The Block
Quick Take Friend.Tech, the Web3 social network which surged in activity one year ago to become a dominant player in the space, has been effectively shuttered after its developers renounced control over its smart contracts. While the platform saw explosive growth at first, an underwhelming airdrop and launch of Version 2 failed to attract the same level of enthusiasm.
Quick Take Late last night, the U.S. Commodities and Futures Trading Commission filed an emergency motion in an attempt to block prediction market Kalshi from listing election contracts for two weeks while the agency works on its appeal. The motion was filed before the judge published her reasoning for dismissing the lawsuit and allowing Kalshi to list the contracts.
The total value held by U.S.-based spot Bitcoin ETFs is currently at its lowest level since May 1 after Bitcoin’s price declined this week.Spot Ethereum ETFs have hit their lowest total asset value yet recorded after similar price action.
Bernstein analysts predict a price target of $200,000 by the end of 2025, regardless of the election outcome.However, they anticipate a short-term impact on market sentiment as Donald Trump is seen as the pro-crypto candidate compared to Kamala Harris’s relatively hawkish crypto stance.
Quick Take This is an excerpt from the thirteenth edition of The Funding sent to our verified subscribers on Nov. 3. The Funding is a fortnightly newsletter written by Yogita Khatri, The Block’s longest-serving editorial member. To subscribe to the free newsletter, click here.
Quick Take Solana had over 123 million active addresses on the network last month, reaching its highest level.
Quick Take A rise in volatility means traders have a two-in-three chance of seeing swings of nearly 10% in the price of Bitcoin and Ethereum following Tuesday’s election, according to an analysis by Nick Forster, founder of DeFi options protocol Derive.xyz.
Quick Take The crypto casino Metawin was drained of about $4 million in tokens after hackers exploited its withdrawal system to attack the protocol’s hot wallets on Ethereum and Solana. Metawin has restored access, backfilled the stolen funds, and contacted law enforcement, according to its CEO.
Quick Take The Monetary Authority of Singapore today published two new frameworks, aimed at supporting further tokenization efforts for funds and fixed-income instruments. The MAS also formed a “Guardian Wholesale Network” to scale the usage of tokenization practices.
Quick Take The Sept. 18 event will come at the heels of a bus tour called the “America Loves Crypto Tour,” which visited five swing states. Crypto has become a hotly contested election issue for the industry.
