$7.65B SOL Dumped!
SBF has finally been sentenced and the Bitcoin halving is only a few weeks away.
The world is healing!
As we close out Q1, FTX said we’re not done yet and have dumped $7.65 billion in Solana tokens.
Take a seat cos here is your weekend crypto update…
Here’s what’s in today’s issue:
- Rebecca shares her thoughts on SBF’s sentencing and FTX dumping SOL, BlobScriptions taking over Ethereum, Ondo Finance backing BlackRock, KuCoin Announcing $10M airdrop & Coinbase storing USDC balances on Base.
- Altcoin alpha by David.
- This week’s airdrop by Jesse.
- Sam has an NFT report on Meme Coins and NFTs: What Is Book of Meme?
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SBF Sentenced And FTX To Dump SOL
Sam Bankman-Fried has been sentenced to 25 years in prison on 7 counts of fraud and conspiracy after the collapse of FTX.
It’s a much harsher sentence than the 5-6.5-year sentence his defence was hoping for. Cos you know, he insists customers will be made whole and so it’s like nothing happened.
But let’s be real here, SBF has got off lightly. It’s half the 40-50 year sentence the prosecutors were pushing for.
Bernie Madoff got 150 years in prison for stealing $65 billion.
Then, there’s Ross Ulbricht who was sentenced to a double life sentence in prison plus 40 years without parole for creating the website Silk Road.
SBF has proved that as long as you donate at least $100 million to US political campaigns, it doesn’t matter how many billions you steal, you will be somewhat spared.
SBF won’t be placed in a maximum-security prison, instead, he’ll be in a medium-security prison close to home in California.
SBF is planning to appeal his conviction and the sentence. But even if the appeal is dismissed it’s unlikely he will serve the full sentence anyway.
The time he’s already spent in prison will likely be shaved off his remaining jail time. So that’s already 7.5 months less. Then, he could see another 45 months shaved off for good behaviour.
Of course, there are more boxes he can tick. So it’s already being predicted that he could get out of prison after serving just 18 out of the 25 years.
It’s safe to say we could be seeing SBF again sooner than we’d hoped!
In the meantime, the FTX estate is in the process of selling $7.65 billion in Solana tokens. At a discount.
The Solana tokens are being sold to institutional investors at just $60 a token—that’s around 68% less than the current market price.
Neptune Digital Assets, a Canadian blockchain company has already confirmed it’s received 26,964 SOL tokens for $64 each. Once again, it’s always the customer that loses out in bankruptcy cases like this.
With SBF finally sentenced, we can now draw a line in the sand and move on. The Bitcoin halving is in just a couple of weeks—let’s go!
What do you think of SBF’s prison sentence? Reply to this email and let me know.
BlobScriptions Take Over Ethereum
The next iteration of EthScriptions has arrived!
Ethereum’s Dencun upgrade that happened 2 weeks ago unleashed blobs onto the network. Blobs are temporary memory allowing transactions to be processed off-chain to save storage and computing power.
The Dencun upgrade was designed to lower transaction fees on Layer-2s using these “blobs” of data. And it worked. Fees dropped up to 99% almost immediately.
Until BlobScriptions came along.
BlobScriptions is a protocol that launched on March 27 allowing users to inscribe data onto these “blobs.” Just like EthScriptions and Ordinals over on Bitcoin.
5 hours was all it took to send fees soaring by over 1000% from $0.01 to $18. Since then, fees have settled back down to roughly $1.20.
With over 4,500 inscriptions on blobs since the protocol launched, this may be a case of “here we go, again!” The bull market is going to get crazy from here!
Ondo Finance Backs BlackRock
BlackRock’s new tokenized investment fund on Ethereum has seen $245 million in inflows from 7 investors in its first week.
It should be no surprise that real-world asset (RWA) platform Ondo Finance is one of those. After all, Ondo Finance is known for tokenizing BlackRock ETF funds. So Ondo Finance announced plans to move $95 million of its assets into BlackRock’s BUIDL fund, making up 38% of its value.
BlackRock’s tokenized fund works by issuing BUIDL tokens designed to hold a $1 value, just like a stablecoin. The fund is backed by US Treasury bills, repurchase agreements and cash. Investors will be rewarded with a dividend for holding the tokens.
The plan is for Ondo to move money from its OUSG tokenized fund into BUIDL for instant settlements.
Previously, OUSG redemptions took a couple of business days to process because of its underlying assets. With it being backed by BlackRock’s Short Treasury Bond ETF, it only trades during normal market hours. This collaboration between the two is a win-win for both sides.
KuCoin Announces $10M Airdrop
Earlier this week, KuCoin was hit with over $1 billion in withdrawals from its exchange in a matter of hours. The slightest tell-tale sign of a bank run and customers are out.
So when the US Department of Justice charged KuCoin with violating anti-money laundering laws, customers got spooked. KuCoin’s total assets dropped from around $6.3 billion to $5 billion.
Desperate times call for desperate measures. Now, KuCoin is trying to win back its customers by jumping on the airdrop bandwagon.
According to a letter from the CEO, the exchange is planning a $10M airdrop in Bitcoin and its native KCS token. No further details have been provided just yet, so it’s unclear of the split between BTC and KCS. But airdrop rules should be announced shortly.
Coinbase To Store USDC Balances On Base
Coinbase is going to start moving USDC held in customer and corporate accounts over to its Base network.
The change only applies to Coinbase.com accounts since Coinbase Wallet users hold their own private keys. By storing funds on-chain, Coinbase can “secure funds with lower fees and faster settlement times.”
It’s a business decision that makes sense. The number one problem that every new blockchain has is attracting new users. But that’s not a problem for Coinbase…it already has over 100 million registered users. So it makes sense for Coinbase to leverage its existing customer base to give Base a big boost (no pun intended). It’s a strategy also being used by Binance with BNB Chain, Bybit with Mantle, and MetaMask with Linea.
If Coinbase continues to move funds over to Base, it could quickly move up the ranks to become one of the biggest chains. This is setting Base up for a big potential bull market move.
Existing Projects / Tokens
- Avalanche [AVAX] was chosen by Oasis Pro as the blockchain for a securities token that gives investors exposure to the Diamond Standard Fund. The more RWAs pulled onto L1s, the higher the demand for those L1s’ native tokens.
- DYDX will be unlocking 11% of its circulating supply (worth $114M) on April 1st. This is a friendly heads up if you’re a DYDX bag holder.
- MultiversX [EGLD] has a new bridge for TAO into its ecosystem. TAO holders can now put their tokens to work with multiple DeFi dapps within MultiversX’ ecosystem.
- Stacks [STX] released its public Nakamoto Testnet on Tuesday. This brings Stacks one step closer to its consequential Nakamoto Mainnet upgrade, which is scheduled for mid to late May.
Upcoming Projects / Tokens
- ANKR is launching a new AI blockchain, called Neura. Neura is tasked to be a next-gen blockchain that facilitates AI, cloud computing, cryptography, and Web3. ANKR will be the blockchain’s native token.
- Artificial Superintelligence [ASI] is the new token for the Superintelligence Collective, which is an alliance between Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN). The SuperIntelligence Collective will be a decentralized AI network built to counter Big Tech. FET, AGIX, and OCEAN are set to merge into ASI.
- Ethena Protocol is releasing its native token – ENA – on April 2nd. Ethena is a synthetic dollar protocol built on Ethereum that provides a “crypto-native solution for money not reliant on the traditional banking system.”
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SatoshiSync
SatoshiSync is one of the first permissionless protocols for Inscriptions and Bitcoin Layer2 technologies. SatoshiSync launched with a vision to address a major issue affecting the emerging Inscription and Bitcoin Layer 2 markets. Through the Satoshi Dashboard, InscripSync, and Satoshi Router technology. Users can track BTCFi holdings cross-chain, launch Inscriptions, and Bridge BRC20 assets.
SatoshiSync has recently launched its Early Access Program where you can check out some of the available features the product has to offer and earn SSNC tokens in the process. Separate from this program, SatoshiSync has a Galxe Campaign where users can also earn a portion of a 50 Million SSNC Airdrop pool. Complete one or both programs to earn a guaranteed share of the SatoshiSync token allocation.
Meme Coins and NFTs: What Is Book of Meme?
Book of Meme (BOME) is a recently released meme coin created by artist Darkfarms.
After getting off to an incredible launch and attracting a lot of attention, Book of Meme is now crossing over between meme coins and NFTs, with plans to store NFT art, create an active social network, and with NFT art auctions currently taking place using BOME as a bid currency.
TO READ THE REST OF THIS ARTICLE, CLICK HERE – “Meme Coins and NFTs: What Is Book of Meme?”
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