Layer 1 Blues: When Crypto Dreams Turn to Dust

https://x.com/DefiIgnas/status/1807188890010501257 

These Layer 1 blockchains are feeling the burn this cycle 🔥📉, leaving investors wondering if their bags will ever recover. 😢

• IOTA: Pivoted to Layer 2 but still can't catch a break. 🤷‍♀️

• EOS: Fighting a legal battle with Block.one over misused funds. 🥊💰

• Algorand: Mocked Ethereum and Solana, only to see their own price plummet. 🤦‍♂️

• Klaytn: Merging with Finschia, but no one seems excited. 😴

• Tezos: Unveiled a fancy new roadmap, yet the price remains in the dumps. 🛣️📉

Will these projects ever rise from the ashes? Only time will tell. ⏳

Our Daily Pick: Ondo Finance, the RWA All-Terrain 💼🌐

Ondo Finance is like the bridge that finally connects your grandpa's trusty old bank with your edgy new crypto wallet. By tokenizing real-world assets (RWAs) like U.S. Treasuries and bonds, Ondo brings these stodgy financial products into the vibrant world of DeFi. Now, these assets can party on the blockchain and be traded by a much wider audience. 🎉

What is it Used For? 🤔

Ondo Finance is used to:

• Access High-Quality Financial Products: Get your hands on tokenized versions of traditional financial products, because why not have your cake and eat it too? 🍰

• Improve Liquidity and Accessibility: Turn illiquid assets into liquid gold, accessible to anyone with an internet connection. 🌐💧

• Increase Transparency and Efficiency: With blockchain's transparency, it’s like your financial dealings are now visible on a 4K Ultra HD screen for everyone to see (but not touch). 🖥️

Who is Behind the Project? 👨‍💼👨‍💻

Ondo Finance was founded by Nathan Allman, a former Goldman Sachs bigwig, and Noah Perlman, an ex-Google brainiac. Together, they assembled a team of financial and tech wizards to make magic happen. 🧙‍♂️✨

Who is Backing It Up? 💸

With $24 million from heavyweights like Peter Thiel's Founders Fund, Pantera Capital, and Coinbase Ventures, Ondo is like the new kid in school backed by the cool older siblings. They’ve also got partnerships with the big dogs like BlackRock and Morgan Stanley. 🏦🐕

Tokenomics 📊💰

• Native Token: ONDO

• Uses: Governance (because democracy), and ecosystem participation incentives.

• Circulating Supply: 1.38 billion ONDO

• Maximum Supply: 10 billion ONDO

• Market Cap: $1,700,386,368, currently ranked at #51

Ondo's Superpowers 🦸‍♂️🦸‍♀️

• Bridging TradFi and DeFi: Think of it as the bridge from your dad's bank to your crypto wallet. 🌉💸

• Tokenizing RWAs: Turning boring old assets into exciting digital tokens.

• Strong Partnerships: With big names in finance and blockchain, Ondo’s got some serious street cred. 🤝

• Experienced Team: A team that’s been there, done that, and got the t-shirt. 👕

Problems Solved 🛠️

Ondo makes high-quality financial products accessible to everyone, not just the Wall Street suits. By tokenizing RWAs, it democratizes investments, making them as easy to access as cat videos on YouTube. 🐱🎥

Core Concepts 📚

• Asset Tokenization: Turning real-world assets into digital tokens, like turning water into wine. 🍷

• Decentralized Finance (DeFi): A financial system that’s decentralized, without the middlemen. 💪

• Real-World Assets (RWAs): Traditional assets like real estate, commodities, and financial instruments, now with a digital twist. 🏢

Use Cases 💼

• Investment: Buy tokenized U.S. Treasuries like you’re shopping for shoes online. 👠

• Trading: Trade RWAs on decentralized exchanges for more liquidity. 📈

• Collateralization: Use RWAs as collateral for DeFi loans, because why not? 🏦

Final Thoughts 💭

Ondo Finance is revolutionizing how we invest by bridging the old world of finance with the new world of DeFi. It’s like turning a rusty old Ford into a sleek Tesla. Keep an eye on this one; it’s bound to make waves. 🌊🚗

Most Important News of the Day.

Legal and Regulatory Actions ⚖️

The SEC has launched a lawsuit against Consensys over alleged securities violations, with MetaMask, Lido, and Rocket Pool staking services under scrutiny. Talk about raining on the crypto parade! ☔

21Shares is pushing for a spot Solana ETF in the U.S. despite facing potential regulatory hurdles. The SEC previously labeled SOL as a security. It’s like trying to walk a tightrope during an earthquake. 🎪

A U.S. judge has allowed most of the SEC's case against Binance to proceed. While the secondary sales charge was dismissed, other allegations remain. It’s a mixed bag for Binance, with some relief but still plenty to worry about. 😬

The U.S. Treasury has rolled out a new crypto tax regime for 2025, putting off rules for DeFi and unhosted wallets while collecting public feedback. It’s like trying to bake a cake while still figuring out the recipe. 🍰

-Market Dynamics and Corporate Strategies 📈

Public Bitcoin miners, now worth over $25 billion, are diversifying into AI. Acquisitions and AI integration are the new game plan. It's like miners have traded their pickaxes for quantum computers. 🚀

Bitdeer is set to lease an industrial park in Ohio to boost its Bitcoin mining power. Talk about going big or going home! 🏡

The crypto market showed resilience by recovering over half of the stolen funds in Q2, boasting a record recovery rate of 77%. It’s a classic case of 'you can’t keep a good market down.' 💪

-Judicial and Political Insights 🏛️

The Supreme Court has overturned the Chevron doctrine, limiting the power of administrative agencies to enforce new regulations. This could shake up the cryptocurrency regulatory landscape, making it harder for new rules to stick. ⚖️

-Miner Activities and Challenges ⛏️

Bitcoin miners are facing severe capitulation as the hashrate plunges to new lows. It's a flashback to the economic pressures of the 2022 market crash. Hang on tight, miners! ⛏️

See you Wednesday frens,

-Pep 🐸