Aug 19: The Story of Grift City - How to Burn $140M in VC Money
So the Story goes all too often: VCs invest billions into ghost chains and the founder exits right as the project's failure is in full view.
Daily Crypto News · Matt Diemer
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Show Notes
HEADLINES FOR AUGUST 19
- Wyoming shocks markets with its multi-chain “Frontier” stablecoin launch.
- 1inch unveils native Solana-to-EVM swaps, no bridges required.
- Chamath’s $250M “American Exceptionalism” SPAC reignites the Grift City debate.
- Story Protocol implodes—$140M raised, $25 in revenue, and a vanishing CEO.
- Do we really need more L1s? DeFi Llama data shows daily revenues scraping the bottom.
Little Bitz
- Solana hits 100K TPS in test run post-Alpen Glow
- Tether hires Bo Hines, ex-White House Crypto Council head, as U.S. advisor
- Bullish IPO: Raised $1.1B at $37/share, $5.4B valuation (Owners of Coindesk and Peter Thiel-backed operation)
WHERE TO FIND DCN
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