The Daily Index — Thursday, May 23, 2024

MARKETS & BUSINESS

TLDR Crypto

FIT21 PASSES IN THE HOUSE

The U.S. House of Representatives has passed the Financial Innovation and Technology for the 21st Century Act (FIT21), marking a significant bipartisan effort to provide regulatory clarity for the cryptocurrency sector, enhance consumer protection, and foster American innovation. As the bill progresses to the Senate, advocates are encouraged to actively support responsible crypto regulation through social media engagement and outreach to senators.

threadreaderapp.com · 1 min

TLDR Crypto

NEAR AI

NEAR Co-founder Illia Polosukhin announced that NEAR will now focus on making NEAR the home for “User-Owned AI.” The project invests in NEAR-based AI infrastructure projects, including compute, data curation, data marketplaces, agents, and more. The NEAR AI R&D Lab plans to build an AI developer to make end-to-end Web3 applications without code.

threadreaderapp.com · 1 min

TLDR Crypto

EIGENDA OPENING TO ROLLUP PRODUCTION TRAFFIC

EigenDA is opening up rollup deployments through a whitelisting process, which includes a free tier. Over 230 operators and 3.4M ETH secure the actively validated service via restaking. It also introduced a dual quorum model, where EIGEN holders can stake and add more security, eventually evolving into intersubjective security.

threadreaderapp.com · 2 min

TLDR Crypto

LESSER KNOWN DEXSCREENER FEATURES

To use Dexscreener effectively, set up token searches with specific filters, analyze coins by checking liquidity, volume, and social media presence, and use features like multiple chart monitoring, portfolio tracking, and token alerts for price fluctuations.

threadreaderapp.com · 2 min

TLDR Crypto

AN OVERVIEW OF FIT21

The US House is voting on the Financial Innovation and Technology for the 21st Century Act (FIT21) today. A pivotal bill that aims to establish clear regulations for the cryptocurrency market in the US, this legislation delineates jurisdiction between the SEC and CFTC, introduces consumer protections, and sets out guidelines for when crypto networks are considered sufficiently decentralized, marking significant progress in defining and potentially stabilizing the crypto regulatory landscape.

threadreaderapp.com · 4 min

TLDR Crypto

HACKER STEALS 5 BILLION GALA TOKENS, WORTH $216 MILLION

A hacker exploited an admin account to mint 5 billion GALA tokens, quickly selling off a portion for $21.8 million in Ethereum, despite Gala Games' efforts to contain the breach using its blocklist feature. This incident adds to Gala Games' troubled history, which includes previous massive token thefts and legal issues, casting further doubt on the company's security measures and internal integrity.

threadreaderapp.com · 5 min

TLDR Crypto

SOLANA DEV HOSPITALIZED WITH THIRD DEGREE BURNS TRYING TO PUMP MEME COIN

A Solana developer suffered third-degree burns during a livestream stunt where he doused himself in isopropyl alcohol and was hit by fireworks to promote his meme coin, TruthOrDare (DARE). The incident, which highlights the extreme lengths to which some go for cryptocurrency clout, resulted in significant injuries and hospitalization, raising concerns about the dangerous trends in live streaming for financial gain.

threadreaderapp.com · 4 min

TLDR Crypto

DEGEN CHAIN L3S DOWNTIME POST-MORTEM

The Degen Chain, an L3 that settles Base and is operated by Conduit, recently experienced a large reorg and 54 hours of downtime.

threadreaderapp.com · 2 min

TLDR Crypto

THE NEED FOR L2 STANDARDS

Ethereum founder Vitalik Buterin believes the biggest user experience problem is that L2s don't have a “unified Ethereum” feeling.

threadreaderapp.com · 1 min

TLDR Crypto

NOTCOIN GROWTH DRIVES TELEGRAM ADOPTION

Notcoin, a blockchain game on TON, has quickly gained popularity on Telegram, onboarding over 30 million users and setting up TON-based crypto wallets.

cointelegraph.com · 3 min

TLDR Crypto

WORLDCOIN TO CEASE HONG KONG OPERATIONS

Hong Kong has ordered Worldcoin to pause all operations in the region because of violations of local privacy regulations.

theblock.co · 2 min

TLDR Crypto

GARY GENSLER DENOUNCES FIT21

SEC Chair Gary Gensler has criticized the Financial Innovation and Technology for the 21st Century Act (FIT21), arguing that it would create regulatory gaps and reduce the oversight of crypto assets as securities, thus jeopardizing investor protection.

theblock.co · 3 min