The Daily Index — Tuesday, September 12, 2023 · TLDR Index

MARKETS & BUSINESS

TLDR Crypto

TLDR Crypto

REGULATORY ROADBLOCK

Coinbase halted new user registrations for its exchange product in India in June, but the company recently reaffirmed its long-term commitment to the nation. The announcement follows an incident where Coinbase had emailed some users who didn't meet their updated standards about ceasing operations, causing confusion about Coinbase’s plans for operating in the country. Coinbase currently has a strong technology hub in India and continues to provide its Coinbase Wallet service there. Despite struggling to gain regulatory approval, it is actively seeking ways to grow its presence in India.

techcrunch.com · 3 min

TLDR Crypto

SUSHI ANNOUNCES EXPANSION TO APTOS BLOCKCHAIN

Sushi, a popular EVM-based DeFi exchange, is expanding to the Aptos blockchain, a first for the project in terms of integrating a non-EVM-compatible blockchain. The launch on Aptos will include Sushi’s v2 of its AMM. This partnership is a pivotal advancement for Sushi's roadmap, signaling bigger cross-chain, non-EVM ambitions.

theblock.co · 1 min

TLDR Crypto

PAYPAL INTRODUCES ON AND OFF RAMPS FOR WEB3 PAYMENTS

PayPal has expanded its crypto service offerings to include off-ramps, giving customers the ability to convert their crypto into fiat. This update aims to facilitate web3 platforms in expanding their user base by using PayPal's reliable and quick payment process. The feature is live on MetaMask and offers services like fraud management, chargebacks, and dispute resolutions, subject to applicable state laws.

newsroom.paypal-corp.com · 1 min

TLDR Crypto

ALEX WICE ON FRIENDTECH

This post discusses the lessons learned from the first month or so of FriendTech, particularly the advantages of getting involved early, and the difficulties of valuing an airdrop. The author remains cautious regarding their outlook for FriendTech, as its airdrop might devalue future earnings for farmers and fatigued buyers might reduce demand.

twitter.com · 2 min

TLDR Crypto

A DEEP DIVE ON SOLANA, A HIGH PERFORMANCE BLOCKCHAIN NETWORK

Visa outlines in this deep dive why it believes that the Solana blockchain network has the potential to become a mainstream payment medium. Solana’s fast transaction speeds, scalability, and low transaction costs make it suitable for effective blockchain settlement using stablecoins like USDC. Its unique features, such as parallel transaction processing and predictable transaction costs, are also highlighted as benefits. Solana also offers transaction finality, a vast number of nodes for availability, and multiple validator clients for resilience, positioning it well to meet modern payment demands.

usa.visa.com · 8 min

TLDR Crypto

AMERICAN LEADERSHIP, JOBS, AND INNOVATION

This post from Coinbase preempts today’s oversight hearing and highlights how the G20 group of countries have agreed to create a standard set of regulations for cryptocurrency amid global movement towards the regulated use of digital currency. This comes as the US Congress prepares to pass relevant legislation, while the SEC persists with an enforcement-only approach to regulation. In contrast to global trends, this approach threatens to cost the US millions of jobs and an opportunity to lead the digital asset market.

coinbase.com · 6 min

TLDR Crypto

CRYPTO

Crypto firm Polygon Labs has suggested treating crypto staking similarly to oil and gas taxation in a letter to U.S. senators. It recommends that staking rewards should be taxed only when tokens are sold to prevent over taxation. Its argument draws on the legal tradition of not taxing dominion and control over items without previous ownership. Polygon Labs believes taxing staking rewards upon disposition would be the easiest administrative option.

theblock.co · 3 min

TLDR Crypto

BANANAGUNBOT CONTRACT BUG SPARKS RUG PULL FEARS

BananaGunBot’s contract had a bug in which its 4% sell tax wasn't deducted correctly due to a transfer function error. Instead of the sell tax going to the project’s treasury, it would actually just get returned back to the seller.

twitter.com · 1 min

TLDR Crypto

SOMEONE PAYS $500,000 FEE TO SEND $1,865

A Bitcoin wallet paid a $499,171 fee for a $1,865 transfer, 270x the transaction value. This was likely a software bug in an enterprise's withdraw-only hot wallet.

web3isgoinggreat.com · 1 min

TLDR Crypto

A $700 MILLION BONANZA FOR THE WINNERS OF CRYPTO’S COLLAPSE: LAWYERS

FTX’s collapse erased many investors' savings. However, professionals like lawyers and consultants have earned over $700 million in fees from these bankruptcies, sparking outrage.

archive.ph · 7 min

TLDR Crypto

OVERSIGHT TESTIMONY

While Coinbase made its own comments preempting today’s oversight testimony, SEC Chair Gary Gensler reiterated his critical stance towards crypto.

decrypt.co · 3 min