Daily Edition · Page 6

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

ANALYSIS OF RECENT EVENTS IN SEC V. COINBASE

Head of Legal at the Blockchain Association, Marisa Coppel, shares her insight into recent Coinbase case developments for the industry. With the SEC’s claim that the Coinbase Wallet is an unregistered broker being dismissed, developers can rest assured that peer-to-peer technology does not fall under the oversight of the SEC. Though the rest of the case still stands, this is not unexpected, as the court must take all claims by the SEC as fact until the upcoming discovery period.

BITCOIN RUNES COMING TO MAGIC EDEN AFTER ORDINALS BET PAYS OFF

After seeing success with Bitcoin Ordinals trading, NFT marketplace Magic Eden has announced that it will support Bitcoin’s Runes fungible token standard upon its April 20th release. Ordinals trading has helped Magic Eden capture a large portion of NFT trading volume, taking 52% across all chains over the past 24 hours, with 69% coming from Ordinals. Magic Eden currently has a Diamonds rewards program, incentivizing traders to use the platform in anticipation of a future token.

OVERVIEW OF MODULAR VS MONOLITHIC BLOCKCHAINS

Monolithic blockchains like Bitcoin and Ethereum integrate all functions — execution, data availability, consensus, and settlement — within a single chain, which offers simplicity and security but struggles with scalability and flexibility. On the other hand, modular blockchains distribute these functions across multiple layers or components, allowing for a customizable and scalable system. This architectural evolution aims to balance security, scalability, and decentralization, offering solutions like Celestia for data availability and the Fuel Network for independent modular protocols, despite the complexity and potential interoperability issues that come with modular designs.

AN ARGUMENT AGAINST BITTENSOR’S $TAO

Taproot Wizard’s Eric Wall explained why he believes the $10 billion protocol is significantly overvalued in a post that took Crypto Twitter by storm this weekend. In the post, he expressed frustration at the redundancy of the model computations and how they are incentivized to give extremely similar results or otherwise not be rewarded tokens. Wall also noted that the models have similar content filters to ChatGPT and thus offer no benefits over centralized solutions.

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