Mallucryptologist

Bitcoin's Big Mac Power: From 51 to 10,500 in a Decade** Bitcoin's purchasing power, measured by the Big Mac Index, has surged dramatically. In 2024, one Bitcoin buys roughly 10,500 Big Macs, a 20,488% increase from 51 Big Macs in 2015. This highlights Bitcoin's appreciation compared to the consumer staple. While gold's purchasing power also increased, it grew more modestly at around 35% over the same period. The Big Mac Index, created by The Economist, is an informal measure of purchasing power parity between currencies. Cryptoslate

AVAX Soars 7% as Grayscale and Franklin Templeton Join Avalanche Network Avalanche's AVAX token rallied nearly 7% to $25 after Grayscale launched the Avalanche Trust, a fund offering direct AVAX exposure, and Franklin Templeton joined the network's ecosystem. This surge reversed a recent downtrend, with AVAX down 20% in the past month amidst market stagnation. Though down 82% from its all-time high, Avalanche remains prominent among large-cap blockchains, playing a key role in real-world asset tokenization through partnerships. Cryptoslate

** Trump Family Launches DeFi Platform "The DeFiant Ones" to Challenge Big Banks Former President Trump, through his Trump Organization, announced a new cryptocurrency platform called "The DeFiant Ones." The platform aims to provide an alternative to traditional banking, promising to break free from "big banks and financial elites." Trump made the announcement on Truth Social, marking his first foray into decentralized finance. Cryptoslate

Binance's New CEO: A Regulator's Vision for the Crypto Giant CoinDesk met with Richard Teng, the newly appointed CEO of Binance, following the company's $4.3 billion settlement with the US. Teng, a former regulator, discussed his vision for the company's future, focusing on compliance and responsible growth. He emphasized his commitment to working with regulators and building a sustainable ecosystem for crypto. Coindesk

** Trump Unveils Crypto Platform: "DeFiant Ones" Targets Big Banks Former US President Donald Trump announced plans to launch a cryptocurrency platform called "The DeFiant Ones," aiming to challenge traditional banks. Trump, a 2024 Republican presidential candidate, stated on Truth Social that the platform will empower Americans "squeezed" by traditional banking. His sons, Eric and Donald Jr., described it as "digital real estate." The announcement follows weeks after an assassination attempt at a Trump rally in Pennsylvania. Gulf News

** Tron Aims for $4 Billion Revenue with Meme Strategy: Sun Predicts Big Gains ** Tron founder Justin Sun is betting big on meme strategy to boost the blockchain's revenue. Sun believes TRON's revenue could reach $4 billion within the next year, fueled by a successful meme strategy. He projects $3 billion in revenue, with $1 billion burned and $2 billion distributed to stakers and for transaction subsidies. TRON's daily revenue already hit an all-time high of $5.33 million, exceeding competitors like Ethereum and Solana. Cryptoslate

Vitalik Buterin Shifts Crypto Beyond Cypherpunk, Seeks Pluralistic Governance Ethereum co-founder Vitalik Buterin advocates for a "plurality philosophy" in blockchain governance, urging the crypto community to move beyond its cypherpunk roots. He stresses the importance of robust internal governance within blockchains and DAOs for long-term sustainability. Buterin believes active creation of governance structures is essential for managing the evolving landscape of these technologies, rather than simply avoiding external control. Cryptoslate

** Emerging Markets Embrace Stablecoins Despite High Premiums Businesses and consumers in 17 emerging markets are paying significant premiums for stablecoins, averaging 4.7% above the standard dollar price, reaching 30% in some countries. Despite the costs, CEBR and BVNK predict a $25.4 billion premium paid by 2027, highlighting stablecoins' growing importance in unlocking capital and providing financial stability in regions with volatile currencies. Cryptoslate

** Coinbase to Support Polygon's MATIC to POL Token Upgrade ** Crypto exchange Coinbase announced it will support Polygon's upcoming token upgrade from MATIC to the new Polygon Ecosystem Token (POL). Starting August 26, Coinbase will begin migrating the Polygon ticker from MATIC to POL. The exchange plans to complete the migration for users in the coming months, with details on the conversion process and timeline to be announced later. Cryptoslate

Winklevoss Twins: From Harvard Feud to Bitcoin Billions The Winklevoss twins, known for their Facebook lawsuit, became crypto billionaires after a 2013 Bitcoin bet. Their story highlights the unpredictable nature of technology and the potential for massive wealth in the digital realm. This shows that resilience and embracing change can lead to unexpected success, even after setbacks. Gulf News

Bitcoin's 300% Surge Threatened: Overbought Signal Warns of Potential Downturn Bitcoin, which has soared nearly 300% since November 2022, is facing a potential downturn as a "stochastics overbought" signal looms. This technical indicator, used by analysts at Fairlead Strategies, suggests the uptrend may be weakening and could lead to price declines. The indicator, which ranges from 0 to 100, is currently above 80, indicating an overbought condition. A move below 80 would signal a potential shift in momentum. Coindesk

World Blockchain Summit Returns to Dubai: 2,000+ Pioneers to Shape Web 3.0 Future The 30th World Blockchain Summit, hosted by Trescon, returns to Dubai on October 10-11, 2024 at Jumeirah Emirates Towers. Over 2,000 blockchain and Web 3.0 experts will discuss the latest developments in decentralized technologies, focusing on their transformative impact across finance, supply chain management, and digital identity. This summit will explore how these technologies are reshaping global economies. Lara on the Block

** Kaia DLT Foundation Licensed in ADGM, Mainnet Launch Set for August 29th ** The Kaia DLT Foundation, a merger of Klaytn (developed by Kakao) and Finschia (developed by LINE), has received its license in the Abu Dhabi Global Market (ADGM). This crucial step paves the way for the launch of the Kaia mainnet on August 29th, 2024. The foundation aims to bring Web3 technology to a vast audience across Asia. To prepare for the mainnet launch, staking will be disabled on Finschia, followed by on-chain parameter changes for both Klaytn and Finschia. Lara on the Block

Ethereum ETFs Surge: $2 Billion Inflows in Just Four Weeks Spot Ethereum ETFs have attracted over $2 billion in inflows in less than a month, excluding Grayscale's ETHE outflows. This surge makes it the fourth-largest ETF launch ever, only surpassed by spot Bitcoin ETFs. Individually, iShares Ethereum ETF stands among the top 7 largest ETF launches. Overall, ETF flows globally reached $911 billion year-to-date, highlighting the growing popularity of this investment vehicle. Cryptoslate

McDonald's Instagram Hacked, $700k Rug Pull in "GRIMACE" Memecoin Scam Hackers took over McDonald's Instagram, promoting a fake memecoin "GRIMACE" on Solana. The token reached a $25 million market cap before crashing in a rug pull, leaving investors with a 95% loss. The scammers, "India_X_Kr3w," allegedly made $700,000 from the scam, utilizing Pump.fun and Raydium to generate nearly $20 million in trading volume. Cryptoslate

Bitcoin Surges Past $61,000 as Fed Minutes Hint at September Rate Cut Bitcoin (BTC) has climbed back above $61,000 after a 3.5% surge in the past 24 hours. The rally was triggered by the release of minutes from the Federal Reserve's July meeting, which hinted at a possible interest rate cut in September. This news has boosted sentiment in the crypto market, with Ethereum (ETH) also gaining 1.5% during the same period. However, Solana (SOL) remained in the red for the day. Cryptoslate

Tron Surges Past Ethereum & Solana: SunPump Memecoin Craze Fuels Record Revenue Tron's daily revenue has skyrocketed to a new all-time high of $3.84 million, surpassing Ethereum and Solana. This surge is attributed to the recent launch of SunPump, a memecoin generator similar to Solana's PumpFun. SunPump allows users to create and launch their own memecoins on the Tron network, driving up transaction fees and boosting network revenue. Cryptoslate

US Crypto Users Dodge Airdrop Bans, Eigen Labs Employees Reap Rewards Despite bans on US users participating in crypto airdrops, American citizens are finding ways to claim tokens. Eigen Labs, a blockchain development firm, reportedly helped its employees access lucrative airdrops, with US employees seemingly benefiting from the scheme. This raises questions about the effectiveness of geographic restrictions in the decentralized world of crypto. Coindesk

Crypto Trader Falls Victim to $55 Million DAI Phishing Attack A crypto trader lost $55.47 million in DAI stablecoin after falling victim to a phishing attack. The trader mistakenly transferred their collateralized debt position (CDP) on DeFi Saver Proxy to a malicious wallet, giving the attacker full control of their funds. The attack used the Inferno Drainer kit, a known tool for draining crypto wallets. This incident highlights the dangers of phishing scams and the need to meticulously verify all transactions before confirming them. Cryptoslate

Bitcoin Briefly Rallies as U.S. Job Growth Revised Down Bitcoin (BTC) saw a small uptick in price after the U.S. Bureau of Labor Statistics revised job growth figures for the 12 months ending March 2024 downward. The revised data indicated that job growth was 818,000 lower than previously reported, suggesting the U.S. job market may not be as strong as initially thought. This news provided a brief but modest boost to the sluggish bitcoin price action. Coindesk