Hyperliquid: the best airdrop ever?

First things first: Bitcoin broke past the $100,000 wall. Congrats. We deserve all of this.

On another note, this cycle is playing out very differently from the previous ones. Besides Bitcoin, there have been violent pumps on mostly ‘Dino’ coins, in particular those born in the US.

This stems from the upcoming Trump presidency, and his vocal support for cryptocurrencies made in the U.S.A. — He went as far as proposing to cut capital gains for them to 0%! Unlikely to go through, but we like the hype nevertheless.

So far, we haven’t got a proper alt season (i.e. a distribution from majors to alt-coins), but things are heating up. Ethereum is showing signs of life, but let’s not forget that while BTC is trading at 46% more than its past cycle ATH, ETH is 20% down from its own past ATH.

Paul Atkins has just been nominated by Trump to be the new SEC chair following Gensler’s departure. He was an advisor to the RSR cryptocurrency, which greatly benefited from the news rising 89% in two days.

Allegedly, he’s quite pro-crypto. Here’s an interview to get to know him better.

Happens on-chain

• ETH : Trump’s crypto project is swapping stablecoins for Ethereum
• HYPE : A dashboard taking a deeper look into Hyperliquid’s launch
• Pumpdotfun revenues peaks at $93M in November, cumulative revenue sits at $240M
• BTC : Bitcoin exchange reserves are the lowest they’ve been in years
• CAKE : PancakeSwap launches pumpfun competitor ‘SpringBoard’
• BLAST : New governance proposal tries to introduce buybacks
• BTC : Mt. Gox moves $2.4B as Bitcoin soars over $100K
• XRP : Ripple postpones RLUSD stablecoin launch, awaiting regulators approval
• VIRTUAL : Virtuals on Base released an NFT collection
• Pudgy Penguins hit all-time highs as the NFT sector rebounds

The legendary UpOnly podcast by Cobie & Ledger is teasing a return

Traditional rails

• South Korea to defer crypto taxes until 2027
• MSTR : Microstrategy to be included in the Nasdaq 100 (NDX) as of December, 20
• BTC : Fed Chair Jerome Powell likens BTC to Gold, says it’s not Dollar rival
• XRP : WisdomTree files S-1 application for XRP ETF
• SOL : Grayscale files to convert Solana trust into ETF
• Enron is relaunching to ‘solve the global energy crisis’ teasing a token
• Celsius founder Mashinsky pleads guilty to defrauding investors, faces up to 30 years
• Forbes 30u30 just dropped, and 8 crypto founders are part of it
• HAWK : Burwick Law allegedly looking to organize a class action against the Hawk Tuah girl memecoin
• Financial Times issues public apology for 14 years of negative crypto coverage

How Meta’s Libra stablecoin project was killed by the US government

Security & development

• FTM : Sonic Labs launched its private mainnet
• HYPE : Curve smart contracts go live on Hyperliquid EVM testnet
• SAFE : Gnosis Safe rolls out ‘Safenet’ to unify liquidity and user interactions across blockchains
• ORD : Orderly launched an orderbook enabling perp trading across Solana and EVM chains
• SUI : Phantom wallet set to integrate the Sui blockchain soon
• BTC : Some Bitcoiners will attempt a blockchain soft-fork to introduce the CTV (Check Template Verify)
• AVAX : Avalanche9000, aka Etna upgrade, to go live on mainnet Dec, 16
• BTC : Botanix Labs launches final testnet for its BTC L2 before ‘Spiderchain’ in 2025
• Austin Federa, ex Solana Foundation, co-founded Double Zero: a neutral base layer infrastructure
• JUP : Jupiter exchange enables iCloud backup feature for seed phrases and private keys

U.S. Representative Mike Collins just bought up to $30K of a cryptocurrency called "Ski Mask Dog".

Where’s the money flowing?

• TON : Pantera Capital raised $20M to back TON projects
• BTC : Microstrategy acquired 15400 bitcoin (~ $1.5B)
• BTC : Mining company MARA holdings proposes $700M convertible senior note to buy more bitcoin
• BTC : US Government moves $1.92B Silk Road funds to new addresses
• Stablecoin USDX money raised $45M Round — crypto-fundraising.info
• Blockchain interoperability protocol Union Labs raised $12M Series A — crypto-fundraising.info

Ethereum recorded the highest daily ETF inflows on Friday, $333M

Airdrops

• NAM : Cosmos privacy focused L1 Namada launches mainnet and airdrop
• ENA : Ethena partners with Derive, sENA holders to receive 5% of its supply
• ME : Magic Eden’s eligibility checker is live
• JUP : Jupuary vote 2 goes live
• M3M3 : Meteora creates a staking mechanism for memecoins, starting with its own. You may have got some in your wallet!

Someone convinced an AI agent to send all of its funds to them (and Musk RTed it!)

Upcoming events

• December, 5-6: Emergence Conference (by The Block) in Prague
• December, 10: Microsoft board to vote on adding BTC to its balance sheet
• December, 16: Stacks’ sBTC rollout
• January, 20: Inauguration Day for Donald Trump

• Not eager to go risk-on, but holding stable looks boring? Check out JLP, a liquidity pool composed of different crypto assets and stablecoins managed by Jupiter, used as a counterparty for their trading platform. It offers a 54.55% APY derived from the fees it generates.
• Just use Aave! Earn a 18.52% APY supplying USDC on Ethereum, 26.42% APY supplying DAI on Arbitrum, 19.20% APY supplying USDT on Optimism.
• Aptos aficionado? Cellana offers a 31.98% APY to LP wUSDC/zUSDC

Want to be part of the Stay on-chain community? Join the crew on Telegram, and follow our latest announcements here.

If you found this edition valuable, why not share it with a friend?
Forward this email—it's the best gift you can give us!

Thank you for reading and see you next week!

Disclosure: Authors may own crypto assets named in this newsletter. Stay on-chain is meant for informational and educational purposes only. It is not meant to serve as investment advice. Please consult your investment, tax, or legal advisor before making investment decisions.