The Daily Index — Monday, May 27, 2024

MARKETS & BUSINESS

TLDR Crypto

TRUMP - "I WILL SUPPORT THE RIGHT TO SELF CUSTODY TO THE NATION'S 50 MILLION CRYPTO HOLDERS"

Donald Trump has declared his commitment to the future of cryptocurrency in the USA, emphasizing support for the rights of the nation's 50 million crypto holders to self-custody their assets and opposing the creation of a central bank digital currency.

threadreaderapp.com · 1 min

TLDR Crypto

FANTOM FOUNDATION CREATES SONIC FOUNDATION LABS

Fantom has announced it will create the Sonic Foundation and Sonic Labs to support "Sonic", a new blockchain that will connect to the Ethereum ecosystem via a layer-2 bridge. The Fantom Foundation has successfully raised $10 million to bolster Sonic's ecosystem growth. It expects Fantom users to completely migrate from the Fantom chain to the Sonic chain (due to higher security and speed).

coindesk.com · 2 min

TLDR Crypto

ETHERFI UNVEILS PLANS FOR CREDIT CARD TIED TO RESTAKING HOLDINGS

Leading restaking protocol EtherFi has announced EtherFi Cash, a new credit card associated with an onchain account. Users can pay using USDC holdings or borrowing USDC against their EtherFi portfolio. Any interest accrued can be paid off using eETH staking rewards. Card pre-orders will be available in July and shipped in September.

threadreaderapp.com · 3 min

TLDR Crypto

ETHEREUM'S NEXT UPGRADE: PECTRA

Ethereum's next hard fork, Pectra, consists of updates to the Prague execution layer and Electra consensus layer. It will be released in Q1 2025 and feature PeerDAS data availability sampling to improve rollup scaling and upgrades to the EVM Object Format (EOF) to support a better UX. It should help to alleviate pressure on the networking layer and support increased blob demand.

threadreaderapp.com · 1 min

TLDR Crypto

USE CASES FOR ZK

Thus far, ZK is used for efficient signature verification, storage proofs, proving transactions, and bridging – all parts of the modern modular stack. Going forward, ZK could solve open problems around avoiding redundant compute and preserving privacy.

threadreaderapp.com · 1 min

TLDR Crypto

ARGUMENTS AGAINST FIT21

The Financial Innovation and Technology for the 21st Century Act (FIT21) fails to adequately protect DeFi developers and DAOs from the CFTC's expansive authority, despite appearing to offer exemptions for "decentralized governance systems." The act contains numerous contradictions and ambiguities, particularly around its definitions and the registration requirements for commodity pool operators and decentralized systems, leading to concerns that it will not resolve the ongoing regulatory uncertainty in the crypto sector.

threadreaderapp.com · 3 min

TLDR Crypto

USING TORI FOR HIGH APYS

Aave's high APY of over 17% for lending USDC is driven by strong demand to borrow USDC. Using Aave requires depositing collateral (like ETH), borrowing against it, and paying interest, which is distributed to lenders. Aave is managed by blockchain smart contracts for transparency and reduced risk.

threadreaderapp.com · 2 min

TLDR Crypto

DEVELOP A TOKEN WITH LONG-TERM HOLDING VALUE

Traction is crucial for startups to succeed and retain investor interest. Founders who strictly focus on initial liquidity without building longer-term value will see their token's price plummet because market dynamics will favor established leaders. Efficient markets quickly reprice assets based on real value, and crypto regulatory pressures will require exchanges to push for more rigorous metrics before listing tokens. This paradigm shift emphasizes the importance of genuine user engagement and practical utility in the crypto sector.

threadreaderapp.com · 3 min

TLDR Crypto

MEMECOIN NORMIE GETS EXPLOITED, MARKET CAP FALLS BY $40M INSTANTLY

NORMIE went from $41m to $35k market cap in minutes last night.

threadreaderapp.com · 1 min

TLDR Crypto

CRYPTO PLAYING LARGER FACTOR IN U.S. POLITICS

Ethereum co-founder Joe Lubin described recent SEC approvals of spot Ethereum ETFs and bipartisan support for a crypto regulation bill as big shifts in U.S. crypto policy, largely influenced by political dynamics.

decrypt.co · 3 min

TLDR Crypto

INDIAN MAN STOLE $37 MILLION IN CRYPTO USING FAKE COINBASE PRO SITE

An Indian man, Chirag Tomar, pleaded guilty to wire fraud conspiracy for stealing over $37 million in cryptocurrency through a phishing scam using a fake Coinbase website.

bleepingcomputer.com · 2 min

TLDR Crypto

ETH ETF APPROVAL SUMMARY

With the 19B-4 forms approved for 8 issuers, it could be weeks to months until the S-1s are approved and the ETFs start trading.

threadreaderapp.com · 1 min

TLDR Crypto

VITALIK PROPOSES FIRST TAIKO MAINNET BLOCK

Vitalik Buterin proposed the first block in preparation of Taiko's mainnet and expressed his excitement around Ethereum L2s taking different rollup approaches.

threadreaderapp.com · 1 min

TLDR Crypto

TRUMP PLEDGES TO FREE SILK ROAD CREATOR ROSS ULBRICHT IF RE-ELECTED

At the Libertarian National Convention, presidential candidate Donald Trump said he would commute the sentence of Silk Road creator Ross Ulbricht if elected.

coindesk.com · 2 min