Sup, nerds!

Here’s what you’re getting in today’s edition:

• 💅 This is cool: Base takes steps to become crypto’s Venmo

• 🔎 This seems important: 600k new tokens were launched in May

• 🤝 Partner: Master cutting-edge concepts, in just 15 mins per day​

• 🔪 Let's dissect this: The latest update on BTC ETFs

Terms used in this edition (click for an explanation, or ask Web(GPT)3!):
Wallet, memecoins.

💅 This is cool:

You Can Now Text 100+ Tokens on Base to Anyone (Anywhere)

In one sentence: You can now text one-click crypto-payment request links to your friends’ phone numbers, via Base.

The piece of tech we were looking forward to getting our hands on most when moving from Australia to America?

Venmo.

Sounds weird, and honestly kinda anti-climatic — we know!

But having a single payment network that all of your friends and family use? It’s a game changer.

We used to have to split checks using bank transfers (yuck!).

Good news for Australians: the banking system eventually realized the opportunity to take that part of the market, and became ‘the Venmo of Australia’ in their own weird way.

They started by allowing users to text a one-click payment link to their friends (regardless of which bank they used) — and now, they’ve implemented their own version of Zelle.

We tell you this story, because we’re starting to see a similar transition take place in the crypto space.

Specifically: on Base.

You can now text one-click crypto-payment request links to your friends’ phone numbers.

Which is still clunky as heck — but it opens the door to a future where users can associate their phone numbers with their wallet addresses.

Reducing each user’s ‘send to’ address from a garbled string of 42 uppercase/lowercase letters and numbers, e.g:

0x1f9080aae28b8a3dceadf281b0f12828e676c326

…to a simple phone number — something everyone already has and understands — with no geo-locking.

We love to see it!

🥇 Want the news before anyone else?

🔎 This seems important:

More Than 600,000 New Tokens Were Launched on Solana and Base in the Month of May

In one sentence: The recent firehose of memecoins coming from Solana and Base might feel fickle (and they are), but memecoins act as an onramp for new users.

Three years ago we had our minds blown by this video, titled:

“How to make a cryptocurrency for less than $2”

…all you needed to do was buy some BNB tokens, swap them into smart chain tokens, copy and paste some code — and BOOM!

You had your own cryptocurrency.

It was amazing to us how accessible the process felt.

Nowadays, that tutorial feels riddled with needless friction, given that you can go to pump.fun/create → fill out a four part form (token name, ticker symbol, description, image) → then one-click launch your token.

This low barrier to entry led to — wait for it — 455,000 new tokens being launched on Solana last month.

Which is a huge deal!

Not just for Solana and its holders, but for the entire space.

Because while coin/token maximalists are often the loudest voices — they actually make up a minority of crypto users.

(E.g. More than 80% of Bitcoin holders also hold other coins/tokens).

The recent firehose of memecoins coming from Solana and Base might feel fickle (and they are), but memecoins are a massive onramp for new users.

1. They come in looking to ‘catch a quick win’

2. They rarely do (but its softened by the fact that most folks don’t invest more than a few hundred dollars into these tokens)

3. They regroup and start to explore more measured approaches, learning about the major projects in the process

It’s weird.

…but it works.

🤝 Partner:

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🔪 Let's dissect this:

The Latest Update on BTC ETFs

In one sentence: There’s positive news for the BTC ETFs, but we’re still waiting for something big to happen in order to break the endless resistance for BTC at ~$70k.

Read any edition of Web3 Daily from Jan/Feb this year and chances are we were discussing the BTC spot ETFs in some way, shape or form.

But, months on, how are they going?

Well, yesterday made it 15 consecutive (work) days of net inflows for US-based BTC ETFs.

Plus, BlackRock's iShares Bitcoin Fund (IBIT) reached more than $20 billion in assets under management for the first time.

(Epic - right!?)

Over the past month, the BTC ETFs collectively pulled in roughly $2.4 billion in fresh money, which was the third-largest amount of net inflows for any type of ETF on the market.

This news all sounds pretty positive, so why isn’t BTC up at that $80k, $90k, $100k+ mark yet?

Let us answer that question with a bit of nanna’s advice: good things come to those who wait.

Right now, market sentiment is still up in the air.

For example: while the ETH ETFs have been approved, they’re not live yet. While inflation isn’t as high as it was a few months ago, interest rates are yet to drop.

Oh, and did we mention that thing happening in November in the US?

Suffice to say, right now, it seems people are waiting it out for something to happen.

Whether it’s the influx of ETH purchases after the ETFs go live, interest rates to drop, the federal election, or something else - people are waiting.

So, what takes us above this endless resistance at ~$70k for BTC?

The truth is it will probably be a combination of all of the above, and more.

¯\_(ツ)_/¯

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