Future Finance - Issue #118: It's Time For Ultra Sound Money 🦇 🔊, A Cryptopunk Sells For Less Than A Cent, And Coinbase Agrees To Buy Zabo

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Future Finance - Issue #118: It's Time For Ultra Sound Money 🦇 🔊, A Cryptopunk Sells For Less Than A Cent, And Coinbase Agrees To Buy Zabo By Alan Tsen • Issue #118 • View online Welcome to another issue of Future Finance, your weekly off-chain newsletter about the world of on-chain finance. And always, there's no shortage of news from the industry. So grab a coffee (or beer), and let's get into this week's news from the world of open and decentralised finance. 👉 Got some interesting news I should include in my newsletter? Feel free to respond to this email or hit me up on Twitter - my DMs are always open. — Alan Tsen 👊💯 Ps. If you like what I'm doing here, please feel free to share it on your favourite social media network. Also, it'd be great if you forwarded this newsletter to a friend you think might enjoy it.

📰 News This Week

The Math Behind a Deflationary ETH After EIP-1559 There's a bullish case for ETH and it's being defined by the term deflationary asset - here's the math behind that claim. thedefiant.io  •  Share

Coinbase Agrees to Buy Zabo, the 'Plaid of Crypto,' for Undisclosed Sum Terms of the deal were not disclosed, but Zabo emphasized that this is a proper acquisition, not an acqui-hire. www.coindesk.com  •  Share

When $114M in CryptoPunks Sell, So Do Other NFT Projects CryptoPunk sales exploded over the past week, and the rest of the NFT market is coming along for the ride. thedefiant.io  •  Share

Pantera, Coinbase Ventures and Sony back NFT-focused MakersPlace in $30M Series A MakersPlace says they will use the funds to scale business operations and onboard new talent. cointelegraph.com  •  Share

Bitcoin Rewards Site Lolli Raises $10M, Eyes Gaming Sector for Growth Bitcoin rewards company Lolli has raised $10 million in a Series A funding round led by Acrew Capital. www.coindesk.com  •  Share

Ethereum Is Becoming Ultrasound money, ConsenSys Founder Says Major Ethereum contributor Joe Lubin described London hard fork as a step to "the introduction of something that people are calling ultrasound money." cointelegraph.com  •  Share

Mistake Sees $69,000 CryptoPunk Sold For Less Than A Cent A CryptoPunk owner accidentally put their NFT on sale for less than a cent and someone snapped it right up. www.theblockcrypto.com  •  Share

A Few Approaches to Project Drops In recent weeks Art Blocks has seen a surge of generative art collectors joining the community. While we love to see the platform grow, we recognize that drop times have been a source of network-wide… medium.com  •  Share

Square Nets $55 Million In Q2 Bitcoin Profit, To Expand Cash App Users Via $29 Billion Acquisition Square made $55 million in Q2 bitcoin profits and is set to increase Cash App's user base through a $29 billion acquisition deal. www.theblockcrypto.com  •  Share

A Comprehensive Guide to the Top NFT Avatars If you're looking to get into NFT Avatars you might be suffering from decision paralysis — here's a guide for you. thedefiant.io  •  Share

🎧 Podcasts Of The Week

EIP1559 Expert Panel The time has come. With the London Fork just around the corner, the much anticipated EIP-1559 will be implemented. This fundamentally changes the relationship among miners, users, and gas. This panel, moderated by Ethereum core developer Tim Beiko, is… pca.st  •  Share

Gaming NFTs and DeFi vs CeFi with Amy Wu Amy Wu of Lightspeed Venture Partners joins Kevin to cover various topics, including how venture capitalists can add real value to projects. They cover Arbitrum, FTX, Solana, the Metaverse (and why Facebook is showing a keen interest in it), and blockchain games like Axie Infinity. pca.st  •  Share

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ETH London hard fork upgrade deployed / Invesco applied for a BTC ETF / Fresh Funding for Messari / Coinbase acquired Zabo

Plus: Nearly 2K ETH has been burned so far as a result of the London hard fork's EIP-1559.

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The global crypto market cap is $1.66T 2.29%▲ with a 24-hour market volume of $95.11B 22.10%▲. Bitcoin's dominance is currently 45.56% 0.00%. CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $40,330.98 2.55% ▲ 2 Ethereum ETH $2,807.58 4.33% ▲ 3 Binance Coin BNB $335.40 0.43% ▲ 4 Cardano ADA $1.39 0.07% ▼ 5 XRP XRP $0.7296 0.08% ▲ *Prices as of 2:00 p.m. ET.

The “London” hard fork upgrade was deployed on the Ethereum (ETH) network. The upgrade introduced various Ethereum network improvements through Ethereum Improvement Protocols (EIPs) 1559, 3554, 3198, and 3541. EIP-1559  Overview: Deploys a new transaction pricing mechanism that includes fixed-per-block network fee that is burned and dynamically expands/contracts block sizes to deal with transient congestion. Effect: Reduces gas fee volatility, improves fee market efficiencies, and counter-balances the increasing supply of ETH. EIP-3529 Overview: Reduces, and in some cases eliminates, the gas fee refunds that were initially introduced to incentivize developers to discard unused Ethereum smart contracts and addresses. Effect: Essentially eliminates “gas tokens” like Chi and GST2 that would leverage fluctuations in gas fees to maximize returns on gas refunds EIP-3554 Overview: Delays the difficulty bomb (“Ice Age”) to the first week of Dec. 2021. Effect: The difficulty bomb is designed to make mining on Ethereum so difficult that it “freezes” participation in the PoW protocol. With Ethereum 2.0 transitioning to a PoS protocol, this could suggest the merge of Ethereum 2.0 could happen by the end of this year. EIP-3198  Overview: Adds an opcode that gives the EVM access to the block’s base fee. Effect: Provides an easier and more predictable way for developers to estimate costs and improve efficiencies for gas fees within dApps. EIP-3541 Overview: Disallows new code starting with 0xEF byte to be deployed. Code already existing in the account trie starting with 0xEF byte is not affected semantically by this change. Effect: EIP-3541 will not have an immediate effect but will set the foundation for future upgrades to the Ethereum Virtual Machine (EVM).

Invesco applied for a Bitcoin ETF with the SEC. The “Bitcoin Strategy ETF” will operate under the 40 Act, consistent with public recommendations from SEC Chairman Gary Gensler. More: Gensler spoke on BTC ETFs on Monday, stating that the investor protections provided by the 40 Act may help ETF applicants more favorable evaluations. The fund will not invest directly in bitcoin (BTC) but provides exposure through exchange-traded futures and private investment trusts. Bloomberg ETF analyst Eric Balchunas highlighted that Invesco submitted the S-1 at 6 a.m. and said that he “won’t be surprised if we see 5-10 of these” filed by the end of the week.

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▲ TOP GAINERS # Name Price 24h % 1 Voyager Token VGX $3.67 16.05% ▲ 2 Aave AAVE $373.66 12.59% ▲ 3 Compound COMP $485.28 9.15% ▲ 4 SushiSwap SUSHI $9.40 9.02% ▲ 5 Synthetix SNX $10.45 8.47% ▲ ▼  TOP LOSERS # Name Price 24h % 1 Perpetual Protocol PREP $16.34 5.48%▼ 2 Axie Infinity AXS $42.59 5.45%▼ 3 Quant QNT $172.59 4.03%▼ 4 Amp AMP $0.0609 3.66%▼ 5 XinFin Network XDC $0.0757 2.87%▼ *Limited to cryptocurrencies in the Top 100. Prices as of 2:00 p.m. ET.

🍋Fresh Funding🍋 Messari, Blockchain Analytics: $21M ⮕ The Series A was led by Point72 Ventures and participated in by Coinbase Ventures, Kraken Ventures, Blockchain Ventures, and others. More: Messari is a provider of crypto market data, tools, and research founded in 2018.  The company plans to use the fresh funding to expand on its educational content and develop institutional products. Messari previously raised $5M in a venture funding round in 2018 and another $5M seed funding round back in 2019.

Coinbase acquired three-year-old crypto API startup Zabo for an undisclosed amount. The acquisition will provide Coinbase access to Zabo’s 10-person team and its exchange, wallet, and protocol API. More: Zabo provides a consolidated user platform for monitoring account balances and transactions across various wallets and exchanges. Zabo previously raised $2.5M in a seed funding round led by Moonshots Capital in March 2020. Coinbase has previously acquired other crypto startups including Tagomi, Xapo, Neutrino, Bison Trails, Scew, and Routefire.

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QUICK HITS More than 10,000 entrepreneurs have saved up to $40,000 while incorporating their company. Learn how.* Nearly 2,000 ETH has been burned so far as a result of the London hard fork’s EIP-1559. Fashion designer Philipp Plein will now accept crypto payments both online and in brick-and-mortar stores. Ethernity Chain announced the launch of Lionel Messi’s NFT collection, “The Messiverse.” Uruguay senator Juan Sartori introduced new legislation to legalize cryptocurrencies for payments and provide a regulatory framework for crypto integration. A new Coinbase update gives users more accessible ways to buy and cash out cryptocurrencies, including Apple Pay. JPMorgan is reportedly developing an in-house BTC fund for wealthy clients. 39.6% of US remote employees reported concentration difficulties when using video communication tools. See how to create engaging meetings and virtual events.* * Sponsored Content

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Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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