The Daily: Notcoin launches new Telegram game, Bitcoin and Ethereum ETFs flows fail to impress, and more
Quick Take
- Notcoin launches ‘Lost Dogs’ Telegram game involving NFTs, NOT and new WOOF tokens
- U.S. spot Bitcoin ETFs log a mere $299,000 in net inflows, Ethereum ETFs see $77 million in outflows
- Ribbit Capital leads $50 million raise for decentralized lending developer Morpho Labs
- The following is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! In today's Daily, Notcoin launches a new Telegram game, spot Bitcoin and Ethereum ETF flows fail to impress, Morpho Labs raises $50 million and more.
Meanwhile, the Montenegro appeals court rules that Do Kwon will be extradited to South Korea.
Let's get started.
Notcoin launches new 'Lost Dogs' Telegram game
Notcoin has launched a new Telegram game called "Lost Dogs," integrating NFTs, NOT tokens and a new in-game currency, WOOF.
- The game is a collaborative effort with TON social projects team Lost Dogs Co and the NFT trading platform Getgems.
- Notcoin rose to prominence, becoming the first Telegram game to pioneer the tap-to-earn model subsequently used by Hamster Kombat, Catizen and others, capturing the attention of a claimed 35 million players.
- All users had to do was press a button and earn in-game currency, which later became a $1 billion NOT token airdrop on TON blockchain.
- The new free-to-play game takes on a different style of gameplay where players embark on a dog-themed quest, joining communities or "squads," inviting new players and voting on their dogs' actions to find a new home.
- The game's characters are represented by Lost Dogs NFTs — originally launched in March 2023 on Getgems — which evolve and "gain special powers" as the story progresses.
- Players can earn Notcoins and "mine" WOOF tokens by participating in daily decisions that influence the game's narrative and outcomes.
- "Lost Dogs" will only run for a fixed period of six weeks, the team told The Block, though more such collaborations are expected in the future.
US spot Bitcoin and Ethereum ETFs flows fail to impress
U.S. spot Bitcoin ETFs recorded a mere $299,000 in net daily inflows on Wednesday.
- Grayscale's new mini spot Bitcoin ETF (BTC) and BlackRock's IBIT were the only funds to log substantial net inflows of $18 million and $21 million, respectively.
- Spot Ethereum ETFs also disappointed, returning to net outflows of $77.2 million, after registering $33.7 million of net inflows on Tuesday, adding to a total of $483.6 million in net outflows since the funds began trading last week.
- Grayscale's converted ETHE fund continued to overwhelm inflows into all other spot Ethereum ETFs, with $133.3 million in net outflows on Wednesday. However, its mini product (ETH) led the pack of positive flows, adding $19.5 million.
Ribbit Capital leads $50 million raise for Morpho Labs
Venture firm Ribbit Capital led a $50 million funding round for decentralized lending developer Morpho Labs, with participation from several other investors, including Coinbase Ventures, Brevan Howard and Kraken Ventures.
- Morpho Labs previously raised an undisclosed sum from Pantera Capital earlier this year and $18 million in 2022, led by Andreessen Horowitz and Variant.
- Morpho Labs' initial product, Morpho Optimizer, improved interest rates for users on Aave and Compound but has since become an independent financial infrastructure layer, co-founder Paul Frambot said.
- Morpho Labs' latest product, a decentralized lending protocol called Morpho Blue, launched last October, has amassed more than $1.5 billion in total value locked as of July 30, according to The Block's data dashboard.
Riot Platforms buys more Bitfarms shares despite Q2 losses
Riot Platforms reported a widened net loss of $84.4 million in Q2, up from losses of $27.4 million in the same period last year.
- Riot also produced much less bitcoin in the quarter, generating 844 BTC during Q2, down 52% year-over-year, despite nearly doubling its installed hash rate.
- The reduction was primarily due to the halving event in April which cut miners' block subsidy rewards and an overall increase in network difficulty, the firm said.
- Meanwhile, Riot purchased an additional 10.2 million Bitfarms shares in July, worth around $26 million, taking its holdings in the Bitcoin mining rival to 15.9% as an ongoing takeover attempt continues.
Kamala Harris' improving election chances could hurt bitcoin, analyst says
Bitcoin's price could suffer if Kamala Harris' election chances improve, YouHodler analyst Ruslan Lienkha warned.
- "If investors believe a Democratic administration might impose stricter cryptocurrency regulations, bitcoin's price could suffer," Lienkha told The Block. "Harris' momentum in crucial swing states could intensify these concerns."
- Online prediction market PredictIt now shows Harris as the marginal favorite to win in November. However, Donald Trump still leads the presidential election odds on the decentralized Polymarket platform at 55% to Harris' 44%.
In the next 24 hours
U.S. nonfarm payroll data are due at 8:30 a.m. on Friday.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
