You're Not Broke, You're Pre-Rich!!

Today's Newsletter content 📃

Bitcoin is poised to break a seven-month downtrend as it nears resistance at $68,000. The cryptocurrency has faced a prolonged consolidation since hitting $73,800 in March. Recent data shows record net inflows into Bitcoin ETFs, totaling $65 billion, surpassing the previous record set in 2020. Analysts are optimistic, noting that BTC has recently closed above key moving averages and the downward-sloping channel it has been trading in for most of 2024. Institutional demand remains strong, with 360,000 BTC net inflows this year, on track to exceed prior records.

Ethereum co-founder Vitalik Buterin recently sold several meme coins, earning 257.1 ETH (about $636K), reigniting discussions around investor risks and the impact of high-profile sales on low-liquidity tokens. Buterin's practice of selling tokens he receives as donations and distributing proceeds to charity has drawn mixed reactions. Some admire his gains, while others criticize potential risks for regular investors. Buterin has encouraged meme coin creators to donate directly to charity or form DAOs for community involvement. Meanwhile, he proposes a fairer fee structure to address rising Ethereum transaction costs.

Ethereum Layer-2 network Base achieved a new milestone with 6.1 million daily transactions on October 12, surpassing previous records. Base now dominates L2 volume, accounting for 40-60% of transactions among major L2s like Arbitrum and Optimism. It also surpassed Arbitrum in Total Value Locked (TVL) on Defillama, boasting $2.367 billion. In September, L2 networks hit 32 million active addresses, with Base leading at 22.3 million. Despite Base's success, L2 tokens like Arbitrum's ARB and Optimism's OP have struggled, while Ethereum has seen minor gains.

Following a July 2024 cyberattack, crypto exchange WazirX disclosed a 45% asset deficit, leaving users concerned about their funds. The exchange can only return up to 50% of assets, and withdrawals could take at least six months. Users raised transparency concerns, criticizing WazirX’s voting process and lack of clarity. To regain trust, the exchange plans to introduce Proof of Reserves (PoR). Meanwhile, ongoing ownership disputes with Binance complicate the case as WazirX manages 240,000 wallets, holding $284 million in crypto.

WATCoin saw a 40% price increase, reaching $0.000398 USD, after Animoca Brands announced plans to invest in the token, boosting its market cap to $17M. The investment aligns with Animoca's support for the TON ecosystem, as WATCoin powers the WatBird Telegram mini-app, offering users perks and premium access based on token holdings. This surge reverses a recent 85% drop in WATCoin's price, highlighting renewed market confidence. WatBird’s growing user base and backing by Web3 leaders like Binance Labs and Animoca have strengthened its position within the Toncoin ecosystem.

Worldcoin, backed by Sam Altman, has rebranded to "World" and launched World Chain, a Layer 2 blockchain on Ethereum. Key updates include a new Orb for iris scanning with enhanced AI processing power, and the introduction of NFC-enabled passports for identity verification. World is integrating its digital ID system with apps like FaceTime, WhatsApp, and Zoom. With over 10 million signups and 7 million verified users, the company aims for 700 million users. Despite these developments, the Worldcoin token (WLD) dropped 5%, trading at $2.14.

Thank you for taking out time to read The Web3 Watch by Central DAO

Haven't you joined Central DAO yet?