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  • 5/7/24: The Bitcoin Buckeye 💊🃏🚀

5/7/24: The Bitcoin Buckeye 💊🃏🚀

Top News

  1. Ohio State commencement speaker shills Bitcoin, gets booed

  2. Fantasy Top dominates crypto Twitter with 31k active users

  3. Pump.Fun is now making more revenue than Uniswap

Specs’ Breakdown

1. Ohio State commencement shills Bitcoin, gets booed

⌐◪-◪ → Ohio State's commencement speaker just tried to orange pill 60,000 people and got booed. He claims he recently discovered Bitcoin and took ayahuasca to write the speech.

It's a shame that college students are still so anti-crypto; colleges should be strongholds for freedom and democracy. Besides, bitcoin might also be young adults' best hope at accelerating the wealth transfer from older generations to younger ones.

Then again, maybe the audience isn't anti-crypto and just thought it was cringe.

Either way, one thing's for sure. The number one question every millennial's grandchildren will ask them is → "Why didn't you buy Bitcoin? WTF were you doing?"

2. Fantasy Top dominates crypto Twitter with 31k active users

⌐◪-◪ → Fantasy Top is taking the web3 space by storm, surpassing 31,300 active players — but what exactly is it?

TL;DR: It’s a "fantasy sports" style game where you draft five Twitter influencers instead of athletes, and get points based on their engagement. Check out @Zeneca’s post for a detailed breakdown.

But why all the hype? Well, aside from it (allegedly) being super fun, people are making serious money:

While it’s unclear how long the party will last, one thing is clear → SocialFi is inevitable. It better aligns incentives between creators/followers and creates organic growth flywheels.

Some other good resources:

Whatever you do, don’t risk more than you are willing to lose 100% of. More likely than not, these cards are worth nothing in 5-6 months.

3. Pump.Fun is now making more revenue than Uniswap Labs

⌐◪-◪ → The viral memecoin launcher Pump.Fun is making more daily revenue than Uniswap Labs, according to DeFi Llama.

While I haven’t spent meaningful time in the app, I’ve got to say it’s one of the ugliest UIs I’ve seen in a while, perhaps proving the old design principle “form follows function” — like Craigslist, lol.

While everybody is raving about this headline, I think there are two important things to point out:

  • This is the 24-hour daily revenue chart.

  • Uniswap Labs ≠ Uniswap V1/V2/V3 (the DEX).

For context, Pump did $445k in revenue in 24 hours, and Uniswap (V1+V2+V3) did $2.42M. So the headline you’re seeing is a bit misleading but still pretty impressive for Pump.Fun.

Bonus meme on Fantasy.Top and Pump.Fun.

Everything Else

⛓️ Crypto & DeFi

  • MetaMask rolls out 'smart transactions' to combat front-running

  • EIP-3074 remains contentious ahead of next big hard fork, Pectra

  • Bybit to integrate Ethena Labs’ USDe as collateral asset

  • Jack Dorsey leaves BlueSky board, company seeks replacement

  • Tom Brady ridiculed for FTX investment in new Netflix Roast

  • LayerZero CEO confirms employees can’t claim upcoming airdrop

  • Poloniex hacker launders $3.4M via Tornado Cash

  • OP Stack-based Mode to begin distribution of 550M tokens today

  • Arbitrum passes $150B in total transaction volume on Uniswap

  • Crypto forms 'neighborhood watch' to share information on hacks

  • Jupiter now allows users to trade non-Solana assets on Solana

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • Coinbase benefitting from hostile regulatory environment, says Bitwise

  • Robinhood Crypto says SEC has weak case regarding Wells Notice

  • SEC abusing Wells Notice in 'carpet bombing campaign', say experts

  • SEC delays decision on Invesco Galaxy spot Ethereum ETF

  • Over 20% of voters in swing states consider crypto a key issue

  • CFTC chair says wave of crypto enforcement coming over next 2 years

  • Bitcoin mixers pull out of the US amid regulatory pressure

  • India Central Bank to make digital currency available offline

🌎 Rest of the World

  • Revolut launches crypto exchange for UK users

  • QCP receives in-principal approval from Abu Dhabi regulator

  • Dylan Leclair joins 'Microstrategy of Asia' as Director of BTC Strategy

  • South Korea’s winning party moves towards BTC ETF promises

  • Hong Kong forms committee to develop wholesale CBDC

  • Hong Kong’s spot Bitcoin ETFs see first outflows since launch

  • Binance CEO calls on Nigeria to release his executive, held for 70 days

  • Australia’s tax office to force CEX to provide details on 1.2M traders

🖼️ NFTs & Metaverse

  • Fantasy Top pays $1.25M royalties in ‘Heroes Payout’ to KOLs

  • Hammy memecoin does 20x in one week, hits $80M

  • FriendTech teases new features: keydrops, memeclubs, pinned rooms

  • $2.1M ApeCoin proposal asks for $100k flight budget

  • Yuga Labs partners with Somnia Forge on metaverse interoperability

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