GM frens! Another week - another set of escapades and market opportunities.

Whether you’re just HODLing and waiting for the best or actively aping in, let’s stay sharp and make it a great one! 🙏 

Today we’re talking about:

• 🐐 DeFi GOATs: three protocols that are still driving DeFi growth

• 🤡 Solana DEX’s FLOPPED meme launch

• 🎙 Unlocking DeFi yields in the latest Web3 on Fire podcast

• 🍊 BTC Nashville and Trump: what was said 🗣️🇺🇸

• 🔥 Ethereum ETF inflows turn positive for the first time

Our degen portfolio is doing just about the same as last week:

Mr. Bushido, our esteemed community sage and master of the ancient art of portfolio juggling, nailed it when he said 👇️ 

Thanks, Sensei; we've managed to expertly balance our portfolio between "ouch" and "meh" - a true testament to our skills in the dojo of decentralized finance! 😂🥋 

Don't stop sharing your gems in #web3-on-fire Discord! Greener times might be just around the corner 👀 

_{Let’s get down to business:}

DeFi GOATs: three protocols that are still driving DeFi growth

For all the recent hype around meme coins, it seems like our good old DeFi scene hasn’t been getting the attention it deserves lately. But let’s remember that DeFi is crucial for innovation.

Despite the lack of spotlight, some protocols like Aerodrome, Ether.fi, and zkSync Era are still building and driving significant user growth 👇️ 

The MetaDex

Since its inception in 2023, Aerodrome has been blending the best of decentralized exchanges like Curve and Uniswap, earning the nickname "MetaDex" 🤔 

This past week, Aerodrome added over 150,000 new tokenholders, marking a 12.2% growth.

Their secret sauce? 🩸 Nothing out of this world.

• Aerodrome’s special voting system rewards users who lock up their tokens, giving them governance tokens to sway liquidity pools.

• A win-win: users get to influence governance while earning rewards, boosting liquidity, and getting Aerodrome noticed 🔍️ 

Staking made simple?

Next up is Ether.fi, which has seen a 5.5% jump in new token owners, now sitting at 93,000 📈 

• This platform focuses on user-friendly liquidity and staking solutions.

• By letting users lend their assets without losing control, Ether.fi appeals to those who don't fully trust traditional holding solutions.

Plus, their community-driven approach and strong governance give users a real say in how things run.

Democracy, but with more memes 🐸 

Scaling up despite the dump

zkSync Era is making significant strides despite its token ZK hitting its lowest price ever 🤔

This Ethereum L2 is all about faster and cheaper transactions, drawing in users fed up with high fees and slow speeds 🐌 

Over the past week, zkSync Era’s user base has been growing steadily. The zkSync community is embracing zero-knowledge proofs and advanced privacy features, making it a top choice for those who value security and speed​ 🔐 

Zero knowledge, but definitely not zero growth!​

Defi’s still chugging on

The DeFi user growth metric is a big deal because it shows that some platforms are still out there hustling and shaking things up 🫡 

It’s the ultimate proof that the most important part of crypto did not just die and vanish. DeFi is alive, kicking, and ready to revolutionize finance.

Solana DEX’s FLOPPED meme launch

We've got a doozy of a story coming out of the Solana ecosystem 🫠 

Raydium, one of the largest DEXs on Solana, attempted to launch a meme token called CTO using a new crypto launchpad.

Spoiler alert: it didn’t go too well.

Raydium, aiming to ride the meme coin hype train, launched a token called CTO using a service called makenow.meme. The idea was simple: tweet the token into existence. What could possibly go wrong? 🙃

makenow.meme is a platform that allows users to create a meme coin directly from a tweet. Here’s how it works:

1. Compose a Tweet: You tweet using a specific format that includes a $ sign, ticker, and description. You can optionally attach an image or video.

2. Tag makenow.meme: You tag @Makenowmeme in the tweet, and their system will automatically generate the token based on your tweet.

In theory, this should be a seamless process, allowing anyone to launch their own meme coin with minimal effort. But, as Raydium found out, theory doesn’t always match reality 🤦‍♂️ 

In typical crypto fashion, things soon went awry.

• The scammers didn’t sleep and quickly created an identical token, and of course, they did not hesitate to pull the rug right away 🥷 

• The scam coin was dead in less than 10 minutes 🤷‍♂️ 

People in Discord channels were quoted asking, "Is this coin really launched by Raydium?" and "Is it a rug?" The confusion was palpable, and the chaos was real 👇️ 

Raydium's official Twitter account posted, "Oops, that didn’t exactly go as expected” 😂 

Obviously, the community was not exactly amused.

It seems Raydium underestimated the potential for scammers and chaos, forgetting the golden rule of crypto: if there's a chance for something to go wrong, it probably will.

Syrup: Unlocking DeFi Yields with Maple’s Lending Engine

Episode 24 of the Web3 on Fire podcast is here, and host Rob is joined by Martin de Rijke, Growth Lead at Maple finance. Their latest innovation, called Syrup, is a DeFi platform offering permissionless access to high-quality institutional yields, leveraging Maple’s established lending engine. Find out how Syrup aims to blend TradFi’s reliability with DeFi’s transparent nature:

Make sure to follow Web3 on Fire on X(Twitter) so you don’t miss any episodes or Web3 gossip!

BTC Nashville and Trump: what was said 🗣️🇺🇸

There is a lot of buzz coming out of Nashville from the Bitcoin 2024 Conference. Former President Donald Trump attended and, as always, made some bold statements, stirring the pot in the crypto world.

Let’s break down what was said 👇️ 

Keynote speech highlights

In his keynote address, Trump declared his full support for crypto, aiming to make the U.S. a "Bitcoin superpower" if he gets re-elected.

• Trump promised to transform the U.S. into the "crypto capital of the planet."

• He envisions creating a strategic reserve of Bitcoin, using the currency that the government currently holds.

• This move is part of his larger plan to integrate crypto into the national economic strategy.

Firing SEC chair Gary Gensler 🔥

One of the most talked-about points was Trump’s plan to fire SEC Chair Gary Gensler on his first day back in office:

• Gensler has been a controversial figure in the crypto world, known for his stringent regulatory stance, which many believe stifles innovation.

• Trump's announcement was met with enthusiastic cheers from the audience, reflecting the general discontent with Gensler’s leadership 🤡 

Gensler's tenure has been marked by heavy-handed regulations that many argue have created more confusion than clarity in the crypto industry 👴 

His approach has often been criticized for being out of touch with the dynamic nature of digital assets and the blockchain ecosystem. The community generally sees Trump's promise to replace him as a potential game-changer for the crypto regulatory environment 🤔 

Crypto advisory council 🏛️

Trump also proposed the creation of a crypto advisory council, inviting industry experts to join.

He emphasized that future regulations should be written by people who understand and love the crypto industry, not those who oppose it.

Mining 👷 

🏭 Trump talked about harnessing American energy in all forms, aiming for the U.S. to have the lowest energy costs and highest efficiency in crypto mining.

He sees this as a strategic advantage that could make the U.S. the undisputed leader in crypto mining ⛏️ 

Trump’s speech at the Bitcoin 2024 Conference has set the stage for significant changes in the crypto landscape.

If this vision isn’t just a stunt to grab crypto votes and could come true, it would drastically reshape the industry.

Ethereum ETF inflows turn positive for the first time

For the first time, Ethereum ETFs are seeing more money coming in than going out. Let's break down what’s happening 🤓 

• Ethereum ETFs are seeing positive inflows. Translation? More cash is flowing into these funds than being pulled out.

• This is a huge sign that investors are feeling pretty good about Ethereum right now 📈

This news has been a long time coming. The crypto community has been eagerly waiting for some good news, especially after being less than thrilled with the recent price action 🫢 

In the other words, ETH hasn’t exactly been mooning lately, so this shift is a breath of fresh air 🌬️

Market recovery and institutional moves 💼

The uptick in positive vibes is luring in investors who are eager to catch the wave. This bullish sentiment is a major driver behind the net inflows 👇️ 

• Institutions like Grayscale and Bitwise are throwing their hats in the ring with Ethereum funds.

• This isn’t just small-time investors - Grayscale even launched a low-fee Ethereum Mini Trust to attract more investors by making it cheaper to invest.

Smart move 💡

With more money flowing into Ethereum ETFs, we’re likely to finally see some positive impact on ETH prices.

It’s basic supply and demand - the more people want ETH, the higher its price can go.

• The influence of ETF buying may also answer the question of whether ETH has finished its consolidation phase.

• Some analysts suggest that ETH could revisit $4,000, and potentially hit $8,000 - $10,000 by the end of the year, driven by these ETFs.

Why is it so hard to pump it? 1st problem - complex valuation 🧠

Selling Ethereum just might be a bit tougher than BTC, because it isn’t as straightforward 👇️ 

Bitcoin is often seen as “digital gold” - that’s easy to grasp.

Ethereum’s got a whole ecosystem of decentralized applications (dApps) and smart contracts, making it a bit more complex for boomers traditional investors to wrap their heads around 🤔 

Solana ETFs - no go? 🚫

• BlackRock just announced that it is not planning to launch a Solana ETF anytime soon. Instead, it will stick with Bitcoin and Ethereum.

• Why? Well, BlackRock is focusing on established cryptocurrencies that have already proven their value in the market.

Solana, while promising, is still considered too risky and volatile for their taste 🙄 

Ethereum still has got some cool upgrades in the pipeline, like the Pectra upgrade. This one’s going to work with Verkle trees and institutionalized staking.

Constant dev activity and increased performance could mean even more positive ETF inflows and stronger market sentiment in the future.

Other worthy reads

Tether now owns more US debt than the state of Germany:

A detailed read on opsec by Pendle Intern:

CORE meta is being shilled more and more:

MEMES

That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

Brought to you by Ambire: The Only Web3 Wallet That You’ll Need!