Crypto weekly is co-authored by @serdave

- Crypto Market Cap ($2.6T): -4% / +45%
- BTC ($66,672): -4% / +57%
- ETH ($3,635): -1% / +59%
- SOL ($150): -6% / +47%
- MATIC ($0.62): -4% / -36%
- UNI ($11.61): +19% / +59%
- Tether Market Cap ($113B): 0% / 23%
- USDC Market Cap ($32.5B): +1% / +33%
- BTC / ETH Dominance: 51% / 17%

- Bitcoin and cryptomarkets fell alongside US equities after hawkish comments from the Fed indicated there would only be one rate cut this year. Link. Link.

- SEC chair Gary Gensler said final approval of an ethereum spot ETF could come during the summer. Link.

- US share of crypto developers has fallen from 40% to 26% over the past five years according to a report from Coinbase. Link. Report.

- Presidential candidate Donald Trump is doubling down on crypto, calling himself the "crypto president". Link.

- 94% of central banks are exploring a central bank digital currency, according to the Bank for International Settlements (BIS). Link.

- The number of daily ethereum NFT traders fell to below 4,000 for the first time since June 2021. Link.

- Deutsche Telecom, the largest telecom provider in Europe and majority shareholder of T-Mobile, said it will begin mining bitcoin. Link.

- User deposits on ethereum Layer-2 network Base grew 20% in May to $1.7 billion. The protocol, which was launched by Coinbase in partnership with Optimism, is now the 3rd most valuable Layer-2 after Arbitrum and Blast. Link.

- The SEC settles with TerraForm and its founder Do Kwon for $4.47 billion related to the collapse of the company's Luna/Terra $UST stablecoin. The company reported it had $430 million in assets against $451 million in liabilities, making it unlikely the SEC will be able to collect the full amount, if anything. Link. Link.

- Parallel, an NFT-driven competitive card game, launched in the Epic Games store. Link.

- Uniswap Labs acquires crypto reality show 'Crypto: The Game' (CTG) for an undisclosed amount. The survival game has generated cultlike status in crypto since its launch earlier this year. Link.

- Fintech company Robinhood acquires European crypto exchange Bitstamp for $200 million, as it looks to expand outside of the US. Link. Link.

- DeFi aggregator and portfolio management tool Zapper will be launching Zapper Protocol to incentivize the interpretation and contextualization of on-chain data. Link. Announcement.

- Crypto venture firm Paradigm raised $850 million for its third fund. Link.

- Roughly $4 billion has been distributed via crypto airdrops in 2024. The three largest airdrops were Jupiter, Starknet, and Notcoin, each of which distributed roughly $1 billion. Link.

- Crypto wallet MetaMask will let US and UK users stake ethereum directly from their wallet. Link.

- South Korean regulators issued new guidelines that will treat certain NFTs as regular cryptocurrencies, particularly if they are mass-produced, fairly exchangeable, and capable of being fractionalized or used for payments. Link.

- PleasrDAO is suing "pharma bro" Martin Shkreli for saving and sharing the Wu-Tang Clan album "Once Upon a Time in Shaolin". PleasrDAO purchased the IP in 2021 for $4 million. Link. Lawsuit.

- Decentralized social media platform Friend.tech plans to migrate from Coinbase's Layer 2 network Base to its own blockchain, Friendchain. Link.

- Singer Drake bet $1 million worth of crypto on the Edmonton Oilers and the Dallas Mavericks to win their respective Stanley Cup and NBA finals. Link.