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THE DAILY INDEX

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MARKETS & BUSINESS

TLDR Crypto

WALL STREET CEO ON TETHER CONTROVERSY: 'THEY HAVE THE MONEY'

Cantor Fitzgerald's CEO Howard Lutnick came out and publicly defended the legitimacy of USDT, supporting the company's claims of having adequate funds backing the asset. Noting the firm's recent assertion that its reserves consist primarily of US Treasuries, Lutnick confirmed managing many of Tether's assets. Tether has long drawn the ire of skeptics who doubted that it had the reserves it claimed to, and this has created an overhang that many in the industry have constantly worried about.

CHAINLINK TEAMS UP WITH CIRCLE TO ALLOW CROSS-CHAIN STABLECOIN TRANSFERS

Chainlink's Cross-Chain Interoperability Protocol has been integrated with Circle's Cross-Chain Transfer Protocol, enabling an easier way to transfer USDC across different blockchains. This development allows developers to build functions involving cross-chain USDC transfers. Chains included in this collaboration include Ethereum, Arbitrum, Optimism, Avalanche, and Base mainnets, with more integrations planned for the near future.

SOLANA ECO AIRDROP FARMING MASTERCLASS

This thread lays out a strategy for optimizing airdrop allocations and yield farming throughout the Solana ecosystem. Combining Drift with other tokenless protocols, the author claims users can follow this method to potentially achieve triple-digit yields. Steps include adjusting settings in Drift Protocol, monitoring APR, and buying spot positions to hedge against short positions. The strategy also involves lending or depositing spot positions, and staking SOL for increased yield. Users can also employ rate arbitrage or directional trade according to their preferred risk levels.

2024 ANNUAL GUIDE TO WEB3 DATA TOOLS AND TIPS

Andrew Hong's 2024 annual guide to crypto data tools provides an in-depth analysis on the state of the data stack. It examines key components like indexers, explorers, query engines, data transformations, and ZK reverse ETL. The guide goes over data tool innovations, complications, the evolution of crypto data startups, its landscape, and predictions for the crypto data ecosystem in 2024. It also highlights the integration of zero knowledge tech for data verification.

WHAT MULTICOIN IS EXCITED ABOUT FOR 2024

This article discusses several trends and opportunities Multicoin - of Solana fame - is looking forward to in 2024. The topics covered include the increasing importance of "attention theory" in determining the value of a variety of entities, the potential for stablecoin-powered remittances in emerging markets, and the growing influence of blockchain and cryptocurrency technologies in fields such as novel marketplaces, remittances, and social applications.

COBIE’S THESIS ON BLAST

This post lays out a thesis for Blast and other L2s like it. The growing commodification of L2 blockchain solutions is driving competition for users, attention, and traction amid an increasing number of L2s. This shifts user behavior and has caused protocols to focus on incentivizing on-chain activities. Despite criticism around the way it launched, Blast has attracted more TVL than established L2s like Coinbase's Base. The fact that many complained about the launch but also bridged assets to the L2 highlights the more general mismatch between public sentiment and private actions in the crypto space.

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