TLDR Index
TLDR Crypto

TLDR CRYPTO 2023-08-14

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01MARKETS & BUSINESS

COINBASE

Crypto venture firms a16z and Paradigm submitted a joint brief for Coinbase, contesting the SEC’s regulatory authority over the crypto industry as too broad. They argue for a dedicated, comprehensive legislative framework for digital assets, negating the SEC's inconsistent approach, to create a predictable environment for crypto entrepreneurs. a16z and Paradigm stress that such regulations should be crafted by Congress, not the SEC. These briefs were followed by one from sitting Senator Lummis, an ardent bitcoin supporter, and 6 leading legal scholars from top-tier institutions.

twitter.com2 min read

OCTOBER TRIAL

Sam Bankman-Fried's bail has been revoked due to suspicions of witness tampering and other violations of his bail agreement. He will be detained ahead of his October trial. The DOJ previously sought to revoke his bail, claiming its conditions were insufficient. They finally found grounds to jail him, and he will remain incarcerated until his trial. The upcoming trial will include charges related to money laundering, wire fraud, and political influence campaigns.

blockworks.co2 min read

02INNOVATION & LAUNCHES

PAYING GAS FEES WITH VISA CARD

Visa released a paper outlining a solution that will allow users to pay on-chain gas fees with their Visa cards rather than using native tokens. The experimental solution, which utilizes paymasters and leverages account abstraction, aims to create an alternate and smoother onboarding experience for users when they don’t have native tokens available for gas - usually a requirement to initiate a transaction. It has been successfully tested on Ethereum's Goerli testnet, providing an initial proof-of-concept.

twitter.com3 min read

LOOK LIKE

The latest sensation on Base is Friend.tech, a decentralized social media app. Engineered by a crypto veteran, it has already generated a buzz and surpassed OpenSea in total volume on its first day. Friend.tech enables the tokenization of social media profiles, so users can buy and sell shares of individual profiles. Token holders have the ability to initiate private chats with the profiles. Friend.tech has had some strong initial traction despite being in beta and grappling with functionality issues due to overwhelming traffic.

twitter.com3 min read

03GUIDES & TUTORIALS

HOW POLYGON ZKEVM PROVES BATCHES OF TRANSACTIONS

This article discusses how Polygon's zkEVM works. It details the process of submitting transactions and executing them instantly and describes how batches of transactions are encrypted and sent to Ethereum L1. The blog analyzes the structure used to sequence the transaction batches, states the three finality states a transaction can go through, and elaborates on the process of aggregating sequenced batches. It goes on to emphasize the benefits of the zkEVM approach, which include low gas fees and quick transaction speeds.

blog.jarrodwatts.com9 min read

ROLLUPS ARE REAL — ROLLUP ECONOMICS 2.0

This article discusses an updated framework for understanding rollup economics in crypto. Changes in technology have given rise to variations of rollups such as independent rollups, rollup cooperatives and federations, Layer 3 systems, and more. The framework this article discusses considers economic aspects like extraction and allocation of MEV, fee management, operational costs, and overall resource allocation. It aims to enhance understanding of this ecosystem's direction and shape ongoing innovation and discussions.

davidecrapis.notion.site12 min read

04MISCELLANEOUS

ON CIRCLE’S WEB3 SERVICES STRATEGY

Circle recently launched its wallet-as-a-service product. The company said this was the first product in what will become the Circle web3 services product line. In this thread, Circle’s CEO lays out the company’s strategy for its new services line, the thesis and background behind it, and a vision for how it fits into the broader crypto ecosystem.

twitter.com3 min read

NEXT?

The SEC has extended its decision period on the proposed Bitcoin ETF by Ark Invest and 21Shares, with the next deadline set for early September. Bitwise's proposal will be considered on September 1, followed by decisions on other proposals from BlackRock, Fidelity, Invesco, WisdomTree, and VanEck on September 2. The SEC has 240 days to consider each application from its federal register publication date.

blockworks.co2 min read