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Bitfinex's parent iFinex Inc. is considering a $150 million share buyback that would allow it to exert more control amid increasing regulatory oversight. iFinex’s owners also own Tether, the largest stablecoin issuer. The purchase would be done through an all-cash injection from a subsidiary and open to those who bought iFinex shares via a 2016 investment platform swap deal.
A US bankruptcy judge is pushing BlockFi and 3AC into mediation over a $284 million dispute. If not resolved, a hearing is set for February to determine repayments to 3AC during its liquidation. The main contention is the date 3AC became insolvent and how this relates to payments made to BlockFi, with lawyers indicating up to $270 million was paid out in a potentially preferential manner.
The Superbridge, a gateway into various rollup ecosystems, has officially launched. It allows users to bridge Ether and other tokens from base layer networks to rollups. New updates include a redesigned home screen for easier rollup discovery and a Conduit x Superbridge integration for smoother operation. The team behind Superbridge also developed a feature called 'Easy Mode', which simplifies the withdrawal process from rollups, handling gas costs of subsequent transactions on behalf of users.
Morpho, a top lending platform on Ethereum, has launched a new lending protocol called Morpho Blue. Aimed at enabling efficient, trustless lending and borrowing, Morpho Blue offers higher collateralization factors, improved interest rates, and reduced gas costs. Diverging from current DeFi lending approaches, it separates risk management from its core protocol and allows users to create markets without requiring permission. Morpho Blue aims to redesign decentralized lending to overcome existing limitations and enhance flexibility.
The Multicoin Summit took place in Austin, featuring various crypto industry leaders. It consisted of numerous presentations, focusing on key issues including the modular versus integrated debate, value capture in DeFi, and the potential in DePIN. Talks also highlighted the evolving crypto regulatory environment, with input from Coinbase's Chief Legal Officer and Blockchain Association's CEO. This post provides summaries of each talk and links to the full presentations as well.
Base and Optimism agreed on a deal that gives Base 118 million OP tokens over the next six years. This post analyzes the deal and the dynamics of it for both Base and Optimism. In exchange, Base will give Optimism a percentage of its sequencer revenue. The move mirrors Didi's purchase of Uber in 2016 and could be a clever solution to regulatory concerns about issuing tokens. It also acts as a significant OTC purchase of OP tokens, providing off-exchange liquidity to Optimism amid upcoming unlocks and vesting periods.
This post draws a parallel between Ethereum and Solana and iOS and Android. Ethereum and its vast network of L2s and L3s is compared to Android, giving users and developers lots of optionality. However, this diverse set of networks creates a challenging environment for developers due to differences in operating systems and user experience fragmentation. Solana, on the other hand, attributes its fast and cost-effective nature to its unified network, offering a more consistent user experience and making it equivalent to Apple’s iOS in this analogy. The article underscores that both systems offer unique advantages depending on users' needs.
The courtroom spectacle continues in the lawsuit involving Sam Bankman-Fried. This thread provides a summary of the discussions the witnesses are having on the stand with the attorneys in the case. The highlight of the thread is Caroline Ellison’s testimony, in which she revealed details about her involvement in the alleged fraud, her relationship with SBF, and the dynamics of working as Alameda’s CEO.
This directory provides a community-curated collection of all the various implementations of Uniswap v4 hooks that have been created so far.
Spencer Ventures is acquiring 144 Pudgy Penguin NFTs from 3AC via Sotheby's. The deal includes rare and unminted pieces. The fund has no plans of reselling anytime soon.
Trader Joe's is suing DEX Trader Joe for trademark infringement. The supermarket alleges the crypto platform mimicked its brand. After failed private resolutions, Trader Joe's is now demanding a jury trial.
Binance's Industry Recovery Initiative, meant to aid the crypto industry post-FTX collapse, has spent only 2.7% of its $1.1 billion commitment - the few specific beneficiaries have remained undisclosed.