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⌐◪-◪ → The Trump pump continues!

Trump Media (NASDAQ:DJT) is allegedly in talks to acquire the crypto trading platform Bakkt for a whopping $100M+. As for how likely this is to go through, we can consult our handy Oracle of truth, Polymarket, which currently gives the acquisition a 61% chance of happening in 2024.

While my initial reaction is — this is bullish — I’m hearing some other takes on crypto Twitter. Notably, @BoringSleuth voiced concerns, claiming that Bakkt has ties to:

1. Prometheum: the only company Gensler granted a Special Purpose Broker Dealer license to.

2. The owner of the domain KillTrump.Crypto, with alleged ties to the CCP, Joe Biden, Obama, and George Bush.

Note: this is all speculation, none of it is verified, and this account has a clear bias, so please take this with a grain of salt. Very sus if true though.

Meanwhile, Trump plans to meet with Coinbase CEO, Brian Armstrong, to discuss his personnel appointments — hopefully, Brian is as persuasive as he is bald.

Public companies are buying Bitcoin, a national Bitcoin strategic reserve is on the horizon, and our next President’s company is about to buy a crypto exchange — and people are still FUDDING crypto.

I suppose Saylor was right, “everyone gets Bitcoin at the price they deserve.”

⌐◪-◪ → Magic internet money inbound!

Magic Eden, the leading NFT marketplace, just announced the tokenomics for their long-awaited $ME token + airdrop.

The $ME token is essentially a trading rewards program that will reward users for trading all assets on all chains — making Magic Eden a one-stop shop for all your trading needs. The token generation event itself is only a few weeks away, likely before the end of 2024 — perhaps during Art Basel.

12.5% of the 1 billion supply is being airdropped (via claim) to active users across Bitcoin, Solana, and EVM chains, with unclaimed tokens being saved for future staking rewards. The pre-market price is already at $2.9 per coin, a 315% increase over the last 24 hours.

If this surge continues, $ME could go down as one of the top 20 largest airdrops of all time.

With NFTs like CryptoPunks and Pudgies soaring, Doodles going mainstream with the McDonald’s collab, and Magic Eden’s upcoming airdrop — it’s starting to feel like the NFT market is back.

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⌐◪-◪ → DAOs are under attack!

Yesterday, a California court ruled that Lido DAO members could be held liable for participating in DAO governance — dismissing Lido’s claim as a non-legal entity, essentially viewing Lido’s DAO structure as a general partnership.

This is a huge blow to decentralized governance, as it could hold DAO members liable for the actions of other members, even for something as simple as a governance post.

Right now, the losers are big VCs like Paradigm and a16z, who participated in Lido governance, but there’s no telling how many other members could be roped in. If the ruling holds, it could be a massive hindrance to DAO participation, which is already challenged, as members fear they’re committing unknown crimes that will be etched in stone (the blockchain) forever.

Crypto Twitter is obviously outraged, but fortunately, we may have a solution — Wyoming’s Decentralized Unincorporated Nonprofit Association (DUNA) framework, which was legally recognized in the state as of July 1, 2024.

The iconic Nouns DAO is already in the process of transitioning to a Wyoming DUNA — likely leading the way for other DAOs to do the same.

👉 Read more about the DUNA framework in a16z’s blog post.

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