TLDR CRYPTO 2023-10-30

accessories with a value of over 30$ (limited quantity)

HESTER PEIRCE: SEC CASE AGAINST LBRY ‘UNSETTLED ME’

SEC Commissioner Hester Peirce has expressed disagreement with the SEC's recent case against crypto company LBRY, arguing that its enforcement-driven approach to the crypto industry is flawed. She questions whether the closure of LBRY, an operational company with real-world blockchain applications, actually benefits investors or the market. For context, Peirce has consistently advocated for a spot bitcoin ETF and leniency towards crypto, emphasizing the need for clear regulations before enforcement.

GEMINI FILES COMPLAINT AGAINST GENESIS OVER $1.6 BILLION IN GBTC SHARES

Gemini Trust filed a lawsuit against bankrupt Genesis Global Holdco and DCG, claiming it should have access to GBTC shares worth around $1.6 billion. It alleges that these shares were promised as collateral for loans by Gemini users in the Gemini Earn Program. Furthermore, Gemini argues Genesis has hurt users by delaying the return of their assets. Both firms are facing regulatory scrutiny, while Genesis' lending unit has filed for bankruptcy.

ARBITRUM ORBIT LAUNCHES ON MAINNET

Arbitrum has officially launched Arbitrum Orbit on mainnet, an advanced scaling technology for launching customized blockchains. Orbit chains include Xai Games, Cometh, SyndrHQ, Polychainmon, and others forming an expanding ecosystem. Orbit provides solutions for ultra-low-cost transaction fees and smart contracts in Rust, C, and C++ with full EVM compatibility. The technology will also allow for future upgrades, including validation, MEV capture, cost reductions, and more.

NEO UNVEILS HIGHLY SECURE DEFI-FOCUSED EVM-COMPATIBLE SIDECHAIN IN HONG KONG

Neo announced a new EVM-compatible sidechain aimed at empowering developers to deploy smart contracts and expand DeFi use cases. The sidechain focuses on countering MEV attacks to maintain platform integrity and prevent user losses. Neo aims to offer a secure and reliable DeFi experience with transparency of transaction metadata and identity protection. The sidechain remains connected to the Neo Mainnet through Neo's native GAS token.

5 PHASES OF THE BITCOIN HALVING

This thread goes over the five stages of the Bitcoin Halving set for April 2024, including how Bitcoin typically trades around its halvings. These stages include the pre-halving period, the pre-halving rally, pre-halving retrace, re-accumulation, and the parabolic uptrend. Historically, retraces during the pre-halving have yielded great returns post-halving. The re-accumulation stage often tests investor patience, yet leads to the uptrend stage that typically sees Bitcoin reach record highs.

VALUE ACCRUAL FOR ROLLUP FRAMEWORKS AND RAAS (ARE THEY GOING TO ZERO?)

Numerous rollup frameworks and Rollups-as-a-Service platforms have been launched, leading many to wonder about their viability for value accrual. Although direct value primarily accumulates at the execution layer, rollup frameworks can acquire indirect value through widespread use and enhancements. Some may also share revenue, facilitating semi-direct value accumulation. Striking the right balance between collaboration and competition will be key for these frameworks and platforms' sustainable growth.

THOUGHTS ON ETH HONG KONG

ETH Hong Kong highlighted how Hong Kong is emerging as a hub for crypto investment and startups amidst China's economic and regulatory shifts. A lot has changed since 2020. Many of the key players have shifted. The macro environment has significantly changed, with some places like Hong Kong embracing the technology while other countries lag behind in regulations.

SPOT CRYPTO TRADING VOLUMES SURGE TO LEVELS NOT SEEN SINCE MARCH

Bitcoin surged to $35,000 last week, leading to the highest spot volume trading day since spring at above $24 billion. This price increase was attributed to more bullish news on a potential Bitcoin exchange-traded fund, which could attract additional capital into the space. Bitcoin’s price surge also spilled over into ETH, SOL, and other alts.

ON CRYPTO AND LIQUIDITY

In this thread, Raoul Pal discusses how global liquidity affects crypto prices, noting many of the various liquidity measures he tracks are inflecting in positive directions.

ETHERSCAN ERC-4337 ACCOUNT ABSTRACTION

Etherscan now shows ERC-4337 transactions in a straightforward format that correctly accounts for how the abstracted accounts interact.

RYDER RIPPS ORDERED TO PAY YUGA LABS $1.6M IN COPYRIGHT LAWSUIT

NFT artists Ryder Ripps and Jeremy Cahen are being ordered to pay Yuga Labs $1.57 million plus legal fees for copyright and trademark infringement in a "copycat" NFT lawsuit.