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Monday, July 8, 2024

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Where will we go this week, Geckos?

Now that we're back from the holidays, big moves might be in the making!

In today's news:

Sun's new stablecoin project 😎
Token Unlocks: July 🔏

Read on!

24h Hot Searches Worldwide 🔥

Notcoin (+2.0%)
Solana (-1.6%)
LayerZero (+0.1%)
Pepe (-4.6%)
Ether.fi (+9.1%)
Ondo (-3.9%)
Jupiter (-6.3%)

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.

Sun's new stablecoin project 😎

Justin Sun, the outspoken founder of TRON, recently announced his plans to create a new service for gasless stablecoin transfers.

Users would be able to send stablecoins freely between each other without paying gas costs directly, as they would be handled by the stablecoins themselves.

The service will be deployed first on TRON before expanding to Ethereum and other EVM-compatible networks.

Sun predicted that the facility should be ready for launch in the final quarter of 2024, adding that the introduction of such a product will make it easier for traditional institutions to onboard into various stablecoin services.

However, the technical details of how the gasless transfers would be implemented have yet to be disclosed.

Notably, this isn't Justin Sun's first experience with stablecoins and their mechanisms, having launched the USDD stablecoin earlier in 2022.

Editor's Note:

Going on-chain directly with stablecoins but without any native network tokens to pay for transactions is an experience that is all too common, confusing, and tedious to newcomers. If such a mechanism for gasless transfers can be implemented successfully into a category of assets that generate some of the highest volumes in the space, that will be another point of friction eliminated on the optimistic path to wider adoption by the general public.

Watch today's video to catch up on the latest developments in the crypto space!

Watch now

Token Unlocks: July 🔏

As we kick off the second half of 2024, several notable projects will unlock over $350M worth of tokens this month alone.

Most notably, starting July 24th, Worldcoin will more than double its daily unlock of 3.19M tokens to 6.62M.

With the price of WLD currently at $1.86, this would mean an additional $6.4M worth of tokens would be released into the market every day for the next 2 years after the date of the unlock.

Elsewhere, projects and blockchains focusing on Web3 games, such as Xai and ImmutableX, will also be releasing $70M and $43 worth of tokens, respectively.

In particular, the amount of XAI in circulation will increase by an additional 198.4M tokens, which is close to 72% of its current circulating supply.

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In Other News...

$17.8B Bitcoin Still in Government Wallets. Data from Arkham shows that countries, including Germany, the U.S., and the UK, hold substantial amounts of Bitcoin.
2X More Crypto Stolen in First Half of 2024, according to blockchain intelligence firm TRM Labs.
Testnet Live. Celo, the mobile-first Layer 1 blockchain, launches Dango Layer 2 testnet in its first step towards joining the Ethereum ecosystem.
What Happened to HV-MTL and Legends of the Mara? After a change of ownership this spring, Faraway is integrating HV-MTL and Legends of the Mara into other games, starting with the free-to-play arena shooter Shatterline.
$1M Bug Bounty Program Soon. $1 million will soon be up for grabs for developers finding bugs in the first version of Firedancer, an independent Solana validator client built by Jump Crypto.
Oops! 3AC wallet buys NFT due to a bid placed three years ago that was missed by liquidators.

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