Trump won, and crypto with it
We stay on-chain, so you don't have to. Get ahead of the curve weekly in 5 minutes.
Regardless of your political stance, the result of the U.S. elections sends a clear signal: cryptocurrencies will now be recognized as a staple of the global economy, with their development being supported by the American government, rather than hindered.
To sum it up, here’s what ‘crypto winning’ means:
On top of it, a strategic BTC reserve is in the talks, supported by Senator Lummis and shared by Trump at his speech during Bitcoin Nashville 2024.
The implications of this open stance towards crypto are wide: in the next 6 months, there’ll be an enormous amount of token launches, listing of popular assets on major exchanges, and increased experimentation by teams now less wary of regulations backfiring.
As far as markets are concerned, they tend to rally — on average — until the Inauguration Day for the new President (set for January, 20th). This is, mind you, an average. There’ll be bumps on the road, as always. And most importantly, the current SEC administration (deliberately hostile toward crypto), has the power to continue freely with enforcement actions until Inauguration — after which Gensler might be demoted, if he doesn’t resign earlier.
So, don’t get burned. Plan ahead. Assess the risk level you’re willing to take, and define targets at which you’re comfortable taking chips off the table.
A good framework might be to buy 1-2% monthly of assets like JLP (Jupiter), which dampens the volatility in both directions and makes it less mentally taxing to convert them to FIAT or Stablecoins.
It’s gonna be an intense few quarters. Good luck, anon.
Happens on-chain
Mt. Gox transferred $2.2B in BTC, preluding another batch of repayments to creditors — The Block
Despite winning the elections, Trump’s crypto project has sold only $15M tokens in its public sale, or 5% of the offered amount — The Block
Wintermute proposes enabling Fee Switch to reward Ethena stakers — ethenafoundation.com
GHO reached $175M mcap, buybacks starting soon — 𝕏/lemiscate
Paolo Ardoino denies rumors of a ‘Tether chain’ — 𝕏/paoloardoino
Ethereum Foundation researchers Dankrad Feist and Justin Drake resign as EigenLayer advisors
BNB Foundation completed its 29th quarterly burning, sending $1.07B to the ‘black hole’ address — bnbchain.org
The Telegram mini-game Hamster Kombat saw its monthly active users plummet from 300M to 41M, with the token down 76% since ATH — Protos
Decentralized derivatives startup ‘SynFutures’ introduced launchpad for perpetuals of any kind — The Block
Traditional rails
Senator Cynthia Lummis chants: “We are going to build a strategic Bitcoin reserve” — 𝕏/SenLummis
Tether reports $2.5B Profit in Q3 — CoinDesk
21Shares files for XRP Spot ETF — Cointelegraph
Immutable received a Wells Notice from the SEC over securities law — The Block
Florida’s Chief Financial Officer says state holds about $800M in crypto-related investments — The Block
State of Michigan’s state pension fund discloses over $10M worth of Ethereum ETF holdings — The Block
First pension fund in the UK invests 3% of its AUM into Bitcoin — CoinDesk
Swiss bank UBS to launch tokenized investment fund, following Blackrock’s and Franklin Templeton’s footsteps — DLnews
Robinhood, Kraken, Paxos, Galaxy Digital and others partner to introduce global stablecoin network named ‘USDG’ — The Block
Tornado Cash developer Roman Storm’s trial delayed until April — CoinDesk
JPMorgan to offer instant Dollar-Euro settlement via Blockchain — Bloomberg ($)
France to ban users’ access to Polymarket — DLnews
Tech go up
OpenSea to launch completely rebuilt platform in December — 𝕏/dfinzer
Arkham announces Perpetuals Exchange — 𝕏/ArkhamIntel
Where’s the money flowing?
Avalanche Foundation buys back $52M worth of AVAX tokens from Do Kwon’s defunct ‘Luna Foundation Guard’ — The Block
ZK Data platform Vlayer raised $10M Pre-seed Round — crypto-fundarising.info
L1 blockchain Cytonic raised $8.3M Seed led Round led by Lattice and Lemniscap — crypto-fundraising.info
Web3 Gaming platform GameBeast raised $2M Seed Round led by Tido Capital and T Fund — crypto-fundraising.info
Airdrops
Swell airdrop claim is live — 𝕏/swellnetworkio
Mantle’s Puff Dragons NFTs can be staked to drip COOK — methlab.xyz
Upcoming events
November, 7: FED interest rates decision (est. 25bps cut)
November, 12-15: Devcon in Bangkok
November, 16: Trump sentencing in Manhattan’s Hush Money case
December, 5-6: Emergence conference in Prague
January, 20: Inauguration Day for Donald Trump
Just use Aave! You can earn a 10.32% APY supplying USDT on Ethereum, 20.54% APY supplying USDC on Base, 16.15% APY supplying USDT on Optimism, or an 11.58% APY supplying USDT on Optimism.
Aptos Aficionado? You can earn a 18.02% APY providing liquidity for the wUSDC/zUSDC pair on Cellana
Want to be part of the Stay on-chain community? Join the crew on Telegram, and follow our latest announcements here.
If you found this edition valuable, why not share it with a friend?
Forward this email—it's the best gift you can give us!
Thank you for reading and see you next week!
Disclosure: Authors may own crypto assets named in this newsletter. Stay on-chain is meant for informational and educational purposes only. It is not meant to serve as investment advice. Please consult your investment, tax, or legal advisor before making investment decisions.