🤯 The new meme coin mania is printing millionaires

Good morning!

A new Crypto chain, Base, has taken off over the past few days, with many meme coins printing millionaires in a matter of hours. If you’d like to learn more about the new chain, make sure to check out the tweet at the end of todays edition. (Remember, Crypto is insanely volatile, especially new meme coins).

We’re interested to know from you guys, what is your experience with Base so far?

Markets

Coinbase CEO says SEC asked it to delist all cryptocurrencies except bitcoin (2 minute read)
Coinbase, the biggest cryptocurrency exchange in the US, revealed that the SEC requested them to temporarily halt trading in all cryptocurrencies except for bitcoin just before suing the company, according to CEO Brian Armstrong in a recent Financial Times interview. The SEC accused Coinbase of violating securities laws and facilitating unregistered trading in 12 digital tokens that they considered securities. Coinbase, known for offering over 200 tokens on its platform, found the SEC's request a bit puzzling. When they asked for an explanation, the SEC refused to provide one and simply insisted on delisting all assets except bitcoin.

Worldcoin (WLD) could face regulatory inquiries in UK (2 minute read)
After its recent launch, Worldcoin (WLD), a crypto venture co-founded by OpenAI's CEO Sam Altman, may be catching the attention of the UK's data regulator. The Information Commissioner's Office (ICO), which focuses on data protection in the United Kingdom, has announced its plan to investigate the Worldcoin project. Launched on Monday, July 24, the project has faced criticism, primarily centered around its iris-scanning feature. Worldcoin offers WLD coins to individuals who scan their irises, and the unique orbs are set to be available in more than 35 cities across over 20 countries, including London. The iris-scanning technology has certainly stirred some interesting discussions, and now the ICO wants to take a closer look.

Meme Coin Mania Drives Degens to Base, the Ethereum Level-2 Chain from Coinbase (3 minute read)
Coinbase's Ethereum layer-2 network Base has become a hub for adventurous traders seeking profitable gains. Launched on July 13, Base has seen a surge in activity, especially when it comes to meme coins. Tokens like BALD, COIN, and BASED are the stars of the show, attracting traders on the decentralized exchange LeetSwap. With nearly $200 million in trading volume and 377,000 transactions in just a day, LeetSwap has proven itself as a major player on Base, alongside RocketSwap.

Tech

Curve Finance Drained of $50M While CRV Token Sinks 12% in Latest DeFi Exploit (3 minute read)
Curve, a key player in the DeFi world on Ethereum, has fallen victim to an exploit. Instead of relying on traditional middlemen, Curve employs smart contracts to provide financial services like stablecoin borrowing, trading, and lending to its users. With enticing annual yields of up to 4%, many depositors flock to the platform's diverse pools. However, an unexpected "re-entrancy" bug in Vyper, the programming language powering parts of Curve, exposed upwards of $100 million worth of cryptocurrency to potential risk. Hackers managed to drain several stablecoin pools on the platform, which are integral to the pricing and liquidity of various DeFi services.

USD-backed stablecoin pilot project launched by Pacific island nation of Palau (2 minute read)
Palau, known for its beautiful beaches and stunning marine life, has decided to dip its toes into the world of cryptocurrency with a pilot project for a United States dollar-backed stablecoin. The new coin, named the Palau Stablecoin (PSC), will be issued on the XRP Ledger. Government employees are the lucky ones who will get to try out the PSC first, following some testing with volunteers who made purchases using various devices. Fondly nicknamed the "Kluk," possibly inspired by its adorable bird logo, the PSC is the latest project to utilize Ripple's CBDC Platform, which debuted in May. Even though Ripple has been in talks with numerous governments about central bank digital currency issuance, its partnership with Palau actually began way back in 2021, with a target launch date set for 2022.

Welcome to McNuggets Land: McDonald’s Launches Metaverse Game in ‘The Sandbox’ (2 minute read)
Amidst the ebb and flow of metaverse hype, major brands continue to make their mark in virtual worlds, and McDonald's Hong Kong has joined the party. Say hello to McNuggets Land, a vibrant and whimsical world now live in The Sandbox, an Ethereum-based metaverse game. Created to celebrate the 40th anniversary of Chicken McNuggets, this virtual wonderland is teeming with adorable anthropomorphized nugget characters and decor inspired by the beloved dipping sauces. Embark on quests that offer both real-world and blockchain-based rewards, making the experience even more tantalizing. Although launched by the Hong Kong division, McNuggets Land welcomes players from all corners of the globe to savor the fun and flavor in this finger-licking metaverse adventure!

Misc

Will SEC regulation and FTX suits cause more insurers to consider cryptoassets? (4 minute read)
The recent collapse of FTX Trading Ltd. (FTX), combined with the limited market regulation and the unpredictable nature of digital assets' prices, has led to increased caution in the insurance industry. Until now, insurance providers have been hesitant to offer comprehensive protection policies for crypto companies and assets. The situation has been further complicated by the insolvency of FTX, once valued at an impressive $32 billion. In light of these developments, it comes as no surprise that obtaining adequate coverage for crypto assets has become even more challenging. According to Evertas, a crypto insurance company, a mere 2-3% of global cryptoassets are believed to be insured. The insurance market is now facing heightened risk aversion as it navigates the complexities of the crypto landscape.

South Korea to pilot CBDC in one of these three cities, not Seoul (2 minute read)
The Bank of Korea is on the hunt for the perfect spot to pilot its central bank digital currency (CBDC), and it seems like Seoul won't be the lucky winner, according to a local South Korean media outlet. Instead, the Bank has shortlisted Jeju, Busan, and Incheon as the candidates for its "private target CBDC test bed." Once the experiments are done, the Bank plans to pick one of these regions and take the CBDC experiment to the next level by testing payments and distribution at a public level. And to ensure everyone gets to join the digital currency fiesta, they're looking to secure franchises that can accept payments via CBDC.

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