Daily Edition · Page 6

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

EU PROVISIONALLY AGREES TOUGH CRYPTO DUE DILIGENCE MEASURES TO COMBAT MONEY LAUNDERING

The EU has agreed on provisional measures to tackle money laundering via cryptocurrencies. The Anti-Money Laundering Regulation enforces due diligence requirements for crypto firms for transactions over 1,000 euros. The regulation targets potential sanction evasion and money laundering risks and also oversees transactions involving "self-hosted" wallets. The measures are not intended to ban privacy-enhancing crypto. The agreement is now awaiting formal approval.

EXPERIMENTAL NEW “ASTEROID” INSCRIPTIONS PROTOCOL BRINGS TOKENS AND NFTS TO COSMOS HUB

Delphi Labs and Astroport have introduced Asteroids, a new open-source protocol for the Cosmos Hub. This advancement allows any user to include content directly on the Hub and create a new form of tokens known as Cosmos Fungible Tokens or CFT-20s. By design, the Hub doesn’t have native support for tokens or NFTs, but Asteroids changes that using inscriptions, a method of writing data to the chain popularized by Ordinals on Bitcoin.

WHAT ARE PUDGY PENGUINS?

Pudgy Penguins, one of the most storied NFT collections on Ethereum, has been on a tear over the past year. It recently eclipsed a $40k floor price and is closing in on the Bored Ape Yacht Club’s floor. This thread lays out how the collection resonates in different ways among crypto enthusiasts, art appreciators, community builders, trendsetters, creatives, and meme lovers. From the start, Pudgy Penguins has garnered a diverse audience of holders from crypto OGs to pro poker players to famous athletes like Steph Curry. The collection did this by having a natural broad appeal outside of crypto, fostering an incredible meme culture that has resulted in billions of Giphy views, and building a strong brand on social media and with its physical toys.

SATOSHIVM AIRDROP STRATEGY GUIDE

SatoshiVM is a recently launched decentralized Bitcoin EVM-compatible L2. This thread lays out a strategy guide for attempting to qualify for a potential airdrop for the chain. The project allows users in the Bitcoin ecosystem to leverage assets and liquidity to build apps. As the Bitcoin narrative has been gaining traction lately, many in the crypto ecosystem were excited at the announcement of the SatoshiVM testnet and what that could mean as far as a future airdrop.

TETHER SNAPS UP MORE BITCOIN, BRINGS HOLDINGS TO $2.8 BILLION

Tether, the issuer of the third-largest cryptocurrency, USDT, has added more Bitcoin to its treasury, which now totals over $2.8 billion. While the company primarily backs USDT with the safest investment instruments possible, like US Treasuries, it uses a small portion of its profits to purchase and subsequently hold Bitcoin. Despite past criticism for a lack of transparency and the conclusion of a two-year investigation by the New York Attorney General, Tether continues to lead the space in market share and even has recently been given the seal of approval by traditional finance institutions like Cantor Fitzgerald.

THE RISKS OF RESTAKING

Restaking, the use of an Ethereum stake to secure multiple networks, has potential benefits such as increased yields, but it also introduces several risks. The extra layer of risk could lead to increased slashing penalties and risks on the restaking layer. Further complications arise from the additional development of primitives, increasing complexity and risk. The new risk vectors opened up by this method have raised concerns within the Ethereum developer community about their potential impact on the Ethereum consensus.

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