🎧 Latest Pod: Can ETH Compete? Stacked against Bitcoin, Solana & Celestia.
p.s. Thanks to Ambire. Ambire is launching Legends, an on-chain quests game to earn XP for future rewards. It's only available for Ambire extension beta testers. Join now!
Sponsor: Uniswap Labs — Uniswap Labs launched a $15.5 million bug bounty to help secure V4.
🔴 MicroStrategy Bets Big Again on Bitcoin. MicroStrategy now owns 423,650 BTC – more than 2% of the total supply.
🐧 Pudgy Penguins NFTs Surge in Value. Pudgy Penguins have flipped Bored Apes NFTs and briefly surpassed them in total market cap.
🙅 Crypto Rallies Against SEC Commissioner's Potential Re-Nomination. Armstrong looks to rally the Senate Banking Committee against an anti-crypto SEC commissioner.
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MARKET VIBES
Market Pullback
📸 Daily Market Snapshot: It was red across the crypto markets today as BTC briefly sank to $95K, ETH suffered a pullback, and altcoins bled out. Leading the crash was DYDX, down 25%, but 70 of the top 100 tokens by market cap fell 15% or more Monday, with the total crypto market cap contracting nearly 7% on the day.
Prices as of 6pm ET
24hr
7d
Crypto $3.45T
↘ 6.5%
↗ 2.7%
BTC $97,456
↘ 3.0%
↗ 1.8%
ETH $3,717
↘ 7.1%
↗ 2.4%
GMX $36.06
↘ 18.0%
↗ 14.7%
🫐
New Token Rating: GMX price has doubled since November. How has GMX managed to achieve such significant growth in such a short period?
Instadapp is the DeFi powerhouse behind Avocado, a smart wallet, and the Instadapp Lite and Pro platforms. The team is in the limelight once again because its latest DeFi protocol, Fluid, is gaining traction on Ethereum, Arbitrum, and Base.
Fluid is multidimensional and underpinned by a unified Liquidity Layer, which consolidates liquidity across the project’s main money legos.
You don’t have to dive into the weeds of Fluid to get involved and put your money to work here. In fact, right now one of the simplest opportunities on Fluid is also one of the juiciest: stablecoin lending.
Uniswap Labs is offering the largest bug bounty ever: $15.5M for critical bugs in Uniswap v4! Built with community contributions and rigorously audited, v4 will be one of the most audited codebases ever to be deployed onchain, and continues Uniswap’s commitment to security.
Ethereum is at a pivotal moment in its evolution. Once the undisputed hub of innovation in the crypto world, it now finds itself squeezed on three fronts: Bitcoin is solidifying its narrative as the ultimate form of digital money; Solana is attracting new users and capital with its streamlined ecosystem; and Celestia’s data availability solutions are progressing at a pace that highlights Ethereum’s own complexities.
This is Ethereum’s “Three-Front War.” While its competitors seem to have clear goals, Ethereum’s North Star remains elusive. Is this a strength or a weakness? And does Ethereum even need a North Star to thrive?
Not financial or tax advice. Bankless content is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time to time, we may add links in this newsletter to products we use. We may receive a commission if you make a purchase through one of these links. Additionally, the Bankless team holds crypto assets.
