Does Crypto's Top AI Project Work?
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- 📈 L2s to boom? In a new report, VanEck analysts predicted that the valuation of Ethereum's Layer 2 ecosystem could grow past $1T by 2030, driven by future cash flows.
- 💸 PYUSD goes global. PayPal announced that U.S. clients can now use its stablecoin for fee-free international transfers via Xoom to 160 countries, aiming to undercut high global transfer costs.
- 🌾 Pendle cracks $4B. Pendle, one of the hottest yield platforms in DeFi, is now decidedly one of the space's largest projects upon breaching through $4B in total value locked (TVL).
📊 Synthetic Dollar Surge. Ethena’s assets are being rapidly adopted across crypto! Why are protocols desperate to incorporate USDe, and what impacts have integrations had on token price?
| Prices as of 5pm ET | 24hr | 7d |
|
Crypto $2.54T | ↗ 2.7% | ↘ 4.5% |
|
BTC $67,796 | ↗ 3.0% | ↘ 4.3% |
|
ETH $3,330.39 | ↗ 0.6% | ↘ 7.0% |
AI x Crypto is the talk of the town. It’s one of the hottest investment themes of this bull market.
Bittensor (TAO) is one of the leading projects of the AI narrative, both in terms of market cap and mindshare. But recently, there’s been a bit of a stir on Crypto Twitter about its utility, with some even calling it vaporware and a pointless exercise in decentralization.
But hey, there are always two sides to every coin. While critics have been vocal about their doubts concerning Bittensor and its design, we're focusing on the brighter side today. Let's dig in 👇
Kraken is one of the largest and most secure crypto platforms in the world. They've been in the crypto game for over a decade, and now they're inviting us all on a journey to see what crypto can be.
Summer of Protocols is an ongoing research and evangelism effort that aims to catalyze broad interest in the study of protocols as a first-class concept for thinking about the world.
To explain a little more about what Summer of Protocols is all about, we brought Tim Beiko of the Ethereum Foundation and Venkat Rao of the Ribbonfarm blog on the podcast. Additionally, this episode contains three short interviews with 3 of the 35 total Summer of Protocols researchers.
Click in for the full analysis 👇
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Thousands of Bankless Citizens scored an average of $3,500 worth of tokens after Ether.fi's airdrop this week. Did you miss out again?
Ether.fi was in the Bankless Airdrop Hunter, and you could have gotten into the latest drop by following our quests! There are nearly 80 other crypto protocols in Airdrop Hunter waiting for you.
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.