Morning Minute | DePin Protocol Raises $18M for Decentralized WiFi

TylerD's Market Summary

💰 DAWN Raises $18M for 1st Decentralized WiFi Project

Internet is a controlled product and mostly controlled by a few select giants.

A new DePin project is trying to change that, and actually pay people for using (and sharing) the internet.

And they've got some big backing to do it.

What Happened?

Yesterday Dawn Internet announced an $18M raise led by Dragonfly and several others to offer decentralized broadband internet on Solana.

They are the first DePin project to venture into this sector.

For a refresher, DePin stands for Decentralized Physical Infrastructure Network.

The DePin concept uses blockchain tech and crypto payment rails combined with physical infrastructure and incentives to decentralize networks.

Instead of being run centrally like traditional networks, DePin projects are run via a network of Nodes that individuals can run.

How Does It Work?

Back to Dawn.

The tech behind DAWN allows individuals to become participants in WiFi infrastructure by operating as network hosts.

Individuals operate their networks and can then sell their excess internet that isn't used.

It's the same concept used by solar panels, where solar panel hosts can sell their excess electricity generated back to the grid.

The vision is to transform the internet "from a provider-owned model to a consumer-owned model."

Learn more about it and get started here if interested.

Why It Matters

DePin is one of the fastest-growing sectors in crypto, estimated to include 650 projects and a $35B market cap.

It's one of the most interesting new use cases to emerge so far from this cycle, truly leveraging blockchain, crypto and decentralization in the real world.

But the sector is still in its very early stages.

Now is the time to experiment with protocols and products to see what can actually stick and work and what can't.

I encourage folks to try products like DAWN where possible and learn more about DePin at the ground level.

🚚 What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

• ETH led NFT trading volume with $3.6M on the day; Solana was next with $3.25M, and then BTC with $1.8M
• ETH NFT leaders mostly chopped; Pudgy -1% at 8.4 ETH, BAYC even at 9.84, Milady -3% at 3.85, and DeGods +45% at 1.54
• Wonky Stonks (+170%) and Fluf (+160%) were top movers
• BTC NFT leaders were red after a big rebound; NodeMonkes -10% at 0.121 BTC, Puppets -15% at 0.084 BTC, Quantum Cats -8% at 0.261, OMB +2% at 0.167
• The Runes leaders were red as well; DOG -4% at $292M mc, RSIC -3% at $42M mc, PUPS -2% at $32M
• Solana NFTs were mixed; Mad Lads -5% at 55 SOL, SMB Gen 2 even at 22, DeGods +46% at 25
• NBA Top Shot returned with 5,000 Run It Back Quick Rip Packs, available for Trade Tickets; they also announced "Labs" - a new space for it to test experimental features designed to improve the collecting process

💰 Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

🌎 Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

• Crypto majors are mixed with ETH lagging; BTC +0.3% at $57,500; ETH -2% at $2,450, SOL +1% at $154
• Memecoin majors are slightly red with DOGE even, PEPE -4%, WIF -2%, BONK -4%, MOG -3%
• TON is getting listed on Binance at 10:00 a.m. UTC today
• Two major crypto court cases were resolved on Wednesday, with Ripple ordered to pay $125M in fines and XRP ruled not a security; FTX ordered to pay back $12.7B to its creditors
• Arbitrum Orbit chains can now use USDC as a custom gas token opening up new flexibility 
• Brazil regulators approved the launch of a Solana ETF, the first of its kind
• Rollbit disclosed some massive annual revenue numbers, including $373M from its casino, $90M from trading, and $112M from sports
• Fairshake, the pro-crypto Super PAC, announced plans to spend $25M on ad campaigns for 18 House candidates, split evenly for Rs and Ds
• Meltem Demirors raised $75M for 2 new digital asset venture funds

🚀 Memecoin Movers 

• $BTW (+266%, $12.5M market cap, SOL)
• $MONGY (+120%, $12M market cap, SOL)
• $PGN (+106%, $30M market cap, SOL)
• $YAWN (+78%, $22M market cap, ETH)
• $PAC (+70%, $10M market cap, Blast) 

📈 NFT Floor Price Increase (ETH)

• Wonky Stonks (167%, 0.08 ETH Floor)
• Fluf (140%, 0.55 ETH)
• Zer0 Name Service (97%, 0.59 ETH)
• Volted Dragons (75%, 0.17 ETH)
• Degods (46%, 1.54 ETH)

🗓 Upcoming Mints and Events

Today is a busier day of mints with a few highlights, all in the art sector.

Niceaunties are back with a new "Going Home" piece going up for auction.

0xdgb is working with Transient Labs for "Here For Your Memes," an edition fo 25 priced at 0.099 ETH; and then DeltaSauce is back with "Issues" minting for 0.1 ETH.

See the full list and dive in for more details with Swizzy's daily mint monitor. 

• OctoGlyphs (11:00 a.m. ET)
• niceaunties - Going Home (12:00 p.m. ET)
• oxdgb x Transient Labs - Here for Your Memes (3:00 p.m. ET)
• DeltaSauce x 8NAP Art - issues (5:00 p.m. ET)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.