Morning Minute is a day by day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. And check out our new day by day information present protecting the entire prime tales in 5 minutes, downloadable on Apple Pod or Spotify.
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In the present day’s prime information:
- Crypto majors are very inexperienced as SOL jumps 10%; BTC +5% to $61.3k
- Venice AI publicizes $65M elevate at $1B valuation, creating crypto’s latest unicorn
- Robinhood launches Robinhood Chain with tokenized shares focus, Lighter perps
- Lighter’s LIT jumps 15% to new native highs on again of Robinhood launch
- Circle CEO Jeremy Allaire responds to OUSD, says consortium stablecoins have a poor monitor document
🏦 Robinhood Launches an ‘AI-Native’ Ethereum Layer-2 With Tokenized Shares
Robinhood launched the general public mainnet of Robinhood Chain, an Arbitrum-powered Ethereum layer-2. The corporate touts its new chain as “AI-native,” that means it helps buying and selling by AI brokers immediately onchain.
The community opened with integrations from BitGo and Chainlink and partnerships with Uniswap and Pleiades for market-making, and it’s designed to bridge Robinhood’s conventional brokerage with its crypto stack.
The centerpiece is Inventory Tokens, onchain variations of shares in firms like Nvidia and Apple. On Robinhood Chain, customers can drop these tokenized shares into lending swimming pools and use them as collateral in DeFi. That turns a inventory place into composable on-chain capital, the form of factor that’s inconceivable inside a traditional brokerage. Robinhood additionally opened perps buying and selling immediately in its pockets by the decentralized erp dex Lighter, and switched on Robinhood Earn for eligible US customers, letting them lend the USDG stablecoin for round 7% APY.
HOOD shares closed up greater than 8% to $108.65, up practically 20% on the month, although nonetheless nicely off their highs. Lighter’s LIT token jumped 15% to $2.14 and contemporary native highs on the again of their integration.
💸 Venice AI Hits $1 Billion Valuation as Voorhees Bets on Non-public AI
Erik Voorhees’ privacy-focused AI platform Venice AI raised $65 million at a $1 billion valuation, its first outdoors funding spherical and sufficient to make it a unicorn barely two years after launch. The spherical was led by crypto VC Dragonfly, with Coinbase Ventures and North Island Ventures becoming a member of.
Voorhees stated the elevate validates Venice’s mission to construct a personal, uncensored different to mainstream AI like ChatGPT. For these unfamiliar, Venice provides customers entry to greater than 200 open and closed AI fashions throughout textual content, picture, video, and code, whereas storing nothing by itself servers. Prompts are encrypted client-side and routed by an exterior proxy.
It has handed 3 million customers, handles 1.7 million API calls a day, and is already worthwhile on roughly $70 million in annualized income, which is uncommon for an AI startup at this stage. The brand new capital goes towards shopping for GPUs and constructing its personal information facilities to chop its reliance on leased compute and raise margins.
The VVV token jumped 10% on the day to $13.50 and a $1B FDV, matching the corporate’s valuation. As for the way to consider the VVV token vs firm fairness – that’s a dialog for an additional time…
🌎 Macro Crypto and Markets
- Crypto majors are very inexperienced, with SOL main; BTC +5% at $61.3k; ETH +5% at $1,650; SOL +10% at $82; HYPE +4% at $64.90
- BEAT (+20%), ZEC (+14%) and VVV (+11%)
- Oil -1.5percentat $67.50; Gold -0.3% at $4,070
- Inventory futures are barely combined; DOW +0.2%, Nasdaq -0.4%
- Circle CEO Jeremy Allaire responded to the Open USD launch, arguing USDC’s decade-built liquidity and community moats are too deep to repeat and that consortium stablecoins have a “dismal” monitor document
- A brand new institutional-focused Ethereum nonprofit launched with backing from Joe Lubin, BitMine, and SharpLink, the second Ethereum initiative from the identical trio in latest weeks
- Cantor Fitzgerald analysts see a possible crypto market backside forming within the coming months, pointing to the cycle and urging traders to give attention to networks with sturdy worth accrual
- Normal Chartered introduced a partnership with Circle to permit their institutional shoppers to entry USDC
Company Treasuries & ETFs
Meme Coin Tracker
- Meme leaders had been very inexperienced; DOGE +4%, SHIB +2%, PEPE +7%, PENGU +5%, TRUMP even, BONK +6%
- ANSEM (+24%), World (+200%) and Birb (+64%) led movers on Solana
- Base movers included SERV (+44%) and POD (+20%)
📈 Myriad Market of the Day
💰 Token, Airdrop & Protocol Tracker
🚚 What is going on in NFTs?
- NFT leaders had been combined Punks -1% at 31 ETH, BAYC +1% at 8.82 ETH, Pudgy -1% at 4.45 ETH; Hypurr’s -3% at 217 HYPE
- Limitless (+25%) and GHLFers (+7%) led prime movers
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