Welcome to TechCrunch Crypto, formerly known as Chain Reaction.
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Hello, and welcome back to the second edition of the new and improved TechCrunch Crypto newsletter. As mentioned before, along with our regularly scheduled news snippets, I’ll be adding some fresh recurring segments and features – so if you do (or don’t like) what you see, let me know at [email protected].
Luckily, the crypto world wasn’t too chaotic this week – but let’s get to the biggest news.
This week in web3
Worldcoin launches new Orb to make its eyeball scanning device look ‘more friendly’. 1Roundtable bets on ‘longer-term, less volatile’ strategy with new growth-stage crypto fund Can crypto’s recent wins revive venture capital? Terraform Labs Files for Chapter 11 Bankruptcy After 12 Years, Ripple’s President Sees Its Payments and Enterprise Businesses Further Developing
Crunching numbers
This week, the crypto market saw red as the two largest cryptocurrencies by market capitalization, Bitcoin and Ether, fell 7% and 13.5% respectively on the week, according to CoinMarketCap data. Even with that said, the global crypto market cap was relatively unchanged on the week around $1.55 trillion.
In the NFT world, sales volume decreased 16.4% over a seven-day period to $248 million, but the number of buyers – and sellers – increased by about 50%, according to CryptoSlam data. The top three collections by sales volume were CryptoPunks at $19.33 million, CryptoUndeads at $12.36 million and Ordinals at $8 million, during the same period.
Our favorite ‘Crypto Twitter’ post
On Monday, Binance went to court to dismiss the US Securities and Exchange Commission’s June lawsuit against them — and the judge didn’t entertain some of their arguments, as Fortune reporter Leo Schwartz highlighted below.
In today’s hearing for Binance’s motion to dismiss the SEC’s lawsuit, Binance’s lawyers echoed Coinbase’s statement last week that Howey needed a contract.
This time the judge pushed back. “You’re a little too cute,” she says, arguing its language is broader.
— Leo Schwartz (@leomschwartz) January 22, 2024
The newest pod
For this week’s episode, I interviewed Anatoly Yakovenko, co-founder of Solana Labs, the tech company that aims to help grow the ecosystem for the layer-1 blockchain Solana.
The conversation focused on Solana Mobile and its flagship web3 Android smartphone, Saga, which sold out in mid-December, as well as its new phone, Chapter 2 – which was announced last week.
Within the first 30 hours, Chapter 2 had more than 30,000 pre-orders – indicating huge demand for the next-generation Android-based phone. At the time of recording, Anatoly shared that there were over 40,000 pre-orders.
Anatoly and Jacquelyn discussed the long road to selling out Saga, the importance of rewards and developers, and the finer details for Chapter 2. They also touched on the company’s strategy and long-term mission to take on Google and Apple app stores and how long it might take for Solana Mobile to break even.
If you need a refresh on Solana Mobile’s Saga phone, we’ve got you covered:
Subscribe to Chain Reaction on Apple Podcasts, Spotify, or your favorite pod platform to keep up with the latest episodes, and please leave us a review if you like what you hear!
Follow the money
Polymer Labs raises $23M to build out the Ethereum blockchain’s interoperability Avalanche-based Masa raised $5.4M to build a “personal data network” Scene Infrastructure Company raised $3M from a16z to FWB token’s utility Web3- expanding gaming startup Arcade2Earn has raised $4.8M in private. round Ingonyama raised $21 million to improve zero-knowledge technology
This list was compiled with information from Messari as well as TechCrunch’s own reporting.
What else are we writing?
Want to branch out from the world of web3? Here are some articles on TechCrunch that caught our attention this week.
VCs aren’t done betting on fintech As the Mac turns 40, a tip of the hat to Mr. Macintosh Tesla says EV sales growth could be ‘significantly lower’ in 2024 Here’s what to know to collect a Series A right now iPhone users should turn to Apple’s stolen device protection feature
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
UnCirculars – Cutting through the noise, delivering unbiased crypto news
