The Daily Index — Friday, July 7, 2023 · TLDR Index

MARKETS & BUSINESS

TLDR Crypto

TLDR Crypto

ZHAO’S RESPONSE TO JUSTICE DEPARTMENT INVESTIGATION

Binance is facing a significant management crisis as several key executives have resigned over CZ’s handling of ongoing regulatory investigations. Among the senior figures leaving are the General Counsel, Chief Strategy Officer, and SVP for Compliance. Binance, which is dealing with regulatory struggles globally, is now more vulnerable to increased scrutiny as the resignations are from departments that directly interact with regulators. Apparently, the resignations stem from dissatisfaction with Zhao's response to a probe by the US Justice Department over alleged regulatory circumvention and possible money laundering.

archive.ph · 2 min

TLDR Crypto

CIRCLE LAUNCHES PROGRAMMABLE WALLET SERVICE

Circle launched a Wallet-as-a-Service product, Circle Programmable Wallets. This platform enables developers to seamlessly embed wallets into their apps, allowing them to easily offer crypto services to users. These wallets can help streamline cross-border transactions and foster customer engagement with crypto products like NFTs, while still offering flexible custody options and operational monitoring. Its user-friendly interface also simplifies the crypto UX, bypassing the need for users to deal with complex private keys. Currently supporting Ethereum, Polygon, and Avalanche, the service bases its pricing on a scalable pay-as-you-go model.

circle.com · 2 min

TLDR Crypto

IDEX UNVEILS ZKEVM LAYER 2 CHAIN BASED ON POLYGON SUPERNETS

IDEX, one of the oldest DEXs on Ethereum, is developing its own L2, Xchain. Built with technology from Polygon's Supernets software stack, Xchain is currently being tested as a decentralized perpetual trading platform. Polygon is aiming to help projects by giving them a platform on which to launch their own chains, and Xchain is a great example of that. IDEX CEO, Alex Wearn, is betting that this new development will enable IDEX to compete directly with centralized exchanges.

theblock.co · 2 min

TLDR Crypto

OPPORTUNITIES AND CONSIDERATIONS OF ETHEREUM’S BLOCKSPACE FUTURE

Developers are exploring the potential benefits of introducing derivative markets to Ethereum's gas market. Derivatives, which have strengthened spot markets in the past, could improve user and developer experiences by providing a fixed price for gas and enhance price discovery efficiency for the Ethereum blockspace. However, several factors, such as regulatory/legal, market, and protocol-specific considerations, need to be taken into account to put this into practice. While the timeline for this market's development is uncertain, ongoing consolidation of gas buyers, the availability of hedging products, and an increase in stakeholder sophistication could serve as a driving force to make it happen.

frontier.tech · 17 min

TLDR Crypto

APPLICATION

During an interview this week, BlackRock CEO Larry Fink expressed optimism about both digital assets and tokenization. Broadly, he believes digital products, like ETFs, are displacing the mutual fund industry, and thinks that tokenization has the potential to restructure the banking system and capital markets. Fink also indicated that he views Bitcoin as an international asset, likening it to "digitized gold". As for macro predictions, he anticipates inflation to remain high in the long term and interest rates to rise.

threadreaderapp.com · 4 min

TLDR Crypto

F.B.I. SEARCHED THE HOME OF CRYPTO EXCHANGE FOUNDER

Jesse Powell, Kraken's CEO, is under investigation by the FBI over claims that he hacked and cyber-stalked a nonprofit arts organization he founded. The probe revolves around accusations that Powell obstructed computer accounts at the nonprofit and hindered access to emails and other communications. No charges have been pressed against Powell so far. Authorities began scrutinizing him last fall following a search operation at his LA house. Powell's legal counsel confirmed the investigation but maintains his innocence, stating it bears no relevance to his crypto activities.

archive.ph · 4 min

TLDR Crypto

PENDLE ATTRACTS OVER $125M IN TVL WITH ‘DISCOUNTED ASSETS’

DeFi protocol Pendle’s TVL hit an all-time high of $127M this week, with inflows having increased since the Shanghai upgrade. On top of that, Pendle's token, PENDLE, is up more than 1,700% this year. Pendle recently updated to its v2, helping increase efficiency by combining principal and yield tokens into one pool for improved trading volume growth. Pendle's unique approach separates both yield and principal, attracting conservative investors and speculators alike. Binance recently listed PENDLE, which also accelerated the project’s growth.

thedefiant.io · 7 min

TLDR Crypto

HOW BLUR TRAIT BIDS MIGHT PLAY OUT

Blur introduced trait bidding earlier this week. This thread breaks down how these trait bids might impact the NFT market. The thread’s high-level thesis is that trait bids will provoke those holding rare NFTs but in need of liquidity to accept bids far below the ‘trait floor’, bringing rare trait valuations down.

twitter.com · 2 min

TLDR Crypto

YOU CAN NOW BUY NFTS ON TWITTER THROUGH INSPECT'S BROWSER EXTENSION

NFT Inspect partnered with MoonPay to allow users to buy NFTs through its Chrome extension.

coindesk.com · 2 min

TLDR Crypto

PUNK 6529: ON BLUR

In this thread, Punk 6529 gives his perspective on Blur and the 6529 Fund’s investment in the company. It also covers some of the market dynamics that are at play with Blur.

threadreaderapp.com · 7 min

TLDR Crypto

HOW TOM BRADY’S CRYPTO AMBITIONS COLLIDED WITH REALITY

Tom Brady was the poster boy for FTX and is now taking the brunt of the backlash over celebrity endorsements of FTX. Brady and his ex-wife Gisele Bündchen received $30 million and $18 million respectively in FTX stock, which is now worthless. They are now being sued by FTX customers seeking compensation.

archive.ph · 10 min