TLDR CRYPTO 2023-08-10

SEC FILES RIPPLE APPEAL IN CHALLENGE TO XRP SECURITIES OUTCOME

After losing its case against Ripple Labs, the SEC is now requesting an uncommon interlocutory appeal. The appeal is primarily focused on the previous ruling that deemed Ripple's XRP token's programmatic sales were not securities. The SEC argues that an interlocutory review would prevent potential lengthy processes in the ongoing case. Ripple Labs is set to respond to the SEC's request next week.

REGIME

The Bank of England is moving forward with plans to regulate systemic stablecoins, cryptocurrencies tied to other assets' values. The rules aim to ensure customers do not lose funds in these stablecoins and that companies that leverage them are able to ensure continuity. The Financial Services and Markets Act 2023 has endowed the BoE with the powers to establish this regulatory regime.

Fantom is exploring transitioning to an optimistic rollup on top of Ethereum, similar to a recent move by the Celo Network. With both the OP and Arbitrum Stacks as candidates, this move could improve security and give access to more liquidity from the Ethereum ecosystem. While most people would view Fantom as a traditional L2, Fantom’s co-founder Andre Cronje sees it as a sidechain bridging mechanism. Despite its potential, Cronje warns the increased security could be compromised if other bridges connect to the linked blockchains.

MESO LAUNCHING FOR EARLY ADOPTERS

Meso, an on- and off-ramp protocol, is opening for early access and seeking user input before its official launch. The platform offers an innovative approach to transferring funds seamlessly between banks and wallets. It promises efficient and low-cost transfers between banking institutions and wallets without forfeiting self-custody. Meso aims to ensure user safety with features like two-factor authentication, and has clear plans for future growth with notable partners such as Solana Ventures, Ribbit Capital, and Phantom.

BREAKING DOWN PAYPAL’S STABLECOIN STRATEGY

PayPal announced earlier this week it is making a strategic entry into the stablecoin space with PYUSD, presumably aiming to capitalize on the profitability Tether has experienced with this business model. With existing distribution to hundreds of millions of users, it seems that PayPal will attempt to onboard users to its native stablecoin and then monetize the same way Tether does: through interest bearing assets. This is likely just the start of traditional Web 2.0 and traditional finance companies getting into the stablecoin game, given how attractive the business model is.

SECURITY

This thread explains how to navigate the tricky terrain of crypto security and offers a guide to enhancing wallet security measures. It unpacks the myriad of ways users can unwittingly compromise their crypto wallets, from interacting with scammers on Telegram to accessing malicious websites. Strategies for safeguarding assets include investing in a hardware wallet, switching to safer platforms like Rabby, regularly revoking all contracts, using different wallets for different functions, and being vigilant about which contracts you sign. The thread also cautions on the limitations of hardware wallets, and suggests layered protection.

WHY SAM ALTMAN WANTS TO SCAN TWO BILLION EYES

Sam Altman's Worldcoin created quite the initial buzz but has been subject to a great deal of criticism since launch. Users reported abuse through incentives and even coercion. Critics call it "digital colonialism," citing the misuse of biometric data and potential exploitation. Governments, like Kenya, banned the service over these privacy and security concerns. Meanwhile, Altman argues World ID will be crucial in a future where AI surpasses human capabilities and claims it could somehow help support UBI.

Y00TS MIGRATING FROM POLYGON TO ETHEREUM

DeGods project, y00ts, is planning to migrate from Polygon to Ethereum. It will return 100% of a prior grant they received from Polygon, which will then be utilized for NFT ecosystem development to support creators and builders. Despite the shift, Frank, the y00ts founder, says the project still has a positive relationship with Polygon. The migration date is to be disclosed soon.

COINBASE'S BASE MAINNET OFFICIALLY OPENS TO THE GENERAL PUBLIC

Coinbase’s Base officially launched to the general public yesterday. The chain has generated a lot of buzz over the past couple weeks and even has over 100 dApps already building on it.

UNIBOT ENHANCES SECURITY, MAKING PRIVATE KEYS REMOTE FROM TELEGRAM

Until now, wallets created through Unibot revealed users’ private keys for newly generated wallets directly in Telegram. A new update, dubbed Unibot Cloud, stores users’ private keys on Unibot’s cloud server. While this is still not ideal, it’s much better than the private keys just sitting in Telegram.

WASABI AGGREGATING NFT LIQUIDITY

Wasabi Protocol has introduced Liquidity Aggregation, enabling Buy Now Pay Later functionality for NFTs. Liquidity Aggregation aggregates loans from NFTfi and Zharta and even listings from major marketplaces, offering flexible repayments and the potential for arbitrage.

TETHER VS. BINANCE

Issues between Tether and Binance, such as USD banking issues, Tether redemption problems, Binance's alternative coins, the potential depegging of USDT, and exchanges reconsidering USDT pairs, have been raising concerns.