Gm friends,
Move over Nvidia, MicroStrategy is Wall St.’s hottest stock split right now!
Here is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on MicroStrategy’s stock split, 3 new crypto hacks, US CPI falling to 3%, Block partnering with Core Scientific & Ethereum staking rising ahead of the ETF launch.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on Oasys, the gaming blockchain.
MicroStrategy’s 10:1 Stock Split
The German government is almost done selling its Bitcoin—less than 5,000 BTC to go. Phew!
So Michael Saylor being the Bitcoin bull he is, took it upon himself to get the bull market momentum going once again.
Saylor announced on Thursday that MicroStrategy is following in Nvidia’s footsteps and is offering a 10 for 1 stock split.
After the market closes on August 7, each MicroStrategy shareholder will receive 9 shares for every 1 owned. Then, the stock price will adjust at the opening bell on August 8.
To qualify for the stock split, you must hold MicroStrategy on August 1.
Whilst a stock split increases the number of shares, it doesn’t change a company’s value. Instead, it’s designed to lower the stock price, to lower the barrier to entry.
MicroStrategy is the largest publicly traded corporate holder of Bitcoin with 226,331 BTC on its balance sheet.
After DCA’ing into Bitcoin since August 2020, MicroStrategy’s stock price is:
- +98% in 2024 (BTC +29%)
- +228% in 12 months (BTC +87%)
- +1,000% in 4 years (BTC +383%)
With MicroStrategy acting as a leveraged Bitcoin ETF, its exponential gains were always going to lead to a stock split. It was only a matter of time.
Now, a cheaper stock price will make it more accessible and appealing to the everyday investor. The stock split will lower MicroStrategy’s price 10x to around $135. This makes MicroStrategy perfectly positioned for the next leg of the bull market.
Are you a MicroStrategy shareholder? Please reply to this email and let us know your thoughts on the stock split.
Compound, Celer And Pendle Hacked
The crypto market just had a security wake-up call after a trio of phishing attacks on Thursday. So here’s how everything went down…
First, Compound Finance’s website was compromised and was quickly turned into a phishing site.
Then, Celer’s website was turned into a draining service.
Then, Pendle Finance was redirected to a malicious site.
The further into the bull market we go, the greater lengths hackers will go to steal your funds—so be careful!
All three websites have now been secured and an investigation is underway.
No details have been released yet as to whether the hackers stole any funds and how much. But it has been confirmed that nothing was wrong with any of the protocols themselves.
Pendle has been the first to share its post-mortem to pinpoint the issue. Hackers exploited a vulnerability in its website domain provider Squarespace, following its migration from Google domains.
The hackers changed the DNS records allowing the website to be redirected. I’m sure more information will be released shortly as the teams learn more about the attacks.
Be careful out there, more DeFi protocols like dYdX and ThorChain could suffer the same attack. Now is the time to tighten your security procedures and remember to pause before clicking on any links.
US CPI Falls To 3%
US inflation based on the annual CPI reading is now at its lowest level in over 3 years—3% in June. But it was the monthly rate which was surprising.
For the first time since May 2020, the month-on-month inflation turned negative in June with a -0.1% reading. Deflation is here!
Just earlier in the week, Fed chair Jerome Powell spoke at a Senate hearing to make clear that inflation above 2% is not the only concern.
Keeping interest rates too high for too long could harm economic growth.
He said: “Reducing policy restraint too late or too little could unduly weaken economic activity and employment.” Hopefully, this new CPI report puts the US one step closer to cutting interest rates as soon as September.
Block X Core Scientific
Jack Dorsey’s Block has its first mining chip customer. And the order is going to… Bitcoin miner Core Scientific.
Block will supply Core Scientific with its new Bitcoin mining ASIC which is expected to add almost 15 exahashes per second (EH/s) to its existing hashrate. Currently, its hashrate sits at 24.6 EH/s.
Just like Bitcoin miners are diversifying revenue streams by pivoting into AI, Block is pivoting from financial services into Bitcoin mining. After building out payment gateways such as Square and Cash App, Block saw a global shortage of chips and thought it made sense to diversify.
Block has been developing its own semi-conductor chips since October 2021, but it wasn’t until the start of 2023 that it had a prototype to share. Whilst the operations are complex and expensive, Block hopes to help decentralize the Bitcoin industry.
Ethereum Staked Rising Ahead Of ETF Launch
The Ethereum community is moving fast to position their portfolios for the incoming spot ETF inflows. 40% of Ethereum’s supply is now locked with 28% staked and 12% in smart contracts and bridges. This puts the number of staked ETH close to an all-time high.
With more of Ethereum’s supply not being actively traded, the hope is together with the ETF inflows it creates a demand shock that sends the price of ETH skyrocketing.
Polymarket betters have allocated a 90% chance of the spot ETFs trading on the US stock markets by July 26.
Investment manager Tom Dunleavy believes that the Ethereum ETFs will have a much bigger impact on the price of ETH than the Bitcoin ETFs did on BTC. This makes sense as Ethereum is a smaller asset (~$368 billion) than Bitcoin (~$1.1 trillion). He expects the base case for the Ethereum ETFs to bring in $1 billion per month in the first few months. So get ready for some fireworks.
Existing Projects / Tokens
- Mantle [MNT] successfully completed its Sepolia Testnet hard fork upgrade on July 11th. Mantle is the modular Ethereum L2. Sepolia is set to improve the network in several major ways across the execution, risk management, and network architecture categories.
- NATIX Network [NATIX] launched their vehicle navigation system on July 10th. This follows the July 2nd launch of their native NATIX token. NATIX Network is an AI-powered mobile map application (iOS, Android) that utilizes DePIN and the blockchain.
- Solana’s [SOL] Firedancer has started building blocks on testnet, and the development team has offered $1M to anyone who can find bugs in the system. Firedancer is the highly anticipated upgrade that’s expected to dramatically increase Solana’s transactions per second capabilities.
- Starknet [STRK] will enable STRK staking to the network in Q4 2024. This, of course, massively increases the utility of the token.
New Projects / Tokens
- Hamster Kombat’s [HMSTR] token airdrop is rumored to occur either this month or in August. Additionally, Bybit has listed the token on its pre-market trading platform, which essentially allows users to lock-in token purchases at predetermined prices. Hamster Kombat is the viral “tap-to-earn” game that’s exploding right now on Telegram and the TON Network.
- Penumbra’s [PEN] mainnet went live on July 6th. Penumbra is a Cosmos-based POS blockchain that allows anyone to transact in crypto, with users’ data privacy as the number one priority. The blockchain’s native token – PEN – has yet to be dropped.
- Rage Trade [RAGE] just announced that the launch of its native token – RAGE – will be this August 7th. Rage Trade is a multi-chain perpetuals DEX that offers up to 100X leverage.
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New Airdrops & Opportunities
Cleanit Solana Refund Tool
You’ll want to check out a super cool new tool on Solana called Cleanit. For those who are unaware, every token contract you interact with for the first time on Solana costs SOL. It’s hardly noticeable because of the small amount, around 0.002 SOL per new token. But, once that token is sold and a zero balance is held you don’t get the token fee returned automatically.
That’s where Cleanit comes in—allowing you to close up to 24 token contracts per transaction and refund 0.05 SOL. Putting almost $0.30 per token back in your wallet. For some, this is a little extra SOL. But for others, this will be a nice chunk of change. I ended up receiving almost 0.75 SOL refunded in my main trading account and an average of 0.25 in several other secondary accounts. Getting free SOL just doesn’t get easier than this. Clean your wallet and see how much is waiting for you. You can complete as many transactions as you like until your wallet is cleaned of all zero-token balances. Grabbing 0.05 SOL per pass.
JuicyPerp Airdrop Campaign
The JuicyPerp Exchange has arrived on Arbitrum, launching its Mainnet just this week. Taking the traditional derivatives experience and freshening it up a bit. JuicyPerps is built around offering easy, fast, and fun new ways to interact with two of our favorite memcoins, WIF and PEPE.
The process is simple. Choose your favorite memecoin and lock in your price target. Battle against other JuicyPerp users as you climb the Airdrop Leaderboards. Take part in 7-14 day trading events that payout huge chunks of bonus XP. Expected to be the next major Airdrop on Arbitrum. Check out what JuicyPerp has to offer and claim your Dilay Prize from the Profile Page to increase your XP for free every day. Learn more about the JuicyPerp Campaign from their Getting Started Guide.
Debank Airdrop Campaign
DeBank is known as one of the easiest ways to track your portfolio across dozens of different networks. Allowing you to see all your holdings in one easy-to-use dashboard. Mentioned last summer when DeBank first began its testnet. DeBank has since raised over $25 Million to help fund the continuation of the project.
As a community-focused project. Active on-chain address in 2024 that initiated at least one transaction and users who were active on DeBank with assets greater than $0. Can now begin collecting their Debank XP points. With the expected launch of a token soon. Head over to Debank today to complete Daily Quests and start claiming your free XP every day.
Airdrop Claims
Lingo Island Wallet Registration
The final steps to claim the Lingo Island Airdrop are currently in motion. With the conclusion of the public token sale. All Lingo participants will need to register their wallets by July 12th. Shortly after this, Lingo is expected to announce the details and the Airdrop and claim period. Make sure you stay tuned in to the Lingo Twitter account for further details.
Incentivized Testnets
(Important Primary Testnets)
Berachain, Base, Initia, Zora, Olive Protocol, Haven1, OrangeLayer, Tea.
(Newer Secondary Testnets)
Zoth, Initia Stage 2, Nillion, Sunrise, LayerN, Union Network, Assisterr AI, Monad, Rivalz, Civitia, Morph, Captain & Company, Gasp.
Initia Incentivized Network Stage 2
Initia Testnet Stage 1 has officially ended this week. After Week 8 of Part One concludes, our on-chain pet’s evolution will be crystalized and she will become immortal. This means feeding and evolving her will no longer be possible and she can no longer turn into a ghost. But, even if your Jennie has died, she’ll be minted as the final level before becoming a ghost.
After a brief break, Stage 2 will begin on July 17th. Each week of Part Two has a series of quests to explore and experience Initia VIP, MinitSwap, and Minitias ahead of the mainnet launch. The completion of these quests each week will apply a new feature to your on-chain Jennie, adding a visual distinction signifying your progress and achievements in the ecosystem.
Sunrise Incentivized Testnet
Sunrise is a specialized Data Availability (DA) Layer for Fee Abstraction and Proof of Liquidity, supporting the modular paradigm by allowing developers to build rollups/apps with enhanced security and liquidity. Launching the Sunrise Incentivized Testnet this week means it’s time to check out this new project and hopefully get a juicy airdrop in the process.
Start by heading over to the Sunrise Testnet and connect your Web3 wallet. Sunrise allows users to interact with the testnet using their Cosmos, Bitcoin, Solana, or Ethereum wallet. Choose the network that suits you the best and sign in to continue.
Navigating the Sunrise testnet is pretty straightforward. Start by interacting with the Sunrise Faucet in the top right corner of the testnet. You can grab 10 RISE testnet tokens every 20 hours using the faucet through the dashboard.
Use the Swap feature to trade your RISE tokens for other testnet assets. Then head over to the Liquidity Pools to add and remove your testnet tokens from the available pools.
Each of these actions on Sunrise will earn you XP Points available in the Points Program tab. Here you can track your daily actions checklist and see where you stack up against other participants. Interact with Sunrise each day by collecting your testnet tokens, swapping them, and adding additional liquidity to your chosen pools.
Web3 Gaming: What Is Oasys?
Founded in Japan, Oasys is a relatively new blockchain dedicated to Web3 gaming.
It has backing from and connections to major corporations such as Sega, Softback, and Bandai Namco, and there are some major upcoming titles on the network, including a game called Champions Tactics, from Ubisoft.
Oasys makes use of a Hub Layer and multiple Layer-2s called Verses, in order for developers to be able to provide fast, gas-free experiences for users.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Web3 Gaming: What Is Oasys?”
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