TLDR CRYPTO 2023-07-06

LARRY FINK SAYS 'CRYPTO IS DIGITIZING GOLD' AND THAT BLACKROCK'S BITCOIN ETF COULD HELP MAKE THE SECTOR 'MORE DEMOCRATIZED

BlackRock's CEO, Larry Fink, stated yesterday that Bitcoin is now viewed as an "international asset". The statement comes after the asset management firm made moves to offer a spot Bitcoin ETF. Fink also compared the role of Bitcoin to digital gold, offering an alternative to physical gold investments as an inflation hedge. Despite his initial skepticism, Fink asserted that BlackRock's aim is to democratize crypto and provide cheaper options for investors.

NUMBER OF CRYPTO M&A DEALS PLUMMETED IN Q2

In Q2, crypto M&A numbers fell, with intra-sector deals down 50%. According to Architect Partners, there were only 32 transactions during this period, a steep decline compared to the previous quarter's high of 54. Total deal value also dropped to $370 million from approximately $400 million last quarter. The analysis attributed this dip to crypto companies becoming more selective in their business choices. Laser Digital’s acquisition of Elysium Technology Group and Ripple's purchase of Metaco were some of the big deals of the month.

BLUR V2 LAUNCHES WITH LOWER GAS FEES AND TRAIT BIDDING

Blur v2 launched with two major feature rollouts: trades now consume 50% less gas due to optimizations and users can now place bids on specific traits. As part of this update, Blur v1 bids are no longer functional, meaning users will have to make the same bids through the updated contract. Trait bidding is available for all collections and specific ones can earn extra points. Other features previously launched this season include lending, BNPL, mobile support, notifications, and an optimized v2 marketplace.

AXIOM LAUNCHES MAINNET ALPHA

Axiom, a solution giving developers enhanced access to on-chain data on Ethereum, is now live. With this, developers can now request larger amounts of data and compute power for their smart contracts. Using zk proofs, Axiom aims to ensure data accuracy and trustworthiness, enabling the creation of data-rich applications with the same level of interaction as traditional web apps, but with the security of Ethereum. Currently, developers can access block headers, account details, and historic storage values through Axiom’s platform, and the company plans on providing access to transaction, receipt, and consensus data in the near future.

SHARED VALIDITY SEQUENCING

This write-up explains how Ethereum's scaling future may depend on rollups, a shared sequencer architecture designed to improve atomic cross-rollup interoperability. The current rollup solution faces issues with centralized sequencers and a lack of effective solutions for interoperability between optimistic rollups. Shared Validity Sequencing is a decentralized model of sequencing, intended to allow atomic bridging of tokens and enable cross-chain actions. In this design, the technology can serve entire rollup ecosystems with unified layers of native assets. Among the advantages, this solution promises enhanced sovereignty for applications, flexible pricing for locks, and immediate sharding possibilities.

POTENTIAL INHERITANCE SETUP FOR HARDWARE WALLET

This tweet discusses setting up a 2 of 2 multisig setup for increased security using BIP85 on a Coldcard for bitcoin transactions. It provides step-by-step instructions for creating a secure system that incorporates the need for just one seed plate and pass phrase, two hardware wallets, and no wallet files. The process incorporates a geographic key distribution tactic to ward off potential offline theft and offers suggestions for extending the setup for a 3 of 3 spread over three locations. The tweet goes on to explain how you could potentially use this setup for an inheritance.

TRADING

Brett Harrison, former FTX US CEO, founded a venture called Architect earlier this year, aiming to simplify AI-based crypto trading. It has closed a $5 million seed round from investors like Coinbase Ventures and Anthony Scarmucci. Architect uses algorithms and AI interfaces like OpenAI's API to help users create crypto trading strategies. The platform, currently in beta mode for specific clients, allows traders to establish these trading rules using natural language. Despite the use of AI tools, Harrison emphasizes that the effectiveness of the trading strategies still ultimately relies on the guiding team's expertise.

This blog explores the concept of blockchains and bridges in crypto networks. It defines a blockchain as a data structure for categorizing transactions, achieved via a consensus protocol for data validation. The blog likens blockchain protocols to databases, with ‘closed’, ‘public’, or ‘open’ databases based on their access permissions. It delves into the role of bridges in facilitating communication between such databases, with overviews of 'Human-operated' and 'Light client' bridges.

NFT CREATOR ROYALTY PAYMENTS HIT TWO-YEAR LOW

NFT royalty payments hit a two-year low in June, according to Nansen. The rise of royalty-optional marketplaces like Blur and OpenSea with its new policies coincided with creators' earnings decreasing significantly.

IS THE IRS CRACKING DOWN ON CRYPTO?

The IRS is focusing on crypto tax evasion by attempting to provide clearer guidelines and tracking crypto transactions more closely.

COINBASE DIRECTOR FINDS LOST CRYPTO WORTH $320,000 FOR STRANGER

Coinbase Product Director Conor Grogan found over $320,000 in untouched Ethereum Classic funds for an individual unaware of their existence. This find was part of Grogan's broader effort to locate dormant ETC wallets stemming from the 2016 Ethereum blockchain fork.

DID BLUR REALLY CRASH THE NFT MARKET?

In the wake of a precipitous decline in NFT prices, investors are blaming Blur's incentivized trading model. Critics argue that Blur's practices encourage rapid flipping and wash trading for rewards, essentially turning NFTs into nothing more than "altcoins with pictures."