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5 Things to Know in Crypto This Week 💡

Digital Asset Funds See Biggest Weekly Outflow Since March 🩸

• This past week, digital asset funds experienced their largest weekly outflow since March, with $600M leaving the market.

• Altcoins like Ether, LIDO, XRP, BNB, Litecoin, and Chainlink saw small inflows, but total digital assets under management declined from $100 billion to $94 billion.

• Bitcoin continues to range between $67k-$65k.

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Tether Announces Another Dollar-Pegged Stablecoin—But It's Backed By Gold 🔥

• Tether has launched a new stablecoin called "Alloy" (aUSDT) that is backed by gold reserves.

• aUSDT is overcollateralized by Tether Gold (XAUT), which is backed by and price pegged 1:1 with one troy ounce of gold.

• Tether's USDT token, on the other hand, is backed by cash, short-term U.S. T-bills, gold, and Bitcoin.

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Donald Trump Vows to End Joe Biden's 'War On Crypto' 🏛️

• At a recent event in West Palm Beach, Florida, Former President Donald Trump promised to end Joe Biden's "war on crypto" if elected in 2024.

• Trump also plans to make Florida a central hub for crypto, citing its favorable tax policies and regulatory environment.

• Bitwise's CIO believes the US is moving towards regulatory clarity, potentially benefiting the $20 trillion financial advisory industry.

• Earlier last week, the Former President also posted on Truth Social he “wants all the remaining Bitcoin to be MADE IN THE USA!!”

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Paradigm shows VC strength with new $850M fund 💸

• Paradigm has raised $850 million for its third fund, demonstrating continued momentum in the crypto VC space.

• The fund size is still lower than the $2.5 billion raised by Paradigm in 2021, but Paradigm pointed to Uniswap and Optimism as the types of early stage projects the fund will focus on.

• Other notable raises include Nuffle Labs raising $13 million, Ava Protocol raising $10 million, Squads Labs raising $10 million, and Manta Network unveiling a $50 million ecosystem fund.

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Its been one year since BASE’s genesis block - here’s how the chain became one of the most popular Layer 2s 🔵

• BASE, the Coinbase-incubated Ethereum Layer 2 network, has become the second-largest L2 network after Arbitrum in terms of activity.

• BASE has gained a significant user base through SocialFi apps like Friend.tech, Aerodrome decentralized exchange, and Moonwell lending protocol. Franklin Templeton added that SocialFi has been a "home run" for Coinbase.

• Recently, BASE surpassed Optimism to become the largest network in the OP-Stack based "Superchain" with total value locked (TVL) of $1.6B.

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