The Daily Index — Tuesday, June 13, 2023 · TLDR Index

MARKETS & BUSINESS

TLDR Crypto

TLDR Crypto

US CONGRESSMAN FILES LEGISLATION TO FIRE SEC CHAIR GARY GENSLER

Congressman Warren Davidson has proposed legislation aiming to restructure the SEC and dismiss its chair, Gary Gensler, citing his "tyrannical" leadership. This follows recent enforcement actions taken by the SEC against leading cryptocurrency exchanges, Coinbase and Binance, for alleged securities law violations. Davidson's move reflects growing concerns amongst crypto users and politicians about the potentially negative impact of the SEC's actions on the digital asset sector and broader US capital markets.

watcher.guru · 2 min

TLDR Crypto

ORC-20 > BRC-20?

The ORC-20 token standard, created by OrcDAO, is aiming to improve scalability issues that could hinder the BRC-20 standard by reducing transaction costs. ORC-20's operations or capabilities include Deploying, Minting, Sending, and Canceling, and it allows changes to a token’s properties, multi-recipient sending, and cancellation of partial transactions. It also features Orc Improvement Proposals (OIPs), aimed at further enhancing efficiency and functionality. While ORC-20 brings more features, BRC-20 already benefits from strong network effects, so it is tough to say which one will ultimately prevail as the standard.

threadreaderapp.com · 4 min

TLDR Crypto

POLYGON 2.0: THE VALUE LAYER OF THE INTERNET

Polygon teased its 2.0 launch. The protocol aims to be the 'Value Layer of the Internet', providing a platform for value creation, exchange, and programming. With these proposed upgrades, the platform plans to revolutionize its protocol architecture, tokenomics, and governance, aspiring for limitless scalability and unified liquidity via ZK technology. It proposes to achieve this through a network of ZK-powered L2 chains, offering a seamless experience across numerous chains. The vision for Polygon 2.0 will be gradually revealed in future updates, some of which are on the roadmap in the article already.

polygon.technology · 3 min

TLDR Crypto

BRIDGES IN THE MULTI-CHAIN OF MADNESS

As the crypto ecosystem becomes more multi-chain, the total volume of bridged transactions is growing. This has been led by Stargate, which has facilitated 42.9% of the volume and dominates in users and transactions. Despite lower average transaction values, Stargate is the preferred choice for average users due to its low-fee structure. This Twitter thread explains how several blockchain bridging solutions are addressing the issue of isolated liquidity across different networks. The thread also compares some of the other bridging solutions with Stargate, breaking them down by volume, transactions, users, and fees (revenue).

threadreaderapp.com · 4 min

TLDR Crypto

CRYPTO JOB HUNTING GUIDE

This guide provides an in-depth breakdown of various platforms and resources to use for job hunting in the crypto space. It suggests following VC funding, using platforms like Messari and Crunchbase for funding round insights, and exploring job boards such as Framework Ventures, Cryptocurrency Jobs, and ecosystem-specific job boards. Networking on Twitter and attending crypto conferences are also highlighted as effective strategies. Finally, being active in communities and contributing to DAOs can also lead to great opportunities.

threadreaderapp.com · 16 min

TLDR Crypto

CRACKDOWN

Following the collapse of Silvergate Capital Corp. and Signature Bank, crypto firms are turning to smaller, regional lenders and Swiss and Asian banks for services. This comes as increased scrutiny and regulatory crackdowns in the US have led mainstream banks to be cautious about crypto causing the banking situation for crypto firms in the US to be worse than the pre-2018 era. It has led to the development of a new banking system for crypto, which is fragmented/decentralized, less US-focused, and less publicized. While this may be a challenge for the industry, it could lead to a more resilient system.

archive.ph · 10 min

TLDR Crypto

INVESTORS HAVE PULLED $417M OUT OF CRYPTO FUNDS IN TWO MONTHS

Institutional investors have continued to pull out from crypto funds to the tune of $417 million over a two-month period. North America accounted for 87% of total outflows. Bitcoin led the outflows, while Ethereum also experienced significant sell pressure. Solana, Litecoin, and Ripple registered inflows. Market experts attribute the selling to ongoing monetary policy adjustments, particularly rising interest rates.

decrypt.co · 3 min

TLDR Crypto

BANK OF CHINA INVESTMENT ARM ISSUES TOKENIZED NOTES ON ETHEREUM

Bank of China's investment arm, BOCI, in partnership with UBS, has issued tokenized notes worth approximately $28 million on the Ethereum blockchain in Hong Kong. This event marks the first issuance of a digital note by a Chinese financial institution in the region, amidst Hong Kong's efforts to establish itself as a crypto hub.

blockworks.co · 2 min

TLDR Crypto

COMPETITIVENESS

In his prepared remarks for the House Financial Services Committee Hearing, Jeremy Allaire, Circle’s CEO, advocated for clear stablecoin regulations focused on protecting the US dollar's global dominance in the evolving digital and blockchain-based financial landscape.

circle.com · 11 min

TLDR Crypto

CUSTOMERS

In response to the SEC's lawsuits last week, eToro is limiting US customers' access to four cryptocurrencies: Algorand, Decentraland, Polygon, and Dash. Customers can hold and sell existing positions but can't make new purchases.

blockworks.co · 2 min

TLDR Crypto

SANDLER GLOBAL EXCHANGE & FINTECH CONFERENCE

Gary Gensler gave a talk at the Piper Sandler conference asserting that most cryptocurrencies qualify as securities and should comply with US securities laws. He pointed out what he viewed as extensive noncompliance in the crypto market, including illicit actions and misleading activities.

sec.gov · 12 min