The Daily Index — Friday, August 18, 2023 · TLDR Index

MARKETS & BUSINESS

TLDR Crypto

TLDR Crypto

THURSDAY

Bitcoin dropped 9% on Thursday, following a macro selloff as a result of the Fed indicating further rate hikes, the announcement of Evergrande’s bankruptcy, and reports that SpaceX had written down the $373m worth of Bitcoin it acquired in 2021. This comes along with news that Tesla sold approximately 75% of its Bitcoin holdings after a $1.5B investment. The price drop precipitated by these events was exacerbated by massive liquidations of leveraged traders.

cnbc.com · 2 min

TLDR Crypto

PROVIDERS

The BNB Chain team has advanced to the next step of its opBNB rollout, an EVM-compatible L2 network, from the testnet phase to being available for infrastructure providers. Already, decentralized apps on the network have a TVL of $1.4m, due in large part to liquidity from DEX BinarySwap. Much like Coinbase’s Base, Binance’s opBNB is built on Optimism's OP Stack, utilizing optimistic rollup technology to scale.

theblock.co · 1 min

TLDR Crypto

SCROLL ENTERS FINAL TESTNET PHASE BEFORE MAINNET LAUNCH

Scroll has launched its Beta testnet, Scroll Sepolia, for developers and users, offering advancements such as improved EVM compatibility and efficient on-chain verification. The new testnet also features an upgraded bridging protocol for trustless message relay. Additional enhancements include streamlined circuit capacity checking, enhanced coordinator functionality, and improved EVM compatibility. Scroll's testnet on Sepolia will serve as the main testing platform for future upgrades and application testing and will be the final testnet phase before mainnet launch.

scroll.io · 7 min

TLDR Crypto

JAPAN AIMING TO BE THE CRYPTO CAPITAL OF ASIA ONCE AGAIN

Japan, once known as the "Crypto Capital of Asia", is making strides to reclaim its title with promising developments in the space. The government has been showing robust support for web3, providing a clear regulatory framework and focusing on areas like NFTs, metaverses, and DAOs. Coupled with the country's strong collectibles culture and digital familiarity, major corporations are showing interest in these technologies, signaling a potential resurgence in Japan's crypto market.

twitter.com · 4 min

TLDR Crypto

THE 4 PHASES OF A BULL MARKET

This post outlines a playbook for navigating through the 4 phases of a Bull market: the Accumulation Phase, Early Bull Market, Peak Bull Market, and Mark Down Phase. Each phase comes with unique challenges and opportunities. The post provides strategies designed to maximize profits and minimize common mistakes. We’re nearing the end of Phase 1, which would mean things are about to get real exciting.

twitter.com · 4 min

TLDR Crypto

THE CROSS-DOMAIN THESIS PART 1: SETTING THE STAGE

This blog details how the blockchain ecosystem is becoming increasingly fragmented due to the continuous addition of rollups and app-chains, on a seemingly daily basis, creating dispersed users and scattered yields. This fragmentation highlights the increasing need for aggregation so that both the markets and the UX can remain clean and efficient.

mirror.xyz · 34 min

TLDR Crypto

A KEY FEATURE OF NFTS HAS COMPLETELY BROKEN

This article describes the disillusionment some have with the NFT space over OpenSea's unfulfilled promises for creator monetization. Ongoing royalties were one of the main selling points for NFTs to artists and creators during the bull run, but the problem with them is that they were never truly enforceable. Marketplaces had an incentive to race to the bottom on fees, including royalties, to capture market share. Many industry players suggest that artists will have to find alternative methods of monetization as royalties are not likely to make a comeback.

theverge.com · 2 min

TLDR Crypto

LARGEST LIQUIDATIONS IN A SINGLE DAY IN ALMOST TWO YEARS

BTC and ETH dropped sharply yesterday, leading to the biggest day of liquidations since January 2022. More longs were liquidated yesterday than any single day during the LUNA or FTX debacles.

coinalyze.net · 1 min

TLDR Crypto

MORE INTEREST RATE HIKES MAY STILL BE ON DECK, FEDERAL RESERVE WARNS

The Fed warned yesterday that more rate hikes could be on the horizon - even though investors had been expecting a slowdown in rate hikes soon - sending the stock market and crypto market down sharply.

archive.ph · 2 min

TLDR Crypto

WEEKLY ALPHA

In case you missed some of the many launches and protocol updates, here is a good roundup of what happened over the past week.

twitter.com · 2 min

TLDR Crypto

GRAYSCALE IS HIRING FOR ETF TEAM AS BITCOIN DECISION LOOMS

Grayscale is hiring for its ETF team ahead of an expected SEC lawsuit ruling, signaling optimism about the outcome.

theblock.co · 1 min