The Daily Index — Monday, September 9, 2024

GENERAL

TLDR Crypto

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invest.energyx.com

TLDR Crypto

THE BOOMING CRYPTO USE CASE THAT'S HAPPENING RIGHT NOW

Bloomberg's ‘Odd Lots' podcast this week covered stablecoins and their legitimate use globally as a payment and settlement platform. Stablecoins significantly improve legacy payment systems by offering cheap, near-instant, and light-regulation options for citizens of any country to send US dollar-backed digital assets. This marks one of the leading legitimate use cases of the highly speculative crypto industry.

bloomberg.com · 3 min

TLDR Crypto

JAPAN'S THREE MAJOR BANKS TO TEST CROSS-BORDER STABLECOIN TRANSFER PLATFORM

MUFG, SMBC, and Mizuho, the megabanks of Japan, are piloting a cross-border stablecoin transfer platform. The initiative, “Project Pax,” will use stablecoins issued by bank-backed Progmat and run by Datachain and TOKI. It will use SWIFT's existing APIs to settle on blockchain networks and be commercialized by 2025.

theblock.co · 2 min

TLDR Crypto

THE GRASS AIRDROP CHECKER IS LIVE

The Grass Foundation has launched an airdrop eligibility checker for its decentralized movement aimed at returning control of the internet to users. This first airdrop distributes 10% of the 1 billion GRASS tokens. Some users claim it is not yet live and others have warned about scams.

x.com · 1 min

TLDR Crypto

EIGEN SIMPLY EXPLAINED

EigenLayer repurposes Ethereum's existing security for new projects without needing separate validation processes. This simplifies the use of shared resources and improves overall network efficiency. The approach allows participants to leverage their original resources (that they have staked) across multiple applications, streamlining operations and governance within the Ethereum ecosystem.

threadreaderapp.com · 2 min

TLDR Crypto

CREATING SOLANA MINI APPS

The Solana starter kit for Telegram simplifies creating mini apps, facilitating user authentication via Phantom with features like easy transaction signing. It may potentially integrate with Solflare.

threadreaderapp.com · 1 min

TLDR Crypto

ZILLIQA RETROSPECTIVE

Zilliqa is an alt L1 from the 2017 bull market that was similar to Solana but never gained traction. Though it had good tech, the protocol pivoted to focusing on RWAs and enterprise projects instead of developer tooling and experience. Solana, who focused primarily on DevEx, exchange integrations, and ecosystem growth, ultimately won.

threadreaderapp.com · 2 min

TLDR Crypto

WEAK NARRATIVE FORMATION IN CRYPTO

The Twitter ‘For You' feed emphasizes engagement-farming and election-related posts instead of quality content. With the recent sentiment around too much infra and not enough apps, we are now seeing copycat projects of existing apps like Polymarket and Pump.fun. Both of these projects could have indirectly benefited from the emphasis on election content and short-term attention spans.

threadreaderapp.com · 3 min

TLDR Crypto

THE REAL BULL MARKET HASN'T STARTED YET

The halving impacts how much Bitcoin mining companies can sell to cover operational expenses, increasing the Bitcoin price by not providing as much sell pressure.

threadreaderapp.com · 1 min

TLDR Crypto

AN OBSERVATION ON THE LACK OF IDEAS WITHIN CRYPTO

In the crypto industry, social consensus and mimetic thinking drive both the valuation and innovation cycles.

threadreaderapp.com · 2 min

TLDR Crypto

ETHEREUM L1 PROTOCOL REVENUE DOWN SINCE DENCUN

This chart shows the decline in operating expenses (corresponding decrease in Ethereum L1 protocol revenue) for various Ethereum L2 platforms from December 2023 to September 2024, highlighting a sharp decrease in costs after a peak in early 2024.

threadreaderapp.com · 1 min

TLDR Crypto

TETHER ACQUIRES STAKE IN ARGENTINIAN AGRICULTURAL PRODUCER

Tether has acquired a 9.8% stake in Adecoagro, a major Latin American agricultural company with extensive operations in milk production in Argentina and sugarcane cultivation in Brazil.

threadreaderapp.com · 1 min

TLDR Crypto

VANECK CLOSING ETHEREUM FUTURES ETF BECAUSE OF SPOT ETF APPROVAL

Since its spot Ethereum exchange-traded product was approved, VanEck is closing its Ethereum Futures ETF.

threadreaderapp.com · 1 min