Crypto Monday: Weekly market prep
Crypto Monday: Weekly market prep
1. Musk's xAI rolls out independent app, competing with OpenAI
Elon Musk's xAI has launched an independent app, marking a strategic move into direct competition with OpenAI. Musk had previously pledged 25% of his new company's shares to X shareholders, who have received a quarter stake in the latest funding rounds, valuing the AI startup at $50 billion.
xAI now offers two language models, Grok and Grok mini, with plans to debut a standalone application for the Grok chatbot in December. Currently available exclusively through X, Grok requires a subscription to access it. Musk also revealed plans to initiate an AI gaming studio under xAI.
2. Telegram founder's commitment to MAJOR token and its impact on the platform’s ecosystem
Pavel Durov, founder of Telegram, received a 1% donation of MAJOR tokens, promising not to sell them over the next decade. MAJOR, a popular Telegram mini-game, integrates gaming and social interactions to influence airdrop allocations. It's listed on multiple exchanges and features innovative collaborations like Bitget PoolX, which rewards users with MAJOR for locking cryptocurrencies. This gesture highlights Durov's confidence in Telegram's evolving ecosystem, particularly in gaming and financial applications, encouraging continued investment and development within these sectors.
3. Clanker contract upgrade enhances user revenue share
Clanker, an AI-driven "Token Bot," has allowed users to claim a 40% share of transaction fees following a contract upgrade. Starting December 4, users can apply for their share. Clanker's Uniswap V3 pool on Base, introduced with a 1% fee per transaction, distributes 60% of swap fees to Clanker and 40% to users requesting token deployment. Previously deployed tokens before November 14, 2024, had a sharing ratio of 75% to 25%. This move bolsters user engagement by offering tangible financial benefits.
Additionally, Sushi has introduced the Dojo agent and Tweet Tokens feature, allowing users to tokenize their favorite posts or directly publish their created memecoins from X. The proliferation of similar AI bots offering these capabilities underscores the challenge of translating these innovative functions into substantial economic benefits.
4. Brazil lawmaker proposes national Bitcoin reserve
A Brazilian lawmaker has officially proposed establishing a national strategic Bitcoin reserve or the Sovereign Strategic Bitcoin Reserve (RESBit). This move contradicts speculation that other nations might consider Bitcoin as part of their strategic reserves if the US does so. Concurrently, more companies are acquiring Bitcoin for strategic reserves. Notably, the Chinese-listed company SOS announced a $50 million Bitcoin purchase, and the video-sharing platform RUMBLE disclosed a plan to buy up to $20 million in Bitcoin as a reserve.
5. UK crypto regulation set for 2026
The UK's Financial Conduct Authority (FCA) has outlined a roadmap to implement a comprehensive cryptocurrency regulatory framework by 2026. This roadmap includes plans to release discussion papers on market abuse and disclosure by the end of 2024 and policy papers on stablecoins, trading platforms, staking, crypto exposure, and lending by early 2025. Recent studies show that cryptocurrency ownership among UK adults has risen from 10% to 12%, with the number of cryptocurrency holders projected to increase from 5 million in 2022 to 7 million. This forthcoming regulation in the UK may set a precedent for other European regions.
6. Justin Sun invests in WLFI
Justin Sun has invested $30 million in World Liberty Financial (WLFI), a DeFi protocol allowing users to lend, borrow, and trade using stablecoins, and has joined as an advisor. While details are sparse, WLFI will use Chainlink for on-chain data and cross-chain standards. The token distribution within WLFI is highly concentrated, suggesting a cautious approach for investors. This investment follows Sun's recent purchase of a $6.2 million artwork, potentially as a promotion for WLFI.
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