⏰ Will SBF Serve the 25 Year Sentence?

In this edition, we explore SBF’s sentencing, the KuCoin airdrop, the latest in the Coinbase lawsuit and more.    

💥  Cutting Edge with Shoal Research

In collaboration with Shoal Research, this week’s special feature will dive into the Degen.

Key Terms: 

DeSo - Decentralized social networks.

Warpcast - A DeSo application that has grown in popularity. 

Farcaster - The protocol that supports Warpcast.

What is it? $DEGEN is a memecoin on Base. Degen recently created a Layer 3 on Base, meaning that settlement occurs on Base while execution happens on DEGEN Chain. Degen offers indirect exposure to the Farcaster app as it is commonly used on the app.  

What does it do? Degen is used for tipping on Farcaster.

What does it mean? Degen allows users to express support for other’s content through tips, similar to thumbs up on Reddit. 

Why is it interesting? Utility comes in different forms. A coin can gain value if a supportive community ascribes meaning to it. Usefulness and utility comes from the value created from this meaning making process.

Who is its competitor? Currently no rival competitors that allow tipping through Farcaster.

Important connections: Degen is the only way to get exposure indirectly to Warpcast/Farcaster since the protocol does not have a token. 

How to invest/get involved: $DEGEN 

Read more: Thread by Syndicateio

Check out Shoal Research’s Substack and Telegram channel.

⏰ Crypto News Recap

SBF Sentenced to 25 Years in Prison 

On March 28th, Sam Bankman-Fried received a sentence of 25 years in prison. The sentence was delivered by Judge Lewis Kaplan, who said that he felt this length was appropriate due to SBF’s interpretation of ‘expected value’. Judge Kaplan said he held concerns that without a longer sentence SBF may reoffend. Reports say that with credit for good behaviour, SBF could serve as little as 12.5 years. The sentence comes after a court found SBF guilty on multiple counts in November, 2023, including fraud and money laundering.

KuCoin $10M Airdrop 

On March 27th, KuCoin announced an airdrop featuring both Bitcoin and its native coin KuCoin, $KCS. The airdrop value will be around $10 million and is meant to thank members for sticking around after the exchange had delays in withdrawals, causing some to switch to other exchanges. The announcement follows the US Justice Department’s charges against the exchange alleging that KuCoin is operating an unlicensed money transmitting business. 

Tether Steps into AI 

Tether has announced steps into open source AI operations. According to Tether, the move comes as a response to “the monopolization of AI technologies by Big Tech” and that the company hopes to champion transparency and privacy in AI. The expansion will reportedly focus on pioneering AI models, addressing real world challenges and broadening the ecosystem through community creators. 

Coinbase’s Request for Dismissal Rejected 

On March 27th, the Southern District of New York court rejected Coinbase’s motion to dismiss the SEC’s charges. This decision begins a legal battle in which 13 crypto assets on Coinbase will be closely examined. The SEC accused Coinbase of operating as a securities exchange and offering its staking-as-a-service program without registering with the appropriate parties. Industry observers commented the SEC’s move is curious since Coinbase has been one of the most compliant exchanges in the US as it grew from a private to public company.

📚 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 Gitcoin 2.0 Could Someday Help Reward People for Doing Good

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