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⌐◪-◪ → BlackRock just announced a new Institutional Digital Liquidity fund in collaboration with Securitize.

This isn’t some pretend blockchain theatre either. BlackRock, the world’s largest asset manager, just put $100M USDC on the Ethereum blockchain. Pretty crazy.

This is Larry Fink putting his money where his mouth is with regard to his newfound belief that the future of finance is the tokenization of financial assets (stocks, bonds, etc).

Seeing one of the world’s most influential financial leaders/players adopt crypto so directly and with such conviction is more than promising.

This move is also a testament that Larry will do whatever it takes to get the Ethereum ETFs approved.

Also, note that they launched on Ethereum, not Solana.

⌐◪-◪ → The memecoin presale meta continues to rage on with over $150M raised on Solana alone over the last week.

For those who don’t know, the “presales” are an increasingly common and dubious practice where traders blindly send millions to strangers’ wallets in hopes of getting in early on the next memecoin.

The problem is, besides these memecoins having absolutely zero value/purpose, there is no guarantee the strangers don’t just take the money and run — which many have already done.

For example: Yesterday 0xNibba stole 6 figures with a presale and then rebooted his Twitter account as @richmoneysol to attempt another presale scam.

If you’re curious, check out ZachXBT’s breakdown to better understand the anatomy of these presale scams.

I love me a good memecoin, but this is getting out of hand and is frankly destroying the Solana ecosystem. It’s so bad that one of Solana’s co-founders tweeted “Stop doing this."

⌐◪-◪ → $USDe is now a top 5 stablecoin with a market cap of $1.17B. While they’re still very far behind Tether ($103.43B) and USDC ($29.64B) they are doing pretty good considering they launched 1 month ago.

The platform currently offers yields up to 60.9% with 66.21k users thanks to their unique pegging mechanism.

Instead of keeping dollars in the bank on a 1:1 basis (like Circle’s $USDC), they use a combination of Ethereum collateral and perpetual contracts to create a delta-neutral position against Ethereum’s price.

This means that the value of the synthetic position stays the same regardless of ETH’s price. The long ETH deposits are offset against short ETH perpetuals.

For a more detailed breakdown, check out Cygaar’s thread!

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