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Republican lawmakers have called for the DOJ and the SEC to investigate Prometheum, a crypto firm, concerning its relationship with Chinese investors. Prometheum's co-CEO, Aaron Kaplan, had testified before a House committee about the company's ability to operate alongside securities laws. Suspicions arose following discrepancies between Kaplan's testimony and Prometheum's SEC filings. The lawmakers fear that Prometheum may have misrepresented its ties with Chinese investors, primarily Shanghai Wanxiang Blockchain, leading to an insinuation of potential securities fraud.
Crypto asset manager Grayscale has raised criticisms against the SEC for approving a leveraged Bitcoin-based ETF, alleging that the product is actually riskier than Grayscale’s Bitcoin futures products. This comes amidst Grayscale's ongoing lawsuit against the SEC for rejecting its spot Bitcoin ETF application. The company suggests the SEC is discriminating against different companies, and is seeking legal redress, with a judgment expected by year-end.
Thirdweb has rolled out a new way to deploy contracts on EVM chains. This new secure method eliminates hassling with private keys and copy-pasting ABIs, simplifying the process into a single command. Users can select from a range of pre-built smart contracts such as NFT Drops, marketplaces, tokens, staking, and governance. Post-deployment, developers can hop into a contract management dashboard and leverage SDKs designed for the contracts they deployed to start building their full-stack app. Over 300,000 contracts were launched with this feature in June.
Bitcoin developers have launched Zapple Pay, a new service enabling the exchange of Bitcoin through emojis in the Bitcoin-friendly app Damus. The innovation comes after Apple threatened to remove Damus from its App Store for allowing users to exchange Bitcoin, a practice it equates to selling digital media. Damus' developer, William Casarin, removed this functionality, leaving users with only the ability to exchange profile-level tips. However, some independent developers found this workaround, arguing that Apple will struggle to interfere due to the third-party nature of their service.
According to Electric Capital’s Developer Report, the number of active open source crypto developers has declined by 22% over the past year, largely due to newcomers leaving the industry. However, the number of developers working in crypto for over a year has remained steady and has accounted for most of the space’s activity, contributing more than 80% of code commits. Despite the overall drop, the number of active developers is higher than the pre-peak period in 2021. Ecosystems such as Osmosis, Sui, Aptos, TON, Optimism, and Aztec Protocol have reported year-over-year growth.
Safe is propelling innovation in modular Smart Account infrastructure, enabling developers to construct a variety of applications and wallets. Its framework emphasizes four primary facets: Plugins, Hooks, Function Handlers, and Signature Verifiers. The structure allows for the creation of unique functionalities while maintaining secure operations. The architecture focuses on Safe Account, Singleton contracts, Factories, and Integration Interfaces, with considerations around cost efficiency, upgradability, and augmented functionality. Safe's structure incorporates core Ethereum principles like signature thresholds to ensure security and extend its capacities to allow developers to build robust smart wallets.
Ethereum’s next major upgrade, called "Dencun," will focus on EIP-4844. The upgrade aims to reduce transaction costs on mainnet and improve the way L2s encode data on mainnet, significantly affecting the data economy of the platform. The data associated with the upgrade will be temporary, persisting for only 30 days. This new approach has implications for applications using on-chain data, especially NFTs, and raises questions about future data storage and availability.
Arkham Intelligence is launching a marketplace and token that allows users to pay for on-chain sleuthing. The platform, Arkham Intel Exchange, uses a bounty system where users post a bounty and whoever fulfills it first gets paid in Arkham’s native coin, ARKM. Alternatively, users can auction off their independent findings if they are of interest to potential buyers. In addition to its token launch, Arkham gained some attention yesterday as news came out that they had been doxxing users’ email addresses in their referral links. While the links looked harmless, they were actually the users’ Base64 encoded email addresses, which tied their emails to their Twitter accounts when they unwittingly shared them.
This thread lays out the experience of an individual who co-founded a crypto startup, sharing the insights he gained on crypto, entrepreneurship, and ethics.
In May 2022, the LUNA collapse led to significant BTC sell-offs and overall market chaos, causing a notable CME (Chicago Mercantile Exchange) gap of around $35,100. Today, BTC's potential to fill this gap depends on ETF approvals and a declining U.S. Dollar Index.
Following the launch of BRC-69, a token standard reducing fees and introducing recursion, Ordinals are picking up in activity once again.
Crypto scammers are increasingly impersonating regulators and law enforcement officials to defraud victims. Despite intense government scrutiny and efforts to curb such fraud, these impersonation scams have still been effective and difficult to prosecute due to their international and mutating nature.