Merging in September?

Good morning. Binance gets fined by Dutch regulators, the BAYC metaverse opens up for "first trips", and NFT trading is down bad. All that and more today!

Market Update (as of 8:11am ET):

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Top 5:

1. Ethereum’s Merge projected for September according to 'soft' timeline. During an Ethereum proof-of-stake Implementers' Call late last week an estimated start of September 19th was given for the Merge. The timeline was provided by Beiko, an Ethereum protocol support engineer, who also made it clear that changes were likely. The timeline laid out dates for other key milestones in the transition as well (see tweet below). The Merge will see Ethereum shift from its current proof-of-work model to a proof-of-stake consensus mechanism with one of the major benefits being a reduction in the network's energy consumption by more than 99%.

2. Binance fined over $3.3M by Dutch Central Bank. The crypto trading giant is being fined by Dutch regulators for continuing to offer crypto trading services to Dutch citizens without required registration. The Dutch financial regulatory requires that virtual asset service providers (VASPs) complete registration under the Money Laundering and Terrorist Financing Prevention Act. Binance is currently in the process of obtaining the required registration and has recently become registered in France, Italy, and Abu Dhabi.

3. Yuga Labs opens Otherside for ‘first trips’ in Bored Ape metaverse. On Saturday, 4,300 "Voyagers" got to experience a first-look tech demo and tour of the Otherside metaverse from Yuga Labs. The much anticipated launch is rapidly approaching a go-live for its Phase 1 release. According to the litepaper, Phase 1 will see players engage in an 11-part narrative game “surrounding a mysterious Obelisk that has appeared in the Otherside universe.” The litepaper also espoused commitment to an open metaverse and interoperability. That being said, the current Otherside metaverse is only accessible by Otherside landowners. For a peek into the Otherside, check the video below.

4. Monthly NFT trading volumes fell 74% from May to June. June NFT trading volumes of just over $1 billion represent a 74% decline from May trading volumes of $4 billion. According to research from The Block that decrease is the largest month-over-month decline in NFT trading history. NFT trading continues to be dominated by OpenSea who captured 67% of NFT trading during June. But, despite the dominance, OpenSea announced last week they will be laying off 20% of their workforce.

5. A Samurai, a Knight, and a Yankee - by Arthur Hayes. The first in a series of essays from Arthur Hayes on the global economy with a specific focus on the relationship between Japan and the US. It's a long one, and as usual from Mr. Hayes it doesn't paint a pretty picture.

Updates and other stories:
- House, Senate Democrats push regulators to demand data from Bitcoin miners...Read More
- OpenSea removes ENS domain auctions following RIAA complaints...Read More
- MiCA and ToFR: The EU moves to regulate the crypto-asset market...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.