🐳 Weekly Edition: Bitcoin Struggles to Regain $70k, is Stable the next big TGE?

We’re not out of the turbulence zone yet as Bitcoin attempted to mount a minor recovery back above $70k today, yet looks to be losing steam just under. Coinbase is one of the biggest crypto movers today at +16.5%, but to be honest since that gain comes after it lost almost 40% YTD, it doesn’t feel all that great. On the positive side, it’s a lot easier to listen to Brian Armstrong on their earnings calls since they added the Subway Surfers clips.

Ex-Farcaster founder Dan Romero seems to be navigating the market volatility in a highly profitable manner, as he announced this week that he will be joining the Stripe-incubated “stablecoin chain” Stable after his social media startup was acquired a few weeks ago. After seeing how Plasma’s token launch has gone I’d be lying if I said I was excited to buy a new stablecoin governance token, but with Stable’s backing it’s at least something to keep an eye on.

MegaETH, one of the most highly-anticipated chains (and token soon…) has finally launched their mainnet amidst some of the worst price action we’ve had in years. One of their biggest selling points has been the promise of 100k TPS capability, but as network activity has been relatively low, we haven’t seen anything over 50 TPS yet.

The good news for the prospective token’s performance is they have set KPIs for the network to hit prior to actually committing to TGE: their native stablecoin USDm must hit $500M market cap, 10 live “Mega Mafia” apps, and at least 3 apps at over $50k per day in fees. Market appetite for another Layer 1 is definitely not high, but MegaETH has some compelling tech and an interesting flywheel for their token once it goes live.

Thankfully, Brian’s sell button was full functioning during Coinbase’s downtime.

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