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THE DAILY INDEX

Technology, AI, software, security, crypto and business

MARKETS & BUSINESS

TLDR Crypto

POTENTIAL ISSUES WITH SENATOR LUMMIS' BITCOIN RESERVE PROPOSAL

Lummis' plan would see the US Treasury revalue its gold, which is officially valued at 1/6th its market value, and a small portion of it to purchase $64 billion worth of BTC. However, any money spent from the Treasury General account adds as much to bank reserves, and the Fed must pay interest on those reserves. Since BTC and gold are non-interest bearing, additional operation expenses could prevent the Fed from remaining self-financing.

HERE'S EVERYTHING YOU NEED TO KNOW ABOUT $RAGE

The largest perpetual aggregator on HyperliquidX, $RAGE, is launching with a $10 million market cap, over $880 million in volume, and more than 4,000 users. Key details include its tokenomics with a $30 million fully diluted valuation, public sale without cliffs or vesting, airdrop and private investor allocations, and a unique "Rage Quit" feature to enhance community ownership by allowing recipients to forfeit a portion of their allocation to reduce inflationary pressure.

THE SLOW DEATH OF ON-CHAIN DEFI

This thread discusses the decline of on-chain DeFi, attributing it to security vulnerabilities and the rise of CeDeFi protocols. Key issues highlighted include the increased reliance on centralized off-chain infrastructure, the trend towards centralization and control by developers, and the dominance of powerful intermediaries or "solvers," which ultimately undermine the decentralized vision of DeFi by creating centralized storefronts that prioritize user experience and profitability over true decentralization.

A DEFENSE OF CRYPTO

This argument explains why a middle-class American who believes in the current system should support crypto. The government has been aggressively anti-crypto and in some cases criminal, like in the Debt Box case where the SEC was sanctioned for committing perjury. Furthermore, the current financial system penalizes small and medium-sized businesses by not providing adequate protections against the risks the banks take with their money. Change to this system will have to come from the outside, with competitive products that challenge the status quo through low transaction costs, self-custody, and a lower risk profile.

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