👛 Coinbase’s Smart Wallet

In this edition, we explore Coinbase’s smart wallet, ETH ETF launch, Friend.Tech’s Blockchain and more.

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into Metaplex (MPLX).

Key Terms

Digital Asset - Any item that is stored digitally and is uniquely identifiable.

Non-Fungible Token (NFT) - A type of digital asset that represents ownership of a unique item.

What is it?

Metaplex ($MPLX) is an open-source protocol on the Solana blockchain designed to simplify the creation, selling, and management of digital assets, particularly NFTs. It provides tools and infrastructure for developers to build decentralized applications related to digital assets. Metaplex powers the token creation behind pump.fun. 

What does it do?

Metaplex offers a suite of tools, including the Candy Machine for minting NFTs, the Metaplex Storefront for creating NFT marketplaces, and the Auction House for facilitating decentralized auctions. These tools allow creators to easily deploy and manage digital assets on the Solana blockchain, leveraging its high speed and low cost.

What does it represent?

Metaplex showcases the potential of Solana's ecosystem to support scalable and efficient NFT solutions. It also highlights the growing trend of creating decentralized tools that empower users to control and monetize their digital creations directly.

Why is it interesting?

Metaplex is interesting because it lowers the barriers to entry for NFT creation, encouraging more widespread adoption of digital assets. It also leverages Solana's high-performance blockchain, which can handle a large volume of transactions at low costs, making NFT minting and trading more practical and affordable.

Who is its competitor?

Key competitors include Ethereum-based platforms like OpenSea and Rarible, as well as other blockchain protocols that support NFTs such as Binance Smart Chain and Flow.

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💡 Coin Spotlight: The N+1 HODL

In this segment, we dive into the N+1 Hodl basket and discuss our altcoins. 

Coin: Bonk 

Narrative: The memecoin is based on a dog named Cheems. Bonk is a social layer and community coin that was originally a Solana airdrop. 

Sector: Memecoin 

Fundamentals: Bonk has developed integrations focused on DeFi, Gaming and multichain capabilities. 

Why do we hold: Bonk has important links with the Solana community and has become an incredibly popular coin. 

Performance: Bonk is up 8895% YTD.

⏰ Crypto News Recap

ETH ETF Launch 

Significant steps were taken by the SEC towards the approval of the ETH ETF in May, with ETH prices up 30% over two days. More recently, the SEC is reviewing the initial registrations, called S-1 filings. Gary Gensler, the Chairman of the SEC told Reuters “registrants are self-motivated to be responsive to the comments they get, but it’s really up to them how responsive they are”, implying that this part of the ETF approval process may take some time. 

Friend.tech Blockchain 

On June 8th, Friend.tech announced ‘Friendchain’, its own blockchain. The DeSo network’s blockchain will be created in collaboration with crypto company Conduit. Friend.tech’s coin, $FRIEND, will act as the gas token for the blockchain. There has not been a release date announced yet. 

Coinbase Smart Wallets

On June 5th, Coinbase announced the rollout of its smart wallet. The smart wallet differentiates itself from the typical wallet by using passkeys - which often depend on biometric information - instead of seed phrases. Coinbase has called this “the easiest way to get onchain” claiming that it will allow non-native crypto users easier access to crypto wallets.  Other significant developments include easy payments onchain, cross-app portability and gasless experiences.

📚 N+1 Recommendations 

The N+1 reading and media recommendations are sourced from our team of experts and offer weekly suggestions for learning more about blockchain, crypto, finance and technology.

This weeks recommendation: How Coinbase Might Bring 1 Billion People Onchain Using Its Smart Wallet

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N+1 Insights is meant for informational purposes. It is not meant to serve as investment advice.