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Ripple’s chief technology officer, David Schwartz, has cautioned investors about potential price volatility for RLUSD, Ripple’s U.S. dollar-pegged stablecoin, as it prepares for launch.
In a December 15 post on X, Schwartz addressed concerns about RLUSD’s market debut, acknowledging the possibility of initial supply shortages that could drive its price above its intended $1 parity to the U.S. dollar.
An announcement for when RLUSD will be released to the market has yet to be provided. Ripple did not immediately respond to a request for comment.
In August, Ripple announced that it had started testing its new stablecoin on XRP Ledger (XRPL) and Ethereum mainnet. Ripple plans to utilize RLUSD to provide cross-border payment solutions to its global users.
Schwartz noted some pre-market bids valuing RLUSD as high as $1,244, attributing this to excitement from buyers seeking to claim “the honor” of purchasing the first units of the stablecoin.
“There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD,” Schwartz wrote, referencing a Ripple wallet listing.
However, he said such inflated valuations would be short-lived, assuring that “the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong.”
Schwartz described the market forces at play, noting the role of arbitragers in stabilizing RLUSD’s price. Arbitrages are expected to quickly normalize RLUSD’s value by selling at inflated prices and buying at or below $1, straightening up supply and demand.
“Please don’t FOMO into a stablecoin! This is not an opportunity to get rich,” Schwartz added.
The warning comes as Ripple prepares to roll out RLUSD following its approval by the New York Department of Financial Services on December 11.
Schwartz concluded by reminding investors of a stablecoin’s main purpose: to have a “stable price.” While short-term price shifts are possible during launch, the stablecoin is designed to maintain its $1 peg.
Meanwhile, XRP surged to a seven-year high earlier this month, climbing to $2.74—the highest price since January 2018—marking a fivefold increase over the past 30 days.
XRP is down nearly 1% over the past day, trading at $2.41, according to Coingecko data.
ETH hits 5-month High, Hong Kong set to Cut Crypto Taxes, XT Hacked!
ETH hits 5-month high, leads majors higher. ETH beta-coins lead altcoins, led by DeFi & memes. Hong Kong set to announce zero taxes on crypto. Hyperliquid to launch HYPE with $310mn drop. XT hacked, all funds withdrawn for ETH. Stablecoins hit record $190bn market cap. Base breaks 10m transactions in one day. Metaplanet set to raise $62m to buy BTC. Vancouver mayor has “BTC friendly city” plans. SOS plans $50mn BTC purchase, stock pops 40%. Metamask adds fiat on-ramp through Venmo. Celsius to distribute $127mn to creditors. Russia passes new crypto tax bill. Tether to shutter Euro stablecoin. Bitwise files for 10 crypto index ETF with SEC. 21Shares launches four new European crypto ETPs. Vitalik donates $1m to Tornado Cash defence. Ex-CFTC chair Giancarlo in running for crypto czar. GFT team doubles token size as Binance delists.
This year is gradually coming to an end, and while the crypto industry witnessed significant growth this year, particularly after the United States presidential election, 2025 is expected to be an even better year.
The on-chain analytics platform Nansen has shared with CryptoPotato key insights into important institutional trends that will gain momentum in the crypto market in 2025. However, these narratives are expected to do well under a clearer regulatory framework, which is anticipated under the Trump administration.
Institutional Interest to Rise in 2025
The crypto industry is likely to experience a surge in institutional interest in both listed crypto products. As a result, bitcoin (BTC) could become part of the default-balanced asset allocation among asset managers and pension funds. Nansen analysts noted that buy-side investors may begin integrating crypto into standard allocations – moving from a traditional 60/40 equity-bond split to a 55/40/5 equity/bond/crypto split.
“This comes from a feeling of “missing out” on the past 40% BTC rally three weeks after the election. Can investors afford not to be allocated at all to crypto going forward?” the report questioned.
Bitcoin could also emerge as a frequently used collateral in traditional lending and decentralized finance (DeFi). Word is spreading that stablecoin issuer Tether is already in talks with the financial services firm Cantor Fitzgerald about a $2 billion BTC lending project.
The Tokenization Trend
Furthermore, the launch of new derivative products like Bitcoin exchange-traded fund (ETF) options indicates increasing institutional adoption. Nansen mentioned that such products and their trading platforms will also attract fees for financial intermediaries, so the sector is likely to surge.
Moreover, institutions are exploring the tokenization of financial assets at an increasing pace. U.S. firms are taking major strides toward integrating blockchain in financial markets, and this could be the basis for significant growth if authorities provide clear rules for such operations.
One more trend that could drive growth in the crypto sector is stablecoin regulation. If the U.S. makes progress on stablecoin regulatory frameworks, then there could be higher institutional adoption of tokenized fiat currencies.
In the meantime, Nansen says the market is seeing a healthy rotation among outperforming cryptocurrencies amid a relatively shallow consolidation after the election. While December’s historical seasonality suggests a positive environment, there could be heightened volatility by January as the new U.S. administration takes office.
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Fastex Celebrates NFT Innovation at the ftNFT YoCerebrum Awards
Malta’s Fort Manoel played host to an array of NFT movers and shakers at the third edition of the ftNFT YoCerebrum Awards. Decrypt’s Ben White joined the artists, creators and innovators nominated for outstanding achievements in the field of NFTs.
The crypto and NFT gaming space is busier than ever lately, what with prominent games starting to release, token airdrops piling up, and a seemingly constant array of other things happening at all times. It’s a lot to take in!
Luckily, Decrypt’s GG is all over it. And if you need a quick way to get caught up on the latest moves around crypto video games, we’re happy to present This Week in Crypto Games.
Our weekend roundup serves up the biggest news from the past week, along with a few other tidbits you might have missed. We also showcase a few of our original stories from the week.
Biggest news
Off the Grid’s major moves: After entering early access in October, Avalanche-based battle royale shooter Off the Grid’s hype has cooled a bit. But on Wednesday, the game received its biggest update yet, reworking its aiming system, adding a notable performance boost, and tweaking weapon performance.
This update, the patch notes claim, is in preparation for an upcoming ranked mode being added to the game. The most noticeable update was the improvement to scoped weapons, now they have a much more natural feel than in previous builds. On top of this, the meta got a major shakeup with weapons receiving major buffs and nerfs.
And then on Friday, developer Gunzilla Games revealed exclusively to Decrypt‘s GG that it will launch a GUNZ Foundation under the advisement of Delphi Ventures. The Foundation will oversee the mainnet launch of the GUNZ L1 network, as well as the upcoming GUN token, which is targeted for a Q1 2025 rollout.
Oh, and one more thing: Off the Grid’s December content addition is called the « Crackhead Christmas » pack. Soak it all in with the trailer below.
TapSwap and Tomarket: The makers of tap-to-earn Telegram game TapSwap announced last week that its long-awaited TAPS token launch and airdrop will take place in late January, following months of speculation. The token will launch on The Open Network (TON).
One Telegram game that won’t launch on TON, however, is Tomarket. Last week, the developers made a late switch to the Aptos blockchain, barely a week before the planned launch.
This move sets the stage for the game’s hotly anticipated TOMA token launch, which has been the primary motivator bringing in 50 million users to the game. Players have been progressing in-game in the hopes of getting a healthy airdrop of TOMA, and the launch is now set for December 20.
Ubisoft launch and mint: Gaming giant Ubisoft confirmed its upcoming game Captain Laserhawk: The G.A.M.E. will launch on December 18 via Ethereum layer-2 network Arbitrum. To celebrate, it launched a free NFT mint tied to the game, giving out 10,000 total NIJI Warrior ID Cards.
Set in a dystopian world inspired by the Netflix animated series « Captain Laserhawk: A Blood Dragon Remix »—which is based in part on a game in the Far Cry game franchise—the competitive, top-down multiplayer shooter will feature characters from hit series Assassin’s Creed, Rayman, and Beyond Good & Evil.
ICYMI
Exciting news! 🎮
ENS enters the gaming world with its first-ever collaboration in gaming!
We’ve partnered with @Ubisoft to integrate ENS subnames into Captain Laserhawk Universe’s unique ID card system. 🧵👇 pic.twitter.com/D8Zl68ag6Y
Bitcoin has broken to fresh highs above $104,900 as this year’s rally continues to benefit from several tailwinds, including President-elect Donald Trump’s impact on markets.
The asset is up 3.5% on the day following a new record price of $105,004. It’s now up more than 140% in a year and 15% higher over a 30-day period, according to CoinGecko data.
Bitcoin and the broader crypto market saw a significant uplift following Trump’s presidential victory in early November. While questions remain about whether a slew of new proposed policies slated for digital assets will become a reality, others are confident recent developments are fomenting momentum.
“Campaign promises to make the US ‘the crypto capital of the planet’ might be viewed as political posturing,” Lucas Schweiger, Digital Asset Research Manager at banking group Sygnum, told Decrypt.
“But the Crypto Advisory Council proposal, along with rumors of Trump meeting several heavyweights of the crypto industry, such as Coinbase CEO Brian Armstrong, sends a signal that the new administration will pay more serious attention to the crypto market and look to understand its potential opportunities for the US economy,” he added.
Specific proposals, including changes to tax policy for Bitcoin miners and profits on certain tokens, must gain approval from both Congress and the Senate, both currently controlled by Republican majorities.
The appointment of former PayPal COO David Sacks as Trump’s “White House AI & Crypto Czar” earlier this month, as well as several major firms jockeying for advisory council seats, all point towards “gathering momentum,” Schweiger added.
This week, members of the Federal Reserve will gather for this year’s last Federal Open Market Committee, where it is expected to slash rates by a further 25 basis points to between 425 and 450, according to the CME’s FedWatch Tool.
Interest rate cuts have continued to prove to be a boon for risk assets, including crypto, this year as borrowing becomes cheaper and encourages investment.
Sentiment for next year’s continuation in higher prices also benefits other altcoins and meme coins, which have surged in the wake of Trump’s victory on November 5.
SUI and Polkadot (DOT) are today’s highest performers in the top 20 cryptos by market capitalization, up 7% and 5.8%, respectively.
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According to the second annual Global Survey on Crypto and Web3 by Consensys, emerging markets are spearheading global cryptocurrency adoption.
The report reveals that countries like Nigeria, South Africa, and the Philippines are driving significant growth in awareness, ownership, and participation in crypto-related activities.
Emerging Markets at The Forefront
The survey shows that 93% of people globally are aware of cryptocurrencies, with 51% claiming to understand them. Ownership levels stand at 42%, with the highest rates reported in Nigeria (73%), South Africa (68%), and the Philippines (54%).
These countries also displayed a notable increase in Web3 activities, such as holding NFTs, using decentralized finance (DeFi), and staking.
In Nigeria, 77% of respondents correctly defined blockchain, while 80% knew about decentralization. Similarly, South Africa reported 74% familiarity with the latter concept, while 61% of participants in the Philippines shared the same understanding.
Per the report, crypto adoption in these areas is driven by various factors, with a large number of proponents perceiving it as a solution to local economic challenges.
Additionally, many in these markets view digital assets as a lifeline, with 65% of Nigerians seeing them as a way to store value amid currency instability and another 58% considering them as the “future of money.”
Individuals in these countries are also more likely to invest in crypto in the coming year. The Philippines has been capitalizing on the opportunities provided by such assets, with a 7% increase in ownership over the last 12 months.
Entry Barriers and Blockchain Solutions
Despite the growing enthusiasm for crypto in these regions, the survey also highlights persistent barriers to entry. Concerns about market volatility, scams, and the lack of understanding of its purpose remain widespread globally.
However, these obstacles are less prevalent in emerging markets, where respondents demonstrated a willingness to embrace virtual currencies despite the challenges.
The report also reveals that blockchain could be key in addressing concerns about artificial intelligence (AI), with 75% of those interviewed worried about its potential to generate fake news and perpetuate fraud.
About 54% of participants globally believe blockchain could provide the transparency and accountability needed to combat AI-driven misinformation.
Speaking on the increasing importance of data privacy as highlighted by the survey, Consensys CEO and Ethereum co-founder Joseph Lubin said:
“The critical role of blockchain and decentralization in enhancing privacy, trust, and transparency for how our data is managed cannot be overstated.”
He added that the last few years have shown growing momentum for crypto, blockchain, and Web3 adoption, with 2024 marking a significant period. He explained that this is due to various factors, including the recent U.S. presidential election, which could lead to greater regulatory clarity for the industry.
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Bitcoin pushed within a few hundred dollars of a new all-time high price mark early Sunday, rising as high as $103,341 and remaining in close range of the peak price as of this writing.
BTC is currently trading for $103,100 according to CoinGecko, putting it within striking distance of the all-time high price record of $103,679 set earlier this month. Bitcoin is the only asset in the top 10 cryptocurrencies that is in the green over the last week, rising more than 3% during that span.
The latest leg up comes following more than a week of substantial volatility for Bitcoin and other crypto assets.
Bitcoin surged above the vaunted $100,000 mark for the first time ever on December 4 and continued to push to the aforementioned high, but then plunged sharply the following day—and again a few days later. Both drops impacted the prices of other cryptocurrencies, and also prompted waves of liquidations that wiped out the positions of traders betting that the bull run would continue uninterrupted.
But now, Bitcoin has stabilized and is testing another record mark. Other leading cryptocurrencies are seeing modest gains alongside, though none of the major players are making as meaningful of moves so far Sunday.
Dogecoin, for example, is up more than 2% on the day at a current price of $0.403, but it’s still down substantially since hitting a three-year high price of $0.48 just over a week ago. It’s down 13% over the past week, per CoinGecko, making it the biggest loser among the top 10 cryptocurrencies by market cap.
And XRP is up nearly 1% over the past 24 hours at $2.42, but has still lost some momentum since spiking to a seven-year peak of $2.82 early this month. Last week, the price of the Ripple-linked asset briefly fell below the $2 mark, but has substantially recovered since then.
Overall, the crypto market isn’t making too major of moves over the past day, down just 0.3% across the board per data from CoinGecko. That’s prompted relatively modest liquidations compared to some of the recent spikes we’ve seen, with about $196 million worth of positions wiped in the last day, per CoinGlass.
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Only a handful of Web3 brands have managed to reach as many mainstream consumers as NFT collection Pudgy Penguins.
That’s why Igloo Inc., the parent company of Pudgy Penguins, is confident it can replicate its playbook with its new blockchain Abstract, an Ethereumlayer-2 chain that aims to be the leading blockchain for consumer crypto products and applications.
In this article, we’ll explore Abstract’s concept of “consumer crypto,” and how and what it is building to bring the next billion users on-chain.
What is Abstract?
Abstract is a ZK-rollup and layer-2 blockchain built on the Ethereum network, designed to provide low transaction fees and high scalability for consumer-focused applications and products.
Abstract is specifically designed to differentiate from the general purpose architecture that most chains utilize, and instead focuses first on aligning developer and consumer interests via specific applications and protocols—like games and social platforms—and then move down outwardly towards popular on-chain activities like decentralized finance, or DeFi, and banking.
Image: Abstract
Abstract is EVM compatible, meaning that it can run applications designed and built for the Ethereum blockchain. Therefore, most existing Ethereum-based smart contracts can be easily ported to Abstract, enabling developers of already built applications to offer their products to Abstract’s users with minimal modifications.
What is consumer crypto?
In an Abstract blog, Igloo Inc. and Pudgy Penguins leader Luca Netz explained his concept of “consumer crypto,” which refers to “blockchain-powered applications that serve billions of people in their everyday lives for personal use.”
In other words, applications that the average person is most likely to use on any given day—like games, or social platforms. Netz referenced OpenSea, an NFT and digital collectibles marketplace, and Pump.fun, a meme coin and social trading platform, as two examples of successful consumer crypto platforms.
Other popular consumer crypto applications include casinos, prediction markets, and betting sites.
Who is building Abstract?
Abstract is being built by Igloo Inc, the parent company of the Pudgy Penguins NFT project, and Cube Labs, utilizing zero-knowledge (ZK) technologies or cryptographic proofs that help to verify transactions in a more secure, private way.
In June 2024, the company announced the acquisition of the unlaunched, NFT-focused layer-2 network Frame and its development team to help build Abstract.
Subsequently, the firm announced an $11 million fundraise, led by Founder’s Fund with participation from other Web3 venture capital firms like 1kx and Fenbushi Capital.
What’s so special about Abstract?
Abstract’s goal of bringing everyday people on-chain has led to multiple new developments that differentiate it from other blockchains.
Abstract Wallet
Abstract has developed its own global wallet for use on-chain, utilizing new developments in account abstraction to allow users to create a wallet that needs no extension or secret phrase, and does not require gas fees.
The Abstract global wallet makes use of passkeys to enable users to sign in without an email address or complex password, making it easier for users without a strong technical background to get started.
An example from the Abstract team showcases a user signing in and minting an NFT in just four clicks, far fewer than would be required in most scenarios on-chain today.
Abstract has introduced Panoramic Governance, a new type of governance design aimed at better aligning the interests of developers and consumers on the blockchain.
Panoramic Governance aims to actively incentivize governance participation and voting, while also directly rewarding the protocols that are most beneficial to the blockchain.
It does this by sharing fees with active voters and letting them decide which projects should get extra support, creating a cycle where everyone benefits by working together.
Image: Abstract
Which apps will be on Abstract?
The burgeoning Abstract ecosystem includes games, trading platforms, social products that have committed to opening when the Abstract mainnet goes live. Below we’ve compiled a list of just some of what Abstract will offer upon launch.
Games
Games committed to building on Abstract include fantasy sports like Prospect Sports and in-real-life (IRL) discovery and treasure hunts like RealGo. Other games like Duper, a poker-meets-Catan strategy game, and idle RPG Onchain Heroes are slated to launch on Abstract as well.
Social, IP, and NFTs
Social platforms like Multiplier.fun, a new take on a classic casino game, and NFT projects like Canna Sapiens have committed to Abstract.
Other projects looking to make Abstract their home include the swipe-based, Tinder-like prediction market Swipe and token launchpad Zoo.fun.
Infrastructure
Abstract’s infrastructure will host established Web3 products like Magic Eden, which will allow for trading of Abstract NFTs upon the mainnet launch. Popular blockchain analytics suite Dune Analytics, and LayerZero, a cross-chain messaging platform for interoperability between chains, will support Abstract on day one.
When will Abstract go live?
Currently Abstract is only available via testnet, but the team has announced plans to launch the Abstract mainnet in January 2025.
Leading Ethereum’s re-staking protocol, EigenLayer has unveiled its second EigenLayer Improvement Proposal (ELIP-002).
The latest move is expected to be a significant step towards accountability and operational efficiency in its ecosystem.
EigenLayer Releases ELIP-002
According to the official post, the proposal introduces a penalty mechanism, known as slashing, alongside two innovative concepts: Unique Stake and Operator Sets. Together, these features empower Application Verification Services (AVSs) to enforce credible commitments by penalizing operators who fail to meet their service obligations.
Slashing serves as a deterrent against operational shortcomings such as computational errors or service downtime. Through Unique Stake, AVSs can differentiate and allocate specific stakes for operators, allowing tailored penalties in proportion to the severity of their failures. Meanwhile, Operator Sets categorizes operators into manageable groups, simplifying the enforcement of slashing rules and ensuring seamless implementation across diverse services.
The introduction of ELIP-002 signifies a major upgrade for the EigenLayer ecosystem. By providing AVSs with tools to reward compliance and penalize noncompliance, this framework promotes fair execution and reliability within the network. This enhancement aims to strengthen user trust in EigenLayer’s decentralized architecture while maintaining transparency and flexibility in its evolving protocol.
The proposal has invited community feedback.
“With the release of the Slashing ELIP, we’re inviting everyone in the EigenLayer community to participate by reviewing the proposal and sharing your feedback in the comments below (or on Github). Your input will help us refine the proposal to ensure it aligns with user needs and expectations.”
EigenLayer Ecosystem Developments
Restaking has emerged as a crucial model for blockchain security, allowing protocols to rely on restaked assets instead of launching native tokens. This reduces entry barriers for DApps while fueling innovation. DeFiLlama reports around $27 billion in TVL across restaking protocols, with EigenLayer leading the space by contributing over $18 billion, according to DeFiLlama.
The latest development coincided with the Eigen Foundation pledging 1% of its EIGEN token supply to the Protocol Guild, a collective supporting Ethereum Layer 1 R&D. As recently reported, this initiative aligns with EigenLayer’s mission of strengthening Ethereum’s security through restaking. The Protocol Guild’s 180+ members from 29 teams focus on critical development areas, ensuring Ethereum’s resilience and long-term sustainability.
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