TLDR CRYPTO 2023-10-05

CONTRACTS

The Hong Kong Stock Exchange announced it would be rolling out new blockchain-enabled features to improve operational efficiency on Stock Connect, an arm of HKEX that gives international investors access to mainland China equities. The product HKEX is rolling out to accomplish this is called “Synapse”. Synapse will be used to track and record the settlement of trades on Stock Connect, which should help make the process of recording trade settlement, a slow and complicated process, much more efficient.

ANCHORAGE AND EAGLEBROOK LINK UP IN BID TO BOOST CRYPTO SMA ACCESS

Anchorage Digital has partnered with cryptocurrency SMA platform Eaglebrook Advisors to streamline financial advisors' access to regulated crypto investments. The collaboration fulfills the SEC’s definition of a “qualified custodian” for safeguarding client assets, which enables asset managers to launch their SMA strategies on Anchorage Digital. The move is timely following the SEC's custody proposal and the industry’s exploration of spot crypto ETFs.

OpenSea, once the largest NFT marketplace in the crypto ecosystem, has faced challenging times after being unseated by rival marketplace Blur last year. In addition to dwindling secondary trading volume, the company has also seen diminished usage of its minting feature over time. In response to this and the success of other minting platforms like Zora, OpenSea has launched a “no-code” studio, enabling creators to set up and drop an NFT collection on their choice of supported chains without any technical experience or third-party assistance.

LOYALTY PLATFORM

Former Resy and Eater Co-Founder Ben Leventhal is looking to revolutionize loyalty programs with his new restaurant loyalty platform, Blackbird. Blackbird, fresh off a $24m Series A funding round led by a16z, offers restaurateurs creative ways to reward their most loyal patrons via paid memberships, merch, and earned perks. The company is incorporating crypto into the platform with its own cryptocurrency that can be used to buy items from participating restaurants. Only a few months in, Blackbird is off to a hot start: it has raised a total of $35m, put together a team of 20 employees, and has signed 80 restaurants onto the platform.

EXPLORING THE DESIGN SPACE FOR DYNAMIC NFTS

NFTs as we know them have mostly been static collectors’ items, but developers are beginning to experiment with NFTs whose properties can change. Called Dynamic NFTs, they rely on algorithmic or user-based input to change. Their potential uses range from gaming and art to avatar creation and brand engagement. However, questions of practical implementation remain.

INTRO TO ORACLE MULTICALLS

Synthetix's Perps V3 Testnet Competition, currently underway, is not only testing features of the perpetual futures market but also a new pattern for consuming oracle data, ERC-7412. This pattern creates a pull oracle system that allows secure, signed, off-chain data to be consumed on-demand for time-sensitive operations like trade prices. Some technical considerations are still being ironed out. This blog post walks through what price oracles are, some of the precursors to this new standard, and how this new standard works.

MILLION FUND AMID INDUSTRY SLUMP

Hong Kong-based crypto venture firm, CMCC Global, has raised $100 million for a new venture, Titan Fund, that targets Asian crypto startups. More than 30 investors, including Winklevoss Capital, Jebsen Capital, and Block.one participated. The fund will provide equity investment in early-stage crypto startups, prioritizing the Hong Kong market. It has already made five investments, including in Hong Kong companies Mocaverse and Terminal 3.

MONOLITHIC VS MODULAR BLOCKCHAINS: THE TWIN SUNS THESIS

This article explores the ongoing debate on monolithic versus modular blockchain technologies. Both technologies will likely find success, offering different benefits for various uses. Monolithic chains will be suitable for universal applications and attract users with in-built features and cheaper costs. On the other hand, modular chains provide more control and customization, likely attracting 'superapps'. This could mean there could be one dominant monolithic chain for general use and an interoperable ecosystem of modular chains for specific use cases.

WHAT FOUNDERS CAN DO IF THEY ARE RUNNING OUT OF RUNWAY

This thread offers practical advice for struggling founders to navigate financial challenges by either attempting to sell the company or raise a round of funding.

HOW THE BALTIC STATES BECAME THE HUB OF MONEY LAUNDERING AND FRAUD

This article goes into deep detail about some of the fraudulent activity occurring in Eastern European countries by “crypto” companies.

HOW NFTS NOW ARE SIMILAR TO EARLY 90S WEBSITES

This thread explains how NFTs as we know them are like 90s websites but are evolving to resemble modern apps with enhanced functionality. In the future, NFTs will interlink on-chain objects, which could enhance the overall blockchain experience.