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THE DAILY INDEX

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MARKETS & BUSINESS

TLDR Crypto

MARATHON DIGITAL HOLDINGS LAUNCHES SLIPSTREAM

Bitcoin miner Marathon is launching a new service called Slipstream aimed at expediting the processing of larger and more complex Bitcoin transactions. The service, the first direct transaction submission service offered by a Bitcoin mining company, is designed to encourage Bitcoin development and innovation. Users will be able to submit these large or non-standard transactions to Marathon and Marathon will process them via its proprietary mining pool, MARA Pool.

L3S FOR BASE AND THE OP STACK

Conduit has announced the rollout of its L3 launchpad for Base and the OP Stack. Users can deploy L3 testnets in the Conduit app using L2 networks for settlement layers, utilizing Celestia for data availability to reduce costs further. The L3s give apps greater blockspace scale and allow for new user experiences with lower transaction fees. Aligning with established L2s allows developers to leverage existing liquidity and distribution channels.

RESTAKING PORTFOLIOS 101

EigenLayer’s restaking mechanism has taken center stage recently, but there is quite a bit of confusion around how it works and how big of a role it might play in the Ethereum ecosystem. This post provides a good overview to get familiar with restaking. Unlike traditional staking, restaking allows users to secure one or multiple decentralized services, termed as Actively Validated Services (AVS). EigenLayer claims that this mechanism allows non-Ethereum protocols to tap into Ethereum’s security, but some fear that it could have unintended consequences.

THE REAL STORY OF THE SEC’S SUIT AGAINST KRAKEN, AND WHY KRAKEN IS MOVING TO DISMISS THE CASE

Kraken is standing up to what it claims to be overreach by the SEC during a congressional hearing. The company argues that existing laws are insufficient to cover the crypto landscape and that concurrent principles limit creativity in the sector. The company vouched for Congress to define rules that cater to the specific risks and benefits of crypto. Kraken recently filed a motion to curb the SEC's lawsuit against it, citing jurisdictional issues and ambiguities in crypto investments classification.

WHERE ARE WE IN THE MARKET CYCLE?

This thread from Lattice Fund partner Regan Bozeman attempts to explain where we are in this crypto cycle, with a focus on where venture funds are and how they’re thinking about the cycle. Many venture funds were likely caught offside late last year as the market surged and they are now scrambling to deploy capital. Bozeman also discusses some of the market dynamics and eccentricities, such as memecoins, that venture funds and their LPs don’t have to consider in other industries.

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