Hello Snapshotters,
Crypto.com has surpassed the 100 million global user mark — the latest significant milestone for our company since being founded in 2016.
Crypto.com’s user base has also doubled since the first Formula 1 Crypto.com Miami Grand Prix in May 2022. This year’s race set a new record as the most-watched Formula 1 race in U.S. history.
This 100-million milestone was reached in the immediate wake of Crypto.com’s latest Fortune Favors the Brave brand film, INEVITABLE, which celebrates conviction, achievement against all odds, and staying focused on the goals ahead.
Watch the behind the scenes of our brand film by clicking the banner below.
Market Spotlight
Note: Market prices captured in USD at the time of sending. Explore more on Crypto.com/Price.
Want more? Get weekly Market and DeFi Updates from Crypto.com’s Research Team.
News Snaps
🥇 Bitcoin Hits New Milestone
Bitcoin has now processed one billion transactions, 15 years after its creation, becoming the first blockchain to hit this milestone. This came after the recent heightened levels of daily transactions with the launch of the Ordinals and Runes protocols.
🚀 Hong Kong ETFs Get Liquidity Boost
Cryptocurrency market maker Wintermute announced it will provide liquidity to OSL and HashKey for Hong Kong’s spot Bitcoin and Ether exchange-traded funds (ETFs) in an attempt to foster Wintermute’s presence in Asian crypto markets.
✍️ Vitalik Buterin Drafts New Ethereum Upgrade
Ethereum developers, including Vitalik Buterin, proposed EIP-7702 to enhance Externally Owned Accounts (EOAs) by introducing a new transaction type that temporarily converts EOAs into smart contract wallets, offering functionalities like transaction batching and sponsored transactions.
💪 Michael Saylor Keeps Buying
MicroStrategy purchased 122 BTC in April 2024 and now owns 214,400 BTC ($13.6 billion), ~1% of Bitcoin’s total circulating supply of 19.7 million tokens.
🪂 Eigen Airdrop Adjustments
EigenLayer plans to distribute around 28 million more EIGEN tokens to over 280,000 wallets following backlash over its initial airdrop program. The protocol will include Season 1 and Season 2 claimants with the aim to address criticism and involve more users in the distribution.
📈 USDC Overtakes Tether
Circle’s USDC has overtaken USDT in stablecoin transactions in April 2024, according to on-chain analytics by Visa. USDC saw 166.6 million transactions in April 2024, compared to USDT’s 163.6 million.
What’s Ahead
Australia ETFs in Discussion
The Australian Securities Exchange is reportedly considering the launch of Bitcoin ETFs, following the U.S. and Hong Kong. Potential issuers are VanEck Australia and BetaShares Holdings.
Number of the Week
Chart of the Week
BlackRock’s BUIDL fund is now the largest tokenized treasury fund, surpassing Franklin Templeton’s FOBXX fund (BENJI) weeks following its launch. As of May 7, the fund has over $382 million in deposits (exceeding BENJI’s $368 million). BUIDL has grown 36.38% MoM.
We cover RWAs in our latest Research report — more details below.
Research & Insights
Monthly Feature Article | Tokenization of RWAs & Yield-Bearing Stablecoins
RWA tokenization is a bridge between TradFi and the digital asset space. Here we explore the tokenization of securities and its application in yield-bearing stablecoins, which have gained much attention recently.
Read the full report.
Crypto Trivia
What is a cup and handle on crypto charts?
A) A pattern shaped like a cup with a right-side handle
B) A small dip followed by a larger dip
C) A signal that it’s time for a break
Find the answer at the end of this newsletter.
Product Picks
Trade Perpetuals With up to 100x Leverage in DeFi Wallet
The Crypto.com DeFi Wallet has introduced Perpetuals Trading, allowing you to trade up to 100x leverage on underlying assets like BTC, ETH, SOL, and more! Powered by Fulcrom Finance, this new feature gives you the convenience of opening and managing trades all from the comfort of your mobile device. Learn more here.
OSMO and DYM Now Available for On-Chain Staking
Osmosis (OSMO) and Dymension (DYM) are now available for on-chain Staking in the Crypto.com App, in addition to the Cronos (CRO), Ethereum (ETH), Solana (SOL), Polkadot (DOT) blockchains and more. Receive rewards of up to 12% as often as three times a week. Find out more here.
The AUD Fiat Wallet Has Just Been Upgraded
Introducing unique PayIDs, powered by Monoova, for faster and simpler AUD transfers to your Fiat Wallet. You can now easily transfer AUD to your Fiat Wallet without requiring a Reference Code for each bank transfer. Furthermore, the addition of Monoova increases our on-ramp choice and resilience by providing an alternative transfer method. For more information, visit the Help Center.
Crypto.com App New Token Listings
Spectral (SPEC)
Spectral Labs is a cryptocurrency firm working on launching Syntax, an artificial intelligence (AI) app that enables the creation of on-chain agents to simplify smart contract creation across various blockchains. The SPEC token serves as the governance token for Spectral.
Crypto Level Up
What Are Bitcoin Runes and Why Is Everyone Talking About Them?
Launched on April 20, 2024, the Runes protocol is an unspent transaction output (UTXO)-based fungible token protocol that allows for the issuance and management of tokens on the Bitcoin network.
How Do Bitcoin Runes Work?
The Runes protocol issues and tracks tokens using UTXOs, which creates less network congestion than the previous Ordinals and BRC-20 standards.
Runes can be etched, minted, and purchased using the protocol.
Learn more about Bitcoin Runes.
CryptoIRL
Ah yes, a little green while on the green: The Crypto.com Jade Green Visa Card with @sab9395 playing a round at the golf course.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Security Tips
$69.3M of WBTC Lost in Address Poisoning Scam
In early May, blockchain security company CertiK reported that it detected 1,155 WBTC (~$69.3 million) being transferred to a wallet address linked to an address poisoning scam. The scammer mimicked a 0.05 ETH transfer, tricking the victim into sending their assets to the wrong address.
Here’s How You Can Protect Yourself From Address Poisoning
1. Wallet addresses may be long, but thoroughly check every character in it to ensure you’re sending your assets to the right one.
2. Save the addresses you frequently transact with instead of copying and pasting from your transaction history.
3. Use a name service address (e.g., Ethereum Name Service), which are shorter and more recognizable, making them harder for scammers to duplicate.
Crypto Trivia Answer
A) A ‘cup and handle’ is a bullish indicator that looks like a cup with a handle on the right side when viewed on price charts.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
