The Daily Index — Wednesday, November 1, 2023 · TLDR Index

MARKETS & BUSINESS

TLDR Crypto

TLDR Crypto

CONGRESSIONAL WATCHDOG SAYS SEC NEEDS LAWMAKER APPROVAL BEFORE MOVING FORWARD WITH CONTROVERSIAL BULLETIN

The US Government Accountability Office has stated that the SEC’s recent guidance on cryptocurrency accounting needs Congressional approval before being enforced. The accounting bulletin demands that firms that custody cryptocurrency list customer crypto holdings as liabilities, but has faced backlash from crypto advocates. With the GAO's ruling, Congress now has the ability to review and disapprove these rules over a 60 day period.

theblock.co · 3 min

TLDR Crypto

SUBSCRIPTION TOKEN PROTOCOL

A new programmable, non-upgradable subscription NFT protocol has been introduced. This mechanism allows businesses to gate access to apps, content, and services for a specified time and cost. Users can mint subscription NFTs, providing recurring revenue for creators. The protocol also encourages subscriber and referral rewards, incentivizing growth and long-term commitments. Additional features include the ability for NFT contract owners to issue on-chain grants, refunds and supply caps, and also transfer ownership.

blog.withfabric.xyz · 4 min

TLDR Crypto

BACKPACK LAUNCHING CRYPTOCURRENCY EXCHANGE WITH DUBAI LICENSE

Crypto wallet company Backpack is set to launch a regulated exchange named Backpack Exchange, following its acquisition of a Virtual Asset Service Provider license from Dubai's Virtual Assets Regulatory Authority. The exchange, scheduled for a beta launch next month, will be fully rolled out by Q1 2024. The launch was made possible despite setbacks faced by the company, including a loss of $14.5 million in the FTX exchange's collapse.

theblock.co · 2 min

TLDR Crypto

DIFFERENT TYPES OF LAYER 2S

This essay from Vitalik Buterin explains how the Ethereum layer 2 ecosystem is diversifying, with projects migrating from other chains to become a part of the Ethereum ecosystem. The ecosystem is witnessing an increase in projects building rollups, layer 1 projects moving towards validiums, and other new initiatives being launched. This growing heterogeneity reflects the different needs and strategic choices of various projects, particularly in striking a balance between costs, usability, and security.

vitalik.eth.limo · 12 min

TLDR Crypto

STATE OF THE APPLICATION LAYER

This article discusses the current state of crypto applications, asserting that much of the space is focused on infrastructure while there is still sparse user demand. The author argues that applications offer true value when they provide significant improvement for users, but so far, most blockchain applications have underutilized potential. They propose focusing more on proven areas such as stablecoins and stores of value and simply experimenting at the fringes to learn what other use cases might gain traction.

polynya.mirror.xyz · 4 min

TLDR Crypto

NAVIGATING THE CONVERGENCE OF WEB3 AND MAINSTREAM INDUSTRIES

Web3 and blockchain technologies are transforming how we interact with digital platforms, providing greater control and transparency. Industries like gaming and entertainment are integrating these technologies, encouraging individual ownership of assets via NFTs. Mysten Labs’ (the team behind Sui) co-founder Evan Cheng explains how these industries fit into web3 and how they might like to leverage the technology.

mystenlabs.com · 2 min

TLDR Crypto

15 YEARS AFTER THE BITCOIN WHITE PAPER, BITCOIN BUILDER CULTURE FLOURISHES

This article celebrates the 15th anniversary of the Bitcoin white paper and how it has influenced significant global financial change. The blueprint, first designed following the 2008 financial crisis, has not only led to Bitcoin's success so far, but has sparked the creation of a whole industry of cryptocurrencies.

coindesk.com · 3 min

TLDR Crypto

TETHER Q3 ATTESTATION REPORT REVEALS HIGHEST-EVER LEVELS OF CASH AND CASH EQUIVALENTS

Tether's Q3 report shows assets over liabilities by $3 billion, with a boost in cash reserves and a reduction in loans, further affirming its continued financial stability.

cryptoslate.com · 2 min

TLDR Crypto

CIRCLE TO PHASE OUT CONSUMER ACCOUNTS, BUT BUSINESS AND MINT WILL REMAIN

Circle is closing consumer accounts on November 30, focusing on business and institutional services, amid strategic changes and cost restructuring.

cointelegraph.com · 2 min

TLDR Crypto

WEB3 STARTUP IDEAS

In this article, Alliance shares its regular edition of crypto/web3 startup ideas, ranging from consumer applications to decentralized infrastructure.

alliance.xyz · 15 min