Good morning, Ambulls! 🐂 

The tides of crypto keep rolling and this week, we’re watching a blend of politics and tech dance across the horizon, each step leaving ripples that touch our space 🪄 

Markets moved and history was written, but here in the world of Web3, we know that change is our only constant 🌌

Today we’re discussing:

• 👀 Trump WINS the election: Now what?

• 🥖 The grand baguette ransom of 2024

• 🎰 The state of Polymarket – the real winner of elections

• 🛠️ Next Ethereum UPGRADE is on the way - what we know about Pectra

Our W3oF portfolio held steady this week - sometimes a pause lets us see the full picture.

And as we gear up, don’t forget to check out our extension, which now directly supports swaps - making it easier than ever to navigate your trades with a single, streamlined tool.

Small adjustments, big impact 🔨 

Let’s get down to it, frens: 

Trump WINS the election: Now what? 👀 

Well, here we are. Against all odds (and most polls), Donald Trump is back in the Oval Office, and the world’s wondering what’s next - especially the crypto crowd.

Love him or hate him, his win has already made some waves in the financial markets, and crypto's no exception.

Let’s talk about his victory and what it could mean for the world of digital assets and what’s at stake for your coins 👇️ 

Immediate market reactions

• As soon as the election results dropped, BTC shot up to record highs, briefly breaking the $74,000 mark before cooling off.

• The market’s reading Trump’s win as a positive sign for crypto, partly because he’s hinted at shaking things up in the regulatory landscape and if he stays true to his word, crypto might just get a much-needed regulatory break 🤔 

Trump’s crypto agenda📜

Trump’s approach to crypto is a far cry from the heavy handed regulations we've seen in the last few years.

He’s hinted at a couple of key changes that could make the U.S. a much friendlier place for digital assets:

• New SEC leadership 👴 : Trump’s promised to replace current SEC Chair Gary Gensler with someone more open to crypto innovation. Gensler’s reign has been…let’s just say, “complicated” for crypto. With a fresh face in charge, we might see less regulation and more freedom for projects to grow without constant fear of getting shut down.

• Bitcoin Mining as "Patriotic" Duty? Trump’s camp has been vocal about positioning Bitcoin mining as a kind of “last line of defense” against the rise of central bank digital currencies (CBDCs) 🪙 

• Basically, they’re treating Bitcoin like digital gold - a reserve that keeps traditional financial institutions in check. This stance could mean more support and even subsidies for U.S. based mining operations.

• Potential tax breaks for crypto HODLers: while it’s just whispers for now, there’s talk that Trump’s administration could look into favorable tax treatments for long-term crypto holders, as part of a larger plan to make the U.S. the global capital for digital assets. Imagine tax-free gains on those moonshots…if he actually pulls that off, it’s game-changing 🔥

Crypto community status: overhyped

Let’s be real - crypto Twitter is loving this.

Trump’s win has fired up the community with some big hopes for a more “hands-off” approach to regulation. Some believe a friendlier stance could open the floodgates for mass adoption in the U.S., as well as big institutional moves into the space.

The skeptics still point out that crypto’s still inherently volatile, and while Trump’s win might give it a temporary boost, the long-term trends depend on way more than who’s in office.

Macroeconomic factors, global interest rates, and inflation still play a huge role, and let’s not forget - Trump’s policies can be a bit unpredictable.

The unpredictable factor

Here’s the thing with Trump: he’s not exactly known for sticking to the script.

His policies could be great for crypto, or they could take an unexpected turn depending on his advisors, the economy, or just his mood that day.

And don’t forget - Trump or no Trump, this industry is still all about decentralization. Just because there’s a chance for a friendlier regulatory environment doesn’t mean you should give up control of your assets. If you’re here for the long haul, remember that true financial freedom means keeping your crypto secure in your own wallet 👀 

Bottom line

Trump’s return could mean big things for crypto, especially in terms of policy and regulation 📜 

A less restrictive SEC? Potential tax breaks? More freedom for mining? It sounds like a dream lineup. For now, the crypto world is cautiously optimistic.

If Trump plays his cards right, we could see the U.S. embracing digital assets like never before. And as always, i’s all fun and games until the volatility kicks back in 🙃 

Keep stacking, but don’t forget why you’re here in the first place: decentralization, autonomy, and a system where you call the shots.

The grand baguette ransom of 2024

In what might be the most French situation of all time, ransomware group Hellcat has gone after an automation giant Schneider Electric with a unique ultimatum: pay up $125,000 worth of French baguettes 🥖 or face the release of stolen sensitive data 😲 

The group, represented by a hacker known as “Grep”, was threatening to leak 40GB of Schneider’s data if they don’t get paid.

• The ransom note wasn’t just about the bread, though. According to sources, the hacker group was happy to settle for Monero (a coin known for its high level of privacy and appeal among hackers).

• It’s not the first time Monero has shown up in ransom demands, but Hellcat’s decision to frame this as a “baguette ransom” feels like a marketing move.

• Security experts suspect it’s a gimmick - a way for Hellcat to make a name for itself in the ransomware world. Sure, it’s all about getting paid, but if you can go viral while doing it, why not? 🤔 

For Schneider Electric, this isn’t exactly uncharted territory. This latest breach marks their third big hit in less than two years. First came the Cactus ransomware attack in February, followed by the MOVEit data breach in June, courtesy of the Cl0p gang.

Apparently, Schneider’s data security stinks just like that french cheese, too 🥴 

Hellcat claims they’ve snagged over 400,000 rows of user data, including some “sensitive customer and operational information.”

The end

Well, Hellcat wasn’t bluffing. Dark Web Informer recently confirmed that the group went ahead and published Schneider's sensitive data after the refusal 👇️ 

Beyond the quirkiness of this ransom, there’s a real shift happening in how ransomware gangs operate 🥷 

They’re no longer just nameless, faceless hackers demanding a quick payout. Now, they’re adding a layer of branding, using gimmicks and marketing moves to get attention. In this case, the baguette angle is less about the bread and more about making the hacker group stand out in a crowded field.

The state of Polymarket – the real winner of elections

While Trump and Harris were in the spotlight battling for the White House, Polymarket was quietly stealing the show.

• This crypto-powered prediction platform called it like it was, throwing out election results that beat the mainstream media by hours ⌚️ 

• In a sea of outdated polls and cautious mainstream outlets, Polymarket was making moves. They had Trump as the likely winner in some key states well before the media caught up. And that wasn’t a one time lucky guess – Polymarket kept calling swing states like Georgia and Pennsylvania in real-time as the night rolled on.

How did they pull this off?

Polymarket runs on the “wisdom of the crowd”, meaning it’s a live market where users bet on outcomes, and the odds shift based on where the money’s at 💵 

Instead of relying on some corrupt pollster’s wishful thinking, Polymarket’s odds come straight from thousands of users who are putting their money on what they actually think will happen.

A DeFi version of a crystal ball, where everyone’s bets come together to create a real-time picture of what’s going down 🔮 

And on election night, that collective insight worked like a charm.

While traditional networks held off on calling tight races, Polymarket had the numbers shifting in real-time, letting the crowd’s sentiment dictate the odds. Early Tuesday, Polymarket gave Trump a 70% shot in Georgia and 61% in Pennsylvania – and they nailed it.

Polymarket’s big win

When the dust settled, it was clear: Polymarket had a killer night.

With $3.5 billion in election wagers and a smooth $240 million processed on election day, this wasn’t just a good run – it was proof that decentralized markets like this could handle massive traffic without breaking a sweat.

Not everyone’s a fan, though.

Regulatory bigwigs in France are side-eyeing Polymarket, hinting it might need to chill under gambling laws.

France’s National Gambling Authority (ANJ) is throwing shade, saying Polymarket’s crypto betting looks a little too much like online gambling.

A new era for real-time predictions

Polymarket didn’t just get lucky - it kind of changed the game 🤐 

• This election proved that a decentralized market can read the room faster than polls or networks.

• It’s a win not just for Polymarket, but for anyone who’s tired of tradional fixed polls that you get from the MSM.

While Trump snagged the presidency, Polymarket’s got a new crown 👑 of its own. It didn’t just call the election – it set the standard for what’s possible when real-time insights meet decentralized finance, making good profit in the process.

Next Ethereum UPGRADE is on the way - what we know about Pectra

Ethereum’s devs are cooking up something big with the upcoming “Pectra” upgrade, set to drop on the mainnet in early 2025 🛠️ 

But before we see it in full swing, it’s taking a spin on the Mekong testnet, where devs and users alike can get a sneak peek and help iron out any wrinkles.

What it brings to the table

Pectra’s aiming to make the Ethereum network a smoother ride.

Originally, the upgrade was supposed to pack around 20 Ethereum Improvement Proposals (EIPs), but the devs decided to trim it down to a solid eight ⚙️ 

This update is all about keeping it sleek and focused on the features that’ll make the biggest impact 👇️ 

• Account Abstraction (EIP-7702): This proposal allows externally owned accounts (EOAs) to function similarly to smart contracts during transactions, streamlining user interactions and enabling advanced functionalities like social recovery mechanisms.

• Enhanced rollup scalability (EIP-7594 - PeerDAS): Aimed at improving data availability sampling, this EIP is expected to boost the efficiency of layer-2 solutions, facilitating faster and more cost-effective transactions.

• Increased validator stake limit (EIP-7251 - MaxEB): This change raises the maximum effective balance for validators from 32 ETH to 2,048 ETH, promoting greater network security by encouraging larger stakes.

• Cryptographic enhancements (EIP-2537): Introducing new precompiled contracts for BLS12-381 curve operations, this proposal aims to improve cryptographic efficiency, benefiting applications like Ethereum 2.0's consensus mechanism.

• EVM Object Format (EOF) enhancements: A series of EIPs focusing on refining the Ethereum Virtual Machine's object format to enhance smart contract security and facilitate future upgrades.

The Ethereum devs are calling the Mekong testnet a “playground” for wallet devs to get their hands dirty with Pectra’s features. This playground is also where the Ethereum community can throw in their two gwei and help shape the final product 🖥️ 

What’s next?

Once Mekong gives it the green light, Pectra’s heading to the Sepolia testnet before its big debut on the mainnet, hopefully in the first half of 2025.

The Ethereum ecosystem is only getting stronger with each upgrade, and Pectra could be another huge step toward making Ethereum the top choice for devs and users alike 🫡 

Other worthy reads

Narrarives speedrun by Sandra:

Some thoughts by Juan Leon:

Bull market hopes from Daniel Cheung of Synracy VC:

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

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