🤯 PayPal Chooses Solana for PYUSD Stablecoin
🤯 PayPal Chooses Solana for PYUSD Stablecoin
Plus catch up on the Biden administration changing its tune on crypto, a big day on Blast and Runes pumping.
TylerD's Market Summary
GM!
Today's top news:
PayPal praises Solana over ETH in PYUSD launch
Biden admin is reaching out for crypto advice in tone shift
Blast shares Gold Distro 4, less dilution than expected
Pacmoon introduces social validator model to wide acclaim
DOG soars past $700M mc, most Runes pump
Today's Morning Minute is brought to you by nftperp, your gateway to the future of NFT derivatives trading!
Are you ready to dive into the world of NFT trading but hesitant due to high entry barriers? Look no further than nftperp.
nftperp allows traders to go long or short NFTs with the click of a few buttons.
Now it is officially live on Blast L2, providing a lower fee environment for traders.
And now they're launching Ordinals trading on Blast with boosted rewards, allowing traders to go long or short NodeMonkes or Bitcoin Puppets using WBTC.
Think Bitcoin Puppets are actually going to zero? Short 'em.
They just recently announced 3x Blast Gold rewards for their next distribution along with completing a recent Angel fund raise, backed by names like Dingaling, Zeneca and more.
So check out nftperp and start trading today.
💰 The Case For Solana
Solana has had a big week.
Celebs are launching memecoins on Solana daily.
Layer Zero just launched on Solana.
And arguably biggest of all - PayPal's PYUSD stablecoin is now officially live on Solana.
What Happened?
Yesterday PayPal officially launched its stablecoin on Solana.
Its PYUSD token had 8,600 holders on ETH and a $400M marketcap, much smaller than competitors USDC and USDT.
PayPal's Senior Vice President of Blockchain, Jose Fernandez da Ponte commented on the move to Solana:
"Ethereum works well enough. But if you’re interested in retail payments as we are, basically you need at least 1000 transactions per second, and you need transaction costs in the pennies, not in the dollars."
More telling comments from the announcement:
"Solana has emerged as the leading blockchain to run tokenized transactions and is ideal for PYUSD as it continues to be used for payment use cases."
"The Solana network's speed and scalability make it the ideal blockchain for new payment solutions that are accessible, cost-effective, and instantaneous."
It's not just speed that PayPay is looking for though.
The Solana token extensions were a key component of the choice to move, including:
Confidential transfers that allow some confidentiality in transactions
Transfer hooks that allow programmability during token transfers
Memo fields to include information with payments
Speed, confidentiality and programmability - all on Solana.
Why It Matters
Solana is more than just speed and cheap transactions.
And major players are seeing that now.
Adoption from PayPal is a big signal to the market regarding Solana's prowess, and those signals keep coming.
This is Solana's cycle to shine - expect more of these headlines to keep rolling in.
🎉 Pacmoon Introduces Social Validators
Pacmoon has been one of the biggest stories on Blast over the past few months.
Its pay-to-create model led to $PAC becoming the leading community token of Blast.
And now the team is looking to move to the next level.
What Happened?
Yesterday Pacmoon officially rolled out its v2 with its Social Validator concept.
The v2 "social validator" model works like this:
Creators tweet about Pacmoon
Validators like tweets from Creators
Creators earn points based on how many Validators like the posts (and based on how much they hold)
Validators split their daily points across however many Creator posts they like
Validators must hold 10k+ $PAC to be eligible.
And big money is up for grabs.
Each month $1M of tokens will be airdropped with 70% going to the community based on points accumulated.
Why It’s Interesting
One interesting aspect of this model - holders are incentivized to become Validators.
While 75% of the community airdrop each month goes to Creators, the other 25% goes to Validators.
A nice little incentive to buy more $PAC for those under the 10k threshold.
The social validation model is also interesting for a few reasons:
It takes onus off the central team and into the community
It allows for the true community favorites to emerge at the top of the leaderboard
It introduces a mechanism that could be easily copied by other tokens if it works
This is going to be one to watch.
The market liked the news so far, with $PAC jumping 12% to a $50M mc.
Take Action
Head over to http://pacmoon.io to sign up (and use ref code "tyler_did_it").
And start posting Pacmoon content to earn!
🚚 What else is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
BTC led NFT trading volume with $5.2M on the day (+19%); ETH was next with $4.9M (-5%) and then Solana with $2.5M (-5%)
BTC NFT leaders jumped another 3-10% across the board; Puppets at 0.162 BTC, NodeMonkes at 0.242, OMB at 0.287 and Quantum Cats at 0.315
DOG soared 26% on the day to a $707M market cap leading Runes action on the day; most other runes leaders all jumped 10-30% following
ETH NFT leaders were mostly green with BAYC +3% to 13.1 ETH and Pudgy +2% to 10.7, while Miladys and Azuki chopped
Rumble Kong League, Plooshies and Yogapetz were notable outperformers on the day, jumping 30% each
Solana NFTs were mostly red again on the day; Mad Lads -5% at 62 SOL, Tensorians even at 10.9, DeGods -1% to 27, SMB Gen 2 +1% to 25
Blast NFTs were mixed; Apollo +12%, Plutocats -3%, Ship -13% and TinFun +2% following its 5% Blast Jackpot win
Blastin Pepes announced a new Floor Lock feature called "Flock" enabling minting with 0 downside due to mint proceeds being used for LP
Jack Butcher's 1/1 ordinals sold at Sotheby's to 9gag for $36,000
RTFKT announced that it will drop its RTFKT x Nike Genesis VOID sneaker via SNKRS on June 13
SEI NFTs went live on OpenSea
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token or airdrop news from the day:
The Blast Gold 4 distribution details came out, including just 10M Gold (down from 15M) and with Thruster, Fantasy Top, D1 and Wolf Game as big winners; many believe the Blast Gold estimate will go up after this smaller dilution
Pacmoon introduced full detail behind its new Social Validator concept, requiring 10k $PAC tokens to become a Validator and releasing tokenomics showing Creators get 75% of the community pool and 25% go to Validators ($PAC +12% to $50M mc)
Layer Zero officially launched on Solana
nftperp is closing its Arbitrum markets to focus on its future scaling on Blast
Truth launched a "Meme Depot" on Base where users can upload and curate memes to earn points (invite only to begin)
Mintify announced another Blast flash trading tournament, this time with 20k Gold in prizes
🌎 Around Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
Crypto majors are mixed this morning ahead of GDP data today and Inflation data tomorrow; BTC even at $67,930; ETH -2% at $3,740, SOL -2% at $167
Memecoin majors are very red with DOGE -4%, PEPE -11%, WIF -10%, BONK -19%; WALTER, SOLANA, BIDEN outperform
Vitailk dropped his latest white paper "Layer 2s as cultural extensions of Ethereum" which covered the different user groups and how they will use / build culture on different types of L2s
The NYSE President said that they would consider offering crypto trading if regulations were clearer
The Biden administration is reportedly reaching out to the crypto industry for advisors in major tone shift
Mastercard launched its “Crypto Credential” feature, enabling users to send crypto to an alias instead of wallet addresses, currently live for Bit2Me, Lirium and Mercado Bitcoin exchanges
🚀 Memecoin Movers
$WALTER (+33,000%, $12M market cap, Solana)
$SOLANA (+210%, $14M market cap, Solana)
$BIDEN (+55%, $18M market cap, ETH)
$ZACH (+38%, $37M market cap, Solana)
$ELON (+111%, $14M market cap, ETH)
📈 NFT Floor Price Increase (ETH)
The Llamas (45%, 1.45 ETH Floor)
Rumble Kong League (29%, 0.24 ETH)
Plooshies (29%, 0.28 ETH)
Tarot (28%, 2.49 ETH)
Valhalla (27%, 0.07 ETH)
🗓 Upcoming NFT Mints and Reveals
Today is another busy day of mints and drops.
frucks is the highlight on Bitcoin in what is the most hyped new mint in weeks, maybe months.
The Super Punk World fiasco comes to an end today after its airdrop to the Super Cool World holders.
And diewithmostlikes is back with Art Blocks for "nameless dread.'
See the full list and dive in for more details with Swizzy's daily mint monitor.
frucks (11:00 a.m. ET)
Super Punk World airdrop (121:00 a.m. ET)
kei x Prohibition - Every Thought Is Taken By You (12:00 p.m. ET)
Art Blocks - nameless dread (3:00 p.m. ET)
Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.