Daily Edition · Page 6

THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

MANGO MARKETS ATTACKER GUILTY OF FRAUD OVER $110 MILLION EXPLOIT

Avi Eisenberg, a crypto trader who manipulated Solana's Mango Markets in October 2022, was convicted of commodities fraud and manipulation by a U.S. federal jury. Eisenberg manipulated the DEX using collateral pumping to borrow $110 million from Mango without repaying it. His legal team argued that his actions were completely legal by the rules of the smart contracts, but the prosecution successfully asserted that he acted with fraudulent intentions.

BYTEPLUS ENTERS WEB3 WITH SUI, EYEING GAMING AND SOCIALFI

ByteDance's innovation arm has partnered with Sui's Mysten Labs to offer blockchain-based gaming and social applications. Though no products have been announced yet, Sui expresses optimism about using BytePlus' augmented reality technology alongside its NFT capabilities for social applications. Sui's emphasis on user experience, which includes zkLogin and sponsored transactions, should make the onboarding process easier for mass adoption.

A STABLE FUTURE

In a future where stablecoins and blockchain technology are ubiquitous, digital currencies have revolutionized global finance, fostering economic inclusivity and redefining value exchange. As AI, privacy-preserving technologies, and innovative regulation shape this new era, society must navigate the balance between the benefits of programmable money and the preservation of individual freedoms, while collectively striving towards a more equitable and sustainable economic future.

WHY THE WINNERS WON

Uniswap, DyDx, and Lido had great technology and their mindshare caused them to establish themselves as premier DeFi protocols. Uniswap generated a memorable brand by focusing on design simplicity and user experience. dYdX listened to its customers from the beginning and was not afraid to pivot from a dApp to its own L2 and finally migrate to a sovereign chain. Lido's bias for action, exemplified by its use of permissioned validator sets to start, allowed it to ship quickly and integrate rapidly with various other protocols.

TLDR IndexPage 6