#DailySummary

MAIN CRYPTO HIGHLIGHTS FOR APRIL 24

1️⃣ Crypto funds saw a weekly outflow of $206 million.

CoinShares analysts presented a weekly report on fund flows in crypto-based investment products. From April 13 to 19, 2024, the net capital outflow totaled $206 million. CoinShares noted that this negative trend has continued for the second consecutive week.

2️⃣ A U.S. Senator proposes the "Cryptocurrency Reporting and Wealth Tax Bill."

The proposal mandates individuals, trusts, and organizations holding cryptocurrencies valued over $1,000 to report to the U.S. Internal Revenue Service (IRS). A wealth tax of 1% will be imposed on cryptocurrency holdings exceeding $500,000.

3️⃣ DWF Labs invests $1.5 million in the TON network.

Andrey Grachev, co-founder of DWF Labs, announced an investment of $1.5 million in the TON network. He described this as a strategy to increase the circulation of native USDT in the network and to scale it. According to Tether's website, 60,000,000 USDT were issued in the TON network over a few days, with an additional 17,500,000 USDT minted but not yet authorized.

4️⃣ Web3 Foundation allocates $74.5 million to develop the JAM protocol.

The Web3 Foundation (W3F), which supports the Polkadot ecosystem, announced an allocation of 10 million DOT (approximately $74.5 million) to stimulate the development of the JAM protocol, which combines elements of Polkadot and Ethereum. This protocol was recently introduced by Polkadot founder Gavin Wood.