🟣 The World is Your Coin

Yesterday, Worldcoin's Mainnet and token went live. The project's primary service offering is the World ID, a "digital passport" that enables owners to prove they're human. To obtain a World ID, a user has to scan their iris using a specialized hardware device known as "the Orb."

Good money-making morning, Blockworks fam!   Yesterday, Worldcoin's Mainnet and token went live. The project's primary service offering is the World ID, a "digital passport" that enables owners to prove they're human. To obtain a World ID, a user has to scan their iris using a specialized hardware device known as "the Orb." Verified users receive 25 of the native token WLD as a genesis grant, which equates to ~$53 at the current price.   The project has gotten some heat on Twitter. Most notably, since verification seems to be only enforced at the enrollment level, a black market for accounts has emerged on Telegram. Even Vitalik Buterin has weighed in on the situation, expressing concerns about privacy leaks and coercion by authoritarian governments, among other things.   The circulating supply of WLD is currently only ~110M, while the max supply is 10B tokens. This naturally creates an absurd difference between the market capitalization at ~$230M and FDV at ~$21.2B. A few hours after its launch, WLD reached a price of ~$3.3, up ~100% from the price at which Coingecko started tracking the token. The token is currently trading at ~$2.1.    On the regulatory front, SEC lawyers have hinted at an appeal regarding Ripple's partial win in the alleged unregistered security offering case. Ripple's win is considered partial because although it was ruled that the company did not break securities laws when offering XRP on the secondary markets, it was found that Ripple violated regulations by directly selling tokens to institutional investors.   As part of an ongoing case against Terraform Labs, the SEC submitted documents on Friday expressing their disagreement with the ruling regarding XRP sales on the secondary markets. SEC lawyers argue that the conclusion reached concerning institutional investors should be applied similarly to retail buyers. Markets pumped heavily when the lawsuit results first came out, but major tokens such as BTC and ETH have since retraced below pre-Ripple news levels. BTC and ETH are both down ~8% from their two-week highs.   Investors are impatiently looking forward to the start of a new bull run. Let's hope the proverb "good things come to those who wait" holds true here.   – Brick   Okay ladies and gents—Permissionless II is coming up in mid-September.   We would love to see you all join the Blockworks family in Austin, TX, for the world's largest DeFi event of the year! Don't FOMO in before it's too late. FOMO in now. More information and tickets can be found here. The Telegram trading bot platform, Unibot, has experienced massive fee growth in the past few days. The protocol enables traders to execute onchain trading and farming strategies on Uniswap directly through the messaging application. There are some concerns here since these types of trading platforms have direct access to wallet keys. If you ask me, it's a matter of time before a platform steals its users' funds.   Nevertheless, the number of new users on Unibot has grown by ~3.2K MTD, and ~$56M of bot trading volume has been generated on the platform within the same time period. The most ridiculous statistic is the ~$2M of fees generated in the past seven days. This ties Unibot with Aave as the 8th largest fee-generating crypto project across dApps and blockchains.   Unsurprisingly, the token price has increased by ~260% in the past 30 days, currently implying an MCap and FDV of ~$112M. Token holders receive 40% of transaction fees and 1% of the total trading volume on Unibot. At least for now, it seems that the project's growth isn't going to slow down, and if this continues, the UNIBOT price could continue increasing massively. On Friday, Unibot X, a new web and mobile interface, was unveiled by the team. With more features launching and traders flocking to the protocol, we might see an extended telegram trading bot season emerge.   This proposal passed earlier today, with ~14M yes votes against 44K no votes. Consequently, Aevo will become the consolidated brand through the integration of Ribbon Finance into Aevo by merging the product offering with the exchange. Moreover, the native token RBN will be wound down, with token holders migrating 1:1 to AEVO, a new token on Ethereum Mainnet. AEVO will serve as the governance token for both the Aevo protocol and rollup. Finally, major investors and the team are re-vesting tokens for a year.   This change should be highly beneficial for Ribbon Finance since it gives the project a fresh start, an opportunity to upgrade the native token's outdated value accrual mechanism, and helps unify the product suite.   The proposal was first highlighted on GovHub for Blockworks Research subscribers. Be sure to check it out if you haven't already! Maverick Protocol: Dynamic Distribution Magic Maverick is a multichain DEX that introduces liquidity automation strategies and Boosted Positions to separate itself from competitors. Read More → Sommelier Finance: YieldGPT Sommelier is a decentralized asset management PoS appchain built with the Cosmos SDK that provides strategists with the tools required to deploy dynamic yield strategies. Read More → Binance, CEO Zhao flag motion to dismiss CFTC lawsuit Binance intends to file a motion to dismiss a CFTC laqsuit, which alleges it knowingly allowed US-based traders access to crypto derivatives. Read More → Bitcoin ETF creativity continues as SEC mulls spot products ETF issuer Global X files for Bitcoin Trend Strategy while rival fund groups chase a fund that would hold BTC directly. Read More → The insights, views and outlooks presented in the report are not to be taken as financial advice. Blockworks Research analysts are not registered broker/dealers or financial advisors. 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