Hi Insiders, Hope everyone is having a great week so far and was able to attend today's Understanding Solana event! The event featured a lot of great speakers, including Austin Federa (Solana Labs), Michael Tant (Citizen X Crypto), Clay Robbins (Slow Ventures), and Inside's own Landon Campbell. If you missed the event, the recording should be available soon. Also, I know I've been absent the past couple of days, but I'm back and excited to get back to writing Inside Crypto. Health makes wealth, so I had to spend some time recovering from two weeks of travel and crypto conferences. That being said, big thanks to Trevor and Gia for taking on Crypto alongside their VC and VR newsletters while I was gone. Thanks for reading. Now back to Crypto. | |  Griffin |  |
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The global crypto market cap is $2.61T 0.77%▼ with a 24-hour market volume of $132.09B 15.09%▼. Bitcoin's dominance is currently 43.28% 0.12%▼. CURRENT PRICES BY MARKET CAP | # | Name | Price | 24h % | | 1 | Bitcoin BTC | $59,990.17 | 0.64% ▼ | | 2 | Ethereum ETH | $4,239.88 | 0.24% ▼ | | 3 | Binance Coin BNB | $576.02 | 1.86% ▼ | | 4 | Solana SOL | $216.02 | 3.14% ▼ | | 5 | Cardano ADA | $1.86 | 1.97%▼ | Source: CoinMarketCap, 5:00 EST
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 Rep. Glenn Thompson (R-Penn.) released a discussion draft for the Digital Commodity Exchange Act of 2021 (DCEA). Thompson released the draft ahead of it being presented to Congress to give it an opportunity for public comment. More: - The draft bill gives the Commodity Futures Trading Commission (CFTC) federal regulatory authority over crypto spot-trading markets.
- While SEC Chairman Gary Gensler has stated that custodial crypto exchanges fall under existing securities laws and should be regulated by the SEC, spot markets currently have no regulatory authority.
- Updated from earlier drafts, the newly released DCEA notably omitted provisions for further funding to the CFTC.
- One of the largest additions to the draft DCEA is a stablecoin regulation section titled “fixed-value digital commodity operators,” which added 12 pages to the now 53-page document.
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TOP NFT COLLECTIONS | # | Name | 24h Volume | 24h % | | 1 | Axie Infinity ETH, RONIN | $22.34M | 8.36% ▲ | | 2 | Mutant Ape Yacht Club ETH | $15.29M | 66.34% ▲ | | 3 | Bored Ape Yacht Club ETH | $12.90M | 45.49% ▼ | | 4 | The Sandbox ETH | $7.29M | 15.89% ▲ | | 5 | CryptoPunks ETH | $5.73M | 4.98% ▼ | Source: DappRadar, 5:00 pm EST
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 Crypto.com acquired the naming rights for the L.A. Lakers' home arena. The Staples Center will be renamed the Crypto.com Arena starting on Dec. 25. More: - Crypto.com paid $700M for the rights for 20 years, making it one of the largest naming rights deals in sports.
- According to the terms of the deal announced by the crypto exchange, the Lakers and Kings would also become official partners of Crypto.com.
- CRO jumped 30%, reaching an ATH of $0.57 following the announcement.
- Crypto.com has made several sports partnerships recently, including partnership deals with the UFC and Formula One.
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 🍋Fresh Funding🍋 Anoma Network, DeFi: $24M ⮕ The funding round was led by Polychain with participation from Fifth Era, Electric Capital, Zola global, and others. More: - Anoma Network is a Layer-1, DeFi protocol that offers asset-agnostic trading through a bartering system.
- The fresh funding will be used to expand the Anoma ecosystem and further develop its community.
- Rather than using automated market makers or order books, Anoma lets users state what they would sell the asset for and allow others to barter on price.
ConsenSys, Infrastructure: $200M ⮕ The funding round was participated in by Marshall Wace, ParaFi Capital, Animoca Brands, Coinbase Ventures, HSBC, and others. More: - ConsenSys is a blockchain infrastructure developer and service provider for the Ethereum (ETH) network.
- ConsenSys offers a variety of Ethereum ecosystem tools, including MetaMask, Infura, and Truffle.
- MetaMask reached 21 million monthly active users this month, up 38x from Nov. 2020 and 420% since April.
- Following the funding round, ConsenSys plans to spend $200M to hire around 400 employees.
- ConsenSys reached a post-funding valuation of $3.2B.
Mem Protocol, Web3/Social: $3.1M ⮕ The funding round was led by a16z and participated in by Balaji Srinivasan, Olaf Carlson-Wee, Charlie Cheever, and others. More: - Mem Protocol is a protocol aiming to develop a decentralized “social credit score” for Web3.
- CTO Don Walpola stated that the social score could be used for anything from LinkedIn-type recruiting platforms to tailoring reviews for customers of e-commerce platforms.
- The platform plans to launch a Q&A dApp, similar to Yahoo! Answers and Quora, within the next couple of months.
StarkWare, Infrastructure/Scaling: $50M ⮕ The Series C funding round was led by Sequoia Capital and participated in by Paradigm, Three Arrows Capital, Alameda Research, and others. More: - StarkWare is an Ethereum (ETH) scaling solution that utilizes ZK-Rollups for SaaS and dApp-based products.
- CEO Uri Kolodny called the funding round “opportunistic,” suggesting that the startup is already profitable.
- The fresh funding will be used to accelerate hiring efforts and grow their ecosystem.
- StarkWare received a post-round valuation of $2B.
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▲ TOP GAINERS | # | Name | Price | 24h % | | 1 | Voyager Token VGX | $4.04 | 42.65% ▲ | | 2 | Kadena KDA | $22.69 | 23.64% ▲ | | 3 | Crypto.com Coin CRO | $0.5181 | 23.41% ▲ | | 4 | Secret SCRT | $8.08 | 15.45% ▲ | | 5 | WAX WAXP | $0.9198 | 12.22% ▲ | ▼ TOP LOSERS | # | Name | Price | 24h % | | 1 | IoTeX IOTX | $0.1935 | 11.23%▼ | | 2 | Livepeer LPT | $55.77 | 10.28%▼ | | 3 | Zcash ZEC | $155.90 | 7.68%▼ | | 4 | Dash DASH | $187.31 | 6.89%▼ | | 5 | Revain REV | $0.01402 | 6.08%▼ | Source: CoinMarketCap, 5:00 EST
*Limited to cryptocurrencies in the Top 100
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 Avalanche (AVAX) broke $100 for the first time, reaching a new ATH of $105. AVAX’s breakout comes despite a decline in the overall crypto market cap. More: - AVAX has gained 20% this week and 85% this month, surging its market cap to above $23B.
- Avalanche TLV also reached an ATH of over $11B, up nearly 10% in the past 24 hours.
- The Avalanche Foundation launched a $180M liquidating mining incentive program with AAVE and Curve and a $230M DeFi incentive program over the past three months.
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 Binance CEO Changpeng Zhao (CZ) said he plans to donate up to 99% of his wealth. The statement was made during a Q&A session with the Associated Press. More: - CZ has a reported net worth of nearly $2B. However, as the largest Binance shareholder, his net worth is estimated to be over $200B.
- CZ also shared that the majority of his net worth is in Binance coin (BNB), but he also holds some bitcoin (BTC) that he purchased back in 2014.
- When asked about memecoins, he said that while he doesn’t understand the rise of cryptos like Dogecoin (DOGE), DOGE’s success shows the power of decentralization.
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 KuCoin Labs (KCS) launched a $100M Metaverse Fund. The fund will be used to support Metaverse and decentralized infrastructure projects. More: - KuCoin CEO Johnny Lyu shared that KuCoin is working to adopt a more metaverse- and Web3-focused business model.
- The fund is focused on the international adoption of blockchain technology, particularly in South America and Africa.
- KuCoin has been supporting early-stage projects since it was founded in 2018. Some of KuCoin’s portfolio companies include Arweave (AR), Ankr (ANKR), CertiK, and OneLedger.
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- The SEC joined the list of state securities regulators (AL, KY, NJ, TX, VT) investigating the DeFi platform BlockFi.
- Constitution DAO is now less than a million away from raising the $14M minimum required for tomorrow's Sotheby's auction.
- The HBAR Foundation announced NFT support on the Hedera (HBAR) Network.
- Federal Reserve Governor Christopher Waller pushed back at the PWG's suggestion to leave the Treasury in charge of stablecoins.
- Fidelity Investments was approved to be the first bitcoin (BTC) custodian in Canada.
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 |  | Griffin McShane is a New York transplant currently living in Brooklyn, NY. He is a graduate of Providence College, where he studied both computer science and business, and the University of Maine School of Law, where he earned his JD. Beyond his work at Inside, Griffin has written articles for CoinDesk and is a member of the International Association of Privacy Professionals (IAPP). | | | | 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. | |
DeFi Saver is a one-stop dashboard for creating, managing, and tracking your DeFi positions. | |
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