TLDR Index
TLDR Crypto

TLDR CRYPTO 2023-06-12

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01MARKETS & BUSINESS

CRACKDOWN

As a result of the SEC's latest offensive against crypto exchanges, Robinhood is delisting Solana, Polygon, and Cardano after June 27. Users will be able to transfer these cryptocurrencies until the deadline, but post-deadline, Robinhood will sell the coins, crediting the corresponding USD value to users' accounts. The decision follows Robinhood's review of SEC lawsuits against Binance and Coinbase. Despite having its securities trading license, Robinhood officials acknowledged that they are not sure if this would allow them to trade the tokens the SEC is claiming are securities.

theblock.co1 min read

BINANCE.US SUSPENDS USD DEPOSITS, WARNS OF FIAT WITHDRAWAL PAUSE

Binance.US is suspending USD deposits and is warning users of a pause in USD withdrawals starting on June 13, due to pressure from the SEC. Its banking situation has become more complicated after the SEC issued an order to freeze Binance.US’s assets. The crypto exchange is planning to transition to a crypto-only platform. While trading, staking, deposits, and crypto withdrawals will remain operational, the firm plans to delist USD trading pairs, though Tether pairs will still be supported.

cointelegraph.com2 min read

02INNOVATION & LAUNCHES

CATALYST UNIT OF LIQUIDITY

Catalyst Exchange's new whitepaper goes over an innovation called the 'Unit of Liquidity', which promises to further generalize Uniswap and Balancer AMM equations and improve cross-chain DeFi applications. Unlike existing protocols, Catalyst enables cross-chain swaps without exposing users to an intermediate token or requiring a bridge. The system executes swaps independently and uses price curves rather than a constant function. It can mimic the Balancer invariant, facilitate stable-coin swaps, enable cross-chain liquidity auctions, and more.

threadreaderapp.com3 min read

INSCRIPTIONS 2.0 - RECURSIVE INSCRIPTIONS COMING TO ORDINALS

A PR for recursion, merged over the weekend, allows an Ordinals inscription to request content from other inscriptions, effectively exceeding the previous 4mb limit. This creates opportunities for innovative applications such as loading parts of a larger game code, or building image inscriptions from a base layer plus traits, all on-chain. Even entire programs, like Bitcoin Core, can theoretically be uploaded and run on Bitcoin. The development of this concept opens the door for further creativity and functionality for Ordinals.

threadreaderapp.com4 min read

03GUIDES & TUTORIALS

THE THREE TRANSITIONS

This article from Vitalik Buterin discusses three critical transitions Ethereum must undergo to mature: L2 scaling, wallet security, and privacy. The first relates to everyone moving to rollups, enabling faster and cheaper transactions. The second involves the transition to smart contract wallets for enhanced security. The third emphasizes privacy-preserving fund transfers. In the post, Buterin discusses the implications of these transitions on users, addresses, on-chain payments, key recovery, infrastructure, and identity.

vitalik.eth.limo19 min read

ONCHAIN HYPERCULTURES: THE CONTEXT-FERMENTATION WINDOW

This blog discusses on-chain culture, represented by blockchains and the internet, and how it may lead to a global cultural shift by turning cultural diversity into a fruitful global society. It transforms individual and collective creativity into tangible milestones in the digital realm. For example, paying to mint, as opposed to simply uploading to servers, enhances the value of shared content. The decentralized nature of blockchains allows for endless hyperculture creation, across fields like art, journalism, music, and more. This potential, combined with collective resonance, could bring about a major cultural evolution.

mirror.xyz5 min read

04MISCELLANEOUS

THEIR CRYPTO COMPANY COLLAPSED. THEY WENT TO BALI.

This controversial article explains how Kyle Davies and Su Zhu have enjoyed leisurely lives traveling and sightseeing following the collapse of their cryptocurrency hedge fund, 3AC. Their hedge fund's failure led to substantial losses for other companies and individual investors, but Davies and Zhu claim to have thrived since, spending time in Bali, Thailand, and Malaysia, among other locations. Despite ongoing investigations and outstanding balances to creditors to the tune of $3.3 billion, they insist they've done nothing wrong. In fact, they're even promoting their next venture, Open Exchange, a platform for traders who lost money in last year’s crypto market crash to buy and sell claims to the bankruptcy estates of defunct crypto firms. Ironically, users will be able to trade claims against 3AC on this new exchange headed up by Davies and Zhu.

archive.ph16 min read

CRACKDOWN ON COINBASE

The SEC's recent lawsuits against Binance and Coinbase have drawn criticism from Congress and former regulators, who accuse SEC Chairman Gary Gensler of undermining their efforts to develop a regulatory framework for the crypto industry. Critics argue Gensler's views have significantly shifted from when he taught blockchain at MIT. While Gensler emphasizes that he is trying to reign in what he views as the non-compliance of the crypto sector, others believe the SEC is wasting resources on ambiguous cases. Some in the industry are hopeful that these enforcement actions will prompt Congress to accelerate the creation of crypto regulation, though skeptics caution about betting on swift legislative action.

marketwatch.com4 min read