TL;DR

• Kalshi, a prediction market platform, won its case against the CFTC, clearing the way to offer U.S. election predictions online.

• Elon Musk revealed an AI-generated portrait of a character from the game "Black Myth: Wukong."

• Rune 8.2’s DECENTRALIZED project is going fully decentralized, with the team saying they’ve already invested over $1 million into its development.

• The founder of Blur shared that the current on-chain ecosystem is in much better shape compared to the bear market of 2019, highlighting that many top projects are born during tough times.

• The U.S. spot Bitcoin ETF saw a net outflow of $169.97 million yesterday.

• A key Synthetix contributor announced that SNAXchain will initially be used for on-chain governance, with additional features anticipated in Q4.

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Alpha of the Day

Kalshi Wins the Legal Lottery: Election Predictions Are a Go!

Kalshi just hit the jackpot in their legal showdown with the CFTC, meaning they can now let you bet on U.S. elections. It's like fantasy football but with more politics and fewer touchdowns. With the court’s approval, Kalshi's platform allows users to predict everything from who’s winning the next presidential race to which senator will say something ridiculous next. It’s a whole new way to make politics even more entertaining—and maybe profitable, if you can guess correctly. Betting on elections? Get ready for some high-stakes drama to go with your popcorn.

Musk’s AI-Powered Wukong: Meet the New Face of Mythology

Elon Musk, in typical “let me shake up the world” fashion, dropped an AI-generated portrait of a character from Black Myth: Wukong, and let’s just say, it’s giving "King Kong meets the Matrix" vibes. Not content with just running Tesla, SpaceX, and Twitter (or whatever it's called now), Musk is dabbling in AI-generated art, proving there’s no limit to his side quests. The portrait is stunning, but knowing Elon, the next reveal could be AI-generated Tesla drivers. Stay tuned for when Musk decides to launch his own mythological universe—powered by AI, of course.

Rune 8.2’s DECENTRALIZED Project is Going All In on Decentralization

The folks behind Rune 8.2’s DECENTRALIZED project have had enough of middlemen. They’re throwing down the gauntlet, committing to a full decentralized model. After pouring over $1 million into the project, they’re banking on the future of crypto where the power truly belongs to the people (or at least, to those with enough tokens). It’s a bold move, but in the wild west of blockchain, those who risk big might just change the game. Let’s just hope they didn’t spend that million on avocado toast NFTs.

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Bear Markets Are the Ultimate Bootcamp, Says Blur’s Founder

If you think bear markets are all doom and gloom, you haven't chatted with Blur’s founder. According to them, the on-chain ecosystem is thriving compared to 2019’s depressing bear market. Back then, you couldn’t find liquidity even if you had a map. Now? The market’s buzzing, and the best projects often rise from these rough patches. It’s like how some people do their best work under pressure (or after three coffees). So, while everyone else is complaining about the downturn, the Blur team is out here ready to launch the next big thing.

Bitcoin ETFs Are Feeling the Drain: $169.97 Million Out the Door

The U.S. spot Bitcoin ETF might need some coffee because it’s bleeding money—$169.97 million to be exact. That’s a lot of zeros for a product that was supposed to make Bitcoin more accessible to the masses. Maybe people are realizing they can just buy Bitcoin themselves and skip the middleman? Or maybe everyone’s just shifting to the latest meme coin (looking at you, Dogecoin). Either way, the ETF market needs a pep talk before it keeps draining like this.

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SNAXchain Governance: First Step, Then World Domination?

Synthetix’s SNAXchain is dipping its toes into governance first before jumping into bigger pools. Their core contributor confirmed that the chain will initially focus on on-chain governance—basically the blockchain equivalent of organizing a city council meeting. But don’t sleep on SNAXchain just yet! They’ve got more in store, with extra features rolling out in Q4. It’s like SNAXchain is in its training montage, preparing to flex its muscles by the end of the year. Watch out; the blockchain city council is about to get real interesting.

WisdomTree Hits the Pause Button on Ethereum Trust

WisdomTree has decided to quietly withdraw its Ethereum Trust S-1 registration from the SEC. Translation: “We’re gonna sit this one out for now.” Maybe it’s the volatile market, or maybe they’ve just got cold feet. Whatever the reason, they’re tapping out of the Ethereum ETF race, for now, leaving everyone to wonder if this is a strategic retreat or just a coffee break before they jump back in. Let’s just hope they’re not taking investment advice from their horoscope.

ETH Liquidity on CEXs Is Drying Up Faster Than Summer Rain

According to CCData, liquidity for ETH trading pairs on centralized exchanges has taken a nosedive since June. It’s like the ETH party is winding down and the punch bowl is empty. Whether it’s traders moving to DeFi or just taking a break from the crypto rollercoaster, centralized exchanges are feeling the squeeze. And if you’re still holding ETH, well, you might want to buckle up because it could be a bumpy ride. Time to start hoping for a liquidity refill soon!

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