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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

FROM GAS TO GOLD

Fantom has launched a gas monetization initiative designed to spur developer adoption. The program offers a 15% kickback on all gas fees generated by high-quality dApps. The funding comes from a reduction in the FTM token burn rate from 20% to 5%. To qualify, a dApp must have completed at least 1 million transactions and been live on Fantom for a minimum of three months. Since the program's launch just a few days ago, dApps have already generated over 11,000 FTM in rewards. The initiative is an interesting approach to increase developer retention and attempt to build a sustainable network.

BREAKING DOWN CHINA’S WEB3 WHITE PAPER

The big news this week was China’s web3 white paper, which indicated plans to thoroughly develop web3 tech and embrace concepts like NFTs and the Metaverse. The government plans to encourage the development of its own version of web3 through a "whole-of-government" approach, similar to its Web 2.0 strategy. The paper does not endorse Bitcoin or Ethereum, but shows a deep understanding of web3 tech. This could be a signal that while China acknowledges the potential of web3, it may not lift restrictions on cryptocurrency trading.

HOW TO USE A MULTISIG

This thread gives a brief overview of why and how crypto users should utilize a multisig. A multisig program relies on multiple private keys to secure on-chain assets, offering better protection against compromised keys and reducing single points of failure, compared to traditional hardware wallets that rely on single seed phrases or keys. The article suggests a 2-of-3 or 3-of-5 key setup for a balance between security and transaction convenience, and emphasizes the importance of using multiple wallets stored on separate devices.

WINKLEVOSS TWINS ATTEMPT PIVOT AFTER GEMINI LOSES MONEY AND EMPLOYEES

Gemini, the exchange co-founded by Tyler and Cameron Winklevoss, has been facing a series of challenges including regulatory scrutiny, dwindling market share, and the potential loss of a banking partner. To make matters worse, a critical loan repayment deadline that could aid in the recovery of $900 million from the exchange's defunct Earn product has been missed. As they attempt to navigate the convergence of these crises, the twins seem to have been eyeing a couple of different options, such as moving the company overseas and/or leveraging interest in derivatives trading to get traction in that market and drive more trading volume.

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