SEC Delays Bitcoin ETFs 🐢

GM. This is Degen Scoop. It’s FRIDAY, here’s the scoop:

• SEC Delays Bitcoin ETFs 🐢

• DeFi Activity on Base Ascends 🚀

• Adidas Creates NFT Artist Residency 👨‍🎨

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

SEC Delays Bitcoin ETFs Until October

This is no surprise that the SEC is taking their time with this one since they can delay all the way until February if need be. It does make you wonder whether they’re actually building a case against the ETFs so as to not pass them. The delay was said to have been done as the SEC needed “longer” in order to assess the applications.

The SEC has its work cut out after having their reasoning torn to shreds in the Grayscale case earlier this week, but that is their problem to deal with. A spot Bitcoin ETF is simply a matter not of if but rather when. Like a toddler they can drag their feet as much as they like, but an ETF is inevitable.

DeFi Activity on Base Reaches New Heights

The total value locked (TVL) on Base reached a new high yesterday of $300M. While not incredible in the grand scheme of things, the rate at which this milestone was achieved is shocking given the state of the market. Much of this new activity is a result of users chasing yields on the newly released Aerodrome DEX.

The DEX is a Velodrome (Optimism DEX) fork and is offering high emissions to those looking to offer their capital to provide liquidity. The emissions began on August 30th so there is still time to play some musical chairs of liquidity; don’t get rekt, anon. Best of luck to those that choose to chase three digit yields.

New NFT Artist Residency by Adidas Created For Future Physical Collaborations

This isn’t the first time we’ve spoken about Adidas as they have worked with Fewocious and BAPE in the past couple months for collabs. As a result of the success of those past initiatives, they have chosen to create Residency by Adidas. The launch will occur in during Korean Blockchain Week over September 7-8th which will celebrate digital artists.

There is plenty of room for companies to chase phygital items that customers want to buy. While Web2 companies began to dabble more openly with crypto in the previous cycle, we expect far more collaboration between the two worlds in the coming years and impending bull market.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

Meme of the Day

If you think your memes are better, submit them to the newsletter and get featured for your work!

Conclusion

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

Thank you for reading, if you enjoyed this please subscribe if you haven’t already! If you’ve already subscribed, please consider sharing this!

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.