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In the midst of a suit between the two entities, the SEC is now scrutinizing Coinbase's role in Celsius’ bankruptcy plan. The SEC argues that Coinbase's services in the process go beyond being a distribution agent to offering brokerage and trading services. This raises issues that reflect those outlined in the SEC's lawsuit against Coinbase for allegedly operating as an unregistered broker violating federal securities laws.
The Mixin Network, a crypto project offering a wallet for cross-chain asset transfers and a decentralized exchange, was hacked, exposing up to $200m in potential losses. Deposit and withdrawal services were suspended to stop any bad actors from acting on the exploit. The incident is being investigated with assistance from Google and SlowMist. It has raised questions about the network's centralization, specifically around its reliance on its cloud service provider.
Decentralized Physical Infrastructure Networks have the potential to revolutionize traditional infrastructure models. Solana Foundation DePIN lead Kuleen Nimkar compares them to the gig economy. The Solana projects Hivemapper, Render, and Helium show potential, offering opportunities for additional income by contributing hardware to DePIN protocols. Nimkar believes Solana will be the "default choice" for such projects due to its low transaction cost and scalability. This has already been proven somewhat as Helium previously transitioned from its own chain to building on top of Solana.
In this post, Rod Armor, the creator of the Ordinals protocol, lays out an idea for a new fungible token protocol for Bitcoin. While he thinks most fungible tokens are either scams or memes and can be harmful to users and speculators, he concedes that there is no stopping them, much like gambling or casinos. In light of this, he proposes a simple fungible token protocol that could potentially bring significant transaction fee revenue, developer mindshare, and users to Bitcoin.
This post explains how tokenization is altering the role of banks and private equity, with private markets shifting to digital platforms. Banks are lending to PE firms, which are gradually assuming bank lending functions. This development is causing a significant change in the operation of credit markets. Companies like Apollo, KKR, and Wellington are adopting tokenization, allowing private equity funds to start to resemble banks. Shadow banking is mimicking traditional banking systems through tokenization, replicating their functions.
The NYSE has filed an amended application to list the Bitwise Bitcoin ETF Trust, which includes over 40 pages of new research from Bitwise. This research aims to confront the key concerns the SEC has regarding spot bitcoin ETFs. Bitwise continues to develop innovative research supporting their bitcoin ETF filings, arguing that the CME futures market impacts price discovery in the bitcoin market.
MicroStrategy has increased its bitcoin holdings by purchasing an additional 5,445 BTC at an average price of around $27,053. The latest acquisition, valued at around $147.3m, boosts the company's total bitcoin holdings to a total of 158,245 BTC or 0.7% of the total Bitcoin supply.
Maple Finance, a crypto lending protocol, has mostly switched from under-collateralized to over-collateralized loans due to the extended bear market impacting the creditworthiness of borrowers. As a result, only 10% of outstanding loans on the platform are under-collateralized. Despite a significant loan default in December 2022, the platform's value has slowly risen due to offering underwritten loans and access to US Treasury yields.
7 years since its inception, Ethereum has hit $10 billion in all time revenue. The only software platform that has hit this milestone more quickly is Google. Ethereum narrowly edged out Facebook’s time to hit it.
Huobi may be insolvent as there are discrepancies between its ETH and USDT holdings. Justin Sun is being accused of manipulating stUSDT to prop up JustLend and amassing a $2.4 billion debt across Huobi and Tron.
This article covers Bernstein’s predictions about how the crypto fund management industry could grow from $50 billion to $500-650 billion in 5 years, driven by investment products and bitcoin ETFs.
The Arbitrum Foundation transferred 69 million unclaimed ARB tokens worth $59 million to its treasury after 93% of eligible users claimed them. The treasury now holds $3 billion in ARB.