Feb 19, 2024

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Ape's Best Friend 🦉💰✊ Valko

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Specs’ Insights

Bored Apes' creator Yuga Labs acquires Proof, takes over Moonbirds NFT brand

Two of the biggest NFT creators in the industry are joining forces as Yuga Labs acquires Proof, the company behind Moonbirds.

⌐◪-◪ → Yuga Labs just acquired Proof in an all-stock deal, and there are a lot of mixed opinions from BAYC holders.

Some are triggered they weren’t included in the process and feel like the acquisition dilutes BAYC’s value and Yuga’s focus.

While others view it as a brilliant move, absorbing Proof’s $20M-$40M balance sheet and acqui-hiring a strong team with high-end art market access.

We can debate whether this is bullish/bearish all day long, but one thing we can agree on is — the surge in Moonbird’s purchases pre-announcement is sus AF.

Let me know in Specs Chat!

AltLayer closes $14.4M round to expand rollup infrastructure

⌐◪-◪ → AltLayer just raised $14.4M from top VC firms including Polychain Capital, Hack VC, OKX Ventures, HashKey, Bankless Ventures, and more. The funds will be used to expand AltLayer’s team and further develop its rollup infrastructure. No valuation has been disclosed yet.

But what is AltLayer?

AltLayer is a protocol that lets developers create rollups from software stacks like OP Stack, Arbitrum, and Polygon CDK — describing themselves as rollup-as-a-service (RaaS).

The bet here is that there will be an explosion of new L2/L3s without the in-house capabilities to manage their own rollup infra, and AltLayer will conveniently be there to help them.

The good ol’ picks-and-shovels play. Smart.

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Snowden calls BTC the greatest monetary innovation since coinage

⌐◪-◪ → Snowden just boosted Bitcoin hard in a post on X, calling it the most significant monetary advance since the creation of coinage.

He also referenced the iconic quote by Bitcoin’s creator Satoshi Nakamoto, "If you don't believe me or don't get it, I don't have time to try to convince you, sorry."

This isn’t the first the whistleblower turned international fugitive praised Bitcoin. In 2013 he explained how he used BTC to pay for the servers he used to host the materials he famously leaked to journalists.

I really can’t think of a more on-brand public figure to endorse Bitcoin than Snowden — he is a true cypherpunk and captures the entire zeitgeist of the Great Crypto Revolution. Hopefully, his high-conviction take converts some more normies to the cause.

Snowden is a Bitcoin bull, bull, bull (the reference).

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Everything Else

⛓️ Crypto & DeFi

  • SUI overtakes Aptos & Cardano in TVL at $593M

  • Y Combinator adds stablecoins to its requests for startups list

  • Vitalik eyes AI to help ETH devs identify bugs and verify code

  • Ex-Ripple executive is now CEO of crypto intel firm Crystal Blockchain

  • FixedFloat exploited for $26.1M Bitcoin and Ethereum

  • Coinbase donates $3.6M to BTC development through Brink

  • BTC mining difficulty breaks 80 trillion for the first time

  • STRK launch today, trading at $18B FDV pre-market

  • XAI team wants $200M-$400M to fund Arbitrum gaming projects

🏦 Wallstreet & VC

  • JPMorgan faults Coinbase for lack of clarity on ETF custody business

  • Coinbase sees 18,000 BTC outflows, holds lowest supply since 2015

  • ARK Invest sells half a million Coinbase shares for $90M

🏛️ Legal & Regulatory

  • Virginia proposes $17,192/year for Blockchain & Crypto Commission

  • FTX Creditors file class action lawsuit against bankruptcy lawyers

  • Celsius distributed $2B of crypto to creditors shows court documents

  • VanEck to pay $1.75M fine for not disclosing influencers in ETF launch

  • Craig Wright's sister says he dressed like a ninja

🌎 Rest of the World

  • South Korea may eliminate the ban on spot BTC ETFs

  • South Korea delays crypto taxes 2 years, prioritizes regulations

  • Japan to allow certain VCs to invest directly in crypto

🖼️ NFTs & Metaverse

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Specs Chat is more than just a group chat, it’s a community designed to help you become a better crypto investor and operator.

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