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Daily Brief

What’s Next for Monad?

gm Bankless Nation, can Monad live up to its early 'Solana-killer' hype? Let's dig into what's getting built on the parallelized L1 ahead of its wider launch.
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Aug 28, 20244 min read
What’s Next for Monad?
Published on Aug 28, 2024
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Sponsor: Cartesi — Discover the power of Linux for your ambitious dApps, only on Cartesi.

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NEED TO KNOW
SEC vs. OpenSea
  1. 🌊 OpenSea Receives Wells Notice from SEC. The NFT marketplace is the latest crypto entity to receive the threat of legal action from the SEC over potential securities violations.
  2. 🐶 TON Deals with Memecoin-Led Crash. After a six-hour outage, the network's native token is up, and its hottest memecoin is at the head of the pack.
  3. 🟠 Bitcoin L2 Stacks Activates Nakamoto Upgrade. The long-awaited hard fork has been activated but won't be finalized until the end of a roughly two-week stacking cycle.
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MARKET VIBES
TON Flails & Fights

📸 Daily Market Snapshot: The crypto market failed to mount a significant bounce-back after yesterday's steep losses. However, TON, which has seen two separate prolonged outages over the past 24 hours, is showing more resilience than most. The native token is one of few that remains in the green on the day, and the DOGS memecoin allegedly causing its network problems is crypto's top trading token, up 22% today.

Prices as of 6pm ET 24hr 7d
Crypto $2.09T ↘ 2.3% ↘ 3.2%
BTC $59,017 ↘ 0.4% ↘ 3.9%
ETH $2,524 ↗ 2.8% ↘ 4.3%
BLUR $0.159 ↘ 3.8% ↘ 9.9%

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New Token Rating: NFT exchange OpenSea was just served with a Wells Notice by the SEC. What implications will this development have on the BLUR token?
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ANALYSIS
Exploring Monad's Early DeFi Ecosystem
Bankless Author: David C.

Slowly but surely, we are inching closer toward one of the most anticipated launches of this cycle — Monad.

The parallelized, EVM-compatible L1, which boasts $225M in funding from Coinbase, Electric Capital, and Paradigm, has been in testnet since March. The chain has already reached 10,000 transactions per second, an achievement that's led to hype around the chain's potential to supercharge DeFi.

With the chain continuing to grow mindshare, more teams are building on it, providing us with an early sense of how Monad’s DeFi landscape will take shape. Let's dig into a few of the hyped, early projects 👇


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LATEST POD
Paul Ryan on U.S. Debt Crisis

It’s been a while since former Speaker of the House Paul Ryan was in the public spotlight, but in this episode of Bankless, we discover a surprising stance of his: he’s bullish on crypto!

In fact, he believes that crypto could be crucial in staving off a U.S. debt crisis. We dive deep into his core argument and explore a range of related topics, such as:

  • America’s debt crisis
  • The potential loss of U.S. reserve currency status
  • How crypto could help U.S. stay ahead of China
  • Why the left is anti-crypto
  • Crypto under Trump vs. Harris

Tune in for a comprehensive look at crypto’s growing influence on U.S. politics and beyond 👇

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TAKE ACTION
What We're Doing

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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.

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