TLDR Index
TLDR Crypto

TLDR CRYPTO 2023-07-21

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01MARKETS & BUSINESS

CUSTOMERS

Amidst regulatory concerns, Coinbase is terminating its Borrow program for retail customers, officially sunsetting it on November 20. The move comes after it disallowed new loans earlier in May. Borrow users have until the end date to repay any remaining balances, and Coinbase will sell any Bitcoin collateral needed to close the loans. This decision is confined to retail customers and doesn't impact institutional users or Coinbase Prime customers. The decision to scrap the Borrow program happens amidst ongoing legal dispute between Coinbase and the SEC.

theblock.co2 min read

INVESTOR GROUP NEARS $125 MILLION DEAL FOR COINDESK

An investors group, headed by Matthew Roszak from Tally Capital and Peter Vessenes from Capital6, is on the verge of buying cryptocurrency media firm CoinDesk for around $125 million. The deal is in its final stages. CoinDesk is owned by DCG, which has had a myriad of financial issues this year. Since these issues began, DCG has been looking for suitors to help remedy the situation. The parent company hired Lazard back in January to begin exploring a sale.

archive.ph1 min read

02INNOVATION & LAUNCHES

STARKNET LAUNCHING APPCHAINS

Starknet is launching Appchains to provide applications with more customization and performance capabilities. Appchains allow applications to utilize Starknet’s technology while modifying it to meet the application's unique needs. Starknet, known for its scalability, will offer apps additional throughput and an enhanced user experience. The benefits of Appchains also include customizability, decentralization, and expressiveness, allowing for unique features, blockchain parameters, and increased network security. The underlying Cairo-powered Starknet Stack utilizes a Rust-like and ergonomic language for more expressive smart contracts.

twitter.com2 min read

SYNTHETIX LAUNCHES TELEPORTERS WITH CHAINLINK’S CCIP

Synthetix has integrated Chainlink's Cross-Chain Interoperability Protocol into its v3 protocol, marking a groundbreaking use of Chainlink CCIP. The upgrade allows for efficient and secure cross-chain transfers of sUSD via the Synthetix Teleporter, initially facilitating movements between Ethereum and Optimism. This development opens a pathway for additional expansions to other EVM-compatible chains. The integration establishes shared collateral across multiple chains while keeping the total supply of sUSD constant. Synthetix is also exploring the possibility of utilizing Chainlink CCIP for cross-chain synthetic perpetual futures and staking pools, among other uses.

blog.synthetix.io3 min read

03GUIDES & TUTORIALS

PUNK 6529 ON ENS NAMES

In this Twitter thread, Punk 6529 breaks down how NFTs can be useful beyond just being collectibles, specifically focusing on ENS. Many NFTs to date have been purely collectible or experimental, but ENS exhibits exceptional utility and real network effects. Many applications integrate ENS as a standard practice and a vast number of users have adopted ENS names as their identities, so a large network effect has already been built out. Additionally, the names are a great alternative to confusing blockchain addresses, akin to domain names versus IP addresses. Many people will argue that you could use other name spaces like .sol or .crypto, but .eth is basically a parallel to .com in the 90s, so infrastructure should keep being built on top of ENS.

twitter.com5 min read

BREAKING DOWN THE TELEGRAM BOT TREND

Telegram trading bots have been all the rage over the past month or so. These bots can automate all manner of on-chain transactions, such as sniping DEX listings, tracking wallets, managing airdrops, and bridging funds. They provide a simple interface on a platform that many crypto users are already spending vast amounts of time on for regular peer-to-peer communications, making them an ideal solution for a number of core issues in crypto, like poor user interface. Protocols like Maestro and Unibot are leading the market - Maestro is generating over $140k in daily fees, and Unibot's token has surged over 100x in just two months.

twitter.com3 min read

04MISCELLANEOUS

HOW COINBASE ALLOWS YOU TO EARN CONTINUOUS YIELD ON USDC

This Twitter thread breaks down how USDC on Coinbase's Advanced Trade retains its ability to earn rewards, even when limit orders are placed with the funds. Funds rest on the order book and are only filled once the set limit – possibly lower than the current market price – is reached. Even though these funds are inaccessible during that time, users continue to earn rewards, provided they are eligible for USDC incentives. Importantly, this only happens with USDC and not USD on the platform. This novel feature is not yet available on any other crypto platform or traditional finance products.

twitter.com2 min read

FROM BANKS

In an interview at EthCC, Chainlink's co-founder Sergey Nazarov explained how he foresees banks adopting their own blockchains and connecting them via Chainlink's newly launched CCIP protocol. Nazarov suggests this could inject trillions of dollars into the crypto space. As banks tokenize real-world assets, they are predicted to want their own blockchain to maintain complete control. Chainlink's CCIP infrastructure facilitates secure movement of assets between blockchains and is currently being tested with crypto projects. Nazarov expects banks to develop their own stablecoins operating cross-chain via CCIP, once regulations allow for it.

theblock.co5 min read