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πŸ¦ŽπŸš€ Money well spent for Polkadot? πŸ€”

Don't miss out on the juiciest news in the crypto space! Stay in the loop to ensure that you receive our latest newsletters, right in your inbox!

Trouble is brewing this Tuesday, Geckos!
   

It seems like we're in for a slight delay on the spot ETH ETFs, but things are already getting interesting!

  

In today's news:
 

  • 2 more years to go πŸ”₯

  • Stablecoins are here to stay 🀝

 

Read on!

24h Hot Searches Worldwide πŸ”₯

  • Toshi                      (-0.8%)

  • Nemo Sum          (-11.3%)

  • MAGA Hat            (-11.9%)

  • Badmad Robots   (+6.6%)

  • PeiPei                     (+3.8%)

  • LayerZero              (+6.1%)

  • MANTRA                (+7.0%)

BTC & ETH vs The Magnificent Seven

  

Explore the market cap growth of Magnificent Seven stocks vs. Bitcoin & Ethereum from 2019 to 2024, highlighting tech and crypto dynamics.

2 more years to go πŸ”₯

 

The Polkadot team is now facing backlash from the community after it was revealed that they have just $245M left in their Treasury, equating to just 2 more years of runway.
 
Of that amount, only $188M is currently liquid and mostly made up of its own native DOT tokens, although the Treasury also contains stablecoins such as USDC and USDT.
 
According to the project's 2024 H1 Treasury report, over $87M was spent, with 40% of it going towards various outreach initiatives, including expenditures for advertising, conferences, and influencers.

 
The report also highlighted a 58.5% decrease in revenue for the Treasury due to a decrease in network fees from 7.8M DOT in 2023 H2 to 5.2M DOT in 2024 H1.

 
Naturally, this situation sparked concerns regarding Polkadot's future, with its head ambassador, Tommi Enenkel, suggesting a decrease in the network's 10% inflation rate.

 

Since the report was published, the price of DOT fell temporarily by 2.7% from $6.20 to $6.03 but has since rebounded to $6.42 today.
 

Editor's Note:

It's never a good thing when a project that has been in the space for 4 years is starting to run out of money. But at the end of the day, protocols are real businesses, too, and teams need to make wise decisions in utilizing their funds to better improve their protocol or network.

 

Want to spend your crypto via a debit card but not lose control of your keys? Check out the top non-custodial crypto debit card options currently in the market.

Stablecoins are here to stay 🀝

 

Despite stringent regulations from authorities in Europe and Singapore, stablecoin issuers such as Circle and Paxos have gained the necessary clearance to continue issuing tokens.
 

Circle has become the first issuer to gain approval under Europe's new Markets in Crypto Assets (MiCA) regulatory framework.
 
In addition to the digital asset regulatory license obtained in France in December last year, this essentially allows Circle to continue minting USDC and EURC under its French entity starting this month.

 
Over on the other side of the world, Paxos' Singaporean arm has also received full approval from the Monetary Authority of Singapore to offer digital payment token services.
 

The firm will also partner with Singapore's DBS Bank for cash management services and to custody its stablecoin reserves.

 

UEFA Euro 2024 Prediction: 500,000 USDT Prize Pool & Paris Trip

 

Join XT's UEFA Euro 2024 Prediction Challenge and feel the excitement of the championship. Predict match outcomes, win a share of the 500,000 USDT prize pool, and stand a chance to win a romantic trip for two to Paris. Don't miss out! Bet on your favorite team today! Ignite the football frenzy, compete with fans worldwide, and celebrate every thrilling moment. Log in, use XScore to place your bets, and be part of the excitement!
 

Event Period: June 14 - July 14, 2024 (UTC)
 

How to Participate:

  1. Log in to XT.COM.

  2. Go to the UEFA Euro 2024 Prediction page.

  3. Bet on your favorite team using XScore.

   

Learn about Karak, a restaking platform for multi-chain assets, and how you can earn Karak XP for a potential airdrop.

In Other News...

 

  • Putting Real Use Cases to Blockchain Technology. A new report from Bernstein Research highlights the growing influence of blockchain-based prediction markets in forecasting the 2024 U.S. presidential election.

     

  • More Bitcoin Movement. The German and U.S. governments collectively moved over $100 million worth of Bitcoin early Monday.
     

  • $32.5M Contract. DOJ's U.S. Marshals Service chooses Coinbase to custody crypto assets.
     

  • Pump and Dump. For a few days, ousted lawmaker George Santos stood by his conspiracy-themed cryptocurrency. When he backed away, Q's price collapsed.
     

  • Play-to-Airdrop. Combat game Moonray aims to climb the Epic Games Store leaderboards with its play-to-airdrop campaign ahead of its Ethereum token launch.
     

  • Settling Charges. Crypto-friendly Silvergate Bank pays $63 million to settle charges with the SEC, Fed, and California regulator.

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Whether you're a long-time subscriber or just passing by, do let us know if you like the changes and what we can improve on!

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