Hyperliquid: the best airdrop ever?
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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
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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.