The Daily Index — Monday, September 2, 2024 · TLDR Index

MARKETS & BUSINESS

TLDR Crypto

TLDR Crypto

SEC WARNS FTX AGAINST PAYING CREDITORS BACK IN STABLECOINS, OTHER CRYPTO

The SEC has warned FTX that it may oppose the bankrupt exchange's plan to repay creditors using stablecoins or other digital assets. The agency also objects to provisions that would limit future legal liabilities for FTX's estate, aligning with the U.S. Trustee's concerns over discharge provisions that protect the debtors from further claims.

theblock.co · 2 min

TLDR Crypto

INTRODUCING RUMPEL: TURNING POINTS INTO PROFIT

Points have become the primary protocol reward mechanism, but users are frustrated with their lack of transferability. Rumpel wraps points into a Rumpel Point Token stored in a multisig wallet, allowing points to be traded onchain. Liquid points markets create more user interest and speculation, increasing protocol market awareness.

threadreaderapp.com · 4 min

TLDR Crypto

EIGENDA: REVOLUTIONIZING ROLLUP ECONOMICS

EigenLayer's data availability AVS, EigenDA, has over $9 billion of restaked capital protecting the availability of rollup data for transaction verification. Though the DA space is saturated with competitors, EigenDA has higher throughput and Ethereum alignment but may not offer as high restaking rewards as other AVSs. EigenDA must reach $160k monthly revenue, or around 11 rollups, to break even.

x.com · 11 min

TLDR Crypto

HOW L2S ACTUALLY WORK

On an L1, all the network's nodes have to process transactions and store data onchain, which is an expensive process causing high transaction fees. L2s use cheaper data and batch transactions together to be executed by an offchain entity, allowing for hundreds more transactions per second than L1s. L2s submit transaction proofs secured by cryptography or staked assets to the L1 for settlement.

threadreaderapp.com · 6 min

TLDR Crypto

MOATS IN CRYPTO MARKETS – A NEW FRAMEWORK

In the competitive crypto protocol industry, it is essential to understand moats and how entrenched specific protocols are. This framework focuses on six verticals — money markets, DEXs, stablecoins, LSTs, third-party bridges, and social apps — and analyzes them for their defensibility. Each vertical has “un-forkable” properties, like liquidity for a DEX, that keep the incumbents in power, though some properties are stronger than others.

threadreaderapp.com · 1 min

TLDR Crypto

GAMING STUDIO ZYNGA SELLS SUGARTOWN TO ITS DEVELOPERS

Zynga, the game studio behind hit games like Farmville and Words With Friends, has divested from its Web3 game Sugartown. The IP was sold to D20 Labs, a company led by two Sugartown game developers. A follow-up post promised more details about the project's future in the coming weeks.

threadreaderapp.com · 1 min

TLDR Crypto

EIGENLAYER: PUSHING BOUNDARIES OF TRUST

Restaking expands what staked capital can do, while the EIGEN token and intersubjectivity expand the use cases of governance tokens. The protocol will have outsized impacts on validator economics, and there will undoubtedly be unforeseen challenges in the AVS ecosystem. While complex, restaking could lead to more resilient and responsive blockchain systems through community-driven resolution of disputes and expanding decentralized collaboration.

threadreaderapp.com · 12 min

TLDR Crypto

BLOOMBERG TERMINAL ADDING POLYMARKET ELECTION DATA

The Bloomberg Terminal is reportedly adding Polymarket election data to its election dashboard, providing users with real-time insights on the prediction market's numbers.

threadreaderapp.com · 1 min

TLDR Crypto

DEFI WILL BE THE BACKBONE OF ALL FINANCE

DeFi protocols like Aave could become the backbone for all credit extensions through the tokenization of real-world assets.

threadreaderapp.com · 1 min

TLDR Crypto

PUMP.FUN SURPASSES $100 MILLION IN REVENUE AS POLYMARKET OUTSHINES NFTS IN AUGUST

Pump.fun, a memecoin launchpad, has exceeded $100 million in revenue since its January 2024 launch, while Polymarket's trading volume in August outpaced the entire NFT market.

theblock.co · 2 min

TLDR Crypto

YUGA LABS CEO REVEALS THE WORKSHOP TEAM FOCUSED ON APECHAIN DAPPS

Yuga Labs' CEO has created a special team, named "The Workshop," dedicated to developing dApps for its ApeChain blockchain.

theblock.co · 2 min