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Howdy! 

I had a whole intro ready to go about Taco Bell, but then news broke that 21Shares filed for a solana spot ETF, so I would be remiss not to touch on that.

From my initial read-through, the filing is very similar to the VanEck spot ETF filing we covered yesterday, and many of the same potential questions are likely to apply.

Check back Monday for that promised Taco Bell intro.

Presidential debate sends candidate coins tumbling

One X poster quipped that last night’s televised US presidential debate was going to be the Super Bowl for memecoins. 

In this particular Super Bowl, both teams appear to have lost: BODEN and TREMP, the candidate-themed memecoins with Microsoft Paint-level artwork, both entered nosedives immediately after the debate began at 9 pm, according to CoinGecko. Other Trump-themed tokens like MAGA and TRUMP saw similar price action.

If you’re going to tell a story from this, it’s perhaps that market participants weren’t thrilled with either candidate’s performance, though things went worse for President Joe Biden — who is facing ongoing calls to exit the race post-debate; his memecoin fell more dramatically than Donald Trump’s (on this last point, my condolences, Mr. President). 

Nigel Eccles, CEO of BetHog and co-founder of FanDuel, told me he suspects BODEN’s price fell so dramatically because if Biden drops out, “the meme dies” too. 

Pump.fun shows a race to capture the next meme if Biden were to exit the race: Potential replacements like Vice President Kamala Harris and California Governor Gavin Newsom have seen several memecoins spring up with their likeness in recent days.

But the most lucrative emotion last night may have been disappointment. The only debate-themed memecoin to make it to Moonshot’s “finalized” section was “CNNSUCKS.”

“CNN is hosting the worst presidential debate in history. LET'S PUMP THIS UP!,” the token’s description read. 

(It’s also worth noting that crypto garnered nary a mention in the debate despite the Trump campaign’s recent overtures to the industry. You could imagine TREMP seeing much more favorable price action had Trump talked about boosting US-based bitcoin mining, for instance.)

It’s a fool’s errand to make too much of memecoins, but trading these tokens speaks to a larger belief among some in crypto that Web3 markets are a fairer and more efficient truth-seeking tool than things like voting or polls. Futarchy is one example. Polymarket is another.

But wherever you go there you are, as they say, and it turns out that human complexity plays into these markets as well.

Polymarket bettors plowed more than $1 million into whether Barron Trump was involved with the DJT memecoin. UMA, Polymarket’s oracle system for resolving markets, settled on the answer that Barron Trump was not involved with the token. 

Another prediction platform, SX Bet, put up a market for whether Polymarket would refund bettors who voted “yes.” 

Despite UMA’s pledge to resolve the contentious vote “onchain in a trustless, decentralized manner,” Polymarket said yesterday on social media that its oracle was wrong, Barron’s involvement was “conclusive,” and it would refund the market’s “yes” voters 

As the presidential election draws closer, there’s bound to be more silliness in this realm of so-called PolitiFi. Perhaps be advised before taking any of it too seriously.

— Jack Kubinec

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From modularity to restaking, to the intersection of AI and crypto, to the long-awaited consumer-facing apps to the most recent Bitcoin-related innovations.

We’ll be breaking down all of these and more with the help of a few of the thought leaders in crypto at Permissionless.

27% and 17%

That’s roughly how much BODEN and TREMP fell in the hour and a half the two candidates spent debating last night. 

Post-debate reviews seem to have been kinder to TREMP though, as the asset retraced slightly overnight, while BODEN continued to decline. 

BODEN is now trading at its lowest point since just after its CoinGecko price listing began in early March. TREMP has also fallen from recent highs, but not quite so dramatically.

— Jack Kubinec

If there's one thing that seems to bring crypto users together, it's dogs.

On Tuesday, X user @CannaCrypto420 shared a heartfelt post about how tokens he had claimed during the Jupiter Exchange airdrop had helped to save his service dog's life. After a drunk driver hit his dog, Kilo, he used the funds he received in February to cover the emergency care and surgery costs.

As of the most recent update, Kilo appeared to be doing well with his recovery, with his owner stating “I can tell the therapy is helping.”

The story seems to have resonated, with many users rallying to share photos of their own dogs and to offer support. Some asked for his Solana address, ostensibly intending to send additional tokens to help with ongoing expenses.

User @wizzyknows posted, "This is why crypto is amazing. Jupiter really helped so many people." Follower @215NFTS commented, "Airdrop well spent!! A no brainer… I would empty my crypto bag and my bank account for my dogs… you're a good man." Meanwhile, @vpiphany noted, "Life-changing money looks different for everyone. I'm glad it allowed you to save your friend."

Is it a cliché? Sure, but only because it's true: Some things are simply more important than money.

— Jeffrey Albus

A message from Nigel Eccles, CEO of BetHog and co-founder of FanDuel: