This Week on web3 5min recap

Market information, major news, and fundraising status for 11/23~29.

Dec 02, 2024

Good morning.
Mitsui from web3 researcher.

Every Monday is a summary article about the web3 market for the past week.We gather information from over 20 national and international media outlets and newsletters and pick up news from them.Please use it to catch up on information and trends!

💥News Pickup
📊Market &News (L1, L2, DeFi, NFT, GameFi, Other)

💥News Pickup

1,Pump.fun suspends live feed as users take risks to unearth coins.

Users began posting threats of self-harm, violence and other explicit content on Pump fun's live stream feature, prompting calls for immediate moderation
Pump fun had promised around-the-clock moderation, but the team was overwhelmed by the sheer scale of the vicious behavior
The Pump.fun team posted on its website, "To ensure the absolute safety of our users, we are suspending the live streaming capabilities of the site indefinitely until our moderation infrastructure is ready to handle the surge of activity."

2,DeSci's momentum accelerates

DeSci's market capitalization, currently at $1.2 billion, surpassed the $1 billion mark earlier this month due to the success of launchpad Pump Science and increased coverage of the sector by prominent investors
"The DeSci world right now feels like the DeFi days of early 2019.Everything is still in its infancy and experimental, but there is a fundamental understanding from this that there is great potential," Andrew Kang, founder of Mechanism Capital, posted on X
DeSci, however, has divided opinion, with Tarun Chitra of Robot Ventures critical of the field, saying, "I don't like scams like meme coins that pretend to reform a broken system but are actually biology graduate students trying to get people making money in virtual currency to fund them without responsibility.I don't like scams like that."

3, Movement Network announces $MOVE

Movement Network Foundation Announces $MOVE
Movement Network public mainnet is the first Move blockchain entrenched in Ethereum with the goal of achieving high TPS, enhanced security, and near instant finality
The maximum supply of $MOVE is 10,000,000 tokens, with an initial circulating supply of approximately 22%.$MOVE will be available on the Ethereum mainnet as ERC-20

4,Binance's Champong Jiao criticizes meme coins, sparking debate on cryptocurrency standards

Changpong Jiao (CZ), founder and former CEO of Binance, sparked a debate about meme coins in the virtual currency world
In a tweet, CZ acknowledged the entertainment value of meme coins, but criticized the trend, saying, "I'm not against memes, but meme coins are now getting 'a little' weird.Let's use the blockchain to build real applications."
Echoing CZ's sentiments, prominent virtual currency investor Nagato agreed.He called for a "big cleanup" and emphasized the contrast between the few meme coins that bring joy and humor and the overwhelming majority that seem to have no meaningful purpose or utility
Crypto asset analyst Dark Crypto Larp criticized Binance's listing policy.He noted that the platform, a major centralized exchange (CEX), is listing meme coins rather than tokens that have real-world utility.

5,HYPE's FDV Surpasses $4 Billion, Hyperliquid Airdrops $1.2 Billion Worth of Tokens to Users

Hyperliquid's native token, HYPE, has soared over 11% since its launch to reach $4.2 billion FDV
Total supply of HYPE tokens is limited to 1 billion tokensAfter token generation, 31.0% (310 million) of the fully unlocked tokens were distributed as airdrops to eligible community users

📊Market & News (L1, L2, DeFi, NFT, GameFi, Other)

⛓️L1 Blockchain

Overall market capitalization is rising.

⛓️L2 Blockchain

TVL is up 7.56%.

💰DeFi

TVL is up significantly.

🖼️NFT

Improved transaction volume.

Kraken to Close NFT Marketplace and Focus on Other Projects

🎮GameFi

The number of users of Telegram's mini-application called LOL has grown considerably.

Meme

Some of the top projects rose while others fell.

Dapps-related

WalletConnect launches first airdrop season with 50 million tokens allocated to community members

Two Former Revoluters Raise $2.3 Million for Bleap to Build "Blockchain Bank Accounts"
Platte Home and INTMAX utilize "INTMAX Wallet" for RWA in Web3
Virtuals Protocol Tokens on Base Soar as Demand for AI Agents Grows
MetaMask Integrates Venmo, Enhancing Legal Tender to Cryptocurrency On-Ramp Options

State, Legal & Regulatory Affairs

Other

This is a summary of the week's news and market information.

Disclaimer：I carefully examine and write the information that I research, but since it is personally operated and there are many parts with English sources, there may be some paraphrasing or incorrect information. Please understand. Also, there may be introductions of Dapps, NFTs, and tokens in the articles, but there is absolutely no solicitation purpose. Please purchase and use them at your own risk.

About us
🇯🇵🇺🇸🇰🇷🇨🇳🇪🇸 The English version of the web3 newsletter, which is available in 5 languages. Based on the concept of ``Learn more about web3 in 5 minutes a day,'' we deliver research articles five times a week, including explanations of popular web3 trends, project explanations, and introductions to the latest news.

Author
mitsui
A web3 researcher. Operating the newsletter "web3 Research" delivered in five languages around the world.

Contact
The author is a web3 researcher based in Japan. If you have a project that is interested in expanding to Japan, please contact the following:

X：@web3researchgl
Telegram：@mitsui0x

*Please note that this newsletter translates articles that are originally in Japanese. There may be translation mistakes such as mistranslations or paraphrasing, so please understand in advance.

web3 Research