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- GMX To Deploy On Solana, Jupiter Expands To Non-Crypto Assets & More
GMX To Deploy On Solana, Jupiter Expands To Non-Crypto Assets & More
Also: What does Phantom’s Bitski acquisition mean for crypto?
Welcome back!
This is J264G and this week I’ve got these titbits for you:
Solana Migration: GMX is in the process of deploying to Solana.
Trade Everything: Jupiter to make RWAs, stocks, and forex tradable on chain.
Embedded Wallets: What does Phantom’s Bitski acquisition mean for crypto?
The Ws don't seem to end: ETH spot ETFs have been approved, the creation of CBDCs has been averted, Circle is reshoring and preparing an IPO — the US is back!
I am so bullish on 🇺🇸🇺🇸🇺🇸 right now. Bills don’t have to be perfect. Don’t let the perfect be the enemy of the good. Pass, iterate, accelerate everything!!! 🚀🚀🚀
— toly 🇺🇸| bip-420 (@aeyakovenko)
10:21 PM • May 22, 2024
Open money on open networks is about to take off ⬇️
1/4
Today @circle launched our new media campaign -- "Money is now open" -- speaking to the transformation that is in front of us with open money on open networks (USDC). x.com/i/web/status/1…
— Jeremy Allaire (@jerallaire)
5:54 PM • May 21, 2024
And in all of this, Solana is front and centre.
NAH NO WAY TODAY IS REAL
They’re shilling Solana as the next ETF on CNBC already
Euphoric
— Farokh (發咯) (@farokh)
10:11 PM • May 22, 2024
Now, let’s jump right into this week’s newsletter!
Click on any underlined heading/hyperlink to learn more.
Spotlight
New Onboarding Paradigm
The complexity of self custody and crypto wallets, coupled with security concerns, seems to deter many from entering the space.
I'm 3 years into my crypto journey
And I still:
-Don’t know where to tell people to go to learn about crypto
-See people who are curious about crypto sidelined due to fear
-Think the tech is too complexIt's not about launching more meme tokens...
It's about creating a… x.com/i/web/status/1…
— Belle NFTs (@Belle_nfts)
9:07 PM • May 14, 2024
Mainly, self custody involves understanding concepts such as seed phrases and private keys — which is a significant obstacle and comes with a steep learning curve, particularly for those who are not tech-savvy. Having said that, managing seed phrases and private keys is especially daunting because when these are lost or compromised, it often means that one's funds are gone.
Security is another major concern. Multiple high-profile cases have made many potential users wary of entering the crypto space. Unlike traditional banking systems, where lost or stolen funds can typically be recovered, crypto transactions are irreversible. The lack of a safety net necessitates advanced security measures, such as multi-factor authentication and hardware wallets, which can further complicate the user experience.
To make the entry point to crypto easier and foster greater adoption, the use of crypto wallets needs to become seamless.
To achieve this, we need both frictionless accessibility and embedded wallets.
Regarding accessibility, wallets are gradually moving away from seed phrases and towards email sign-ups and logins — thus making signing in to crypto apps as easy as signing in to conventional apps such as PayPal or Venmo. Avoiding seed phrases could potentially be one of the biggest unlocks for crypto, but there's more! If we're able to introduce email access, other accessibility options — such as social login and “Sign in with Apple” — might be available sooner than we think.
As you can tell, I'm really looking forward to seed phrases becoming a thing of the past!
Having said that, hassle-free accessibility should further be complemented by embedded wallets. Essentially, embedded wallets are akin to account wallets of centralised exchanges such as Binance, Coinbase, or Kraken — they are simply provided as a default upon signing up. What has been the standard for centralised exchanges will soon become more common for crypto apps as well.
To make it more comprehensible, let's look at a possible scenario: Emma is interested in trading NFTs and heard about Tensor, so she downloads the Tensor app on her phone. Next, she signs up and logs in to the app with her Gmail address — all powered by an embedded wallet. As she doesn't hold any assets in here embedded i.e. Tensor wallet just yet, she uses an integrated function that enables her to buy crypto with either her credit card, PayPal, Cash App, or Venmo. She buys some SOL. Next, she browses through Tensor and buys a Clayno — easy as pie. Fast-forward 12 months and Emma is now fully immersed into crypto and needs a wallet with more advanced functionality, so she downloads the Phantom app on her phone and gets cracking.
We're already seeing this vision play out.
🚀 Big News: Jupiter acquires Ultimate Wallet and our mobile team! More info in the thread👇
— Ultimate Wallet (@UltimateApp)
1:40 PM • Apr 23, 2024
Just recently, Jupiter acquired Ultimate, a self custody wallet. Next, the juggernaut will probably integrate Ultimate as an embedded wallet and roll out the new Jupiter mobile app to a phone near you.
We’ve got big news…
We’ve acquired @bitski, a leading provider of embedded wallets 🎉
— Phantom (@phantom)
1:00 PM • May 21, 2024
Also, Phantom recently acquired Bitski. The acquisition enables Phantom to provide users with easier accessibility via email/social, and developers with white-label embedded wallets for their protocols — thus bringing more delightful user experiences to the entire Solana ecosystem.
The new onboarding logic is simple: First, Web2 accessibility. Second, embedded wallets. And third, full wallets.
Welcome to the new paradigm!
Chart Of The Week
this is insanely impressive. Solana has more traders than all other chains combined.
source: @andrewhong5297
— milan patel (@milanopatel)
8:24 AM • May 23, 2024
News Bites
Solana Migration: GMX is in the midst of an independent deployment to Solana. Additionally, a whispering campaign is underway: friend.tech, Pendle, and Ethena seem to be discussing and considering a Solana deployment as well. These are speculations, of course, so let's see how the upcoming months unfold.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/fc7aca59-b988-43d9-afe9-9855e025644d/Screenshot_2024-05-28_at_17.31.23.png?t=1716888696)
Source: gov.gmx.io
Trade Everything: Jupiter announced the Giant Unified Market initiative to bring multiple assets — crypto, RWAs, stocks, forex etc. — onto one unified Solana platform. It will be interesting to see if this works, as one pivotal problem remains: reliable data for after-hours trading.
1/ Today, we’re kicking off the Giant Unified Market initiative - our key effort to bring all assets into a single atomic market, accessible by everyone in the world with a fraction of a cent.
Only on Solana, powered by Jupiter, enabled by the best partners in crypto.
— Jupiter 🪐 (@JupiterExchange)
5:32 PM • May 21, 2024
Reinventing Ticketing: XP, a ticketing platform, leverages Solana to optimise ticket prices. But that's not all! The platform also uses tamperproof NFTs (tpNFTs) to address ticket security and authenticity, both of which are major concerns on secondary marketplaces.
Infrastructure Growth: DePIN on Solana is going from strength to strength. Just recently, Ambient — a Solana-based DePIN project focused on collecting environmental data — raised $2 million and acquired PlanetWatch's network.
Memecoin Casino: Last week we talked about Meme Royale, a pump.fun competitor. Now, it seems as if a new competitor is launching every couple of weeks. The newest ones: whales.meme and pumpalot.xyz.
Caught In 4K
💡 What if your wallet *was* your bank?
...Introducing the Offload Wallet 💸
1️⃣ Connect a bank account.
2️⃣ Generate a wallet tied to that bank account.
3️⃣ Send USDC and receive USD in just one click.It's that easy. Off-ramp on auto-play 🎶.
— Sphere (@sphere_labs)
5:12 PM • May 23, 2024
💡 What if you could do it *ALL* in one place?
💸 On-ramp directly from your bank account to your wallet, and then off-ramp wins without ever leaving Telegram for a 0.1% fee.
Meet your new best friend, SphereBot. 🤝
— Sphere (@sphere_labs)
3:43 PM • May 27, 2024
Weekly Take
Peter Thiel: AI is bad news for people for math skills and society is going to shift in favor of people with strong verbal skills.
— Zain Kahn (@heykahn)
11:56 AM • May 26, 2024
Keks & Giggles
crypto traders when someone asks “what do you do”
— DANIEL GOT HITS (@danielgothits)
4:55 AM • May 22, 2024
And that's a wrap!
If you'd like to reach me, respond to this newsletter or reach out to me on 𝕏.
Talk soon!
DISCLAIMER
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Lastly, please be advised that we discuss products and services from our partners from which our team members may hold tokens/equity.