Web3🌕Highlights: Terraform Labs Chapter 11, X Payments Launch, Dogecoin Surge, Proshares ETF Volume Decline

Embark on a journey into the latest happenings in the Web3 landscape! This Monday brings forth significant developments. Join us as we delve into the intricacies of these events, uncovering insights and perspectives that define the current state of the Web3 ecosystem.

1. Terraform Labs, under the leadership of Do Kwon, files for Chapter 11, shaping the crypto narrative.

Terraform Labs, creator of TerraUSD, filed for Chapter 11 bankruptcy, citing $100M-$500M in assets and liabilities. CEO Chris Amani expressed resilience amid challenges, seeking to resolve legal issues. The move follows the SEC's postponement of Do Kwon's fraud trial. Terra's ecosystem collapsed in May 2022, leading to Kwon's arrest in March 2023. SEC charged both with a "multi-billion dollar crypto asset securities fraud." Extradition requests from the U.S. and South Korea heighten speculation about potential sentences. Kwon could face a 40-year jail term if extradited to South Korea. Read more in our newsletters.

Do Kwon’s Terraform Labs files for Chapter 11 bankruptcy protection

Defunct firm Terraform Labs claims to have between $100 and $500 million in estimated assets and liabilities.

CointelegraphTom Mitchelhill

2.  X, in a strategic move, introduces dedicated payments, igniting speculations about possible crypto integration.

Elon Musk's X (formerly Twitter) teases in-app payments, sparking crypto speculation. Expected by mid-2024, uncertainty remains on cryptocurrency inclusion. The X account, with a gold badge, hints at certified organization status. Crypto community speculates on Musk's preference for Dogecoin (DOGE) in X's features, given past hints. Despite Musk's belief in X's financial potential, recent shifts in focus raise questions about crypto integration. Musk's acquisition of Twitter in 2022 fueled predictions, but current signals are inconclusive.

X (formerly Twitter) Launches Dedicated Payments Account, Crypto Community Speculates Integration

According to Cointelegraph: Elon Musk’s “everything app”, X (previously known as Twitter), has initiated a dedicated account for its upcoming payments feature, triggering the crypto world to speculate

BinanceBinance News

3. The surge of Dogecoin and Floki follows speculation surrounding X Payments.

DOGE and FLOKI experienced a 12% surge following increased trading volumes by 200%, propelled by the @xpayments profile on social app X. Speculation links DOGE's rise to potential payments within Elon Musk's companies. The surge aligns with Musk's previous hints about DOGE as a payment option. @xpayments, gaining 100K+ followers since its late Friday setup, further fueled expectations. Musk's Tesla already accepts DOGE payments, and earlier, he teased DOGE payments on Twitter. While Musk's plans for DOGE in X remain unconfirmed, the surge reflects ongoing excitement about cryptocurrency integration in Musk-owned ventures. More updates in our newsletters.

Dogecoin, Floki Bullish Bets Rise on X Payments Speculation

DOGE has the tendency to surge on payments-related developments at any Elon Musk-owned companies, such as X or Tesla. Floki, named after Musk’s dog, moves as a beta bet among midcap traders.

CoinDeskShaurya Malwa

4. Proshares Bitcoin ETF witnesses a substantial 75% drop in volume.

BITO's ProShares Bitcoin Strategy ETF sees a 75% drop in trading volume since spot ETFs launched, with over $270 million net outflow. Despite this, observers expect BITO to remain integral for authorized participants as a hedging instrument. Spot ETFs, with a cumulative trading volume of $14 billion in the first week, outpace BITO. The cash-creation structure of spot ETFs exposes authorized participants to bitcoin price fluctuations, leading them to hedge positions with regulated products like BITO and CME futures. BITO is seen as a crucial component in the evolving bitcoin ETF landscape, offering hedging options for market participants.

Trading Volume on Proshares Bitcoin ETF Tanks 75% As Focus Shifts To Spot ETFs

Observers said BITO will remain an integral part of the market as a hedging instrument for authorized participants associated with the recently launched spot ETFs.

CoinDeskOmkar Godbole

As we conclude our exploration of today's Web3 Highlights, the crypto landscape continues to evolve with intriguing twists. From Terraform Labs navigating Chapter 11 waters to X's strategic foray into dedicated payments, and the speculative surge around Dogecoin and Floki, each development adds layers to the dynamic narrative. The significant drop in volume for Proshares Bitcoin ETF signals shifts in investor sentiment. Stay tuned as we navigate the ever-changing currents of the crypto sphere, bringing you valuable insights and analyses. For continuous updates on Web3 and beyond, keep exploring with us as we unravel the complexities shaping the future of decentralized technologies.

WEB3 AI ML