GM, frens! ☕️ 

Everyone talks about the pain of drawdowns, but no one warns you about the pressure of good days.

When things are working, it’s easy to get greedy and harder to stay smart, isn’t it? 🙄 

Here’s what we’ve been tracking:

• 🤵 TradFi CFOs finally capitulate to crypto

• 🪙 Why $WALLET might be one of the smartest bets this cycle

• 👁️‍🗨️ Retail degens funding Worldcoin verified loans

• 📖 New crypto ETF playbook revealed

• 🏧 Japan just put NFTs in vending machines

The W3oF Degen Portfolio didn’t move much this week 👇️ 

Some weeks you ride the wave, some weeks you reload.

Come recalibrate with us in the Discord, because timing is everything 🤓 

TradFi CFOs finally capitulate to crypto

When the suits finally cave, you know crypto's sunk its teeth deep.

Deloitte dropped its latest CFO survey - turns out most of North American Chief Financial Officers envision crypto as a staple of their long term corporate treasury game plan 💵 

And no, it's not just BTC, but Ethereum and other crypto too 👀 

Crypto’s no longer "fringe" and no longer "speculative"? Seems so, if it infiltrated the stuffiest corner offices, marking yet another big W for digital assets.

• The big number from Deloitte: nearly 40% of CFOs at mega-corps ($10 billion+ in revenue) expect their treasury teams to directly allocate cash into crypto within two years. These type of CFOs were historically cautious, famously conservative, even.

• Now they're looking at blockchain assets and nodding "yeah, we could park a few billion there" 👀 

• Interestingly, Deloitte ties this corporate crypto conversion to the recent crypto friendly regulation switch. Thank the GENIUS Act and Trump's shenanigans that granted execs the cover needed to ape into digital assets without looking reckless 🐒 

Now treasury departments that used to hide behind "fiduciary responsibility" are quietly eyeing altcoin treasuries and yield-bearing DeFi positions 💰️ 

Speaking of bags, the survey shines a subtle spotlight on a rising trend: institutional accumulation 👇️ 

• Ethereum and Solana are creeping into portfolios too.

• For a CFO, Ethereum’s DeFi dominance and staking yields are irresistibly juicy compared to fiat's grim alternatives. Solana is still proving its institutional chops, but its speed and lower fees make it a surprisingly appealing TradFi gateway. Potentially.

Deloitte also discovered some CFOs are ready to dive deeper into crypto native metas beyond simple treasury positions.

• Nearly 24% anticipate directly investing in non stable cryptocurrencies within the next two years. What do you know, here’s borderline degen behavior coming from boardrooms formerly occupied by people who are allergic to innovation 🤔 

And yet, with all this bullish noise, let's acknowledge the delicious contradiction: TradFi is embracing crypto, yet still wary of its wild swings. In other words, they want the crypto gains without the crypto drama… good luck with that 🙃 

Crypto didn't need corporate buy in to thrive, but seeing the CFO class grudgingly admit “crypto is here forever” is undeniably satisfying 🫠 

Next step: watching them get absolutely rekt by a liquidation cascade in a DeFi memecoin farming pool. Now that's entertainment.

Why $WALLET might be one of the smartest bets this cycle

Ambire didn’t set out to build a revenue engine. Just an honest smart wallet that works, with bundled transactions, native swaps, real UX.

But when all the rails are in place, the money might just start moving 👀 

• Quick math: if Ambire captures just 1% of the real (non bot) volume Uniswap does, and charges 0.5% per swap, that’s $20M+ a year. From swaps alone 💵 

• Add bundler fees. App placement. Revenue share from integrated services. It’s not just a wallet anymore, it becomes base layer infra with a yield curve 🧠 

That brings us to $WALLET, Ambire’s governance token, which sits at the core of how value flows through.

Revenue already lands onchain, collected by WalletDAO. But the key decision is downstream: should it be distributed to tokenholders, or used to buy and burn from the market? That’s up to governance.

Might be worth thinking about what actually holds up in today’s market, it’s not 2017 anymore. Hype fades. Yield and value backed tokens might be the only ones left standing.

Retail degens funding Worldcoin verified loans

Sam Altman’s iris scanning, orb wielding crypto circus just got a new act: unbacked crypto loans.

Divine Research (sounds heavenly) has churned out a staggering 30,000 short term, zero collateral USDC loans.

And this is only based on using Altman’s shiny Worldcoin identity verification tool 🤯 

It’s peak bullrun crypto: microloans under $1,000 zapped directly into the wallets of everyday people. Borrowers typically underserved by TradFi are jumping in. And why wouldn't they?

Divine’s founder, Diego Estevez, called this “microfinance on steroids” in his interview with FT 👇️ 

Rates hover between 20% to 30%, with a reported first loan default rate of around 40%. Read that twice if you must. Estevez shrugs it off, suggesting those high rates simply bake in defaults 😲 

JPMorgan validates it

Funnily enough, JPMorgan might've just validated this 👴 

• CEO Jamie Dimon recently spoke on CNBC about the bank considering crypto backed lending 💰️ 

• So while Dimon was famously calling crypto a fraud back in the day, it seems now he's ready to cash in on collateralized crypto loans.

Of course, the difference here is that JPMorgan's version relies on solid crypto collateral like BTC, ETH and other coins you can sell to cover the loss, while Divine’s loans are flying solo, backed solely by iris scans and hope. Even the degens on CT would hesitate 🧠 

Meanwhile, Divine’s “liquidity providers” aren't whales or institutions, they’re retail. Estevez says that “anyone can provide liquidity” claiming a system engineered to profit despite defaults.

Divine isn't alone in the unsecured DeFi high wire act.

• For example, a well known startup called 3Jane recently raked in $5.2 million from Paradigm for Ethereum based credit lines with zero collateral, and they’re promising AI “agents” would somehow screen users to decrease debt default rates 🤖 

Despite the slightly silly vibes, DeFi lending is clawing its way back from 2022's Celsius/Genesis horror show.

TradFi players dipping toes into crypto debt markets might just sanitize the risk taking currently fueling these degen experiments. And then it’s going to be a completely different market 🤏 

New crypto ETF playbook revealed

Just when you thought the crypto ETF saga had peaked with BTC and ETH finally squeezing past, the SEC pulls another rabbit out of its bureaucratic hat 🎩 

New "Generic Listing Standards" are now officially a thing, courtesy of the latest CBOE filings, and they could pave the way for a dozen major tokens to score that sweet ETP approval stamp by October.

Forget endless deliberations and the ghost of Gary Gensler, under the SEC’s fresh rules, any crypto that’s had futures contracts trading on designated markets for at least six months automatically qualifies for ETF eligibility 🤯 

• The new rule effectively hands the ETF approval baton over to the CFTC, making the SEC something of a formality rather than an almighty gatekeeper.

• Immediately, industry insiders dusted off their "usual suspects" lists. Tokens that now look primed for ETP status include Solana, XRP, Cardano, Chainlink, Avalanche, Polkadot, even Dogecoin.

Less than a month ago, Bloomberg Intelligence slapped a confident 95% approval odds sticker on Solana, XRP, and Litecoin ETFs before EOY.

If you’re a holder, this might finally be the WAGMI moment you've been manifesting 🙆‍♂️ 

• The reshuffle also streamlines the notoriously painful 19b-4 application process, slashing the approval timeline from a lengthy 75 days down to a snappy 45.

• This bureaucratic diet comes just in time, too, as institutional hunger for crypto ETFs hits all-time highs. BlackRock’s IBIT alone inhaled $147 million in daily inflows last week, while Ethereum focused ETFs scooped up another $65 million 🪙 

…

Bullruns always run hottest right before they torch everyone involved and judging by what’s happening, temperatures are clearly rising. Here's hoping we've learned something from last cycles 🤓 

Japan just put NFTs in vending machines

Japan has done it again: NFT vending machines are now real.

A new rollout by 24karat, in collaboration with Dapper Labs and Flow Blockchain, is bringing NFT packs to physical vending machines scattered across Tokyo and beyond. Pop in ¥1,000 (about $7), scan the QR code, and walk away with a digital asset 🖼️ 

No wallet - no problem

• These machines are designed for frictionless onboarding, meaning anyone with a phone and a functioning index finger can mint a Top Shot moment or grab other collectibles available through these machines, like URIBO or Apopanda.

• The move is powered by AIICO, a platform trying to turn sampling campaigns and loyalty programs into blockchain native experiences.

• Digital collectibles as promotional handouts, shoe inserts, or in this case, branded NBA moments from a blockchain project that peaked during the last cycle but is now getting its IRL second wind 🤳 

Visually, the machines are exactly what you'd expect: part touchscreen kiosk, part retro-futurist arcade cabinet, part NFT onboarding tool disguised as a novelty trap for fans 🏧 

And while Top Shot’s popularity, for example, has significantly cooled from its 2021 hype in the rest of the world, the way Japan does these things is more than just a gimmick.

It taps into three things they excel at: vending culture, collectible culture, and doing weird shit with branding until it becomes normalized 👀 

So yeah the machines won’t bring back the 2021 glory days, but they don’t need to. They just need to work. If they do, vending might another reliable retail layer for web3.

Other worthy reads

President's Working Group report overview by Rebecca Rettig:

“A Comparative Ecosystem Analysis of Arbitrum's Positioning in DeFi” by Castle Labs:

“Browser Wars Got Personal” by Delphi Intel:

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 Web3 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!