TLDR CRYPTO 2023-05-31

BINANCE EXPLORES LETTING SOME TRADERS KEEP COLLATERAL AT A BANK

Binance is reportedly in talks to allow institutional clients to hold their trading collateral in banks rather than on the platform to mitigate counterparty risk. This move comes in the wake of concerns over custody and segregation of assets following the FTX collapse. Under this arrangement, bank deposits could serve as collateral for margin trading. Banks that are reported as being involved in the program include Swiss-based FlowBank and Liechtenstein-based Bank Frick. This proposal aims to provide clients protection from potential exchange failures and align with new Asian and European regulatory standards.

CFTC RISK WATCHDOG HAS ITS EYE ON CRYPTO

BRC-721E TOKEN STANDARD CONVERTS ETHEREUM NFTS TO BITCOIN NFTS

FROM GAS TO GOLD

Fantom has launched a gas monetization initiative designed to spur developer adoption. The program offers a 15% kickback on all gas fees generated by high-quality dApps. The funding comes from a reduction in the FTM token burn rate from 20% to 5%. To qualify, a dApp must have completed at least 1 million transactions and been live on Fantom for a minimum of three months. Since the program's launch just a few days ago, dApps have already generated over 11,000 FTM in rewards. The initiative is an interesting approach to increase developer retention and attempt to build a sustainable network.

BREAKING DOWN CHINA’S WEB3 WHITE PAPER

The big news this week was China’s web3 white paper, which indicated plans to thoroughly develop web3 tech and embrace concepts like NFTs and the Metaverse. The government plans to encourage the development of its own version of web3 through a "whole-of-government" approach, similar to its Web 2.0 strategy. The paper does not endorse Bitcoin or Ethereum, but shows a deep understanding of web3 tech. This could be a signal that while China acknowledges the potential of web3, it may not lift restrictions on cryptocurrency trading.

HOW TO USE A MULTISIG

This thread gives a brief overview of why and how crypto users should utilize a multisig. A multisig program relies on multiple private keys to secure on-chain assets, offering better protection against compromised keys and reducing single points of failure, compared to traditional hardware wallets that rely on single seed phrases or keys. The article suggests a 2-of-3 or 3-of-5 key setup for a balance between security and transaction convenience, and emphasizes the importance of using multiple wallets stored on separate devices.

TIKTOK INTEREST IN CRYPTO MEME COINS

WINKLEVOSS TWINS ATTEMPT PIVOT AFTER GEMINI LOSES MONEY AND EMPLOYEES

Gemini, the exchange co-founded by Tyler and Cameron Winklevoss, has been facing a series of challenges including regulatory scrutiny, dwindling market share, and the potential loss of a banking partner. To make matters worse, a critical loan repayment deadline that could aid in the recovery of $900 million from the exchange's defunct Earn product has been missed. As they attempt to navigate the convergence of these crises, the twins seem to have been eyeing a couple of different options, such as moving the company overseas and/or leveraging interest in derivatives trading to get traction in that market and drive more trading volume.

A WAY TO HOLD USDC WITHOUT THE RISK OF BEING BLACKLISTED

This tweet explains how depositing USDC into the largest Uniswap ETH/USDC pool as one-sided liquidity with an unlikely-to-be-touched price essentially allows for safe, blacklist-resistant handling of USDC.

BIDEN CRYPTO TAXES NOT IN CURRENT US DEBT CEILING DEAL

NANSEN CUTS HEADCOUNT BY 30%

Nansen announced yesterday that it has made the decision to lay off 30% of its staff. With a leaner team, Nansen will be reducing its product surface area and creating more runway for the company.

THE FREEDOM TO INNOVATE