TikTok is poised to introduce advertisements featuring AI-driven digital avatars, allowing brands to create promotional content without using real actors. Recently announced on June 17th, TikTok is expanding its Symphony ad suite by offering stock avatars and an AI dubbing capability. These avatars are generated via video footage of paid actors licensed for commercial use. Users can select an AI-generated voice and accent to narrate a script, which is then dubbed onto the avatar.

AI Takes Over

A demonstration showcases a text-to-speech tool that overlays voices in multiple languages and attempts to synchronize mouth movements accordingly. The script itself can even be AI-generated. This feature supports ten languages and dialects, such as English, Spanish, Japanese, and Korean, automatically detecting and translating input languages into the desired target language.

This new avatar functionality is part of the new AI-powered ad suite introduced earlier this year, which includes a virtual assistant that monitors platform trends and can suggest content ideas and scripts. These AI avatars, translation services, and dubbing capabilities are currently in beta and accessible via a waitlist for a limited number of users.

Need For Caution

TikTok is also developing custom avatars that replicate the appearance of content creators and brand representatives, offering similar multi-language capabilities as the stock avatars. These custom avatars are being tested with the creator community.

To ensure transparency, TikTok will automatically label videos created using its AI tools as AI-generated. This labeling includes a small box denoting the origin of the content. However, the AI-cloned content creators demonstrate imperfections, such as mismatched mouth movements and gestures, a known challenge referred to as the uncanny valley.

More importantly, crypto scams on TikTok are a prevalent issue where users are targeted with fraudulent schemes promising quick financial gains through investments or giveaways. These scams often utilize fake profiles, impersonate reputable figures in the crypto industry, and the aforementioned AI avatars may only exacerbate this issue.

Ripple (XRP) faces a pivotal decision following a significant development in its legal dispute with the SEC. The United States Securities and Exchange Commission (SEC) has adjusted its settlement demand dramatically, lowering it to $102.6 million. This leaves Ripple with a difficult choice, either accept the settlement, which comes with ongoing uncertainty about XRP, or gamble on a potentially harsher outcome in court.

A Difficult Decision

The initial request of $2 billion by the SEC drew widespread surprise and criticism within the cryptocurrency community. In response, Ripple proposed a $10 million settlement, citing precedent where SEC settlements typically ranged between 0.6% to 1.8% regarding the revenue of the defendant.

Ripple also pointed to a recent case involving Terraform Labs, which settled for $4.4 billion after halting operations due to bankruptcy. The SEC dismissed this comparison, emphasizing the differences in circumstances between the closure of Terraform and the still ongoing operations of Ripple.

According to the SEC, the $102.6 million settlement is essential to deter future misconduct in the crypto sector, considering the operational status of Ripple alongside its reluctance to agree to regulatory relief measures. While accepting the settlement could provide financial relief and demonstrate cooperation with regulators, it would not clarify the status of XRP as a security, potentially dissuading institutional investors and impacting market performance.

On The Other Hand

Rejecting the settlement could lead to a protracted and costly court battle with unpredictable consequences. A judge might impose a more severe penalty than the current offer, posing substantial risks to Ripple and the broader cryptocurrency market.

The revised settlement proposal indicates a willingness to negotiate. The final settlement amount, whether it remains at $102 million or is further adjusted through negotiation, could establish a critical precedent for future SEC actions in the crypto industry. This case holds significant implications for regulatory interactions and how other cryptocurrency firms manage security offerings.

A definitive resolution would bring stability and promote collaboration between the crypto industry and regulators. Conversely, a prolonged legal battle or an adverse ruling for Ripple could escalate uncertainty and lead to stricter regulatory measures going forward.

United States Dollar (USD)-pegged stablecoins could mitigate the ongoing debt crisis and bolster the national currency amid increasing international trade competition, according to former House speaker Paul D. Ryan. In a recent Wall Street Journal article, Ryan emphasized that the US faces a foreseeable debt crisis that could be addressed by dollar-backed stablecoins, which he views as a solution to maintain the appeal of the USD.

The Potential Of Stablecoins

Ryan, who served as the 54th speaker of the US House of Representatives, highlighted the potential of stablecoins in terms of generating significant demand for the US Treasury, going as far as to claim they could help avert failed debt auctions and associated crises. He currently works as a policy council member at Paradigm, a venture capital firm focused on crypto.

The existing $162 billion stablecoin market already plays a crucial role in supporting the dominance of the USD in global finance, Ryan noted. He argued that leveraging blockchain technology for fiscal spending could provide cost-effective financing and bolster influence worldwide.

Competing With China

Ryan also pointed out how China is trying to integrate the Yuan into digital infrastructure across emerging markets, urging the US to develop its own strategy promptly. He emphasized that stablecoins backed by dollars not only create demand for US public debt but also offer a way for the US to compete with Chinese initiatives in digital money.

The opinion piece has garnered support by various industry figures, with some like Emin Gün Sirer, CEO of Ava Labs, praising stablecoins. However, others, such as Adam Gladstein via the Human Rights Foundation, caution that greater reliance on stablecoins could reinforce the existing financial system that cryptocurrencies like Bitcoin (BTC) seek to challenge.

Overall, Ryan called for a robust regulatory framework for stablecoins, which enjoys bipartisan backing in Congress, to expand digital dollar usage during this critical juncture.

Elys Network raised $2.5M in Seed funding, bolstering their mission to transform blockchain infrastructure. Elys Network is an oracle-based decentralized perpetual trading and leverage lending platform.

Qiro Finance secured $1.2M in Pre-Seed funding by Alliance DAO, advancing their decentralized finance solutions. Qiro Finance is a decentralized credit protocol designed to support credit applications through the use of tokenized real-world assets (RWAs).

Nuffle Labs raised an impressive $13.0M in undisclosed funding led by Electric Capital, focusing on blockchain gaming advancements. Nuffle Labs are the builders behind NEAR Data Availability (DA) and the NEAR Fast Finality Layer (NFFL).

Bondex received strategic backing via Animoca Brands, enhancing their position in blockchain gaming. Bondex is a Web3 Talent Network where users own part of the ecosystem via tokenized rewards

Carv secured an undisclosed amount of funding by double jump.tokyo, Inc., driving innovations in digital assets. Carv is a ID infrastructure focused on gaming.

Folks Finance secured an undisclosed amount in Strategic funding with support by Black Alpha. Built on the Algorand blockchain, the protocol offers services of borrowing and lending in a decentralized and permissionless way. Through the lending operations, Folks users can lend their crypto-asset liquidity, and start earning a passive, economic return on their assets immediately.

REVOX (ReadON) secured an undisclosed amount in Strategic funding via SevenX Ventures, pushing boundaries in content consumption through blockchain. REVOX empowers developers, organizations, and individuals by providing a comprehensive suite of component APIs and diverse data sources.

Nexus Network secured $1.0M in Seed funding by Hashed Emergent, expanding their blockchain networking capabilities. Nexus Network is a non-custodial staking middleware designed for Ethereum rollups.

Skytopia raised $2.4M in Seed funding by Vertex Labs, advancing their vision for decentralized applications. Skytopia is a Web3 entertainment brand that aims to merge various forms of entertainment, including gaming.

Yuliverse secured $4.00M in Pre-Series A funding with help by DWF Labs. Yuliverse is an alternative reality metaverse parallel to the real world. As a game-based social application, it features thousands of engaging and imaginative storylines. Players can immerse themselves in these narratives and participate in role-playing activities to complete quests, earning $ARG and $ART tokens as rewards.

Over the past day, nearly 75,000 traders have been hit hard by recent market movements. Bitcoin (BTC) saw its price go on a rollercoaster, dropping to $65,000 yesterday, its lowest in about a month. This volatility also affected altcoins like NEAR, FIL, and FET, which saw significant declines.

More Of The Same

BTC started the week positively, briefly exceeding $70,000 on Monday. However, concerns over US CPI data and the upcoming FOMC meeting led to a drop to $66,000 on Tuesday. Following a surprise CPI increase, Bitcoin quickly bounced back to $70,000 before sliding to $65,000 by Friday evening. Despite a partial recovery, BTC ended the day down 1.5%. This volatility triggered liquidations totaling over $200 million which affected almost 75,000 traders within 24 hours.

Bitcoin also saw its market capitalization dip to $1.3 trillion, but it maintains dominance over altcoins, comprising just over 51% of the market. In response, most altcoins also saw declines, though some have since recovered slightly. SOL fell by 3% to $143, while DOGE and SHIB dropped nearly 5%. AVAX, DOT, and ADA saw declines ranging between 2% to 4%.

However, TON and UNI bucked the trend, each gaining 3% and 3.5% respectively, with TON now trading just above $8 and UNI at $11. Further losses were observed in NEAR, FIL, FET, and AR, contributing to an overnight decrease of approximately $50 billion in the total crypto market capitalization.

Other Markets

The Dow Jones Industrial Average soared past the historic 40,000 mark for the first time, driven by investor optimism amidst expectations of imminent rate cuts. This milestone underscores growing confidence in the market despite contrasting signals by the Federal Reserve. Meanwhile, Goldman Sachs revised its S&P 500 target upwards, buoyed by a robust profit outlook.

Globally, efforts to implement rate cuts face initial hurdles, reflecting complex economic landscapes. In a surprising twist, Asian junk bonds have emerged as top performers, outshining other investment options. Amid these market dynamics, Japan is reportedly considering expanding its nuclear power plants, potentially reshaping its energy strategy.

In South America, Argentina faces disruptions as unions announce strikes impacting production in the Vaca Muerta region, a key area for oil shale. In other news, the passing of William Donaldson, former SEC chairman and influential figure in investment banking, marks the end of an era. As uncertainties persist, the European bond market appears resilient despite internal turmoil in France posing minimal contagion risk. Lastly, various Chinese premium brands are experiencing a downturn in investor favor, reflecting broader market sentiments.

Stacks, a layer-2 scaling network for Bitcoin (BTC), recently faced a significant disruption on Friday when block production halted for nearly 9 hours. The incident, attributed to a Bitcoin reorganization (reorg) and unexpected miner behavior, caused upheaval within the Stacks ecosystem and led to a 12% decline in the STX token price over the past 24 hours.

The Context

Stacks was developed to support functionalities like smart contracts for decentralized applications (dApps) and non-fungible tokens (NFTs) on the Bitcoin network, addressing needs not originally accommodated by Bitcoin itself but which have thrived on competing networks over time.

The network leverages both the security and immutability of Bitcoin, offering a secure foundation for developers to build scalable blockchain applications while remaining deeply integrated with Bitcoin. The delay in Stacks block production was due to unforeseen mining behavior alongside a Bitcoin reorg. Core developers are actively investigating the issue to resolve it promptly.

The Problem

Notably, the disruption underscores the challenges faced by blockchain networks built atop Bitcoin during occasional reorganizations, which invalidate previously confirmed blocks and can disrupt applications and scaling efforts, as seen with Stacks.

Still, despite the setback, Stacks remains committed to enhancing network resilience, with plans for the Nakamoto upgrade aimed at introducing a new consensus mechanism to mitigate such issues in the future both quickly and efficiently going forward.

In a recent segment of the Thinking Crypto podcast, Charles Hoskinson, the creator of Cardano (ADA), discussed ongoing rumors concerning a potential collaboration with tech magnate Elon Musk. On the podcast, hosted by Tony Edwards, Hoskinson talked about various attempts made by his team to connect with Musk, including proposals to assist in addressing bot-related issues on the platform previously known as Twitter, now referred to as X.

The Silent Treatment

Hoskinson refuted speculations about a partnership with Musk and shared his efforts to engage with Elon and his enterprises, particularly X, where they offered solutions to tackle prevalent problems such as fake accounts and bots. Hoskinson expressed disappointment at the lack of response despite multiple outreach attempts. He also mentioned his acquaintance with Kimbal Musk but clarified that Elon had never mentioned Cardano or discussed any potential collaboration personally.

Hoskinson mainly wanted to dispel rumors suggesting the use of Cardano and its technologies, like the Midnight sidechain, in prominent companies such as SpaceX or Tesla. Despite mutual connections like podcaster Lex Friedman, Hoskinson expressed bewilderment and some sadness over the absence of interaction by Elon, speculating on potential reasons for the lack of engagement. Charles commented on the challenge of understanding his motivations and actions.

ADA Does Not React Well

Regarding the price of ADA, there has been a 2.2% decrease in the last 24 hours, aligning with a broader downtrend in the altcoin market. Trading volume for ADA has also significantly decreased by 22% to $357 million during the same period.

The price has also consistently remained below the 20-day Exponential Moving Average (EMA), which has served as a crucial resistance level since mid-March. Although ADA briefly surpassed this threshold, it encountered strong resistance at the 200-day EMA, failing to sustain its upward momentum.

United States Securities and Exchange Commission (SEC) Chairman Gary Gensler, speaking at a Senate Appropriations Committee hearing, recently hinted at the imminent approval of an Ethereum ETF S1, anticipated sometime during the upcoming summer season.

Coming Soon

Gensler foresees the approval process progressing smoothly for individual issuers, with a potential green light expected within the summer months. The endorsement of the ETF by the SEC, particularly regarding the 19b-4 forms for various Ethereum ETF issuers, including VanEck and BlackRock, marks a notable shift in regulatory outlook. However, the official debut and commencement of trading for these ETFs hinge on the approval of the S1 forms.

Bloomberg ETF analyst Eric Balchunas has suggested that the approval timeline may be accelerated, drawing parallels with the prompt approval of Bitcoin ETFs earlier this year. He posits a potential target date of July 4th, 2024, for the S1 approvals.

The Importance Of ETFs

Cryptocurrency ETFs, or Exchange-Traded Funds, are investment funds that track the price of one or more cryptocurrencies. They allow investors to gain exposure to the crypto market without directly owning the underlying assets. These ETFs are traded on stock exchanges, making them accessible to a wide range of investors.

They are important because they provide a regulated and convenient way for investors to invest in cryptocurrencies, offering exposure to the potential growth of the crypto market while mitigating some of the risks associated with direct cryptocurrency ownership. Additionally, crypto ETFs can help bring more institutional and retail investors into the crypto space, potentially increasing liquidity and market stability.

The surge of clicker games within Telegram is notably amplifying the appeal and functionality of the TON Blockchain and its native token Toncoin (TON). Telegram choosing to focus on community engagement, coupled with the Play-To-Earn (P2E) model, presents a compelling cryptocurrency incentive for users. This shift is reshaping crypto adoption, setting a fresh standard for incorporating digital assets into social and gaming platforms.

The leading Telegram clicker games propelling Toncoin adoption initiated with Notcoin, introduced by Open Builders in early 2024. Notably, Notcoin has become a prominent player in the Telegram gaming ecosystem since its launch. In May, Notcoin conducted its TGE (Token Generation Event), listing the native token NOT on several major exchanges, including OKX and Binance.

The Value Of A Strong Community

The TON Blockchain looks to make itself stand out by allowing players to earn Toncoin through the games after which they can seamlessly transfer their rewards to TON-based wallets. The smooth integration of the TON Blockchain into these games enhances the utility and demand for the cryptocurrency.

Furthermore, these clicker games have swiftly attracted millions of users. For instance, as of June 10th, Hamster Kombat, one of the most popular clicker games, has amassed over 100 million players. This is hardly surprising, as Telegram boasts an expansive user base coupled with the viral nature of social media that also play crucial roles in the rapid proliferation of these games. Community-driven promotion and easy sharing within Telegram groups amplify the reach and impact of these games, alongside round the clock customer support and easy accessibility.

A Comprehensive Platform

In addition to the robust ecosystem, gamification is also a vital driver of engagement. Clicker games combine the addictive nature of simple, repetitive tasks. Many of these games have established their in-game currencies and economies, fostering microtransactions. As a result, TON has experienced more daily active addresses than Ethereum (ETH) in 10 of the last 11 days.

Microtransactions allow players to purchase upgrades, enhance earnings, or unlock new features, further enhancing engagement and potential revenue. Moreover, features like leaderboards, friend challenges, and team competitions foster a sense of community and friendly competition. This blend of social elements, entertainment, and financial incentives heightens engagement and retention.

Various South Korean retailers, such as Lotte and Hyundai, are closing their NFT (Non-Fungible Token) operations successively, dealing a significant blow to the sector. According to Herald Kyungjae, Lotte Home Shopping, the e-commerce division of Lotte, is discontinuing its NFT trading platform. Lotte introduced the NFT Shop platform slightly over two years ago, in May 2022. The company declared on June 12th that it would cease its NFT shop services by July 2nd, 2024.

A Sound Strategy

The platform, accessible through the Lotte Home Shopping mobile app, was conceived as part of a mid- to long-term strategy for constructing a metaverse platform. Unlike typical NFT trading platforms, NFT Shop utilized fiat KRW as its transaction currency to enhance accessibility for non-crypto holders. To bolster the appeal even further, the company launched its line of NFTs featuring its corporate character, Bellygom.

Lotte Home Shopping collaborated with Daehong Communications, a crypto startup owned by the Lotte Group, for this venture. The NFTs were released on the Polygon (MATIC) blockchain network. Subsequently, Lotte Home Shopping expanded its NFT collaboration with Daehong. Additionally, Lotte Home Shopping incorporated NFT tie-ins with its virtual influencer Lucy. The company also planned to facilitate secondary NFT sales on Opensea, the largest NFT trading platform in the world.

NFTs Slowly Winding Down

The closure of NFT Shop signifies Lotte Home Shopping completely exiting the NFT sector. The company will transfer all remaining NFT business interests, including Bellygom NFT, to Daehong. This move follows Hyundai Department Store also recently deciding to leave the market.  Shinsegae, another retail giant, has significantly reduced the scope of its NFT offerings.

Meanwhile, Hyundai introduced its NFT wallet services (H.NFT) in 2022, offering customers discounts and free gifts. An unnamed industry insider mentioned that retailers initially rushed into the NFT business. However, as the NFT market has slowed down, they are now closing their platforms one after another. Instead, they are concentrating on enhancing the competitiveness of their core business areas.

Jeo Boden (BODEN), a meme token cleverly named after United States President Joe Biden, experienced a surge of 26%, reaching a high of nearly $0.20 within five hours of his son, Hunter Biden, being found guilty on three charges in a federal gun case on June 11th. Hunter, who has struggled with addiction, was convicted of falsifying information on a form to purchase a Colt revolver in 2018 and faces a maximum sentence of 25 years in prison.

A Mixed Bag

The Hunter Boden (HUNTBODEN) token saw a significant increase of 116% to a daily high of $0.0022, while the First Lady-themed Jill Boden (JILLBODEN) token dropped by 9% during the same period. However, these gains were short-lived, as BODEN and HUNTBODEN dropped by 6% and almost 54% respectively in the last 24 hours, and JILLBODEN decreased by 14.7%.

In addition, the market capitalization of HUNTBODEN is considerably smaller at under $583,000 compared to BODEN which is over $124 million, as reported by GeckoTerminal. In contrast, Doland Tremp (TREMP), a Solana meme coin named after former United States President Donald Trump, experienced a decrease of over 12% to $0.93 on the same day.

These declines coincide with a broader market downturn, with top meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) seeing drops of 5% or more in the last day. Bitcoin (BTC) and Ether (ETH) also experienced respective drops of 3% and 4.5% in the last day, with BTC trading at $67,395 and ETH at $3,503, according to Cointelegraph Markets Pro.

Pros And Cons Of Meme Coins

Investing in meme coins can offer the potential for substantial returns, driven by their volatile nature and the possibility of rapid price surges. Additionally, these projects often boast active and passionate communities, fostering engagement and support. Furthermore, meme coins typically have low entry barriers, making them accessible to a wide range of investors.

However, it is essential to consider the downsides. Meme coins are notorious for their extreme volatility, which can lead to significant losses as prices fluctuate based on social media trends and sentiment. Moreover, many meme coins lack fundamental value or utility, leaving them vulnerable to speculative bubbles and market manipulation. Regulatory scrutiny also poses a risk, as authorities may increase oversight due to concerns about investor protection and financial stability.

At the recent Oslo Freedom Forum conference, concerns about Central Bank Digital Currencies (CBDCs) were prominent. Participants, including activists, government officials, and citizens, expressed worry about governments leveraging CBDCs to control opposition movements, particularly in authoritarian regimes like Russia and Nicaragua.

The Dark Side Of CBDCs

The experiences of figures like Carlos Chamorro, Jimmy Lai, and Alexei Navalny illustrate the aforementioned fear. Chamorro faced asset seizures and statelessness in Nicaragua for criticizing the government. Lai in Hong Kong is currently facing life imprisonment for similar reasons, with the government freezing assets to silence dissent. Navalny in Russia, before his death, experienced asset seizures and arrests due to his anti-government activism.

The rollout of CBDCs in countries like Nigeria and China further underscores concerns. Government inefficiencies in implementation, such as the clunky Nigerian CBDC app, raise doubts about their capabilities. However, there is a darker side, as governments might resort to force to compensate for these shortcomings, as seen in the orchestrated cash shortage within Nigeria.

Potential Misuse

Warnings made by Liu Xiaobo about communist control over the income of Chinese citizens is another example of potential abuse. If governments control income and currency, dissent becomes nearly impossible. This sentiment was echoed at the Oslo Freedom Forum, where participants stressed the heightened difficulty of activism in a world where governments have total control over the finances of their citizens.

At their core, CBDCs are digital forms of sovereign currency issued by central banks. They operate on blockchain or digital ledger technology and are considered legal tender, providing a digital alternative to physical cash. Governments around the world are mainly backing CBDCs in an effort to curb the growing popularity and mainstream usage of cryptocurrencies.

Nevertheless, the forum emphasized the importance of raising awareness about CBDC risks. Many are unaware of the implications, making education a crucial step in mobilizing against potential abuses of CBDCs.