GM, frens! The crypto market is like a puzzle - each piece fitting together to form the bigger picture. It’s just that sometimes this picture isn’t very pretty to look at 🥶 

Same goes for our W30F Degen Portfolio, the choppy market hasn't been treating us with candies recently, so we hope you're locked in and 'safe in spot' 👇️ 

The portfolio lost $60 in the last two weeks, but being the permabulls we are, we'll never give up! As always, keep the gems 💎 coming in # web3-on-fire Discord as we'll soon host a new vote 🗣️ 

Today, we’re talking about:

• 💣️ Solana is PUMPING after VanEck drops the ETF bombshell

• 🃏 Crypto gamblers go wild over Trump-Biden debate bets

• 🪙 Assange walks free, did crypto help?

• 🥷 Crypto losses in Q2 2024 reach over $650 Million

LFG!

Solana is PUMPING after VanEck drops the ETF bombshell

Investment firm VanEck has filed for a Solana exchange-traded fund (ETF).

This move has sent massive waves through the market, with Solana (SOL) experiencing a notable price pump 💹 

The market sees the filing as a strong endorsement of Solana's potential, opening doors for more institutional investors to get involved with this platform.

Market reaction and price increase

Following the announcement, Solana's price jumped by around 20%, reflecting the market's positive sentiment:

• The price shot up to $150, up from $135.

• There’s been a significant rise in trading volumes, indicating increased investor interest and activity around Solana.

One of the standout features of Solana is its popularity within the memecoin community in this cycle 🐸 

Solana has become the biggest chain for memecoins, attracting an active and enthusiastic community of traders and developers. The low transaction fees and high throughput make it an ideal platform for launching and trading these often highly speculative and volatile tokens.

Implications for the сrypto market

ETFs provide a regulated and accessible investment vehicle for both institutional and retail investors, which can attract more capital.

Even if you’re not one of the biggest Solana fans or a meme degen trader, you can take solace in the fact that ETFs could help legitimize the crypto market, potentially leading to clearer regulations and increased investor confidence.

Crypto gamblers go wild over Trump-Biden debate bets

The crypto community was placing significant bets on the outcome of the debate between former President Donald Trump and current President Joe Biden 👴 

The betting activity reflects the high stakes and intense interest surrounding the political showdown 👇️ 

• Crypto gambling platforms have reported a spike in betting volumes as the debate approached.

• Traders were betting on various outcomes, from debate performance to potential impacts on policy and market regulations.

The debate between Trump and Biden was seen as a critical event that could influence future policies affecting the crypto market. So, was crypto discussed? 🤔 

Not really. The debate lasted for 90 minutes and barely touched upon technology policy, not to mention crypto or the digital assets industry. The focus was primarily on the economy and other issues such as abortion, immigration, and foreign policy.

The interesting part about this is that crypto has increasingly become a popular medium for placing bets on any sort of events.

The speed and global reach of crypto make it ideal for this purpose. Platforms like Augur and Polymarket are at the forefront of this trend, allowing users to place bets on various outcomes 🪙 

The increased betting activity on the Trump-Biden debate also highlights the intersection of politics and crypto. Depending on perceived regulatory impacts, a significant outcome of the debate could lead to fluctuations in crypto prices.

So, while you were chilling, another use case for crypto popped up - a tool to fuel political speculation 👀 

Assange walks free, did crypto help?

Julian Assange, the founder of WikiLeaks, has walked free.

The news has sparked widespread discussions, with many attributing a significant role to the crypto community in aiding his release 🚶 

Did crypto contributions make a substantial impact on Assange’s legal battle and eventual freedom?

Crypto's role in Assange’s legal battle

• The crypto community has long supported Assange, with donations pouring in to fund his legal defense.

• ETH, BTC, and other coins were used to gather substantial amounts, providing financial support crucial for his high-profile legal fight 💪 

AssangeDAO and community mobilization

A notable initiative was AssangeDAO, a decentralized autonomous organization created to support Assange. AssangeDAO managed to raise over $53 million in ETH, showcasing the power of decentralized communities in mobilizing resources for a cause 👇️ 

• The DAO’s success highlighted the potential of decentralized fundraising efforts.

• While it’s challenging to quantify the exact impact of crypto on Assange’s release, the substantial financial support undoubtedly played a role in sustaining his legal efforts.

• The funds raised through crypto enabled his legal team to continue fighting against extradition and other charges.

This shows us that crypto can be a powerful tool for supporting freedom of speech and human rights.

As the world continues to grapple with issues of censorship and human rights abuses, the role of crypto and decentralized organizations in these battles is likely to grow, offering new avenues for support.

Crypto losses in Q2 2024 reach over $650 Million

A new report from Immunefi, a leading bug bounty and security services platform, reveals that the crypto industry suffered losses exceeding $650 million in the second quarter of 2024.

This substantial figure highlights the ongoing challenges the industry faces regarding security and fraud.

Breakdown of the losses

The report provides a detailed analysis of the various ways in which these losses occurred. The primary causes were hacks, scams, and exploits plaguing the landscape.

• Hacks: Accounted for the largest portion of the losses, with several high-profile incidents impacting major platforms.

• Scams: Numerous fraudulent schemes deceived investors, leading to significant financial losses.

• Exploits: Vulnerabilities in smart contracts and protocols were exploited, resulting in considerable damage.

Notable Incidents

The report lists several notable incidents that contributed to the overall losses.

• A major hack on a leading DeFi platform resulted in a loss of $120 million.

• A phishing scam targeting a popular crypto exchange led to $45 million being stolen.

• Exploits in various smart contracts accounted for a combined loss of over $150 million.

In light of these findings, Immunefi has put forward several recommendations to help mitigate future losses 🧠 

• Enhanced Security Audits: Regular and thorough audits of smart contracts and platforms 🔍️ 

• User Education: Increased efforts to educate users about common scams and security threats 📚️ 

• Stronger Protocols: Development and implementation of more secure protocols to prevent exploits 🔒️ 

Also, Immunefi is big on bug bounties, they think bug bounty programs have proven to be an effective tool in identifying and fixing vulnerabilities before they can be exploited 🪲 

The insane amount of over $650 million lost in just one quarter is a sobering reminder of the vulnerabilities still present in the crypto ecosystem.

The continuous high-profile hacks really underscore the urgent need for a collaborative effort to create new security standards and UI/UX improvements in crypto.

Other worthy reads

Other headlines from this week by Cprinze:

Degens fought the big tobacco.. and won?

AI + crypto, there’s still some potential?

That's all for now, frens.

We'll meet again in a week! And remember, the market conditions are temporary, but our commitment to building a better Web3 is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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