7/3/24: Biden Is Sinking 🌊🏛️🚀

Author

Valko
July 03, 2024

Top News

  1. Biden’s odds of dropping out surge to 65% on Polymarket

  2. US courts to decide if Draft King NFTs are securities in lawsuit

  3. Pump.Fun overtakes Ethereum blockchain with $2M in daily revenue

Specs’ Breakdown

1. Biden’s odds of dropping out surge to 65% on Polymarket

⌐◪-◪ → It looks increasingly likely that President Biden will drop out of the presidential race, with Polymarket bettors giving up to a 65% chance (so far).

His odds of winning the Democratic nominee are better, but he’s losing ground fast:

  1. Joe Biden → 49%

  2. Kamala Harris → 35%

  3. Other Dem → 8%

Polymarket has achieved more than just strong product/market fit, it’s becoming a truth machine for the 2024 Presidential Election as described by the All-In Podcast guys.

Even Vitalik chimed in, calling prediction markets the most truth-seeking and democratic social epistemic technology of our time.

Should I start a religion worshiping Polymarket, the one true God — our seeker and keeper of truth? Let me know in Specs Chat!

2. US courts to decide if NFTs are securities in DraftKings lawsuit

⌐◪-◪ → A U.S. District Court in Massachusetts denied DraftKings' motion to dismiss a class action lawsuit, alleging its NFTs are securities.

The lawsuit claims DraftKings' NFTs meet three prongs of the Howey test — an initial investment of money into a common enterprise that created a reasonable expectation of profit from the company's efforts.

This ruling could redefine the NFT landscape, impacting how companies create and market digital assets.

It also highlights the growing regulatory challenges, and lack of clarity, that could stifle innovation in the U.S. and push companies overseas.

Let me know what you think in Specs Chat!

3. Pump Fun overtakes Ethereum blockchain with $2M in daily revenue

⌐◪-◪ → Wow, Pump.Fun just surpassed Ethereum in daily revenue, at $1.99M and $1.91M respectively on July 1st.

For context: Pump.Fun deployed 11,528 new tokens on Monday, bringing their total tokens launched to over 1.2 million and total revenues over $50M. Check out this handy Dune dashboard for real-time stats.

I’m surprised to see them do so well, and overtake Ethereum in terms of revenue, during this small market downturn. I guess people always like to gamble/speculate on memecoin vs. use everything else that is “useful” on Ethereum.

Pump.Fun is the clear winner of this cycle’s memecoin craze, with total revenues over $50M as of this week.

Let’s brainstorm the next big picks and shovels play in Specs Chat.

Everything Else

⛓️ Crypto & DeFi

  • Bitcoin price dips below $60K, more than $8M longs liquidated

  • Jack Dorsey bullish on Bitcoin says it could one day replace US dollar

  • ZKSync introduced ‘Elastic Chain’ expanding network of ZK rollups

  • Bittensor halts network after reported security attack on wallets

  • Chainlink, Fidelity, Sygunm partner to tokenize $6.9B asset data

  • Aave DAO launches GHO stablecoin on Arbitrum, cross-chain aim

  • Chromia, L1 blockchain to launch mainnet mid-July

  • Kraken considering going nuclear power for its data centers

  • Robinhood considers crypto futures in US & EU

  • MANTRA to tokenize $500M real estate assets for UAE builder MAG

  • Bittensor’s TAO slides 15% after $8M wallet attack

🏦 Wallstreet & VC

🏛️ Legal & Regulatory

  • Judge approves expedited schedule on SEC case against Consensys

🌎 Rest of the World

🖼️ NFTs & Metaverse

  • Phantom to roll out ‘token search’ in Phantom Explore

  • Solana meme coin Billy soars to $117M market cap

  • Blast allocates 10B tokens in phase 2 rewards

  • Telegram launches mini app bar for easier crypto farming

  • Sydney Sweeney's X account hacked to pump meme coin

  • Marginfi to allow levered trading on any memecoin

  • Sahil’s account suspended on X

  • KAMA token rises as Harris Polymarket election odds surge

  • Blast releases Phase 2 guide, token falls 12%

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