ChainCatcher news, Coinbase CEO Brian Armstrong stated that authorities claim cryptocurrencies have no real use other than speculation and illegal activities. However, globally, 400 million people (including over 50 million Americans) have purchased cryptocurrencies, and third-party data shows that illegal activities account for less than 0.5% of transaction volume.For more than the past five years, the crypto industry has been working to build infrastructure to update the financial system and expand the utility of cryptocurrencies, including the following mainstream use cases:Digital dollars: Dollar-backed stablecoins currently have a market cap of over $100 billion;Fast, cheap global payments: Dollar stablecoin transaction volume approaches $9 trillion annually, surpassing the combined total of Mastercard, American Express, and Discover;Creative business models, such as NFTs, which have total sales exceeding $62 billion;Decentralized social media (DeSo): Although still in its early stages, decentralized social ensures users own their data rather than being controlled by large tech companies and avoids censorship.Armstrong stated that cryptocurrencies are not just a new asset class but the future of money. This future will be more open, free, efficient, and driven by cryptocurrencies. Cryptocurrencies are the most important technology for updating the global financial system. Additionally, Armstrong urged community users to support candidates who back cryptocurrencies in the 2024 U.S. elections through StandWithCrypto.org.

ChainCatcher news, Web3 social layer and Layer1 network DeSo announced that it will offer a bounty of up to $1 million for developers building a Reddit on-chain alternative on its platform.Reddit recently decided to restrict API access, sparking controversy within the community. DeSo claims that building a decentralized Reddit on its chain allows for complete control over one's content and will not be subject to censorship or banning at the protocol level. (source link)

According to ChainCatcher news and the official Twitter, the decentralized social platform WGFdesocial has completed a $20 million seed round financing, led by Dao venture capital. Humza Saleem, co-founder and CEO of WGFdesocial, stated that WGFdesocial is a completely decentralized social platform that does not collect any user data. 60% of the funds will be used for early participant airdrops, and 40% will be used for WGF ecosystem development and team expansion. The WGFdesocial ecosystem will be launched in Q3, and all contributors who participated in the early interactions will receive airdrops. (Source link)

ChainCatcher news, the Web3 social network DeSo has launched the open-source chat protocol DeSo Chat Protocol (DCP). DCP is an end-to-end encrypted on-chain chat protocol that enables secure, censorship-resistant, and reliable communication and community building. DCP allows for direct messaging on any blockchain compatible with DeSo cryptography, with the only requirement being a blockchain wallet and a small amount of DESO tokens, approximately 0.001 DESO is needed to pay the transaction fee for sending 1MB of message data.It is reported that DCP has currently integrated with MetaMask and will be integrated with blockchains such as NEAR and Solana in the future, with group chat functionality currently being tested. (Source link)

ChainCatcher news, the Web3 social network DeSo announced the launch of the cross-chain trading service MegaSwap, which supports trading tokens across different blockchains and allows users to store tokens in self-custody wallets. The assets currently supported by MegaSwap include BTC, ETH, SOL, USDC, DESO, DUSD. (source link)

ChainCatcher news, former Meta executive Salil Shah joins the Web3 social network DeSo as COO, responsible for scaling the business and driving the expansion of Web3 technology from purely financial applications to creator-centric social domains, with his work reporting directly to founder Nader Al-Naji. (source link)

Chain Catcher news, the Web3 social network DeSo announced integration with MetaMask, allowing MetaMask users to seamlessly create decentralized social identities.DeSo stated that due to DeSo's derived keys, controlled access sharing of an individual's account is permitted. In the case of MetaMask registration, DeSo uses the infinitely derived keys created and stored in DeSo Identity. This infinite derived key will allow Identity to execute DeSo transactions on behalf of MetaMask's main public key and have all the convenient features of the DeSo Identity API, especially backend signing.Additionally, before submitting the authorization derived key transaction step, DeSo airdrops 0.001 DeSo to any eligible account. (source link)