Web3🌕Monday Roundup: ETH Meme Coins Soar, Normie Exploit Fallout, Uniswap Update, TON TVL Surges
1. Ethereum Meme Coins PEPE, MOG Surge on Ether ETF Approvals
2. Normie Memecoin Loses $40M Post-Exploit
3. Uniswap Foundation's Asset Reveal Pre-Fee Vote
4. TON Blockchain Locks Over $300M
Read on for more insights!🤗
Welcome to the latest edition of our Web3 highlights! Today, we delve into significant developments shaping the digital landscape. From soaring meme coins to protocol vulnerabilities and governance decisions, join us as we navigate the dynamic world of decentralized finance and blockchain technology. Let's explore the latest milestones and challenges shaping the future of Web3.
1. Ethereum Meme Coins PEPE, MOG Surge on Ether ETF Approvals
Ether surged more than Bitcoin over the weekend, driven by renewed optimism for the second-largest cryptocurrency. Frog-themed PEPE and cat-themed MOG tokens hit record highs following last week’s approval of key Ethereum ETF filings. PEPE jumped 11% and MOG soared 45%, with trading volumes hitting $1.8 billion. Ether rose nearly 5%, while Bitcoin fell 1%. PEPE's open interest rose to $720 million, and MOG's to $8.3 million, signaling new market interest. Meme tokens, often seen as beta bets on the Ethereum ecosystem, have gained prominence and driven significant gains
Shaurya Malwa
2. Normie Memecoin Loses $40M Post-Exploit
NORMIE, a memecoin on Ethereum's layer 2 network Base, saw its market cap plummet by $40 million after an exploit in its smart contract. The attacker minted extra tokens, leading to a 99% drop in value. Analysis by a developer suggests it might be an inside job. Messages on the blockchain indicate the exploiter offered to return 90% of the funds if the team uses 600 ETH to fairly launch a new token to reimburse holders. The Normie team agreed to this offer. The token had peaked at a $130 million market cap in April.
Samyuktha Sriram
3. Uniswap Foundation's Asset Reveal Pre-Fee Vote
The Uniswap Foundation revealed it holds $41.41 million in fiat and stablecoins and 730,000 UNI tokens. During Q1, it committed $4.34 million in new grants and disbursed $2.79 million in previously committed grants. The foundation announced an on-chain vote by May 31 to establish a new fee mechanism for Uniswap v3 pools. The proposal aims to implement autonomous fee collection and distribution, enhancing decentralized governance. Despite the SEC's Wells notice against Uniswap, the foundation is moving forward with the fee switch to incentivize UNI tokenholders to actively engage in governance and contribute to the ecosystem.
Samyuktha Sriram
4. TON Blockchain Locks Over $300M
The Open Network (TON) blockchain achieves a milestone with its TVL surpassing $300 million, driven by DeFi expansion and user incentives. Since March, TVL surged over tenfold, mainly due to decentralized exchanges like Ston.fi and Dedust, and liquid staking projects such as Tonstakers and Bemo. Notable growth followed the onboarding of 1 million wallets during the Notcoin token generation event, leveraging TON's architecture for seamless transactions. Despite past legal disputes, TON, initiated from Telegram's blockchain project, continues development under the Ton Foundation. Pantera Capital, a leading crypto venture fund, highlights its significant investment in TON, indicating confidence in its potential.
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As we conclude our exploration of today's Web3 highlights, it's evident that the digital landscape continues to evolve rapidly, presenting both opportunities and challenges. Stay tuned for more updates as we navigate the ever-changing terrain of decentralized finance and blockchain technology. Remember to subscribe for the latest insights and analysis, and join us as we continue to uncover the innovations shaping the future of the digital world.
