday, the lowest amount since Feb. 6 and the third lowest daily trade volume overall.

3. ⚖️ 3AC liquidators file lawsuit against Terraform Labs seeking $1.3 billion in damages: Three Arrows Capital (3AC) liquidators have filed a lawsuit against Terraform Labs, seeking $1.3 billion in damages for TerraLUNA’s collapse.

4. 🚀 Tether expands USDT to Aptos for low-fee transactions and DeFi boost:Tether said it is expanding its USDT stablecoin to the layer-1 blockchain network Aptos, according to an Aug. 19 statement.

5. 🚀 Base introduces ENS subnames for users, plans fair launch via Dutch auction: Base, a Layer 2 network on Ethereum developed under Coinbase, is launching Basenames — subnames created through the Ethereum Name Service infrastructure, enabling users to convert their complex hexadecimal addresses into human-readable names.

💬 Tweet of the Week

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. It's been a pretty muted four weeks for institutional flows into digital assets. Last week, total net inflows reached just $30M compared to $176M the prior week. One takeaway, however, is that BlackRock continues its dominance in both the BTC and ETH ETF markets, reaching over $20.1B AUM of BTC and $977M of ETH. Moreover, BlackRock has achieved this without a single day of net outflows in either product through August. 

2. Developer activity on Coinbase Base has surged to all-time highs, with over 34.6K contract deployers operating on the network yesterday. Meanwhile, daily active users has increased by 22% week-over-week. 

3. TON recently handled over $1.2B of daily stablecoin transfer volume, the most in the network's history. To put this into perspective, Optimism and Polygon currently handle $400M-$500M of daily volume, while Arbitrum handles about $1.9B.

Interestingly, about 41% of all monthly volume is attributable to activity on TON DEX DeDust.

4. The SKALE Ecosystem has experienced 2,071% Unique Active Wallet growth year-over-year and has saved users nearly $8B Billion on gas fees

5. The Nebula Chain on SKALE is home to over 40M gamers, and 14 games with over 10K UAW in the last 30 days.

📝 Highlights from the Top Crypto Reports 

Here are the top highlights from the best crypto research reports this week…

B3

About the Author: Paul Veradittakit, is a Managing Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing into blockchain companies and cryptocurrencies. This is an excerpt from the full article, which you can find here.

Introduction

Over the past decade, the emergence of smart contract blockchains has introduced a wave of innovations such as decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized autonomous organizations (DAOs). These advancements have not only reshaped the financial services landscape but have also augmented various industries—including the gaming sector.

The ubiquity of standards on public blockchain (IE: ERC-721 standards for Ethereum NFTs) have made it easier than ever for in-game items to be interoperable with not just a wider variety of games, but with the decentralized finance (DeFi) stack. As a result, in-game assets (avatars, skins, land, currencies, etc.) can now truly be owned and financialized like traditional assets (real estate, public and private equities, etc.). Consequently, game economies can benefit from greater liquidity and price discovery for cosmetic items and in-game currencies.

However, while the original crypto gaming thesis remains intact, many developers have become disillusioned with the critical problems between the needs vs. realities of onchain game developers. Game developers seek seamless user experiences (UX), unified liquidity, one-click deployment, and compatibility with crypto onramps. But today they are often confronted with a fragmented UX, fractionalized liquidity across multiple chains, high rollup-as-a-service (RaaS) overhead, and a lack of compatibility with onramps.

B3 changes this!

Overview

Developed by NPC Labs, B3 is a horizontal ecosystem of layer 3 (L3) blockchains, built on Base, that are focused on crypto games.

Base has quickly emerged as one of the preeminent layer 2 (L2) blockchains in the crypto ecosystem, largely due to its affiliation with Coinbase. Since launching in August 2023, Base has been profitable, growing, and sticky. Today, Base has the second largest number of wallets of any L2 (behind only Arbitrum) and is home to many applications such as Uniswap, Friend.Tech, USDC, ThirdWeb, OpenSea, Zora, and more.

By aligning with Base’s tooling and culture, B3 can build a robust L3 gaming ecosystem, strengthening Base's position as the dominant venue for consumer crypto applications.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

1. Bankless - Do Crypto Votes Even Matter to Democrats?

2. The Defiant - What Is Polkadot 2.0?

3. Coin Bureau - Stock Market Bubble Could Burst Soon?! What It Means For Crypto!

4. Nathaniel Whittemore: What the Crypto Town Hall Told Us About the Democrat Pivot

5. Blockworks Macro: Deficit Spending Will Send S&P 500 To 6,000 And Beyond | George Robertson & Mel Mattison

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Join our Telegram Channel here to chat with our community, ask questions, and learn more about the future of money as we move to a decentralized internet and the creation of a new open global monetary system that works for everyone.

💬 The People We’re Following Closely on Twitter

1. Vitalik Buterin

2. Justin Drake

3. Hayden Adams

4. Hasu

5. Ryan Adams

6. Vance Spencer

7. Camila Russo

8. Ryan Selkis

9. Anthony Sassano

10. Lyn Alden

11. Gavin Wood

12. Cathy Wood

13. Beniamin Mincu

14. Barry Silbert

15. David Hoffman

16. Preston Pysh

17. Willy Woo

18. Ultra Sound Money List

19. Polkadot Ecosystem List

📚 How To Get Started With Crypto Learning

1. Crypto: Explain It Like I’m 5 (Article)

2. The Infinite Machine by Camila Russo (Book) 

3. Crypto Theses for 2021 by Messari (PDF)

4. Bankless - The DeFi community (Substack + Podcast + Discord)

5. Understanding Polkadot - The Next Generation Blockchain Tech (Website)

6. The Ethereum 2.0 Report from Messari (PDF)

7. Blockgeeks Video Tutorials (Video)

8. The Coinstack Website (Website)

9. 2008 Bitcoin Whitepaper (PDF)

10. 2013 Ethereum Whitepaper (PDF)

📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela. 

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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