Blast Reaches $550M TVL 🤑

GM. This is Degen Scoop. It’s Monday, here’s what happened over Thanksgiving weekend:

• Blast Reaches $550M TVL 🤑

• Coinbase Stock At Highest Since May 22’ 📈

• Do Kwon Facing Extradition ✈️

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Blast, L2 From Blur Co-Founder, Attracts Half a Billion of Capital

A new Ethereum L2 called Blast has gained significant attention, with its total TVL reaching over $550M just days after its announcement. Led by Tieshun "Pacman" Roquerre, co-founder of Blur, the largest NFT marketplace, Blast aims to offer users returns on deposited crypto, primarily staked ETH and stablecoins. The ponzinomics on this one are next level and attracting capital fast.

So far, the mechanics behind Blast puts the incentives that Blur has used to shame. As you can see in the photo above, people are seeing to take advantage of the current incentives in place. Considering the wallet is only protected by a 3/5 multisig and has no bridge back until February, this is a daring endeavor for even the most degenerate traders.

Despite concerns about its safety and potential Ponzi scheme characteristics, well over 50,000 users have deposited funds. There have been some major critiques which spurred the conversation above. Pacman obviously defends the project, but this will be an experiment to keep an eye on.

Coinbase Shares See Highest Price Since May 2022

Shares of Coinbase (COIN) on the Nasdaq have surged to their highest price since May 2022, reaching $115.75 per share, nearly a 6% increase in the past day. Over the last month, COIN has risen over 41%, trading at $82 per share previously. We are of the opinion that this is a great stock pick for the upcoming bull market given its position.

The San Francisco-based cryptocurrency exchange went public on the Nasdaq in 2021. The current spike in COIN's value is attributed to the growing interest in cryptocurrencies, with Bitcoin surpassing $38,000 and Ethereum reaching nearly $2,131. Needless to say, COIN serves as a proxy for the sentiment to crypto.

Coinbase's prominence is also rising as it becomes the chosen custodian or surveillance-sharing partner for high-profile Wall Street firms, including BlackRock and Fidelity, seeking approval for spot Bitcoin exchange-traded funds (ETFs). Should those be approved, Coinbase will be a major victor.

Do Kwon, Founder of Terra, Faces Extradition to South Korea or US

Terra founder Do Kwon faces extradition to either South Korea or the United States after a court in Podgorica, Montenegro, approved the move. Kwon’s lawyers have been fighting the extradition for months now. If he were to be extradited to the United States, he would likely have the book thrown at him.

Kwon was arrested in March with falsified documents and will serve a four-month prison sentence in Montenegro before the final decision on extradition is made by the Montenegrin Justice Minister. It’s surprising that a ‘smaller’ crime got him into jail but will ultimately be the reason why he sees justice for the damage done in 2022.

Facing multiple fraud charges by U.S. federal prosecutors and ongoing investigations in South Korea, Kwon's arrest is linked to the collapse of Terra's stablecoin, terraUSD and has understandably also had his assets frozen. The court's decision follows the rejection of Kwon's appeal against the prison sentence earlier this month.

The BIGGEST NFT Sales Over the Weekend:

Notable Threads You Might Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.