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On today's issue:

• BTC Selloff breaks $55k

• Polymarket's Political Race

• Polkadot's Costs

This issue is brought to you by Tokenpad:

Tokenpad generates an earnings report for each asset you hold, across your crypto wallets.

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BTC Selloff breaks $55k

Over the past few weeks, multiple entities have been on the verge of selling high amounts of BTC, and yesterday it happened. Germany, US and Mt. Gox have all signaled high amounts of selloffs, total 7,000 BTC and triggering a sell pressure that made BTC go to $54k.

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Polymarket's Political Race

Polymarket is hosting 80% of the US election prediction market liquidity, even including web2 markets, estimating Trump winning at 61%. Across all markets, it reached 111m in trading volume. That's quite a lot.

Even Vitalik likes prediction markets as an onchain way of finding truth.

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Polkadot's Costs

The crypto community has gone crazy after Polkadot released its financial statement for 2024 H1. They've spent a whopping 86M out of their treasury, mainly on marketing and BD.
$4M in digital ads. From their report:

• $4.9M to influencers - low quality.

• $7.9M to crypto events.

• $2.9M to Polkadot Decoded and Sub0.

• $180k to put their logo on Europe-based private jets for six months.

In another hand, the usage growth has been close to none. The bottom line is: Burning cash on marketing is not going to help growth if there's no inherent product market fit. Polkadot has not been a better product than it's alternatives.

Another key point is that Polkadot's treasury is a DAO managed by $DOT holders, while other chains have a foundation model with proper boards and traditional structures.

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Disclosure: All content published is for informational purposes only, and does not constitute any sort of financial advice.