ALSO: Saylor buys more BTC; stablecoins' flex
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LayerZero’s ZRO token, set to go live Thursday, requires claimants to donate 10 cents worth of ether (ETH) or a stablecoin for each token they want to unlock from the airdrop. The donations go to Protocol Guild, which supports Ethereum development. “By donating to Protocol Guild, eligible recipients show long-term alignment with the LayerZero protocol and a commitment to the future of crypto,” said the interoperability project, which is matching all donations up to $10 million. The "proof of donation" requirement, unusual for airdrops (which are usually straight giveaways), drew mixed reactions. |
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Nasdaq-listed software firm MicroStrategy (MSTR), the largest corporate holder of bitcoin (BTC), has acquired another 11,931 BTC for $786 million. Led by Executive Chairman Michael Saylor, the company as of the end of April held 214,400 bitcoins. This latest acquisition brings the company's total holdings to 226,331 BTC worth just under $15 billion at bitcoin's current price. The company's bitcoins were purchased at an average price of $36,798 each, or roughly $8.33 billion. Saylor and MicroStrategy started accumulating the largest and oldest cryptocurrency in 2020 and since have attempted to spearhead a movement to adopt BTC as a reserve asset for other corporate treasuries. |
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Stablecoin issuers are fast emerging as a significant source of demand for the U.S. Treasury notes as concerns about Washington's debt management grow. According to data tracked by Tagus Capital, issuers now cumulatively hold more than $120 billion in U.S. Treasury notes. That makes them the world's 18th largest holders of U.S. debt, ahead of major current account surplus nations like Germany and South Korea. |
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Embracing Crypto Regulation and Fun For the crypto industry to advance, embracing regulation and taking a structured approach to developing the future of finance is essential. Still, the industry must retain the internet’s inherent oddities by continuing to incorporate its playful and unconventional spirit into crypto projects. CoinW is a perfect example of a company that strikes a balance between both. While the leading global exchange continues to adopt best practices and obtain regulatory licenses in key demographics, it also leans into the fun of crypto and the internet with trading competitions and memes. Continue reading |
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The Takeaway: Crypto’s Adoption Machine? |
Listen to any crypto podcast or convention panel, and you will hear crypto natives speak of a killer app yet to come that will onboard the rest of the world. But what if it is already here? In an op-ed on CoinDesk, David Zimmerman, a research analyst at K33 Research, argues that Telegram and a handful of independent developers have made more progress in onboarding the masses to crypto than the $100 billion in venture capital that has flooded the space since 2014. Crypto adoption has been hindered by (i) poor UX, (ii) limited real-world utility, and (iii) terrible distribution, Zimmerman notes. Through its support for and integration of The Open Network (TON), Telegram is addressing all of these issues and more, he argues. Read the whole thing. |
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